| REGISTERED NUMBER: 05870085 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| BRABCO 620 LIMITED |
| TRADING AS |
| CUSTOM GLASS GROUP |
| REGISTERED NUMBER: 05870085 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| BRABCO 620 LIMITED |
| TRADING AS |
| CUSTOM GLASS GROUP |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Statement of Comprehensive Income | 9 |
| Consolidated Balance Sheet | 10 |
| Company Balance Sheet | 11 |
| Consolidated Statement of Changes in Equity | 12 |
| Company Statement of Changes in Equity | 13 |
| Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Financial Statements | 16 |
| BRABCO 620 LIMITED |
| TRADING AS CUSTOM GLASS GROUP |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 110-114 Duke Street |
| Liverpool |
| Merseyside |
| L1 5AG |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| The director presents his strategic report of the company and the group for the year ended 31 August 2024. |
| REVIEW OF BUSINESS AND FINANCIAL KEY PERFORMANCE INDICATORS |
| The principal activity remained the management of the group's activities in the manufacture and sale of double glazed units to the UK glass window and conservatory industry. The director is not aware, at the date of this report, of any likely major changes in the group's activities in the next year. |
| The economic and trading conditions encountered by the group remain challenging. |
| In the light of these, the director considers the results for the period and the financial position at the year end to be satisfactory. |
| The group recognises the importance of its environmental responsibilities, monitors its impact on the environment and designs and implements policies to reduce any damage that might be caused by its activities. The group operates in accordance with policies and initiatives designed to minimise its impact on the environment and these include safe disposal of manufacturing waste, recycling and reducing energy consumption. |
| Given the uncomplicated nature of the business operations the director considers turnover, profit and net assets to be the Key Performance Indicators. Full details of these numbers are clearly set out in the financial statements and enable an assessment of the development, performance and position of the group and company to be made. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Competitive pressure in the UK is a continuing risk for the group which could result in it losing sales to its key competitors. The group manages this risk by providing added value services to its customers, having fast response times not only in supplying products but in handling all customer queries, and by maintaining strong relationships with customers. |
| The group imports a small proportion of its components and these purchases are made in Euros and it is therefore exposed to the movement in the Euro to Pound exchange rate. |
| The director confirms that in accordance with the Companies Act 2006, he has considered and reviewed the provisions relating to the financial risk management and policies of the group. As a result of the review, the director has concluded that the group will be able to continue funding its activities through its retained profits and cash flows from ongoing activities. |
| ON BEHALF OF THE BOARD: |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 31 August 2024. |
| DIVIDENDS |
| Interim dividends per share on the A Ordinary £1 shares were paid as follows: |
| 446.20 | - 4 September 2023 |
| 446.20 | - 3 October 2023 |
| 446.20 | - 2 November 2023 |
| 446.20 | - 4 December 2023 |
| 446.20 | - 3 January 2024 |
| 446.20 | - 2 February 2024 |
| 446.20 | - 5 March 2024 |
| 446.20 | - 3 April 2024 |
| 446.20 | - 2 May 2024 |
| 446.20 | - 4 June 2024 |
| 446.20 | - 2 July 2024 |
| 446.20 | - 2 August 2024 |
| 5354.40 |
| The director recommends that no final dividend be paid on these shares. |
| No interim dividend was paid on the B Ordinary £1 shares. The director recommends that no final dividend be paid on these shares. |
| No interim dividend was paid on the Preference £1 shares. The director recommends that no final dividend be paid on these shares. |
| The total distribution of dividends for the year ended 31 August 2024 will be £ 133,860 . |
| RESEARCH AND DEVELOPMENT |
| The group continues to invest in research, development and innovation. This has resulted in a number of updates to existing products. The director regards R&D investment as necessary for continuing success in the medium to long term future. |
| FUTURE DEVELOPMENTS |
| The director anticipates continued growth in the business and profits as the group seeks to build upon its investments in technology and quality control. |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTOR |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BRABCO 620 LIMITED |
