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Company Registration No. 06732865 (England and Wales)







ODC DOOR & GLASS SYSTEMS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024




































Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
COMPANY INFORMATION


Directors
T S Hedges 
B J Barrett 
T L Thach (resigned 22 January 2025)




Company secretary
T S Hedges



Company number
06732865



Registered office
97 Bollo Lane

London

W3 8BN




Trading Address
97 Bollo Lane

London

W3 8BN






Independent auditors
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors

40 Chamberlayne Road

London

NW10 3JE




Bankers
Barclays Bank Plc
First Floor

1-7 Kings Street

Cheapside

London

EC2V 8AU





 
ODC DOOR & GLASS SYSTEMS LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 3
Directors' Report
 
 
4 - 5
Independent Auditors' Report
 
 
6 - 9
Statement of Income and Retained Earnings
 
 
10
Statement of Financial Position
 
 
11
Analysis of Net Debt
 
 
12
Notes to the Financial Statements
 
 
13 - 21

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present the strategic report together with the financial statements of the company for the year ended 31 December 2024.

Principal activities
 
The principal activities of the company during the year continued to be the design, manufacture, and installation of aluminium windows, doors and other glazing structures. We work closely with a broad range of customers, including end-users, architects, designers, and contractors. We provide market leading aluminium products that include windows, doors, sliding doors, bi-folding doors, rooflights, glass structures, glass balustrades, awnings and blinds.

Key performance indicators and headline financials
 
Our number one indicator remains the welfare of our employees.
Our next priority is the successful delivery of our projects to our customers and providing a high level of quality customer service experience.
Our key financial targets remain to achieve a steady growth in profit and balance sheet strength.
The key financial highlights of the company for the last four years are as follows:
ole0de5.png

The profit and loss account
 
The full profit and loss account of the company for the year is set out on page 10. The results were in line with the expectations of the directors.

Review of 2024
 
The company had another profitable year with sales of £11,936,421 and profit before taxation of £819,883 despite continuing competition, inflation, high interest rates, rising prices, energy and transportation costs.
We continued to invest in our people, training, health & safety, plant and technology and we continue to focus on our core activities. 
Our manufacturing facility once again performed well and continues to provide greater certainty over quality and project delivery.
ODC Door & Glass Systems Ltd has been trading successfully since 2008. The Directors recognise that the company’s success would not have been possible without our loyal and dedicated workforce and during the year our employees became part owners of the business through the establishment of the ODC Trustee Employee Ownership Trust and will participate in the company’s future growth going forward.

Page 1

 
ODC DOOR & GLASS SYSTEMS LIMITED
 

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

Principal risks and uncertainties

The manufacture, sale and installation of door and glass products is a competitive market and there are several uncertainties which could have an impact on the company's performance and could cause results to differ substantially from historical profits and future projections. However, as we enter our 18th year in business we have well established systems and procedures in place to help avoid or minimise risks to the company.
The principal risks for our company include the following:
Credit risk
The Company’s credit risks are mainly attributable to the amount’s receivable from its customers for services carried out. Our policy therefore remains to have a fairly big spread of customers amongst homeowners, home builders and building contractors. And we operate a modern and efficient financial and management reporting system that monitors our customers and our debtor book on a day-to-day basis.
Liquidity risk
The Company finances its operations through a mixture of cash reserves in the bank, trade debtors less trade creditors. The company does not have any complex financial instruments or hedging products. Therefore the directors are confident that they will meet their obligations as they fall due.
Interest rate risk
Interest rates have been higher than desired for the last few years. But the company continues to be profitable and to generate positive cashflow, it has adequate funding arrangements in place and it constantly monitors its customers and debtor book.
Health and safety risk
Manufacturing, assembling and installing door and glass products is a higher risk activity. Therefore, our health and safety policies, procedures and training remains at the top of our business management principles.
Our in house team
The success of the company is dependent on retaining skilled and experienced management, developing knowledgeable and skilled fabricators, installers and support staff and our employment policy is designed to attract, train and retain the best people throughout their working life.
Quality workmanship
All our products have to be constructed to exacting design, engineering and quality workmanship standards. Our policy remains to have a longstanding team of skilled and experienced directors, managers, fabricators, installers and support staff. 
The economy
The state of the economy and related global activity are issues on which every business sector depends and which can have a significant impact on our longer term performance and success.  Our policy therefore remains to maintain adequate liquidity and bank facilities capable of funding our activities and meeting our obligations as they fall due. 

