Silverfin false false 30/11/2024 01/12/2023 30/11/2024 Mr D Charlesworth 25/09/2018 Mr M Charlesworth 25/09/2018 Mr J Edwards 25/09/2018 Mr M Mcmullan 25/09/2018 Mr B Yule 11/11/2011 Bryan Yule 24 April 2025 The principal activity of the Company during the financial year was that of manufacturing, shaping and processing of flat glass. SC411160 2024-11-30 SC411160 bus:Director1 2024-11-30 SC411160 bus:Director2 2024-11-30 SC411160 bus:Director3 2024-11-30 SC411160 bus:Director4 2024-11-30 SC411160 bus:Director5 2024-11-30 SC411160 2023-11-30 SC411160 core:CurrentFinancialInstruments 2024-11-30 SC411160 core:CurrentFinancialInstruments 2023-11-30 SC411160 core:Non-currentFinancialInstruments 2024-11-30 SC411160 core:Non-currentFinancialInstruments 2023-11-30 SC411160 core:ShareCapital 2024-11-30 SC411160 core:ShareCapital 2023-11-30 SC411160 core:RetainedEarningsAccumulatedLosses 2024-11-30 SC411160 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC411160 core:Goodwill 2023-11-30 SC411160 core:Goodwill 2024-11-30 SC411160 core:LandBuildings 2023-11-30 SC411160 core:PlantMachinery 2023-11-30 SC411160 core:Vehicles 2023-11-30 SC411160 core:OfficeEquipment 2023-11-30 SC411160 core:LandBuildings 2024-11-30 SC411160 core:PlantMachinery 2024-11-30 SC411160 core:Vehicles 2024-11-30 SC411160 core:OfficeEquipment 2024-11-30 SC411160 core:ImmediateParent core:CurrentFinancialInstruments 2024-11-30 SC411160 core:ImmediateParent core:CurrentFinancialInstruments 2023-11-30 SC411160 bus:OrdinaryShareClass1 2024-11-30 SC411160 bus:OrdinaryShareClass2 2024-11-30 SC411160 bus:OrdinaryShareClass3 2024-11-30 SC411160 bus:OrdinaryShareClass4 2024-11-30 SC411160 bus:OrdinaryShareClass5 2024-11-30 SC411160 bus:OtherShareClass1 2024-11-30 SC411160 core:WithinOneYear 2024-11-30 SC411160 core:WithinOneYear 2023-11-30 SC411160 core:BetweenOneFiveYears 2024-11-30 SC411160 core:BetweenOneFiveYears 2023-11-30 SC411160 core:MoreThanFiveYears 2024-11-30 SC411160 core:MoreThanFiveYears 2023-11-30 SC411160 2023-12-01 2024-11-30 SC411160 bus:FilletedAccounts 2023-12-01 2024-11-30 SC411160 bus:SmallEntities 2023-12-01 2024-11-30 SC411160 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 SC411160 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 SC411160 bus:Director1 2023-12-01 2024-11-30 SC411160 bus:Director2 2023-12-01 2024-11-30 SC411160 bus:Director3 2023-12-01 2024-11-30 SC411160 bus:Director4 2023-12-01 2024-11-30 SC411160 bus:Director5 2023-12-01 2024-11-30 SC411160 bus:Director6 2023-12-01 2024-11-30 SC411160 core:Goodwill 2023-12-01 2024-11-30 SC411160 core:LandBuildings core:TopRangeValue 2023-12-01 2024-11-30 SC411160 core:PlantMachinery core:TopRangeValue 2023-12-01 2024-11-30 SC411160 core:Vehicles core:TopRangeValue 2023-12-01 2024-11-30 SC411160 core:OfficeEquipment core:TopRangeValue 2023-12-01 2024-11-30 SC411160 2022-12-01 2023-11-30 SC411160 core:LandBuildings 2023-12-01 2024-11-30 SC411160 core:PlantMachinery 2023-12-01 2024-11-30 SC411160 core:Vehicles 2023-12-01 2024-11-30 SC411160 core:OfficeEquipment 2023-12-01 2024-11-30 SC411160 core:CurrentFinancialInstruments 2023-12-01 2024-11-30 SC411160 core:Non-currentFinancialInstruments 2023-12-01 2024-11-30 SC411160 bus:OrdinaryShareClass1 2023-12-01 2024-11-30 SC411160 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC411160 bus:OrdinaryShareClass2 2023-12-01 2024-11-30 SC411160 bus:OrdinaryShareClass2 2022-12-01 2023-11-30 SC411160 bus:OrdinaryShareClass3 2023-12-01 2024-11-30 SC411160 bus:OrdinaryShareClass3 2022-12-01 2023-11-30 SC411160 bus:OrdinaryShareClass4 2023-12-01 2024-11-30 SC411160 bus:OrdinaryShareClass4 2022-12-01 2023-11-30 SC411160 bus:OrdinaryShareClass5 2023-12-01 2024-11-30 SC411160 bus:OrdinaryShareClass5 2022-12-01 2023-11-30 SC411160 bus:OtherShareClass1 2023-12-01 2024-11-30 SC411160 bus:OtherShareClass1 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC411160 (Scotland)