| Opinion |
| We have audited the financial statements of Brabco 620 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 group's and of the parent company affairs as at 31 August 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BRABCO 620 LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BRABCO 620 LIMITED |
| 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. |
| We identified the laws and regulations applicable to the group and company through discussions with the director and other management, and from our commercial knowledge and experience of the sectors in which the group and company operates. |
| We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and company, including relevant legislation such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. |
| We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting relevant correspondence and, identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the group and company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and, considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions and, assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to agreeing financial statement disclosures to underlying supporting documentation, reading the minutes of meetings of those charged with governance, enquiring of management as to actual and potential litigation and claims and, reviewing correspondence with relevant authorities. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| 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 Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BRABCO 620 LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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. |
| for and on behalf of |
| 110-114 Duke Street |
| Liverpool |
| Merseyside |
| L1 5AG |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| TURNOVER | 14,708,975 | 15,436,681 |
| Cost of sales | 8,891,673 | 9,670,020 |
| GROSS PROFIT | 5,817,302 | 5,766,661 |
| Administrative expenses | 3,195,169 | 2,547,088 |
| 2,622,133 | 3,219,573 |
| Other operating income | 3 | 12,200 | 16,720 |
| OPERATING PROFIT | 5 | 2,634,333 | 3,236,293 |
| Interest receivable and similar income | 246,300 | 59,166 |
| 2,880,633 | 3,295,459 |
| Interest payable and similar expenses | 6 | 12,159 | 17,815 |
| PROFIT BEFORE TAXATION | 2,868,474 | 3,277,644 |
| Tax on profit | 7 | 928,574 | 661,795 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,939,900 |
2,615,849 |
| Profit attributable to: |
| Owners of the parent | 1,939,900 | 2,615,849 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,939,900 | 2,615,849 |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| CONSOLIDATED BALANCE SHEET |
| 31 AUGUST 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | - | 767,493 |
| Tangible assets | 12 | 2,745,692 | 2,951,556 |
| Investments | 13 | - | - |
| 2,745,692 | 3,719,049 |
| CURRENT ASSETS |
| Stocks | 14 | 412,145 | 549,601 |
| Debtors | 15 | 3,841,144 | 3,237,758 |
| Cash and cash equivalents | 8,424,398 | 6,033,878 |
| 12,677,687 | 9,821,237 |
| CREDITORS |
| Amounts falling due within one year | 16 | 2,404,634 | 2,084,445 |
| NET CURRENT ASSETS | 10,273,053 | 7,736,792 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 13,018,745 | 11,455,841 |
| CREDITORS |
| Amounts falling due after more than one year | 17 | (753,621 | ) | (964,484 | ) |
| PROVISIONS FOR LIABILITIES | 21 | (302,772 | ) | (335,045 | ) |
| NET ASSETS | 11,962,352 | 10,156,312 |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 100 | 100 |
| Retained earnings | 23 | 11,962,252 | 10,156,212 |
| SHAREHOLDERS' FUNDS | 11,962,352 | 10,156,312 |
| The financial statements were approved by the director and authorised for issue on 20 May 2025 and were signed by: |
| J R Hooson - Director |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| COMPANY BALANCE SHEET |
| 31 AUGUST 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Debtors | 15 |
| Cash and cash equivalents |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 17 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Retained earnings | 23 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 133,952 | 1,134,000 |
| The financial statements were approved by the director and authorised for issue on |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 September 2022 | 100 | 8,674,223 | 8,674,323 |
| Changes in equity |
| Dividends | - | (1,133,860 | ) | (1,133,860 | ) |
| Total comprehensive income | - | 2,615,849 | 2,615,849 |
| Balance at 31 August 2023 | 100 | 10,156,212 | 10,156,312 |
| Changes in equity |
| Dividends | - | (133,860 | ) | (133,860 | ) |
