Company Registration No. 04186679 (England and Wales)
Roman Glass Limited
Annual report and financial statements
for the year ended 30 November 2024
Roman Glass Limited
Company information
Directors
Wayne Dagger
Nicholas Cains
Matthew Hudd
David Lovell
Tracey Lucas-Smith (Non-Executive Finance Director)
Company number
04186679
Registered office
65 Lower Bristol Road
Bath
BA2 3BE
Independent auditor
Saffery LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Roman Glass Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
Roman Glass Limited
Strategic report
For the year ended 30 November 2024
1
The directors present the strategic report for the year ended 30 November 2024.
Review of the business
The company's result for the year showed a profit of £829,037 (2023: £1,089,608) and the net assets at the year end are £3,021,916 (2023: £2,789,879). During the year the company has slightly decreased the gross profit to 40% (2023: 40%).
Principal risks and uncertainties
The risk arising from adverse changes in market conditions is carefully monitored through the maintenance of close working relationships with both the company's suppliers and customers. Economic changes are also monitored in relation to the impact they may have on the market conditions for the company. It is the company's policy that payments to suppliers are made in accordance with those terms and conditions agreed between its suppliers, provided that all trading terms and conditions have been complied with.
The company is aware of the need to carry sufficient, but not excess, stock to service the needs of its customers, without exposing the company to undue stock holding risks. Stock risk is minimised by constant review of stock levels to minimise excess holdings whilst maintaining operational levels.
The directors believe the company is well placed to compete in the market despite challenging market conditions.
Development and performance
The directors are expecting the future trade of the company to be similar level achieved in the year ended 30 November 2024. There are no plans to change the nature of the business in the future.
Key performance indicators
The directors consider the data within the financial statements sufficient to enable a considered view of the company’s performance to be undertaken.
Wayne Dagger
Director
24 April 2025
Roman Glass Limited
Directors' report
For the year ended 30 November 2024
2
The directors present their annual report and financial statements for the year ended 30 November 2024.
Principal activities
The principal activity of the company continued to be that of glazing contractors.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £597,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Wayne Dagger
Nicholas Cains
Matthew Hudd
David Lovell
Tracey Lucas-Smith (Non-Executive Finance Director)
Financial instruments
Liquidity risk
The company has significant cash resources to meet its financial obligations.
Debtors and credit risk
The principal credit risk arises from non-payment by trade debtors. Credit limits and credit terms are set for customers based on a combination of payment history and third party credit references. Credit limits are regularly reviewed in conjunction with debt ageing and collection history. The directors regard the scale and spread of customers are being a safeguard against the risk of default.
Auditor
Saffery LLP have expressed their willingness to continue in office.
Strategic Report s414C
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the fair review of the business, the principal risks and uncertainties and future developments of the company.
Roman Glass Limited
Directors' report (continued)
For the year ended 30 November 2024
3
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Wayne Dagger
Director
24 April 2025
Roman Glass Limited
Directors' responsibilities statement
For the year ended 30 November 2024
4
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Roman Glass Limited
Independent auditor's report
To the members of Roman Glass Limited
5
Opinion
We have audited the financial statements of Roman Glass Limited (the 'company') for the year ended 30 November 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 30 November 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.
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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.
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.
Roman Glass Limited
Independent auditor's report (continued)
To the members of Roman Glass Limited
6
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
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.
Roman Glass Limited
Independent auditor's report (continued)
To the members of Roman Glass Limited
7
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Roman Glass Limited
Independent auditor's report (continued)
To the members of Roman Glass Limited
8
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.
