Company registration number SC098991 (Scotland)
IG GLASS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
IG GLASS GROUP LIMITED
COMPANY INFORMATION
Directors
J F Haran
J Devine
L E M Haran
S Haran
Secretary
R Heggie
Company number
SC098991
Registered office
Quay House
Quay Road North
Rutherglen
Glasgow
United Kingdom
G73 1LD
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
IG GLASS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13 - 14
Group statement of changes in equity
15 - 16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 43
IG GLASS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Principal activities and review of the business and future developments

The directors are pleased to present the group’s accounts for the year ended 30 September 2024.

 

These accounts show a consolidated loss before tax of £0.45m (previous year - profit of £0.7m) and a total comprehensive loss for the year of £58k (previous year - profit of £0.3m). Group turnover for the 12-month period was £25.1m, compared to £28.9m in the previous year.

 

The group net asset position as at 30 September 2024 has remained stable at £12.8m including the defined benefit pension liability (previous year - £12.9m). The net current asset position has slightly increased to £6.1m (previous year - £6.0m). At a company level, the net asset position remained at £12.8m (previous year - £12.8m), primarily due to continued prudent financial management and restructuring.

 

The results for the year include a charge of £22k relating to professional and consultancy fees. In the prior year, there was a charge of £0.5m as part of a group restructuring exercise.

 

Through this year, the business has faced a challenging economic environment, with inflationary pressures impacting operational costs and market demand pressures affecting revenue streams. Rising interest rates and geopolitical uncertainties have also contributed to more volatile trading conditions. The directors expect these macroeconomic headwinds to continue into the next financial year, however the group’s financial robustness, operational efficiency improvements and strategic cost controls will ensure that these challenges will be effectively managed. Recent investment in capital equipment and operational streamlining will help position the business to navigate the prevailing economic conditions, capitalise on future growth opportunities and return the group to profitability.

 

The group remains committed to innovation in glass processing and distribution, with a continued focus on energy efficiency and sustainable operations. Industry trends suggest increased demand for energy-efficient glazing solutions, as well as forecasted growth for heat-strengthened laminated glass, which offers enhanced durability and safety. The business has actively aligned its product offerings with these emerging needs and continues to innovate in these growth areas. The directors are confident that these initiatives, coupled with disciplined financial management, will enable the company to adapt and thrive in the current economic landscape.

Principal risks and uncertainties

The group acknowledges that the current economic pressures, including inflationary increases in operational costs and broader geopolitical instability, may pose risks and uncertainties to business operations moving forward. Despite these challenges, the group has managed to maintain its gross profit percentage and control overheads over the past 12 months. The directors have carefully evaluated the ongoing risks and have developed necessary contingency plans to mitigate any potential impacts on operations.

The group also recognise that any resultant economic uncertainty may impact the key factors that influence the group pension scheme/deficit valuation. The group and the pension scheme trustees continue to successfully implement specific mitigation plans which are effectively managing this risk, with these plans being monitored and adapted on a quarterly basis.

Although the group’s policy permits trading in financial instruments, its principal financial instruments now primarily consist of cash, short and long-term deposits, and an overdraft facility utilised for financing its normal trading operations. Borrowing is taken out at normal commercial variable or fixed rates of interest. The group’s interest payable can therefore be affected by movements in interest rates. The group assesses this position, but is not currently exposed to this risk being in an in funds position.

The group has various other financial instruments such as trade debtors and creditors that arise directly from its trading operations. The group continues to mitigate credit risk by continuing to trade with their key customers. In addition, the group continues to perform credit checks on its customers, tailoring its credit terms accordingly.

The group continues to mitigate liquidity risk by managing cash generation from its operations and applying cash collection targets. Investment and ongoing expansion is carefully controlled, with authorisation limits operating at different levels up to board level.