| Total comprehensive income | - | 1,939,900 | 1,939,900 |
| Balance at 31 August 2024 | 100 | 11,962,252 | 11,962,352 |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 3,794,534 | 3,548,976 |
| Interest paid | 2 | - |
| Interest element of hire purchase payments paid | (12,161 | ) | (17,815 | ) |
| Tax paid | (890,673 | ) | (1,006,972 | ) |
| Tax refunded | - | 91,405 |
| Net cash from operating activities | 2,891,702 | 2,615,594 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (420,013 | ) | (184,362 | ) |
| Sale of tangible fixed assets | 10,000 | - |
| Interest received | 246,300 | 59,166 |
| Net cash from investing activities | (163,713 | ) | (125,196 | ) |
| Cash flows from financing activities |
| Capital repayments in year | (203,609 | ) | (237,417 | ) |
| Equity dividends paid | (133,860 | ) | (1,133,860 | ) |
| Net cash from financing activities | (337,469 | ) | (1,371,277 | ) |
| Increase in cash and cash equivalents | 2,390,520 | 1,119,121 |
| Cash and cash equivalents at beginning of year |
2 |
6,033,878 |
4,914,757 |
| Cash and cash equivalents at end of year | 2 | 8,424,398 | 6,033,878 |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Profit before taxation | 2,868,474 | 3,277,644 |
| Depreciation charges | 685,649 | 722,695 |
| Impairment of goodwill | 697,721 | - |
| Finance costs | 12,159 | 17,815 |
| Finance income | (246,300 | ) | (59,166 | ) |
| 4,017,703 | 3,958,988 |
| Decrease/(increase) in stocks | 137,456 | (56,214 | ) |
| Increase in trade and other debtors | (603,386 | ) | (391,199 | ) |
| Increase in trade and other creditors | 242,761 | 37,401 |
| Cash generated from operations | 3,794,534 | 3,548,976 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 8,424,398 | 6,033,878 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 6,033,878 | 4,914,757 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash and cash equivalents | 6,033,878 | 2,390,520 | 8,424,398 |
| 6,033,878 | 2,390,520 | 8,424,398 |
| Debt |
| Finance leases | (564,852 | ) | 203,609 | (361,243 | ) |
| Debts falling due after 1 year | (550,000 | ) | - | (550,000 | ) |
| (1,114,852 | ) | 203,609 | (911,243 | ) |
| Total | 4,919,026 | 2,594,129 | 7,513,155 |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | STATUTORY INFORMATION |
| Brabco 620 Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| After making enquiries, the director has a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the financial statements. |
| Basis of consolidation |
| The consolidated financial statements incorporate the financial statements of the company and entities that continue to be controlled by the Group (its subsidiaries). Control exists where the Group has the power to govern the financial and operating policies of the entity, generally conferred by holding a majority of voting rights. On acquisition of a subsidiary, its identifiable assets, liabilities and contingent liabilities are included in the consolidated accounts at their fair value. Any excess of the cost (the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the Group plus any directly attributable costs) of an acquisition over the fair value of the net assets acquired is recognised as goodwill. This is initially recognised at cost and subsequently at cost less any accumulated amortisation or impairment losses. |
| The results of subsidiaries acquired are included in the Consolidated Statement of Comprehensive Income from the date control passes up until the Group ceases to control them through a sale or significant change in circumstances. |
| All intra-group balances, transactions, income and expenses are eliminated on consolidation. The consolidated accounts are prepared using uniform accounting policies. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the group's and company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation. |
| When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Goodwill |
| Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets 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 20 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. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and equipment | - |
| Motor vehicles | - |
| Government grants |
| Government grants relating to tangible fixed assets are treated as deferred income and credited to the Income Statement in equal instalments over the anticipated useful lives of the assets to which the grants relate. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
| Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. |
| 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. |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 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 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. |
