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COMPANY REGISTRATION NUMBER: 02916073
EUROPEAN TOUGHENED GLASS (UK) LIMITED
FINANCIAL STATEMENTS
30 April 2024
EUROPEAN TOUGHENED GLASS (UK) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
Contents
Page
Strategic report
1
Director's report
2
Independent auditor's report to the members
4
Statement of income and retained earnings
8
Statement of financial position
9
Notes to the financial statements
10
EUROPEAN TOUGHENED GLASS (UK) LIMITED
STRATEGIC REPORT
YEAR ENDED 30 APRIL 2024
Principal activities The principal activity of the company was the manufacture and distribution of glass products and services. Review of the business The director considers that the financial position of the company at the year-end was satisfactory. The company is firmly established as a leading supplier of glass products to the UK glass industry. Results The results for the year are shown in the statement of income and retained earnings. 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 company has a strong capital base and is firmly established in the glass industry, therefore the risks and uncertainties facing the company are reduced. Financial risk management objectives and policies The primary financial risk management objective is to ensure sufficient working capital for the company, 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 Johal
Director
EUROPEAN TOUGHENED GLASS (UK) LIMITED
DIRECTOR'S REPORT
YEAR ENDED 30 APRIL 2024
The director presents his report and the financial statements of the company for the year ended 30 April 2024 .
Director
The director who served the company during the year was as follows:
M Johal
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
The company is continually looking for opportunities to grow the business.
Director's responsibilities statement
The director is responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the director is 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He 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. 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 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 company's auditor is aware of that information.
This report was approved by the board of directors on 31 March 2025 and signed on behalf of the board by:
M Johal
Director
EUROPEAN TOUGHENED GLASS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPEAN TOUGHENED GLASS (UK) LIMITED
YEAR ENDED 30 APRIL 2024
Opinion
We have audited the financial statements of European Toughened Glass (UK) Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of income and retained earnings, statement of financial position 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 company's affairs as at 30 April 2024 and of its 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 company 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 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.
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 director is 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 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 the director
As explained more fully in the director's responsibilities statement, 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 has 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 internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's 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 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 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. 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 TOUGHENED GLASS (UK) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 30 APRIL 2024
2024
2023
Note
£
£
Turnover
4
7,260,988
7,911,566
Cost of sales
1,929,208
2,436,601
------------
------------
Gross profit
5,331,780
5,474,965
Administrative expenses
5,878,541
5,397,401
Other operating income
5
584,493
42,860
------------
------------
Operating profit
6
37,732
120,424
Other interest receivable and similar income
10
84,160
19,743
Interest payable and similar expenses
11
26,815
17,700
------------
------------
Profit before taxation
95,077
122,467
Tax on profit
12
48,783
258,802
--------
---------
Profit/(loss) for the financial year and total comprehensive income
46,294
( 136,335)
--------
---------
Dividends paid and payable
13
( 3,211,799)
Retained earnings at the start of the year
22,700,149
22,836,484
-------------
-------------
Retained earnings at the end of the year
19,534,644
22,700,149
-------------
-------------
All the activities of the company are from continuing operations.
EUROPEAN TOUGHENED GLASS (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
14
4,740,565
5,091,994
Current assets
Stocks
15
344,256
519,004
Debtors
16
19,522,291
17,858,437
Cash at bank and in hand
952,002
3,662,303
-------------
-------------
20,818,549
22,039,744
Creditors: amounts falling due within one year
17
5,091,276
3,455,763
-------------
-------------
Net current assets
15,727,273
18,583,981
-------------
-------------
Total assets less current liabilities
20,467,838
23,675,975
Provisions
Taxation including deferred tax
18
923,194
965,826
-------------
-------------
Net assets
19,544,644
22,710,149
-------------
-------------
Capital and reserves
Called up share capital
21
10,000
10,000
Profit and loss account
22
19,534,644
22,700,149
-------------
-------------
Shareholders funds
19,544,644
22,710,149
-------------
-------------
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 Johal
Director
Company registration number: 02916073
EUROPEAN TOUGHENED GLASS (UK) 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. 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 entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of European Glass Group Limited which can be obtained from Companies House, Crown way, Cardiff. CF14 3UZ. 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.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
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.
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.
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
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Manufacture and distribution of glass products
7,260,988
7,911,566
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Management charges receivable
567,401
22,919
Other operating income - rental income
17,092
19,941
---------
--------
584,493
42,860
---------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
522,702
621,208
Impairment of trade debtors
(1)
(22,252)
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
18,500
16,800
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
4,113
6,319
--------
--------
8. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2024
2023
No.