IG GLASS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Section 172 Statement

The directors are well aware of their duty under s172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole and, in doing so, to have regards (amongst other matters) to:

In pursuant of the above duty the directors have put in place the following measures to engage with the wider stakeholder group to enable a decision-making process that promotes the success of the group for the benefit of its members as a whole. Key examples of this include:

Group Purpose and Values

The following Core Purpose of the group was agreed by the directors and shareholders in 2011:

The following guiding values have been in place for over 20 years, and provide the principles that the business as a whole will operate to:

Long-term planning

The group's resilience and success continue to be driven by its long-term and structured approach to business planning. Short and medium-term strategies will be adapted to meet ongoing economic risks, while still maintaining alignment with the directors' and shareholders' long-term vision and objectives. This strategic focus has proven effective through recent challenges, including persistent inflationary pressures, fluctuations in global energy markets, and evolving trade conditions. Looking ahead, the group anticipates and is planning for further economic volatility, both domestically and internationally, but remains committed to maintaining and strengthening key relationships with customers and suppliers to ensure these challenges are overcome.

Employees

The group has developed and encouraged its family culture over many generations. This has resulted in many different family generations being represented within the workforce. The group’s continued commitment to providing training, development, career opportunities, and pension benefits has improved job, financial and retirement security for the employees. The group also ensures that communication is a two-way process, with senior management undertaking regular communication with work teams in an open, honest and respectful manner.

 

IG GLASS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Customers
Long term customer relationships are critical to the ongoing success of the group and have been built through a combination of customer service, quality and value for money. This approach has allowed the group to protect these relationships through both good and bad times, and is validated by the length of trading history with our core customer base.
Suppliers and Partners
The desire to build and protect long lasting and mutually beneficial business relationships with our suppliers and partners is at the core of our organisation. Our key suppliers (glass manufacturers, power, vehicle and component) and key partners (bank, pension, financial, and legal) have worked with the group for a significant period, with some relationships dating back to 1873 when the organisation was founded.
Society - Operating responsibly
The group has embraced its responsibility to positively impact on the market, environment and the community. Firstly, we ensure we work with appropriate, fair and respectful organisations within the marketplace. Secondly, we recognise that our activities impact on the environment and therefore we commit to fully comply with all environmental legislation and are actively developing methods to reduce our energy consumption. We recycle our main waste products (glass; water; packaging) and operate an environmentally sound waste management procedure for all other waste materials. Thirdly, the desire to provide local employment continues to be the foundation of our business. Within our local community, we continue to develop our commitment through specific employment initiatives developed in conjunction with local enterprise and government agencies and we provide support to local organisations and charities who provide benefit into society.

On behalf of the board

J F Haran
Director
28 March 2025
IG GLASS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activities of the Group are the distribution; processing and toughening of glass products/services.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. 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:

J F Haran
Chairman
J Devine
L E M Haran
J W Haran
(Deceased 15 November 2023)
S Haran
People with disabilities

The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a person with a disability.

Where existing employees become disabled, it is the group’s policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to employees with disabilities where appropriate.

Employee Engagement Statement

The directors have had regard for the need of the Company to engage with employees. Details of these activities are included as part of the s.172 disclosure in the Strategic Report.

Stakeholder Engagement Statement

The directors have had regard for the need to foster the Company's business relationships with suppliers, customers and others. Details of these activities are included as part of the s.172 disclosure in the Strategic Report.

Going concern

The Directors have undertaken an exercise to review the appropriateness of the continued use of the Going Concern basis.

The group’s business activities, together with the factors likely to affect its future developments, its financial position, financial risk management objectives and its exposure to credit, liquidity, cash flow and foreign currency risk are described in the Strategic Report on Page 1.

As a consequence of the review exercise, the directors believe the group is well placed to manage its business risks successfully and that the group has adequate resources to meet their liabilities as they fall due for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the accounts.

Auditor

A resolution will be proposed to the members of the Group to reappoint the auditor, Azets Audit Services, until the next period for appointing auditors as specified in Section 485(2) of the Companies Act 2006.

IG GLASS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Energy and carbon report

Although the Group meets the threshold for energy and carbon reporting, there are no companies within the Group that meet the SECR requirements at an individual level.

 

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group'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 financial instruments and future developments.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
J F Haran
Director
28 March 2025
IG GLASS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

IG GLASS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IG GLASS GROUP LIMITED
- 7 -
Opinion

We have audited the financial statements of IG Glass Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The 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.

