Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31542023-04-01falseOther manufacturing not elsewhere classified52falsefalsefalse 02442929 2023-04-01 2024-03-31 02442929 2022-04-01 2023-03-31 02442929 2024-03-31 02442929 2023-03-31 02442929 2022-04-01 02442929 5 2022-04-01 2023-03-31 02442929 1 2023-04-01 2024-03-31 02442929 e:Director1 2023-04-01 2024-03-31 02442929 e:RegisteredOffice 2023-04-01 2024-03-31 02442929 e:Agent1 2023-04-01 2024-03-31 02442929 d:Buildings 2023-04-01 2024-03-31 02442929 d:Buildings 2024-03-31 02442929 d:Buildings 2023-03-31 02442929 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02442929 d:Buildings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02442929 d:PlantMachinery 2023-04-01 2024-03-31 02442929 d:PlantMachinery 2024-03-31 02442929 d:PlantMachinery 2023-03-31 02442929 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02442929 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02442929 d:MotorVehicles 2023-04-01 2024-03-31 02442929 d:MotorVehicles 2024-03-31 02442929 d:MotorVehicles 2023-03-31 02442929 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02442929 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02442929 d:OfficeEquipment 2023-04-01 2024-03-31 02442929 d:OfficeEquipment 2024-03-31 02442929 d:OfficeEquipment 2023-03-31 02442929 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02442929 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02442929 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02442929 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02442929 d:CurrentFinancialInstruments 2024-03-31 02442929 d:CurrentFinancialInstruments 2023-03-31 02442929 d:Non-currentFinancialInstruments 2024-03-31 02442929 d:Non-currentFinancialInstruments 2023-03-31 02442929 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02442929 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02442929 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 02442929 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02442929 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 02442929 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 02442929 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 02442929 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 02442929 d:ReportableOperatingSegment1 2023-04-01 2024-03-31 02442929 d:ReportableOperatingSegment1 2022-04-01 2023-03-31 02442929 d:UKTax 2023-04-01 2024-03-31 02442929 d:UKTax 2022-04-01 2023-03-31 02442929 d:ShareCapital 2024-03-31 02442929 d:ShareCapital 2023-03-31 02442929 d:ShareCapital 2022-04-01 02442929 d:RevaluationReserve 2023-04-01 2024-03-31 02442929 d:RevaluationReserve 2024-03-31 02442929 d:RevaluationReserve 2022-04-01 2023-03-31 02442929 d:RevaluationReserve 2023-03-31 02442929 d:RevaluationReserve 2022-04-01 02442929 d:RevaluationReserve 5 2022-04-01 2023-03-31 02442929 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02442929 d:RetainedEarningsAccumulatedLosses 2024-03-31 02442929 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 02442929 d:RetainedEarningsAccumulatedLosses 2023-03-31 02442929 d:RetainedEarningsAccumulatedLosses 2022-04-01 02442929 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02442929 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02442929 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 02442929 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 02442929 d:RetirementBenefitObligationsDeferredTax 2024-03-31 02442929 d:RetirementBenefitObligationsDeferredTax 2023-03-31 02442929 e:OrdinaryShareClass1 2023-04-01 2024-03-31 02442929 e:OrdinaryShareClass1 2024-03-31 02442929 e:OrdinaryShareClass1 2023-03-31 02442929 e:FRS102 2023-04-01 2024-03-31 02442929 e:Audited 2023-04-01 2024-03-31 02442929 e:FullAccounts 2023-04-01 2024-03-31 02442929 e:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02442929 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 02442929 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 02442929 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 02442929 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 02442929 5 2023-04-01 2024-03-31 02442929 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-03-31 02442929 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 02442929 f:PoundSterling 2023-04-01 2024-03-31 02442929 d:RetainedEarningsAccumulatedLosses 5 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02442929










MB GLASS SUPPLIES LTD.










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MB GLASS SUPPLIES LTD.
 
 
COMPANY INFORMATION


Director
R Sharman 




Registered number
02442929



Registered office
McGregors Way
Turnoaks Business Park

Hasland

Chesterfield

Derbyshire

S40 2WB




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
Lloyds Bank Plc





 
MB GLASS SUPPLIES LTD.
 

CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 25

 
MB GLASS SUPPLIES LTD.
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The director presents his strategic report for the year ended 31 March 2024.

