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COMPANY REGISTRATION NUMBER: 3666894
EUROPEAN GLASS GROUP LIMITED
FINANCIAL STATEMENTS
30 April 2024
EUROPEAN GLASS GROUP LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Consolidated income statement
9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
16
Consolidated statement of cash flows
17
Notes to the financial statements
18
EUROPEAN GLASS GROUP LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
M S Johal
F Johal
Company secretary
F Johal
Registered office
168 Church Road
Hove
East Sussex
BN3 2DL
Auditor
UHY Hacker Young (S.E.) Limited
Chartered Accountants & Statutory Auditor
168 Church Road
Hove
East Sussex
BN3 2DL
EUROPEAN GLASS GROUP LIMITED
STRATEGIC REPORT
YEAR ENDED 30 APRIL 2024
Principal activities The principal activity of the group was property holding, the manufacture and distribution of glass products and services and the manufacture of skips. Review of the business The directors consider that the financial position of the group at the year end was satisfactory. The group is firmly established as a leading supplier of glass products to the UK glass industry. Results and dividends The results for the year are shown in the statement of income and retained earnings. The directors do not recommend the payment of a dividend for the year. Key performance indictors The key performance indicators of the business are gross profit margins, capital investment and cash management. All key performance indicators are judged to be satisfactory and demonstrate positive business performance at all levels of operations. In all cases these KPI's have been calculated on a consistent basis with the comparative figures and are based directly on the amounts shown in the financial statements. Principal risks and uncertainties The group has a strong capital base and is firmly established in the glass industry, therefore the risks and uncertainties facing the group are reduced. Financial risk management objectives and policies The primary financial risk management objective is to ensure sufficient working capital for the group, this is achieved by careful management of cash balances.
This report was approved by the board of directors on 31 March 2025 and signed on behalf of the board by:
M S Johal
Director
Registered office:
168 Church Road
Hove
East Sussex
BN3 2DL
EUROPEAN GLASS GROUP LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements of the group for the year ended 30 April 2024 .
Directors
The directors who served the company during the year were as follows:
M S Johal
F Johal
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The group is continually looking for opportunities to grow the business.
Financial instruments
The group does not use financial instruments, except for bank loans to purchase properties.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 31 March 2025 and signed on behalf of the board by:
M S Johal
Director
Registered office:
168 Church Road
Hove
East Sussex
BN3 2DL
EUROPEAN GLASS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPEAN GLASS GROUP LIMITED
YEAR ENDED 30 APRIL 2024
Opinion
We have audited the financial statements of European Glass Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 group's and of the parent company's affairs as at 30 April 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 group's or the parent 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 directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' 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 directors' responsibilities statement, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s 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: Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company which were contrary to applicable laws and regulations including fraud and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit. Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with legal advisors, enquiries of management and in so far as they related to the financial statements, and testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 2006. Our 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 auditor's 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.
David Guest FCA
(Senior Statutory Auditor)
For and on behalf of
UHY Hacker Young (S.E.) Limited
Chartered Accountants & Statutory Auditor
168 Church Road
Hove
East Sussex
BN3 2DL
31 March 2025
EUROPEAN GLASS GROUP LIMITED
CONSOLIDATED INCOME STATEMENT
YEAR ENDED 30 APRIL 2024
2024
2023
Note
£
£
Turnover
4
10,031,456
10,490,758
Cost of sales
2,651,565
3,372,489
---------------
---------------
Gross profit
7,379,891
7,118,269
Administrative expenses
7,956,216
6,672,913
Other operating income
5
819,808
246,862
-------------
-------------
Operating profit
6
243,483
692,218
Other interest receivable and similar income
10
86,054
20,583
Interest payable and similar expenses
11
165,071
266,339
-------------
-------------
Profit before taxation
164,466
446,462
Tax on profit
12
( 7,052)
425,446
----------
----------
Profit for the financial year
171,518
21,016
----------
----------
Profit for the financial year attributable to:
The owners of the parent company
170,471
65,990
Non-controlling interests
1,047
( 44,974)
----------
---------
171,518
21,016
----------
---------
All the activities of the group are from continuing operations.
