Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-3130326ABCtrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-08-01false1616truefalse 02010408 2023-08-01 2024-07-31 02010408 2022-08-01 2023-07-31 02010408 2024-07-31 02010408 2023-07-31 02010408 c:Director1 2023-08-01 2024-07-31 02010408 d:Buildings d:LongLeaseholdAssets 2023-08-01 2024-07-31 02010408 d:Buildings d:LongLeaseholdAssets 2024-07-31 02010408 d:Buildings d:LongLeaseholdAssets 2023-07-31 02010408 d:PlantMachinery 2023-08-01 2024-07-31 02010408 d:PlantMachinery 2024-07-31 02010408 d:PlantMachinery 2023-07-31 02010408 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02010408 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 02010408 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02010408 d:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 02010408 d:CurrentFinancialInstruments 2024-07-31 02010408 d:CurrentFinancialInstruments 2023-07-31 02010408 d:Non-currentFinancialInstruments 2024-07-31 02010408 d:Non-currentFinancialInstruments 2023-07-31 02010408 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 02010408 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 02010408 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 02010408 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 02010408 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-07-31 02010408 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 02010408 d:ShareCapital 2024-07-31 02010408 d:ShareCapital 2023-07-31 02010408 d:CapitalRedemptionReserve 2024-07-31 02010408 d:CapitalRedemptionReserve 2023-07-31 02010408 d:RetainedEarningsAccumulatedLosses 2024-07-31 02010408 d:RetainedEarningsAccumulatedLosses 2023-07-31 02010408 c:OrdinaryShareClass1 2023-08-01 2024-07-31 02010408 c:OrdinaryShareClass1 2024-07-31 02010408 c:OrdinaryShareClass1 2023-07-31 02010408 c:FRS102 2023-08-01 2024-07-31 02010408 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 02010408 c:FullAccounts 2023-08-01 2024-07-31 02010408 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 02010408 d:WithinOneYear 2024-07-31 02010408 d:WithinOneYear 2023-07-31 02010408 d:BetweenOneFiveYears 2024-07-31 02010408 d:BetweenOneFiveYears 2023-07-31 02010408 d:MoreThanFiveYears 2024-07-31 02010408 d:MoreThanFiveYears 2023-07-31 02010408 d:HirePurchaseContracts d:WithinOneYear 2024-07-31 02010408 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 02010408 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-07-31 02010408 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 02010408 2 2023-08-01 2024-07-31 02010408 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-07-31 02010408 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-31 02010408 d:LeasedAssetsHeldAsLessee 2024-07-31 02010408 d:LeasedAssetsHeldAsLessee 2023-07-31 02010408 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02010408









GLAZEWING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
GLAZEWING LIMITED
REGISTERED NUMBER: 02010408

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,269,450
3,120,855

Current assets
  

Stocks
 6 
509,921
547,907

Debtors: amounts falling due within one year
 7 
448,622
390,009

Cash at bank and in hand
 8 
817,264
1,430,185

  
1,775,807
2,368,101

Creditors: amounts falling due within one year
 9 
(1,046,398)
(1,459,402)

Net current assets
  
 
 
729,409
 
 
908,699

Total assets less current liabilities
  
3,998,859
4,029,554

Creditors: amounts falling due after more than one year
 10 
(1,075,398)
(1,305,364)

Provisions for liabilities
  

Deferred tax
  
(241,909)
(119,408)

Net assets
  
2,681,552
2,604,782


Capital and reserves
  

Called up share capital 
  
1,058
1,058

Capital redemption reserve
  
455
455

Profit and loss account
  
2,680,039
2,603,269

  
2,681,552
2,604,782

Page 1

 
GLAZEWING LIMITED
REGISTERED NUMBER: 02010408
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Minns
Director

Date: 27 January 2025

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
GLAZEWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Glazewing Limited is a private company limited by shares and incorporated in England and Wales. The registered office and principal place of business is Glazewing House, Station Road, West Dereham, Kings Lynn, Norfolk, PE33 9RR.
The company's principal activity is that of dealing in scrap metal.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

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.

Page 3

 
GLAZEWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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 4

 
GLAZEWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

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 on the following bases: 


Long-term leasehold property
-
Straight line over 25 years
Plant and machinery
-
6.67-20% reducing balance and straight line basis

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 5

 
GLAZEWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

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 weighted average 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.16

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.

Page 6

 
GLAZEWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are disclosed in note 2, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis.
The company makes key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.9 of the accounting policies.


4.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 16).


5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 August 2023
758,147
5,109,042
5,867,189


Additions
-
680,059
680,059


Disposals
-
(386,809)
(386,809)



At 31 July 2024

758,147
5,402,292
6,160,439



Depreciation


At 1 August 2023
545,865
2,200,469
2,746,334


Charge for the year on owned assets
30,326
201,468
231,794


Charge for the year on financed assets
-
202,475
202,475


Disposals
-
(289,614)
(289,614)



At 31 July 2024

576,191
2,314,798
2,890,989



Net book value



At 31 July 2024
181,956
3,087,494
3,269,450



At 31 July 2023
212,282
2,908,573
3,120,855

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


Page 7

 
GLAZEWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           5.Tangible fixed assets (continued)

2024
2023
£
£



Plant and machinery
1,216,790
843,615

1,216,790
843,615


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
509,921
547,907

509,921
547,907



7.


Debtors

2024
2023
£
£


Trade debtors
218,668
313,127

Other debtors
154,136
24,752

Prepayments and accrued income
75,818
52,130

448,622
390,009



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
817,264
1,430,185

817,264
1,430,185


Page 8

 
GLAZEWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
65,359
65,496

Trade creditors
340,153
723,394

Other taxation and social security
15,090
16,818

Obligations under finance lease and hire purchase contracts
534,239
512,832

Other creditors
5,696
8,229

Accruals and deferred income
85,861
132,633

1,046,398
1,459,402



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
65,359

Net obligations under finance leases and hire purchase contracts
1,075,398
1,240,005

1,075,398
1,305,364


Obligations under hire purchase contracts are secured on the assets to which they relate. 
The outstanding bank loans are secured by way of fixed and floating charge over all assets of the company both present and future.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
65,359
65,496

Amounts falling due 1-2 years

Bank loans
-
65,359


65,359
130,855


Page 9

 
GLAZEWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Finance lease obligations


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
534,239
512,832

Between 1-5 years
1,075,398
1,240,005

1,609,637
1,752,837

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,058 (2023 - 1,058) Ordinary A shares shares of £1.00 each
1,058
1,058



14.


Retirement benefit scheme

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £3,044 (2023: £3,587) were payable to the fund at the year end and are included in creditors.


15.


Commitments under operating leases

At 31 July 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and buildings


Not later than 1 year
126,000
126,000

Later than 1 year and not later than 5 years
504,000
504,000

Later than 5 years
504,345
630,690

1,134,345
1,260,690

Page 10

 
GLAZEWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Controlling party

The ultimate parent company is Glazewing Holdings Limited, a company registered in England and Wales.
 
Page 11