Business review
 
The primary activity of the Company is of supply and installation of architectural aluminium.
During the financial year, market conditions stabilised in terms of material cost fluctuations and availability, and have maintained stable for the last 6 months or so. Feedback from our key supply chain is that other than normal inflationary increases, materials are due to remain stable for the forthcoming financial year. 
We have continued securing repeat business during the year with our key clients who appear to very buoyant about future workload. All sectors within which we operate appear to be busy, both onsite and at tender stage so we have good sector coverage.
Turnover was slightly less than previous year but in line with expectations. 
The business overall performed well during the financial and in line with expectations, and we have secured a healthy pipeline of work transitioning into the next financial year.

Principal risks and uncertainties
 
The company recognises the uncertainty in the market and potential downturn in workload, however, whilst there appears to be some uncertainty in the private sector market due to the increase in interest rates, our future pipeline of works appears to be well balanced with both public and private sector financed projects and we therefore do not envisage any notable downturn in our workload. We see a potential increase during the next financial year in our public sector workload whilst the private sector interest rates hopefully stabilise.
Pricing
The Company is exposed to fluctuations in market prices of raw materials. This position is regularly monitored but we have a wide range of suppliers so we can mitigate some of this risk.
Credit risk
The company assesses all customers prior to conducting business. Customers who require credit accounts must first pass our credit checks and must adhere to our terms and conditions of sale. Trade debtor balances are continuously monitored to minimise our exposure to credit risk.

Financial key performance indicators
 
The directors have monitored the progress of overall strategy and individual strategic elements by reference to the following key performance indicators:

Turnover for the year amounted to £9,437,543 (2023: £10,039,486)
Gross profit margin was 18.2% (2023: 24.7%)
Operating profit for the year was £354,313 (2023: £855,153)

Page 1

 
MB GLASS SUPPLIES LTD.
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


This report was approved by the board on 14 February 2025 and signed on its behalf.



R Sharman
Director
Page 2

 
MB GLASS SUPPLIES LTD.
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director

The director who served during the year was:

R Sharman 

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £241,459 (2023 - £675,428).
During the year, the company paid a dividend of £262,035 (2023 - £213,826).

Qualifying third party indemnity provisions

The director has been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of the director acting fraudulently or dishonestly.

Page 3

 
MB GLASS SUPPLIES LTD.
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end on 5 November 2024, a property was legally transferred out of the entity to its parent undertaking for £1,000,000. The property is now owned by Layke Holdings Limited and will be used by the Group. A formal lease agreement has been signed between the two entities post year end for a market rate rent.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 February 2025 and signed on its behalf.
 





R Sharman
Director
Page 4

 
MB GLASS SUPPLIES LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MB GLASS SUPPLIES LTD.
 

Opinion


We have audited the financial statements of MB Glass Supplies Ltd. (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Emphasis of matter


We draw your attention to note 24 of the financial statements which explains that the company has legally transferred its property to its parent undertaking subsequent to the year end. 
Our opinion has not been modified in respect of this matter. 


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 5

 
MB GLASS SUPPLIES LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MB GLASS SUPPLIES LTD. (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 6

 
MB GLASS SUPPLIES LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MB GLASS SUPPLIES LTD. (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the sector, we identified the laws and regulations applicable to the Company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
considered journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; 
considered relationship with HMRC, relevant regulators and the Company’s legal advisors; and
review of legal and professional fees and of incident log for evidence of litigation.


 
Page 7

 
MB GLASS SUPPLIES LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MB GLASS SUPPLIES LTD. (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Kirstie Wilson ACA DChA (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

14 February 2025
Page 8

 
MB GLASS SUPPLIES LTD.
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,437,543
10,039,486

Cost of sales
  
(7,718,067)
(7,557,493)

Gross profit
  
1,719,476
2,481,993

Administrative expenses
  
(1,369,213)
(1,629,840)

Other operating income
 5 
4,050
3,000

Operating profit
  
354,313
855,153

Interest receivable and similar income
 9 
23,577
3,744

Interest payable and similar expenses
 10 
(44,077)
(32,128)

Profit before tax
  
333,813
826,769

Tax on profit
 11 
(92,354)
(151,341)

Profit for the financial year
  
241,459
675,428

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 12 to 25 form part of these financial statements.
Page 9

 
MB GLASS SUPPLIES LTD.
REGISTERED NUMBER: 02442929

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,363,923
1,394,380

Current assets
  

Stocks
 13 
440,167
552,155

Debtors: amounts falling due within one year
 14 
2,495,364
1,951,890

Cash at bank and in hand
  
1,827,836
1,804,860

  
4,763,367
4,308,905

Creditors: amounts falling due within one year
 15 
(1,966,641)
(1,313,980)