EUROPEAN GLASS GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 30 APRIL 2024
2024
2023
£
£
Profit for the financial year
171,518
21,016
Revaluation of tangible assets
18,934,000
Tax relating to components of other comprehensive income
( 3,551,925)
---------------
---------
Other comprehensive income for the year
15,382,075
---------------
---------
Total comprehensive income for the year
15,553,593
21,016
---------------
---------
Total comprehensive income for the year attributable to:
The owners of the parent company
15,552,546
65,990
Non-controlling interests
1,047
( 44,974)
---------------
---------
15,553,593
21,016
---------------
---------
EUROPEAN GLASS GROUP LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
50,499,154
32,265,536
Current assets
Stocks
15
432,448
675,970
Debtors
16
5,472,456
1,989,949
Cash at bank and in hand
1,204,020
3,840,478
-------------
-------------
7,108,924
6,506,397
Creditors: amounts falling due within one year
17
9,418,933
8,014,256
-------------
-------------
Net current liabilities
2,310,009
1,507,859
---------------
---------------
Total assets less current liabilities
48,189,145
30,757,677
Creditors: amounts falling due after more than one year
18
1,500,000
Provisions
Taxation including deferred tax
19
5,376,713
1,998,838
---------------
---------------
Net assets
42,812,432
27,258,839
---------------
---------------
Capital and reserves
Called up share capital
23
10,004
10,004
Revaluation reserve
24
20,082,538
4,700,463
Profit and loss account
24
23,446,923
23,276,452
---------------
---------------
Equity attributable to the owners of the parent company
43,539,465
27,986,919
Non-controlling interests
( 727,033)
( 728,080)
---------------
---------------
42,812,432
27,258,839
---------------
---------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
EUROPEAN GLASS GROUP LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 31 March 2025 , and are signed on behalf of the board by:
M S Johal
Director
Company registration number: 3666894
EUROPEAN GLASS GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
Fixed assets
Investments
14
58,183
58,183
Current assets
Debtors
16
2
2
Creditors: amounts falling due within one year
17
48,181
48,181
---------
---------
Net current liabilities
48,179
48,179
---------
---------
Total assets less current liabilities
10,004
10,004
---------
---------
Capital and reserves
Called up share capital
23
10,004
10,004
---------
---------
Shareholders funds
10,004
10,004
---------
---------
The profit for the financial year of the parent company was £Nil (2023: £Nil).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 31 March 2025 , and are signed on behalf of the board by:
M S Johal
Director
Company registration number: 3666894
EUROPEAN GLASS GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 APRIL 2024
Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
Note
£
£
£
£
£
£
At 1 May 2022
10,004
4,700,463
23,210,462
27,920,929
( 683,106)
27,237,823
Profit for the year
65,990
65,990
( 44,974)
21,016
---------
-------------
-------------
-------------
----------
-------------
Total comprehensive income for the year
65,990
65,990
( 44,974)
21,016
At 30 April 2023
10,004
4,700,463
23,276,452
27,986,919
( 728,080)
27,258,839
Profit for the year
170,471
170,471
1,047
171,518
Other comprehensive income for the year:
Revaluation of tangible assets
13
18,934,000
18,934,000
18,934,000
Tax relating to components of other comprehensive income
12
( 3,551,925)
( 3,551,925)
( 3,551,925)
---------
-------------
-------------
-------------
----------
-------------
Total comprehensive income for the year
15,382,075
170,471
15,552,546
1,047
15,553,593
---------
-------------
-------------
-------------
----------
-------------
At 30 April 2024
10,004
20,082,538
23,446,923
43,539,465
( 727,033)
42,812,432
---------
-------------
-------------
-------------
----------
-------------
EUROPEAN GLASS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 APRIL 2024
EUROPEAN GLASS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 APRIL 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 May 2022
10,004
10,004
Profit for the year
At 30 April 2023
10,004
10,004
Profit for the year
---------
----
---------
At 30 April 2024
10,004
10,004
---------
----
---------
EUROPEAN GLASS GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 30 APRIL 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
171,518
21,016
Adjustments for:
Depreciation of tangible assets
836,170
949,638
Other interest receivable and similar income
( 86,054)
( 20,583)
Interest payable and similar expenses
165,071
266,339
Loss/(gains) on disposal of tangible assets
28,037
( 20,000)
Tax on profit
( 7,052)
425,446
Accrued (income)/expenses
( 396,287)
89,739
Changes in:
Stocks
243,522
140,285
Trade and other debtors
( 3,482,507)
573,377
Trade and other creditors
330,203
( 328,453)
-------------
-------------
Cash generated from operations
( 2,197,379)
2,096,804
Interest paid
( 165,071)
( 266,339)
Interest received
86,054
20,583
Tax paid
( 196,237)
( 215,380)
-------------
-------------
Net cash (used in)/from operating activities
( 2,472,633)
1,635,668
-------------
-------------
Cash flows from investing activities
Purchase of tangible assets
( 171,323)
( 242,729)
Proceeds from sale of tangible assets
7,498
20,000
-------------
-------------
Net cash used in investing activities
( 163,825)
( 222,729)
-------------
-------------
Cash flows from financing activities
Proceeds from borrowings
( 3,023,086)
-------------
-------------
Net cash used in financing activities
( 3,023,086)
-------------
-------------
Net decrease in cash and cash equivalents
( 2,636,458)
( 1,610,147)
Cash and cash equivalents at beginning of year
3,840,478
5,450,625
-------------
-------------
Cash and cash equivalents at end of year
1,204,020
3,840,478
-------------
-------------
EUROPEAN GLASS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of freehold properties measured at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company.