Opinions on other matters prescribed by the Companies Act 2006

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

IG GLASS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IG GLASS GROUP LIMITED
- 8 -
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 their 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:

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 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 directors either intend to liquidate the parent 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.

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.

IG GLASS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IG GLASS GROUP LIMITED
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Walker (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
28 March 2025
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
IG GLASS GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£'000
£'000
Turnover
3
25,085
28,851
Cost of sales
(17,633)
(19,692)
Gross profit
7,452
9,159
Administrative expenses
(7,899)
(7,913)
Other operating income
3
24
25
Exceptional items
4
(22)
(469)
Operating (loss)/profit
5
(445)
802
Interest receivable and similar income
10
44
41
Interest payable and similar expenses
9
(49)
(133)
(Loss)/profit before taxation
(450)
710
Tax on (loss)/profit
11
286
(322)
(Loss)/profit for the financial year
(164)
388
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
IG GLASS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
£'000
£'000
(Loss)/profit for the year
(164)
388
Other comprehensive income
Actuarial gain on defined benefit pension schemes
121
55
Tax relating to other comprehensive income
(15)
(138)
Other comprehensive income for the year
106
(83)
Total comprehensive (loss)/income for the year
(58)
305
Total comprehensive income for the year is all attributable to the owners of the parent company.
IG GLASS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
12
8,303
8,786
Current assets
Stocks
16
2,230
2,138
Debtors
17
4,596
5,306
Cash at bank and in hand
7,479
7,268
14,305
14,712
Creditors: amounts falling due within one year
18
(8,183)
(8,698)
Net current assets
6,122
6,014
Total assets less current liabilities
14,425
14,800
Creditors: amounts falling due after more than one year
19
-
(7)
Provisions for liabilities
Deferred tax liability
22
1,008
1,077
(1,008)
(1,077)
Government grants
23
(155)
(167)
Net assets excluding pension liability
13,262
13,549
Defined benefit pension liability
24
(451)
(680)
Net assets
12,811
12,869
Capital and reserves
Called up share capital
25
801
801
Revaluation reserve
4,138
4,183
Equity reserve
56
56
Capital redemption reserve
11
11
Profit and loss reserves
7,805
7,818
Total equity
12,811
12,869
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
28 March 2025
J F Haran
Director
Company registration number SC098991 (Scotland)
IG GLASS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 13 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
12
2
1
Investment properties
13
1,369
1,397
Investments
15
11,094
11,165
12,465
12,563
Current assets
Debtors
17
5,734
5,883
Cash at bank and in hand
1
1
5,735
5,884
Creditors: amounts falling due within one year
18
(4,825)
(4,740)
Net current assets
910
1,144
Total assets less current liabilities
13,375
13,707
Provisions for liabilities
Deferred tax liability
22
74
117
(74)
(117)
Government grants
23
(39)
(41)
Net assets excluding pension liability
13,262
13,549
Defined benefit pension liability
24
(451)
(680)
Net assets
12,811
12,869
Capital and reserves
Called up share capital
25
801
801
Revaluation reserve
10,869
10,940
Capital redemption reserve
11
11
Profit and loss reserves
1,130
1,117
Total equity
12,811
12,869

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £78,000 (2023 - £5,837,000 profit).