Net current assets
  
 
 
2,796,726
 
 
2,994,925

Total assets less current liabilities
  
4,160,649
4,389,305

Creditors: amounts falling due after more than one year
 16 
(325,754)
(530,744)

Provisions for liabilities
  

Deferred tax
 19 
(94,200)
(97,290)

Net assets
  
3,740,695
3,761,271


Capital and reserves
  

Called up share capital 
 20 
210
210

Revaluation reserve
 21 
524,286
535,679

Profit and loss account
 21 
3,216,199
3,225,382

  
3,740,695
3,761,271


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 February 2025.




R Sharman
Director

The notes on pages 12 to 25 form part of these financial statements.
Page 10

 
MB GLASS SUPPLIES LTD.
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
210
302,239
2,749,524
3,051,973


Comprehensive income for the year

Profit for the year
-
-
675,428
675,428

Surplus on revaluation of freehold property
-
247,696
-
247,696

Dividends: Equity capital
-
-
(213,826)
(213,826)

Transfer to/from profit and loss account
-
(14,256)
14,256
-



At 1 April 2023
210
535,679
3,225,382
3,761,271


Comprehensive income for the year

Profit for the year
-
-
241,459
241,459

Dividends: Equity capital
-
-
(262,035)
(262,035)

Transfer to/from profit and loss account
-
(11,393)
11,393
-


At 31 March 2024
210
524,286
3,216,199
3,740,695


The notes on pages 12 to 25 form part of these financial statements.
Page 11

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

MB Glass Supplies Ltd. is a private company limited by shares, incorporated in England and Wales (registered number: 02442929). Its registered office is McGregors Way, Turnoaks Business Park, Hasland, Chesterfield, Derbyshire, S40 2WB. The principal activity of the Company throughout the year continued to be that of the supply and installation of architectural aluminium.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentation currency is pounds sterling.
The company, being a member of a group which prepares publicly available consolidated financial statements, has taken advantage of the exemption granted in FRS 102 not to present a cash flow statement and certain information about financial instruments. The consolidated financial statements in which this company's accounts are included are those of Layke Holdings Limited and they may be obtained from it's registered office at McGregors Way, Turnoaks Business Park, Hasland, Chesterfield, Derbyshire, S40 2WB.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.




 

Page 12

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.2
Revenue (continued)

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statementof Comprehensive Income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property
-
2%
reducing balance
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 14

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Page 15

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Work in progress valuation
Management make estimates regarding the value of work in progress related to contracts. Such estimates are based on the stage of completion of a particular contract and managements knowledge and past experience of the contracts and industry in general. The amount relating to such estimates is       £397,200 (2023: £457,175) and is included within stock.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The amount of trade debtors (including amounts recoverable on contracts) after making such provision was £2,250,731 (2023: £1,639,109).
(iii) Stock provisioning
The company makes an estimate of the recoverable value of stock of finished goods and goods for resale. When assessing impairment of stock, management considers factors such as market conditions, ageing profile of stock and historical experience. The amount of stock after making such a provision was  £42,967 (2023: £94,980).

Page 16

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
9,437,543
10,039,486


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Government grants receivable
4,050
3,000



6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,500
23,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 17

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,032,742
1,982,837

Social security costs
211,832
211,986

Cost of defined contribution scheme
47,848
44,891

2,292,422
2,239,714


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
52
54


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
20,314
14,211



9.


Interest receivable

2024
2023
£
£


Other interest receivable
23,577
3,744


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
42,169
30,028

Finance leases and hire purchase contracts
1,908
2,100

44,077
32,128

Page 18

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
95,444
139,859


Deferred tax


Origination and reversal of timing differences
(3,090)
11,482


Tax on profit
92,354
151,341

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2022:19%). The differences are explained below:

2024
2023
£
£


Profit before tax
333,813
826,769


Profit multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
83,453
157,086

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,186
2,352

Fixed asset differences
3,728
(5,694)

Non-taxable income
(1,013)
-

Remeasurement of deferred tax for changes in tax rates
-
2,756

Capital gains
-
(5,159)

Total tax charge for the year
92,354
151,341


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
1,000,000
307,674
392,805
174,723
1,875,202


Additions
-
16,548
62,473
11,500
90,521


Disposals
-
-
(72,317)
(6,261)
(78,578)