Consolidation
The group financial statements consolidate the accounts of European Glass Group Limited and all its subsidiary undertakings made up to 30 April each year. All intra group trading and balances are eliminated.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Property valuations. Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Income in respect of property rental is recognised as space is provided to tenants.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the exception that provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
5% straight line
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
The group does not depreciate its freehold properties and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
The group operates a defined contribution pension scheme for its directors. The assets of the scheme are held separately from those of the group and the contributions payable are charged to the profit and loss account.
4. Turnover
Turnover arises from:
2024
2023
£
£
Manufacture and distribution of glass products
9,195,294
10,025,581
Rent receivable
836,162
465,177
---------------
---------------
10,031,456
10,490,758
---------------
---------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Management charges receivable
802,716
88,419
Other operating income
17,092
158,443
----------
----------
819,808
246,862
----------
----------
6. Operating loss
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
836,170
949,638
Loss/(gains) on disposal of tangible assets
28,037
( 20,000)
Impairment of trade debtors
(1)
(22,252)
----------
----------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
39,500
36,700
---------
---------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
5,921
9,073
---------
---------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
80
81
Administrative staff
17
21
----
----
97
102
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,324,491
2,302,469
Social security costs
199,783
198,147
Other pension costs
78,494
34,417
-------------
-------------
2,602,768
2,535,033
-------------
-------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
40,000
82,000
Company contributions to defined contribution pension plans
41,600
---------
---------
81,600
82,000
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
2
2
----
----
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
86,054
20,583
---------
---------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
60,594
Dividends paid on shares classed as debt
4,000
4,000
Other loan interest
22,815
13,700
Other interest payable and similar charges
138,256
188,045
----------
----------
165,071
266,339
----------
----------
12. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
166,998
142,237
Deferred tax:
Origination and reversal of timing differences
( 174,050)
283,209
----------
----------
Tax on profit
( 7,052)
425,446
----------
----------
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £ 3,551,925 (2023: £Nil).
Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19.58 %).
2024
2023
£
£
Profit on ordinary activities before taxation
164,466
446,462
----------
----------
Profit on ordinary activities by rate of tax
41,117
87,444
Effect of expenses not deductible for tax purposes
34,752
10,751
Effect of capital allowances and depreciation
113,702
81,167
Effect of different UK tax rates on some earnings
(340)
Utilisation of tax losses
( 22,233)
( 37,125)
Movement on deferred tax
( 174,050)
283,209
----------
----------
Tax on profit
( 7,052)
425,446
----------
----------
13. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
25,184,786
29,239,379
1,674,052
1,378,741
57,476,958
Additions
170,050
1,273
171,323
Disposals
( 84,139)
( 84,139)
Revaluations
18,934,000
18,934,000
---------------
---------------
-------------
-------------
---------------
At 30 April 2024
44,118,786
29,325,290
1,675,325
1,378,741
76,498,142
---------------
---------------
-------------
-------------
---------------
Depreciation
At 1 May 2023
22,411,572
1,474,911
1,324,939
25,211,422
Charge for the year
791,928
29,496
14,746
836,170
Disposals
( 48,604)
( 48,604)
---------------
---------------
-------------
-------------
---------------
At 30 April 2024
23,154,896
1,504,407
1,339,685
25,998,988
---------------
---------------
-------------
-------------
---------------
Carrying amount
At 30 April 2024
44,118,786
6,170,394
170,918
39,056
50,499,154
---------------
---------------
-------------
-------------
---------------
At 30 April 2023
25,184,786
6,827,807
199,141
53,802
32,265,536
---------------
---------------
-------------
-------------
---------------
The company has no tangible assets.
Land and buildings represent freehold properties. In the opinion of the directors, the carrying value of the property as at 30 April 2024, which is based on the directors' valuation, is not significantly different from the open market fair value of the property.
Tangible assets held at valuation
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group
Freehold property
£
At 30 April 2024
Aggregate cost
19,954,777
Aggregate depreciation
---------------
Carrying value
19,954,777
---------------
At 30 April 2023
Aggregate cost
19,954,777
Aggregate depreciation
---------------
Carrying value
19,954,777
---------------
14. Investments
The group has no investments.