| 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. |
| 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. |
| 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. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates defined contribution pension schemes. Contributions payable to the group's pension schemes are charged to the Statement of Comprehensive Income in the period to which they relate. |
| Going concern |
| At 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. |
| Fixed asset investments |
| Shares in group undertakings are stated at cost less impairment -see note 12. |
| 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. |
| 3. | OTHER OPERATING INCOME |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Rents receivable | 10,240 | 10,240 |
| Government grants release | 1,960 | 6,480 |
| 12,200 | 16,720 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Wages and salaries | 3,584,952 | 3,360,871 |
| Social security costs | 325,139 | 285,660 |
| Other pension costs | 106,285 | 103,633 |
| 4,016,376 | 3,750,164 |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the year was as follows: |
| 31.8.24 | 31.8.23 |
| Directors | 2 | 1 |
| Manufacturing and distribution | 124 | 131 |
| The average number of employees by undertakings that were proportionately consolidated during the year was 126 (2023 - 132 ) . |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Director's remuneration | 94,227 | 33,873 |
| Director's pension contributions to money purchase schemes | 41,753 | 41,093 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 1 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Other operating leases | 22,694 | 16,166 |
| Operating lease income | (10,240 | ) | (10,240 | ) |
| Depreciation - owned assets | 330,379 | 367,425 |
| Depreciation - assets on hire purchase contracts | 285,498 | 285,498 |
| Goodwill amortisation | 69,772 | 69,772 |
| Auditing of financial statements | 14,000 | 14,000 |
| Other non- audit services | 16,850 | 29,455 |
| Impairment of goodwill | 697,721 | - |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loan interest | (2 | ) | - |
| Hire purchase charges | 12,161 | 17,815 |
| 12,159 | 17,815 |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 960,847 | 760,507 |
| Deferred tax | (32,273 | ) | (98,712 | ) |
| Tax on profit | 928,574 | 661,795 |
| UK corporation tax has been charged at 25 % (2023 - 21.52 %). |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Profit before tax | 2,868,474 | 3,277,644 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.520 %) |
717,119 |
705,349 |
| Effects of: |
| Expenses not deductible for tax purposes | 211,945 | 64,660 |
| Income not taxable for tax purposes | (490 | ) | (1,395 | ) |
| Adjustments to tax charge in respect of previous periods | - | (46 | ) |
| Research & Development enhanced deductions | - | (91,547 | ) |
| Enhanced capital allowance deductions | - | (1,318 | ) |
| Effect of change in rate of tax used for deferred tax provisions | - | (13,908 | ) |
| Total tax charge | 928,574 | 661,795 |
| 8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 9. | DIVIDENDS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| A Ordinary shares of £1 each |
| Interim | 133,860 | 133,860 |
| B Ordinary shares of £1 each |
| Interim | - | 1,000,000 |
| 133,860 | 1,133,860 |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 10. | 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. |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 | 1,395,441 |
| AMORTISATION |
| At 1 September 2023 | 627,948 |
| Amortisation for year | 69,772 |
| Impairments | 697,721 |
| At 31 August 2024 | 1,395,441 |
| NET BOOK VALUE |
| At 31 August 2024 | - |
| At 31 August 2023 | 767,493 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Plant and | Motor |
| property | equipment | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2023 | 2,049,704 | 5,972,556 | 842,037 | 8,864,297 |
| Additions | - | 93,528 | 326,485 | 420,013 |
| Disposals | - | - | (157,160 | ) | (157,160 | ) |
| At 31 August 2024 | 2,049,704 | 6,066,084 | 1,011,362 | 9,127,150 |
| DEPRECIATION |
| At 1 September 2023 | 664,058 | 4,704,035 | 544,648 | 5,912,741 |
| Charge for year | 40,992 | 438,273 | 136,612 | 615,877 |
| Eliminated on disposal | - | - | (147,160 | ) | (147,160 | ) |
| At 31 August 2024 | 705,050 | 5,142,308 | 534,100 | 6,381,458 |
| NET BOOK VALUE |
| At 31 August 2024 | 1,344,654 | 923,776 | 477,262 | 2,745,692 |
| At 31 August 2023 | 1,385,646 | 1,268,521 | 297,389 | 2,951,556 |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| equipment | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 | 1,072,321 | 355,176 | 1,427,497 |
| DEPRECIATION |
| At 1 September 2023 | 471,450 | 177,585 | 649,035 |