Neil Davies
Senior Statutory Auditor
For and on behalf of Saffery LLP
Accountants
Statutory Auditors
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Roman Glass Limited
Statement of comprehensive income
For the year ended 30 November 2024
9
2024
2023
Notes
£
£
Turnover
3
9,193,108
9,763,390
Cost of sales
(5,535,568)
(5,839,889)
Gross profit
3,657,540
3,923,501
Administrative expenses
(2,645,602)
(2,580,702)
Operating profit
4
1,011,938
1,342,799
Interest receivable and similar income
7
78,087
50,348
Interest payable and similar expenses
8
(28,659)
(16,827)
Profit before taxation
1,061,366
1,376,320
Tax on profit
9
(232,329)
(286,712)
Profit for the financial year
829,037
1,089,608
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Roman Glass Limited
Balance sheet
As at 30 November 2024
30 November 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
4,000
6,000
Tangible assets
12
1,274,030
941,655
1,278,030
947,655
Current assets
Stocks
13
188,772
200,659
Debtors
14
1,235,451
1,107,237
Cash at bank and in hand
2,017,902
2,097,704
3,442,125
3,405,600
Creditors: amounts falling due within one year
15
(1,121,609)
(1,219,825)
Net current assets
2,320,516
2,185,775
Total assets less current liabilities
3,598,546
3,133,430
Creditors: amounts falling due after more than one year
16
(369,420)
(179,300)
Provisions for liabilities
Deferred tax liability
19
207,210
164,251
(207,210)
(164,251)
Net assets
3,021,916
2,789,879
Capital and reserves
Called up share capital
21
11,450
11,450
Share premium account
617,008
617,008
Capital redemption reserve
3,625
3,625
Profit and loss reserves
2,389,833
2,157,796
Total equity
3,021,916
2,789,879
The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
Wayne Dagger
Director
Company Registration No. 04186679
Roman Glass Limited
Statement of changes in equity
For the year ended 30 November 2024
11
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2022
11,450
617,008
3,625
3,253,188
3,885,271
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
-
1,089,608
1,089,608
Dividends
10
-
-
-
(2,185,000)
(2,185,000)
Balance at 30 November 2023
11,450
617,008
3,625
2,157,796
2,789,879
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
-
829,037
829,037
Dividends
10
-
-
-
(597,000)
(597,000)
Balance at 30 November 2024
11,450
617,008
3,625
2,389,833
3,021,916
Roman Glass Limited
Statement of cash flows
For the year ended 30 November 2024
12
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,021,799
1,745,639
Interest paid
(28,659)
(16,827)
Income taxes paid
(254,900)
(321,895)
Net cash inflow from operating activities
738,240
1,406,917
Investing activities
Purchase of tangible fixed assets
(634,787)
(313,869)
Proceeds from disposal of tangible fixed assets
74,408
27,547
Interest received
78,087
50,348
Net cash used in investing activities
(482,292)
(235,974)
Financing activities
Repayment of bank loans
137,500
Payment of finance leases obligations
123,750
169,269
Dividends paid
(597,000)
(2,185,000)
Net cash used in financing activities
(335,750)
(2,015,731)
Net decrease in cash and cash equivalents
(79,802)
(844,788)
Cash and cash equivalents at beginning of year
2,097,704
2,942,492
Cash and cash equivalents at end of year
2,017,902
2,097,704
Roman Glass Limited
Notes to the financial statements
For the year ended 30 November 2024
13
1
Accounting policies
Company information
Roman Glass Limited is a private company limited by shares incorporated in England and Wales. The registered office is 65 Lower Bristol Road, Bath, BA2 3BE.
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.1
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, 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.
1.3
Intangible fixed assets - goodwill
Goodwill arising on the acquisition of trade and assets represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Roman Glass Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
14
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
50% reducing balance
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over unexpired lease term
Plant and equipment
15% reducing balance
Fixtures and fittings
15% (IT equipment 50% reducing balance)
Motor vehicles
25% reducing balance
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
Roman Glass Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
15
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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Roman Glass Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
16
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Roman Glass Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
17
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Roman Glass Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
18
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Other significant revenue
Interest income
78,087
50,348
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
17,000
17,000
Depreciation of owned tangible fixed assets
250,230
207,597
Profit on disposal of tangible fixed assets
(22,226)
(16,873)
Amortisation of intangible assets
2,000
2,000
Operating lease charges
508,884
519,914
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Employees
120
123
Roman Glass Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
5
Employees (continued)
19
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,526,027
3,422,314
Social security costs
344,640
344,084
Pension costs
110,279
68,903
3,980,946
3,835,301
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
338,640
276,622
Company pension contributions to defined contribution schemes
28,355
6,373
366,995
282,995
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
111,638
112,379
Company pension contributions to defined contribution schemes
23,548
2,410