Company
Other investments other than loans
£
Cost
At 1 May 2023 and 30 April 2024
58,183
---------
Impairment
At 1 May 2023 and 30 April 2024
---------
Carrying amount
At 1 May 2023 and 30 April 2024
58,183
---------
At 30 April 2023
58,183
---------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
European Toughened Glass (UK) Limited
Ordinary
100
European Toughened Glass (Manchester) Limited
Ordinary
80
European Laminate Glass Limited
Ordinary
100
European Steel Fabrications (UK) Limited
Ordinary
80
European Toughened Glass (Swindon) Limited
Ordinary
100
European Skips Limited
Ordinary
100
All the above subsidiaries are incorporated in England & Wales and their registered office address is 168 Church Road, Hove, East Sussex, BN3 2DL.
15. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
432,448
675,970
----------
----------
----
----
The amount of stock recognised as an expense during the year was £2,651,565 (2023: £3,372,489).
16. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
602,515
1,110,476
Prepayments and accrued income
1,949,029
709,721
Amounts due from related parties
2,877,713
84,208
Other debtors
43,199
85,544
2
2
-------------
-------------
----
----
5,472,456
1,989,949
2
2
-------------
-------------
----
----
17. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,358,174
1,967,250
Amounts owed to group undertakings
48,181
48,181
Accruals and deferred income
620,838
1,017,125
Corporation tax
112,998
142,237
Social security and other taxes
265,534
430,274
Amounts owed to related parties
1,926,553
469,403
Other creditors
4,134,836
3,987,967
-------------
-------------
---------
---------
9,418,933
8,014,256
48,181
48,181
-------------
-------------
---------
---------
Other creditors include a loan of £nil (2023: £400,000) which is secured over a specific property of the group.
18. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Other creditors
1,500,000
----
-------------
----
----
Other creditors include a loan of £nil (2023: £1,500,000) which is secured over a specific property of the group.
19. Provisions
Group
Deferred tax (note 20)
£
At 1 May 2023
1,998,838
Additions
3,377,875
-------------
At 30 April 2024
5,376,713
-------------
The company does not have any provisions.
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 19)
5,376,713
1,998,838
-------------
-------------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
1,323,034
1,497,084
Revaluation of tangible assets
4,081,471
529,546
Unused tax losses
( 27,792)
( 27,792)
-------------
-------------
----
----
5,376,713
1,998,838
-------------
-------------
----
----
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 78,494 (2023: £ 34,417 ).
22. Financial instruments
The fair value of the group's recorded financial assets and liabilities does not differ materially from their book value.
23. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100,000
100,000
100,000
100,000
----------
----------
----------
----------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,004
10,004
10,004
10,004
---------
---------
---------
---------
24. Reserves
Other reserves (non-distributable) - This reserve is used to record changes in the fair value of properties, net of deferred tax on revaluation gains. Profit and loss account - This reserve records retained earnings.
25. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 30 Apr 2024
£
£
£
Cash at bank and in hand
3,840,478
(2,636,458)
1,204,020
-------------
-------------
-------------
EUROPEAN GLASS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 APRIL 2024
26. Related party transactions
Group
At 30 April 2024, creditors, amount falling due within one year, included amounts owed to related parties amounting £128,552 (2023: £45,820), in respect of a joint directors' loan account between M S Johal and F Johal . The joint loan is interest free, unsecured and has no fixed term of repayment. At 30 April 2024, creditors included amounts owed to related parties amounting to £1,798,001 (2023: £2,169,403), in respect of loans to related parties under common control. Interest and charges amounting to £238,256 (2023: £398,045) were charged to the profit & loss account for the year. A loan of £nil (2023: £1,900,000) was secured over a property of the company and repayable over 5 years. Other loans totalling £1,7821,507 (2023: £269,403) are unsecured and repayable on demand. At 30 April 2024, debtors included amounts due from related parties amounting to £2,919,313 (2023: £84,208), in respect of loans to related parties under common control. Interest totalling £28,027 (2023: £nil) was recognised as income for the year. The loans are unsecured and have no fixed term of repayment. During the year, the company sold goods and services to related parties under common control to the value of £1,781,507 (2023: £1,800,087). During the year, the company had the following transactions and balances with fellow group undertakings less than 100% owned by the holding company, namely: 1. At 30 April 2024, creditors included amounts owed to group undertakings to the value of £3,334,616 (2023: £3,939,018) in respect of a loans. The loans arte interest free, unsecured and have no fixed term of repayment. 2. At 30 April 2024, debtors included amounts owed by group undertakings to the value of £715,586 (2023: £483,062), in respect of a loan. The loan is interest free, unsecured and has no fixed term of repayment.
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 40,000 (2023: £Nil).
Company
The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group.
27. Ultimate controlling party
The company and group are controlled by M S Johal and F Johal through their majority shareholding.