PINEFIELD GLASS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

PINEFIELD GLASS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024

Contents

PINEFIELD GLASS LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2024
PINEFIELD GLASS LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 456,199 438,297
456,200 438,298
Current assets
Stocks 609,600 531,738
Debtors 5 1,367,497 1,149,838
Cash at bank and in hand 1,605,228 1,409,622
3,582,325 3,091,198
Creditors: amounts falling due within one year 6 ( 2,478,104) ( 2,162,972)
Net current assets 1,104,221 928,226
Total assets less current liabilities 1,560,421 1,366,524
Creditors: amounts falling due after more than one year 7 ( 133,845) ( 173,904)
Provision for liabilities 8 ( 67,709) ( 67,709)
Net assets 1,358,867 1,124,911
Capital and reserves
Called-up share capital 9 900 900
Profit and loss account 1,357,967 1,124,011
Total shareholder's funds 1,358,867 1,124,911

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Pinefield Glass Limited (registered number: SC411160) were approved and authorised for issue by the Board of Directors on 24 April 2025. They were signed on its behalf by:

Bryan Yule
Director
PINEFIELD GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
PINEFIELD GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pinefield Glass Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 1 Pinefield Parade, Pinefield Industrial Estate, Elgin, IV30 6AG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for glazing provided, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 7 years straight line
Vehicles 7 years straight line
Office equipment 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 78 77

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2023 1 1
At 30 November 2024 1 1
Accumulated amortisation
At 01 December 2023 0 0
At 30 November 2024 0 0
Net book value
At 30 November 2024 1 1
At 30 November 2023 1 1

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 December 2023 45,764 1,045,933 167,765 77,589 1,337,051
Additions 111,893 1,800 0 26,987 140,680
At 30 November 2024 157,657 1,047,733 167,765 104,576 1,477,731
Accumulated depreciation
At 01 December 2023 19,056 816,419 5,992 57,287 898,754
Charge for the financial year 12,423 76,248 23,966 10,141 122,778
At 30 November 2024 31,479 892,667 29,958 67,428 1,021,532
Net book value
At 30 November 2024 126,178 155,066 137,807 37,148 456,199
At 30 November 2023 26,708 229,514 161,773 20,302 438,297

5. Debtors

2024 2023
£ £
Trade debtors 1,212,095 1,037,979
Amounts owed by Parent undertakings 11,813 25,313
Other debtors 143,589 86,546
1,367,497 1,149,838

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,291,187 932,822
Taxation and social security 215,234 412,478
Obligations under finance leases and hire purchase contracts 21,686 25,225
Other creditors 949,997 792,447
2,478,104 2,162,972

Net obligations under finance lease contracts are secured over the asset which the agreement relates.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 97,022 119,828
Other creditors 36,823 54,076
133,845 173,904

Net obligations under finance lease contracts are secured over the asset which the agreement relates.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 67,709 67,709

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
293 A Ordinary shares of £ 1.00 each 293 293
91 B Ordinary shares of £ 1.00 each 91 91
66 C Ordinary shares of £ 1.00 each 66 66
293 D Ordinary shares of £ 1.00 each 293 293
91 E Ordinary shares of £ 1.00 each 91 91
66 F Ordinary shares of £ 1.00 each 66 66
900 900

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 105,000 105,000
between one and five years 420,000 420,000
after five years 227,500 332,500
752,500 857,500

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to Directors 283,074 274,343

The above balance is unsecured, interest free and has no fixed terms of repayment.

Taxable losses of £4,599 (2023 - £125,660) arising in the parent company, MECC 4 Limited, in the period to 30 November 2024 were surrendered to Pinefield Glass Limited.

12. Ultimate controlling party

Parent Company:

MECC 4 Limited
1 Pinefield Parade
Pinefield Industrial Estate
Elgin
IV30 6AG