IG GLASS GROUP LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
28 March 2025
J F Haran
Director
Company Registration No. SC098991
IG GLASS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
Share capital
Revaluation reserve
Equity reserve
Capital redemption reserve
Own shares
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 October 2022
576
3,806
56
11
-
0
4,120
8,569
3,856
12,425
Year ended 30 September 2023:
Profit for the year
-
-
-
-
-
388
388
-
388
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
-
55
55
-
55
Tax relating to other comprehensive income
-
(124)
-
-
-
(14)
(138)
-
(138)
Total comprehensive income
-
(124)
-
-
-
429
305
-
305
Issue of share capital
25
225
-
-
-
-
-
225
-
225
Own shares acquired
(43)
-
-
-
43
(172)
(172)
-
(172)
Credit to equity for equity settled share-based payments
43
-
-
-
(43)
311
311
-
311
Transfers
-
(60)
-
-
-
60
-
-
-
Purchase of shares in subsidiary from non-controlling interest
-
561
-
-
-
3,070
3,631
(3,856)
(225)
Balance at 30 September 2023
801
4,183
56
11
-
0
7,818
12,869
-
0
12,869
IG GLASS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Share capital
Revaluation reserve
Equity reserve
Capital redemption reserve
Own shares
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
- 16 -
Year ended 30 September 2024:
Loss for the year
-
-
-
-
-
(164)
(164)
-
(164)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
-
121
121
-
121
Tax relating to other comprehensive income
-
15
-
-
-
(30)
(15)
-
(15)
Total comprehensive income
-
15
-
-
-
(73)
(58)
-
(58)
Transfers
-
(60)
-
-
-
60
-
-
-
Balance at 30 September 2024
801
4,138
56
11
-
0
7,805
12,811
-
0
12,811
IG GLASS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
Share capital
Revaluation reserve
Capital redemption reserve
Own shares
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 October 2022
576
12,743
11
-
(4,761)
8,569
Year ended 30 September 2023:
Profit for the year
-
-
-
-
5,837
5,837
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
55
55
Adjustments to fair value of financial assets
-
(1,803)
-
-
-
(1,803)
Tax relating to other comprehensive income
-
-
0
-
-
(14)
(14)
Total comprehensive income for the year
-
(1,803)
-
-
5,878
4,075
Issue of share capital
25
225
-
-
-
-
225
Own shares acquired
(43)
-
-
43
(311)
(311)
Credit to equity for equity settled share-based payments
43
-
-
(43)
311
311
Balance at 30 September 2023
801
10,940
11
-
0
1,117
12,869
Year ended 30 September 2024:
Loss for the year
-
-
-
-
(78)
(78)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
121
121
Adjustments to fair value of financial assets
-
(71)
-
-
-
(71)
Tax relating to other comprehensive income
-
-
0
-
-
(30)
(30)
Total comprehensive income for the year
-
(71)
-
-
13
(58)
Balance at 30 September 2024
801
10,869
11
-
0
1,130
12,811
IG GLASS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
31
190
1,408
Interest paid
(16)
(94)
Income taxes paid
(20)
(567)
Net cash inflow from operating activities
154
747
Investing activities
Purchase of tangible fixed assets
(132)
(218)
Proceeds on disposal of tangible fixed assets
-
14
Interest received
34
1
Dividends received
10
40
Net cash used in investing activities
(88)
(163)
Financing activities
Repayment of bank loans
-
(1,320)
Payment of finance leases obligations
(130)
(149)
Net cash used in financing activities
(130)
(1,469)
Net decrease in cash and cash equivalents
(64)
(885)
Cash and cash equivalents at beginning of year
2,814
3,699
Cash and cash equivalents at end of year
2,750
2,814
Relating to:
Cash at bank and in hand
7,479
7,268
Bank overdrafts included in creditors payable within one year
(4,729)
(4,454)
IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
1
Accounting policies
Company information

IG Glass Group Limited ("the company") is a private limited company domiciled and incorporated in Scotland. The registered office is Quay House, Quay Road North, Rutherglen, Glasgow, G73 1LD.

 

The group consists of IG Glass Group Limited and all of its subsidiaries.

1.1
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 £'000.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company IG Glass Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.4
Going concern

In satisfaction of their responsibility, the directors have considered the group's ability to meet its liabilities as they fall due. This assessment considers the group's principal risks and uncertainties and is dependent on a number of factors including financial performance and available financial resources.

 

As a consequence of the review exercise, the directors believe the group is well placed to manage its business risks successfully and that the group has adequate resources to meet its liabilities as they fall due for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the accounts.

1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received 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.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
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:

Properties
40 years
Tenant improvements
5 years
Plant and machinery
5 to 10 years
Fixtures and fittings
5 years
Computer equipment
3 years
Motor vehicles
2 to 4 years

Freehold land and assets in the course of construction are not depreciated.

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 recognised in the profit and loss account.