Page 2

 
ODC DOOR & GLASS SYSTEMS LIMITED
 

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

Future prospects

Our current contracts are progressing to programme.
Our order book remains steady, as is our new enquiries pipeline. Homeowners’ appetite for continuing to invest in and upgrade their homes is still strong and whilst we saw some home upgrades delayed due to the continuing high interest rate, we are confident that the overall outlook for the continuation of home improvements and new builds in our niche in the market, remains positive.
We live in uncertain times where profit margins remain under pressure, and we have the added challenge of a Geo-political crisis throughout the World so caution remains the order of the day.
However, we aim for and project:
a) to continue to invest in our people, training, health & safety, plant and technology
b) which should give us a continuation of steady growth in turnover and profit.
And as we start our 18th year in business we have the team and financial resources to deliver another successful year and to generate profit and positive cashflow going forward.

Going concern

The Board of Directors is required to consider the company's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The directors are confident that the company can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future because we have an experienced team, a satisfactory order book, consistent profits and adequate liquidity. Thus we continue to adopt the going concern basis in preparing the financial statements.

The future

The Directors look forward with confidence to continue the success of the company into the future.


This report was approved by the board on 17 April 2025 and signed on its behalf.



___________________________
T S Hedges
Director
Page 3

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


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

make judgments and accounting estimates that are reasonable and prudent;

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

The 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £691,871 (2023 - £1,198,974).

Interim dividends amounting to £2,348,496 (2023 - £637,859) were paid during the year. The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

T S Hedges 
B J Barrett 
T L Thach (resigned 22 January 2025)

Disclosure of information to auditors

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

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

Page 4

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsRiordan O'Sullivan & Cowill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 April 2025 and signed on its behalf.
 





___________________________
T S Hedges
Director
Page 5

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC DOOR & GLASS SYSTEMS LIMITED
 

Opinion


We have audited the financial statements of ODC Door & Glass Systems Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


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


Basis for opinion


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


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 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.


Page 6

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC DOOR & GLASS SYSTEMS LIMITED (CONTINUED)

Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the 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 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, 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 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 set out on page 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC DOOR & GLASS SYSTEMS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

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


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

We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that 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 or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.


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


Use of our report
 

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


Page 8

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC DOOR & GLASS SYSTEMS LIMITED (CONTINUED)




Patrick McNamara (Senior Statutory Auditor)
for and on behalf of
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

17 April 2025
Page 9

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 3 
11,936,421
12,101,144

Cost of sales
  
(5,804,034)
(5,605,576)

Gross profit
  
6,132,387
6,495,568

Administrative expenses
  
(5,251,861)
(4,997,164)

Operating profit
 4 
880,526
1,498,404

Interest receivable and similar income
  
7,411
3,379

Interest payable and similar expenses
 9 
(68,054)
(38,508)

Profit before tax
  
819,883
1,463,275

Taxation
 10 
(128,012)
(264,301)

Profit after tax
  
691,871
1,198,974

  

  

Retained earnings at the beginning of the year
  
3,466,062
2,904,947

  
3,466,062
2,904,947

Profit for the year
  
691,871
1,198,974

Dividends declared and paid
  
(2,348,496)
(637,859)

Retained earnings at the end of the year
  
1,809,437
3,466,062
Page 10

 
ODC DOOR & GLASS SYSTEMS LIMITED
REGISTERED NUMBER:06732865

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
918,561
1,060,968

  
918,561
1,060,968

Current assets
  

Stocks
 13 
772,680
716,186

Debtors: amounts falling due within one year
 14 
4,228,517
3,690,702

Cash at bank and in hand
  
381,832
1,270,314

  
5,383,029
5,677,202

Creditors: amounts falling due within one year
 15 
(2,598,554)
(2,634,627)

Net current assets
  
 
 
2,784,475
 
 
3,042,575

Total assets less current liabilities
  
3,703,036
4,103,543

Creditors: amounts falling due after more than one year
 16 
(1,741,290)
(448,989)

Provisions for liabilities
  

Deferred tax
 17 
(151,909)
(188,092)

  
 
 
(151,909)
 
 
(188,092)

Net assets
  
1,809,837
3,466,462


Capital and reserves
  

Called up share capital 
 18 
400
400

Profit and loss account
  
1,809,437
3,466,062

  
1,809,837
3,466,462


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2025.