At 31 March 2024

1,000,000
324,222
382,961
179,962
1,887,145



Depreciation


At 1 April 2023
-
178,870
168,651
133,301
480,822


Charge for the year on owned assets
20,000
20,510
49,243
6,685
96,438


Charge for the year on financed assets
-
-
12,166
-
12,166


Disposals
-
-
(60,130)
(6,074)
(66,204)



At 31 March 2024

20,000
199,380
169,930
133,912
523,222



Net book value



At 31 March 2024
980,000
124,842
213,031
46,050
1,363,923



At 31 March 2023
1,000,000
128,804
224,154
41,422
1,394,380

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
36,497
27,968

Page 20

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

The freehold land and buildings were valued by Bradley Hall, Chartered Surveyors and Estate Agents on 30 May 2023.
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:


2024
2023
£
£



Cost
625,075
625,075

Accumulated depreciation
(203,334)
(194,727)

Net book value
421,741
430,348


13.


Stocks

2024
2023
£
£

Raw materials and consumables
42,967
94,980

Work in progress
397,200
457,175

440,167
552,155



14.


Debtors

2024
2023
£
£


Trade debtors
2,250,731
1,639,109

Other debtors
165,741
251,004

Prepayments and accrued income
78,892
61,777

2,495,364
1,951,890


Page 21

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
200,000
200,000

Trade creditors
1,471,391
932,913

Corporation tax
-
18,640

Other taxation and social security
82,170
64,773

Obligations under finance lease and hire purchase contracts
30,677
22,933

Accruals and deferred income
182,403
74,721

1,966,641
1,313,980


Included within creditors falling due within one year are secured liabilities in respect of net obligations under hire purchase contracts of £30,677 (2023: £22,933) which are secured against the underlying assets and secured liabilities in respect of bank loans and overdrafts of £200,000 (2023: £200,000) which are secured in the form of a fixed and floating charge (see Note 23).


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
283,333
483,333

Net obligations under finance leases and hire purchase contracts
22,913
24,461

Accruals and deferred income
19,508
22,950

325,754
530,744


Included within creditors falling due after more than one year are secured liabilities in respect of net obligations under hire purchase contracts of £22,913 (2023: £24,461) which are secured against the underlying assets and secured liabilities in respect of bank loans of £283,333 (2023: £483,333) which are secured in the form of a fixed and floating charge (see Note 23).

Page 22

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
200,000
200,000

Amounts falling due 1-2 years

Bank loans
200,000
200,000

Amounts falling due 2-5 years

Bank loans
83,333
283,333


483,333
683,333


The loan is repayable by 60 monthly instalments from 19 September 2021 at an interest rate of 1.93% per annum over base.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
30,677
22,933

Between 1-5 years
22,913
24,462

53,590
47,395

Page 23

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Deferred taxation




2024
2023


£

£






At beginning of year
97,290
85,808


Charged to profit or loss
(3,090)
11,482



At end of year
94,200
97,290

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
75,628
78,421

Revaluation of property
19,698
19,698

Provisions
(1,126)
(829)

94,200
97,290


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



210 (2023 - 210) Ordinary shares of £1.00 each
210
210



21.


Reserves

Revaluation reserve

Amounts included in the revaluation reserve are made of up revaluation gains / losses and transfers of related depreciation and deferred tax. All amounts in the revaluation reserve are non-distributable.

Profit and loss account

Profit and loss account represents all current and prior period retained profits and losses and is all considered to be distributable.

Page 24

 
MB GLASS SUPPLIES LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £47,848 (2023: £44,891). Contributions totalling £10,514 (2023: £7,734) were payable to the fund at the balance sheet date and are included in creditors.


23.


Related party transactions

Security exists in the form of a fixed and floating charge over all of the assets within the group in respect of the bank liabilities held across the group.


24.


Post balance sheet events

Subsequent to the year end on 5 November 2024, a property was legally transferred out of the entity to its parent undertaking for £1,000,000. The property is now owned by Layke Holdings Limited and will be used by the Group. A formal lease agreement has been signed between the two entities post year end for a market rate rent. 


25.


Controlling party

The immediate parent company of MB Glass Supplies Ltd. is M B Glass Holdings Limited. The ultimate parent company is Layke Holdings Limited. The results for MB Glass Supplies Ltd. and M B Glass Holdings Limited are consolidated into the group accounts of Layke Holdings Limited. Copies of the financial statements of Layke Holdings Limited can be obtained from Companies House.
 
Page 25