| Charge for year | 214,464 | 71,034 | 285,498 |
| At 31 August 2024 | 685,914 | 248,619 | 934,533 |
| NET BOOK VALUE |
| At 31 August 2024 | 386,407 | 106,557 | 492,964 |
| At 31 August 2023 | 600,871 | 177,591 | 778,462 |
| 13. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Custom Complex, Yardley Road, Kirkby, Liverpool L33 7SS |
| Nature of business: |
| % |
| Class of shares: | holding |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Custom Complex, Yardley Road, Kirkby, Liverpool L33 7SS |
| Nature of business: |
| % |
| Class of shares: | holding |
| Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
| In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
| 14. | STOCKS |
| Group |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Raw materials | 371,482 | 504,821 |
| Finished goods | 40,663 | 44,780 |
| 412,145 | 549,601 |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Trade debtors | 3,126,425 | 3,080,905 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 500,100 | 100 |
| Prepayments and accrued income | 214,619 | 156,753 |
| 3,841,144 | 3,237,758 |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 19) | 208,904 | 203,610 |
| Trade creditors | 891,593 | 720,044 |
| Amounts owed to group undertakings | - | - |
| Tax | 552,086 | 481,912 |
| Social security and other taxes | 572,804 | 473,769 |
| Other creditors | 6,833 | 3,868 |
| Accruals and deferred income | 170,454 | 199,282 |
| Deferred government grants | 1,960 | 1,960 |
| 2,404,634 | 2,084,445 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Preference shares (see note 18) | 550,000 | 550,000 |
| Hire purchase contracts (see note 19) | 152,339 | 361,242 |
| Deferred government grants | 51,282 | 53,242 |
| 753,621 | 964,484 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Preference shares | 550,000 | 550,000 | 550,000 | 550,000 |
| Details of shares shown as liabilities are as follows: |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
| value: | £ | £ |
| Preference | £1 | 550,000 | 550,000 |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 208,904 | 203,610 |
| Between one and five years | 152,339 | 361,242 |
| 361,243 | 564,852 |
| Group |
| Non-cancellable operating | leases |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Within one year | 8,688 | 16,890 |
| Between one and five years | 8,688 | 32,413 |
| 17,376 | 49,303 |
| 20. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Hire purchase contracts | 361,243 | 564,852 |
| Hire purchase contracts are secured on the assets financed. |
| 21. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 302,772 | 335,045 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 | 335,045 |
| Credit to Statement of Comprehensive Income during year | (32,273 | ) |
| Balance at 31 August 2024 | 302,772 |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
| value: | £ | £ |
| A Ordinary | £1 | 50 | 50 |
| B Ordinary | £1 | 50 | 50 |
| 100 | 100 |
| Each class of shares have the same rights pari passu except for dividend payments. |
| 23. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 September 2023 | 10,156,212 |
| Profit for the year | 1,939,900 |
| Dividends | (133,860 | ) |
| At 31 August 2024 | 11,962,252 |
| Company |
| Retained |
| earnings |
| £ |
| At 1 September 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 August 2024 |
| 24. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £133,860 (2023 - £633,860) were paid to the director . |
| Other related parties |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Amount due from related party | 500,000 | - |
| The interest free loan to one of the shareholders has since been repaid. |
| During the year, a total of key management personnel compensation of £ 94,227 was paid. |
| BRABCO 620 LIMITED (REGISTERED NUMBER: 05870085) |
| TRADING AS CUSTOM GLASS GROUP |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 25. | POST BALANCE SHEET EVENTS |
| In March 2025 the shareholders of the Ultimate Parent Company entered into an agreement to sell their shares to an Employee Ownership Trust (EOT). At that time the company paid a dividend of £9,958,000. |
| 26. | ULTIMATE CONTROLLING PARTY |
| The group was controlled throughout the period by J R Hooson (who is a director) and P J Finnegan. See post balance sheet event note re change in ownership. |
| 27. | FINANCIAL INSTRUMENTS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| Carrying amount of Financial Assets |
| Debt instruments measured at amortised cost | 3,626,525 | 3,081,005 | 4,352,954 | 3,718,954 |
| Equity instruments measured at cost | - | - | 3,356,785 | 3,356,785 |
| Carrying amount of Financial Liabilities |
| Measured at amortised cost | 2,033,364 | 2,093,248 | 7,707,961 | 7,074,101 |