No.
Production staff
55
56
Administrative staff
17
17
----
----
72
73
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,716,298
1,702,939
Social security costs
148,240
152,706
Other pension costs
67,991
23,494
------------
------------
1,932,529
1,879,139
------------
------------
9. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
70,000
Company contributions to defined contribution pension plans
20,800
--------
--------
20,800
70,000
--------
--------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
1
1
----
----
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
84,160
19,743
--------
--------
11. Interest payable and similar expenses
2024
2023
£
£
Dividends paid on shares classed as debt
4,000
4,000
Interest on loans
22,815
13,700
--------
--------
26,815
17,700
--------
--------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
91,415
60,817
Deferred tax:
Origination and reversal of timing differences
( 42,632)
197,985
--------
---------
Tax on profit
48,783
258,802
--------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19.49 %).
2024
2023
£
£
Profit on ordinary activities before taxation
95,077
122,467
--------
---------
Profit on ordinary activities by rate of tax
23,769
23,872
Effect of expenses not deductible for tax purposes
24,063
14,156
Effect of capital allowances and depreciation
43,583
22,789
Deferred tax movement
(42,632)
197,985
--------
---------
Tax on profit
48,783
258,802
--------
---------
13. Dividends
Equity dividends
2024
2023
£
£
Dividends proposed before the year end and recognised as a liability
3,211,799
------------
----
14. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
20,561,717
1,165,102
1,243,177
22,969,996
Additions
170,000
1,273
171,273
-------------
------------
------------
-------------
At 30 April 2024
20,731,717
1,166,375
1,243,177
23,141,269
-------------
------------
------------
-------------
Depreciation
At 1 May 2023
15,636,929
1,051,168
1,189,905
17,878,002
Charge for the year
490,915
17,174
14,613
522,702
-------------
------------
------------
-------------
At 30 April 2024
16,127,844
1,068,342
1,204,518
18,400,704
-------------
------------
------------
-------------
Carrying amount
At 30 April 2024
4,603,873
98,033
38,659
4,740,565
-------------
------------
------------
-------------
At 30 April 2023
4,924,788
113,934
53,272
5,091,994
-------------
------------
------------
-------------
15. Stocks
2024
2023
£
£
Raw materials and consumables
344,256
519,004
---------
---------
The amount of stock recognised as an expense during the year was £1,929,208 (2023: £2,436,602).
16. Debtors
2024
2023
£
£
Trade debtors
466,194
824,534
Amounts owed by group undertakings
14,725,231
16,520,497
Prepayments and accrued income
1,520,077
403,875
Amounts owed by related parties
2,770,377
69,132
Other debtors
40,412
40,399
-------------
-------------
19,522,291
17,858,437
-------------
-------------
17. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,515,170
1,310,627
Accruals and deferred income
238,958
407,261
Corporation tax
91,415
60,817
Social security and other taxes
173,751
277,292
Shares classed as financial liabilities
40,000
40,000
Amounts owed to related parties
1,711,802
31,070
Other creditors
1,320,180
1,328,696
------------
------------
5,091,276
3,455,763
------------
------------
18. Provisions
Deferred tax (note 19)
£
At 1 May 2023
965,826
Additions
( 42,632)
---------
At 30 April 2024
923,194
---------
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 18)
923,194
965,826
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
923,194
965,826
---------
---------
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 47,191 (2023: £ 23,494 ).
21. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
Preference shares of £ 1 each
40,000
40,000
40,000
40,000
--------
--------
--------
--------
50,000
50,000
50,000
50,000
--------
--------
--------
--------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Amounts presented in equity:
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
Amounts presented in liabilities:
Preference shares of £ 1 each
40,000
40,000
40,000
40,000
--------
--------
--------
--------
22. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
23. Related party transactions
At 30 April 2024, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £111,802 (2023: £31,070), in respect of a joint loan from the director, M S Johal, and a director of the holding company, F Johal. The loan is interest free, unsecured and has no fixed term of repayment. At 30 April 2024, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £1,600,000 (2023: £nil), in respect of loans from related parties under common control. The loans are interest free, unsecured and have no fixed term of repayment. At 30 April 2024, debtors included amounts due from related parties amounting to £2,770,377 (2023: £69,132), 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 £838,782 (2023: £419,767). 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, debtors included amounts owed by group undertakings to the value of £3,334,816 (2023: £3,189,518), 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 company was £ 40,000 (2023: £ 12,000 ).
24. 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 the holding company, European Glass Group Limited.