___________________________
T S Hedges
___________________________
B J Barrett
Director
Director

Page 11

 
ODC DOOR & GLASS SYSTEMS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024





At 1 January 2024
Cash flows
New finance leases
At 31 December 2024
£

£

£

£

Cash at bank and in hand

1,270,314

(888,482)

-

381,832

Bank overdrafts

(3,578)

(2,529)

-

(6,107)

Debt due after 1 year

(64,992)

(1,380,817)

-

(1,445,809)

Debt due within 1 year

89

(14,470)

-

(14,381)

Finance leases

(536,326)

-

73,740

(462,586)


665,507
(2,286,298)
73,740
(1,547,051)

The notes on pages 13 to 21 form part of these financial statements.
Page 12

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


Company information

ODC Door & Glass Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 97 Bollo Lane, London, W3 8BN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

 
2.3

Revenue

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

Sale of goods

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

Rendering of services

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

Page 13

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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

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

 
2.5

Interest income

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

 
2.6

Pensions

Defined contribution pension plan

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

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

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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


Page 14

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Straight line over the life of the lease
Plant and machinery
-
Over 5 to 15 years
Fixtures and fittings
-
Over 4 to 7 years

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

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

 
2.9

Stocks

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

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

 
2.10

Cash and cash equivalents

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

 
2.11

Financial instruments

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

 
2.12

Dividends

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

Page 15

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Turnover

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


2024
2023
£
£

Sales
11,936,421
12,101,144


All turnover arose within the United Kingdom.


4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(669)
7,475

Other operating lease rentals
75,639
68,515


5.


Auditors' remuneration

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


2024
2023
£
£

Audit fees
12,000
12,000

Accountancy fees
12,000
12,000

Page 16

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,384,435
2,393,619

Social security costs
235,744
217,114

Pension costs
43,515
39,549

2,663,694
2,650,282


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


        2024
        2023
            No.
            No.







Directors
3
3



Employees
62
58

65
61


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
84,847
59,637



8.


Interest receivable

2024
2023
£
£


Bank interest receivable
7,411
3,379


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
33,351
12,024

Finance leases and hire purchase contracts
34,703
26,484

Page 17

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
266,011
335,572

Adjustments in respect of previous periods
(101,816)
(137,643)


164,195
197,929


Total current tax
164,195
197,929

Deferred tax


Origination and reversal of timing differences
(36,183)
66,372

Total deferred tax
(36,183)
66,372


Taxation
128,012
264,301

Factors affecting the tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
819,883
1,463,275


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
204,971
365,819

Effects of:


Expenses not deductible for tax purposes
25,142
17,738

Capital allowances for year in excess of depreciation
35,898
(26,878)

Origination and reversal of timing differences
(36,183)
66,372

Research and development tax credit
(101,816)
(137,643)

Effect in change of Corporation Tax rate
-
(21,107)

Total tax charge for the year
128,012
264,301

Page 18

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Dividends

2024
2023
£
£


Dividends paid to parent company
2,348,496
637,859


12.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2024
259,908
1,697,825
185,164
2,142,897


Additions
34,600
50,275
-
84,875



At 31 December 2024

294,508
1,748,100
185,164
2,227,772



Depreciation


At 1 January 2024
63,300
846,843
171,786
1,081,929


Charge for the year on owned assets
12,116
211,860
3,306
227,282



At 31 December 2024

75,416
1,058,703
175,092
1,309,211



Net book value



At 31 December 2024
219,092
689,397
10,072
918,561



At 31 December 2023
196,608
850,982
13,378
1,060,968

Included within the net book value of £918,561 is £481,026 (2023: £604,194) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £173,443 (2023: £151,594).


13.


Stocks

2024
2023
£
£

Raw materials
772,680
716,186


Page 19

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Debtors

2024
2023
£
£


Trade debtors
4,051,250
3,540,213

Other debtors
51,830
39,520

Prepayments and accrued income
125,437
110,969

4,228,517
3,690,702



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
6,107
3,578

Trade creditors
982,137
942,844

Corporation tax
266,011
335,572

Other taxation and social security
112,415
97,382

Hire purchase contracts
167,105
152,329

Other creditors
30,178
21,382

Accruals and deferred income
1,034,601
1,081,540

2,598,554
2,634,627



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,445,809
64,992

Hire purchase contracts
295,481
383,997

1,741,290
448,989


Page 20

 
ODC DOOR & GLASS SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Deferred taxation




2024


£






At beginning of year
(188,092)


Charged to profit or loss
36,183



At end of year
(151,909)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(151,909)
(188,092)


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



400 Ordinary shares of £1 each
400
400



19.


Post balance sheet events

There were no events since the balance sheet date which materially affected the company.


20.


Controlling party

The company is a 100% subsidiary of ODC Trading Limited.
Up until 25th October 2024 B J Barrett, T S Hedges and T L Thach were the ultimate controllers of the parent company ODC Trading Limited.
On 25th October 2024 the entire share capital of the parent company was transferred to an Employee Ownership Trust known as ODC Trustee Limited.
 
Page 21