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
74,372
50,348
Other interest income
3,715
Total income
78,087
50,348
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
74,372
50,348
Roman Glass Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
20
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,847
-
Other finance costs:
Interest on finance leases and hire purchase contracts
23,812
16,827
28,659
16,827
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
189,370
274,583
Adjustments in respect of prior periods
(14,059)
Total current tax
189,370
260,524
Deferred tax
Origination and reversal of timing differences
42,959
26,188
Total tax charge
232,329
286,712
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,061,366
1,376,320
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.00%)
265,342
316,554
Tax effect of expenses that are not deductible in determining taxable profit
663
1,660
Adjustments in respect of prior years
(14,059)
Group relief
(33,800)
(16,962)
Other non-reversing timing differences
124
(724)
Deferred tax adjustments in respect of prior years
243
Taxation charge for the year
232,329
286,712
Roman Glass Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
21
10
Dividends
2024
2023
£
£
Final paid
597,000
2,185,000
11
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 December 2023 and 30 November 2024
10,000
103,734
113,734
Amortisation and impairment
At 1 December 2023
4,000
103,734
107,734
Amortisation charged for the year
2,000
2,000
At 30 November 2024
6,000
103,734
109,734
Carrying amount
At 30 November 2024
4,000
4,000
At 30 November 2023
6,000
6,000
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2023
327,360
291,638
1,837,459
2,456,457
Additions
192,858
1,449
440,480
634,787
Disposals
(323,565)
(323,565)
At 30 November 2024
192,858
327,360
293,087
1,954,374
2,767,679
Depreciation and impairment
At 1 December 2023
166,074
243,733
1,104,995
1,514,802
Depreciation charged in the year
24,193
7,258
218,779
250,230
Eliminated in respect of disposals
(271,383)
(271,383)
At 30 November 2024
190,267
250,991
1,052,391
1,493,649
Carrying amount
At 30 November 2024
192,858
137,093
42,096
901,983
1,274,030
At 30 November 2023
161,286
47,905
732,464
941,655
Roman Glass Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
22
13
Stocks
2024
2023
£
£
Raw materials and consumables
157,568
165,435
Work in progress
31,204
35,224
188,772
200,659
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
439,652
621,518
Amounts owed by group undertakings
707,345
408,291
Other debtors
2,938
3,040
Prepayments and accrued income
85,516
74,388
1,235,451
1,107,237
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
10,689
Obligations under finance leases
18
245,895
185,454
Trade creditors
453,229
523,436
Corporation tax
14,370
79,900
Other taxation and social security
284,394
294,317
Other creditors
15,828
49,310
Accruals and deferred income
97,204
87,408
1,121,609
1,219,825
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
126,811
Obligations under finance leases
18
242,609
179,300
369,420
179,300
Roman Glass Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
23
17
Loans and overdrafts
2024
2023
£
£
Bank loans
137,500
Payable within one year
10,689
Payable after one year
126,811
During the year the company received a loan from Lloyds Bank PLC which is secured over a fixed charge over the property of the company and a floating charge over the assets of the company. The interest rate of the loan is 6.81%.
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
245,895
185,454
In two to five years
242,609
179,300
488,504
364,754
Finance lease payments represent rentals payable by the company for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
209,315
164,251
Short term timing differences
(2,105)
-
207,210
164,251
Roman Glass Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
19
Deferred taxation (continued)
24
2024
Movements in the year:
£
Liability at 1 December 2023
164,251
Charge to profit or loss
42,959
Liability at 30 November 2024
207,210
The deferred tax liability represents capital allowances received in advance of depreciation being charged. As such, the liability is expected to reverse once the depreciation has been charged or when the asset is sold or ceases to be used.
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
110,279
68,903
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
11,450
11,450
11,450
11,450
The Ordinary shares have full voting, dividend and capital distribution rights.
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
482,218
465,459
Between two and five years
1,743,595
1,786,659
In over five years
1,844,866
2,165,044
4,070,679
4,417,162
Roman Glass Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
25
23
Ultimate controlling party
The company's parent company is Roman Glass Holdings Limited.
24
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
829,037
1,089,608
Adjustments for:
Taxation charged
232,329
286,712
Finance costs
28,659
16,827
Investment income
(78,087)
(50,348)
Gain on disposal of tangible fixed assets
(22,226)
(16,873)
Amortisation and impairment of intangible assets
2,000
2,000
Depreciation and impairment of tangible fixed assets
250,230
207,597
Movements in working capital:
Decrease in stocks
11,887
31,461
(Increase)/decrease in debtors
(128,214)
170,794
(Decrease)/increase in creditors
(103,816)
7,861
Cash generated from operations
1,021,799
1,745,639
25
Analysis of changes in net funds
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
2,097,704
(79,802)
2,017,902
Borrowings excluding overdrafts
-
(137,500)
(137,500)
Obligations under finance leases
(364,754)
(123,750)
(488,504)
1,732,950
(341,052)
1,391,898
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