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Sage Accounts Production Advanced 2023 - FRS102_2023
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03045688
2023-05-01
2024-04-30
03045688
2024-04-30
03045688
2023-04-30
03045688
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2023-04-30
03045688
2023-04-30
03045688
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03045688
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03045688
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03045688
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03045688
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03045688
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03045688
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03045688
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03045688
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2023-04-30
03045688
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03045688
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2023-04-30
03045688
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2023-04-30
03045688
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2023-05-01
2024-04-30
03045688
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2022-05-01
2023-04-30
03045688
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03045688
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2023-04-30
03045688
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2024-04-30
03045688
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2023-04-30
03045688
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2024-04-30
03045688
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2023-04-30
03045688
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2023-05-01
2024-04-30
03045688
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2024-04-30
03045688
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2023-04-30
03045688
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2024-04-30
03045688
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2023-04-30
03045688
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2023-04-30
03045688
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2023-04-30
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2024-04-30
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2024-04-30
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03045688
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2023-05-01
2024-04-30
COMPANY REGISTRATION NUMBER:
03045688
EUROPEAN LAMINATE GLASS LIMITED |
|
FILLETED FINANCIAL STATEMENTS |
|
EUROPEAN LAMINATE GLASS LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
30 April 2024
Fixed assets
Tangible assets |
5 |
|
44,130,538 |
25,197,836 |
|
|
|
|
|
Current assets
Debtors |
6 |
65,672 |
|
21,259 |
Cash at bank and in hand |
146,312 |
|
95,668 |
|
---------- |
|
---------- |
|
211,984 |
|
116,927 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
13,267,787 |
|
11,713,156 |
|
--------------- |
|
--------------- |
Net current liabilities |
|
13,055,803 |
11,596,229 |
|
|
--------------- |
--------------- |
Total assets less current liabilities |
|
31,074,735 |
13,601,607 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
– |
1,500,000 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
4,083,650 |
531,883 |
|
|
--------------- |
--------------- |
Net assets |
|
26,991,085 |
11,569,724 |
|
|
--------------- |
--------------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Other reserve |
10 |
|
20,343,162 |
4,961,087 |
Profit and loss account |
10 |
|
6,647,921 |
6,608,635 |
|
|
--------------- |
--------------- |
Shareholders funds |
|
26,991,085 |
11,569,724 |
|
|
--------------- |
--------------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
EUROPEAN LAMINATE GLASS LIMITED |
|
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:
Company registration number:
03045688
EUROPEAN LAMINATE GLASS 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 Section 1A of 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 certain financial assets and liabilities and properties measured at fair value through profit or loss. 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.
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. Rental income is recognised once 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
|
Fixtures and fittings |
- |
15% reducing balance |
|
|
|
|
The company 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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
18,127 |
79,924 |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
(
158) |
425 |
|
--------- |
--------- |
Tax on profit |
17,969 |
80,349 |
|
--------- |
--------- |
|
|
|
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).
5.
Tangible assets
|
Land and buildings |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost or valuation |
|
|
|
At 1 May 2023 |
25,184,786 |
24,307 |
25,209,093 |
Revaluations |
18,934,000 |
– |
18,934,000 |
|
--------------- |
--------- |
--------------- |
At 30 April 2024 |
44,118,786 |
24,307 |
44,143,093 |
|
--------------- |
--------- |
--------------- |
Depreciation |
|
|
|
At 1 May 2023 |
– |
11,257 |
11,257 |
Charge for the year |
– |
1,298 |
1,298 |
|
--------------- |
--------- |
--------------- |
At 30 April 2024 |
– |
12,555 |
12,555 |
|
--------------- |
--------- |
--------------- |
Carrying amount |
|
|
|
At 30 April 2024 |
44,118,786 |
11,752 |
44,130,538 |
|
--------------- |
--------- |
--------------- |
At 30 April 2023 |
25,184,786 |
13,050 |
25,197,836 |
|
--------------- |
--------- |
--------------- |
|
|
|
|
Land and buildings represent freehold property In the opinion of the directors, the carrying value of the freehold 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, the 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:
|
Freehold property |
|
£ |
At 30 April 2024 |
|
Aggregate cost |
19,694,153 |
Aggregate depreciation |
– |
|
--------------- |
Carrying value |
19,694,153 |
|
--------------- |
|
|
At 30 April 2023 |
|
Aggregate cost |
19,694,153 |
Aggregate depreciation |
– |
|
--------------- |
Carrying value |
19,694,153 |
|
--------------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
25,182 |
20,035 |
Other debtors |
40,490 |
1,224 |
|
--------- |
--------- |
|
65,672 |
21,259 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
33,059 |
29,701 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
12,009,521 |
10,353,357 |
Corporation tax |
– |
79,925 |
Social security and other taxes |
44,390 |
94,050 |
Amounts owed to related parties |
200,000 |
200,475 |
Other creditors |
980,817 |
955,648 |
|
--------------- |
--------------- |
|
13,267,787 |
11,713,156 |
|
--------------- |
--------------- |
|
|
|
Other creditors include a loan of £nil (2023: £400,000), which is secured over a specific property of the company.
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
– |
1,500,000 |
|
---- |
------------- |
|
|
|
Other creditors include a related party loan of £nil (2023: £1,500,000), which is secured over a specific property of the company.
9.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions |
4,083,650 |
531,883 |
|
------------- |
---------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Accelerated capital allowances |
2,179 |
2,337 |
Revaluation of tangible assets |
4,081,471 |
529,546 |
|
------------- |
---------- |
|
4,083,650 |
531,883 |
|
------------- |
---------- |
|
|
|
10.
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.
11.
Summary audit opinion
The auditor's report dated
31 March 2025
was
unqualified
.
The senior statutory auditor was
David Guest FCA
, for and on behalf of
UHY Hacker Young (S.E.) Limited
.
12.
Related party transactions
At 30 April 2024, creditors included amounts owed to related parties amounting to £200,000 (2023: £2,100,000), 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 & loass 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 £200,000 (2023: £200,000) are unsecured and repayable on demand. During the year, the company rented premises to companies under common control to the value of £100,000 (2023: £100,000). During the year, the company had the following balances and transactions with fellow group undertakings less than 100% owned by the holding company: 1. At 30 April 2024, creditors, amounts falling due within one year, included amounts owed to group undertakings and undertakings in which the company has a participating interest, amounting to £648,959 (2023: £377,856), in respect of loans. The loans are interest free, unsecured and repayable on demand. 2. During the year, the company recognised income to the value of £288,482 (2023: £50,500), from these group undertakings.
13.
Controlling party
The company is a wholly owned subsidiary of European Glass Group Limited, a company registered in England & Wales and which prepares consolidated accounts. The registered office of European Glass Group Limited is 168 Church Road, Hove, East Sussex, BN3 2DL. The ultimate controlling parties are M Johal and F Johal through their control of European Glass Group Limited.