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.7
Investment properties

One property in the group, which is owned by the parent company, IG Glass Group Limited, is held for long-term investment and is accounted for as an investment property in the parent company's financial statements. This property is accounted for within the category of property in the group financial statements.

 

Investment properties are accounted for as follows:

1.8
Fixed asset investments

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 fair value with any surplus taken to an investment revaluation reserve.

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.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -

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.

1.10
Stocks

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.

1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 23 -
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.

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 group 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 group 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 24 -
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 group’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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is 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.

1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 25 -

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.17
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

1.18
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.

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 leased asset are consumed.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

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

Government grants in respect of capital ependiture are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases

Determine whether leases entered into by the group either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Impairment

Determine whether there are indicators of impairment of the group’s tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 27 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Property

Property is professionally valued on a periodic basis to its fair value. This requires consideration of various market conditions which are subject to fluctuations over time.

Pension scheme

A key estimate in the financial statements at the period end is the assumptions used in calculating the liabilities in relation to the defined benefit pension scheme (See Note 24).

Goodwill/capital reserve

Goodwill is the difference between the cost of an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.

 

Pre 31 March 1998

 

Goodwill arising on acquisitions prior to 31 March 1998 was set off directly agianst reserves. Goodwill previously eliminated against reserves has not been reinstated on implementation of FRS 102.

 

If a subsidiary, associate or business is subsequently sold or closed, any capital reserve or goodwill arising on acquisition that was written off directly to reserves is taken into account in determining the profit or loss on sale or closure.

3
Turnover and other revenue

Turnover, which is stated net of value added tax, represents amounts invoiced to third parties. Turnover is attributable to continuing activities, namely glass distribution and toughening.

 

2024
2023
£'000
£'000
Turnover analysed by geographical market
United Kingdom
25,082
28,845
Other exports
3
6
25,085
28,851
IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover and other revenue
(Continued)
- 28 -
2024
2023
£'000
£'000
Other revenue
Grants released
12
12
Other income
11
-
Gain on disposal of tangible assets
1
13
24
25

 

4
Exceptional items
2024
2023
£'000
£'000
Expenditure
Exceptional costs
22
469
22
469

In the year to 30 September 2024, there was a charge of £22,000 for exceptional items (2023 - £469,000). In the current year this relates to professional and consultancy fees.

In the prior year, IG Glass Group Limited had undertaken a restructuring exercise which forms the exceptional costs. As part of the restructure certain directors were transferred shares with a fair value of £311,000. The remaining amount is made up of professional & consultancy fees of £158,000.

5
Operating (loss)/profit
2024
2023
£'000
£'000
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses
3
6
Grants released
(12)
(12)
Depreciation of owned tangible fixed assets
565
542
Depreciation of tangible fixed assets held under finance leases
50
132
Operating lease charges
714
719
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the group and company
21
20
Audit of the financial statements of the company's subsidiaries
30
32
51
52
IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Auditor's remuneration
(Continued)
- 29 -
For other services
Services relating to corporate finance transactions
-
61
All other non-audit services
10
10
10
71
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
71
72
5
5
Other
190
192
-
-
Total
261
264
5
5

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Wages and salaries
8,940
9,173
318
437
Social security costs
943
943
41
57
Pension costs
661
686
38
43
10,544
10,802
397
537
8
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
443
794
Company pension contributions to defined contribution schemes
38
60
481
854

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Directors' remuneration
(Continued)
- 30 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£'000
£'000
Remuneration for qualifying services
167
195
Company pension contributions to defined contribution schemes
30
30

The key management personnel are deemed to be the directors of the company.

 

The total remuneration paid to key management personnel, including social security costs, totalled £571,000 (2023 - £945,000).

9
Interest payable and similar expenses
2024
2023
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
69
Other finance costs:
Interest on finance leases and hire purchase contracts
16
18
Net interest on the net defined benefit liability
33
39
Other interest
-
7
Total finance costs
49
133
10
Interest receivable and similar income
2024
2023
£'000
£'000
Interest income
Interest on bank deposits
31
1
Other interest income
3
-
Total interest revenue
34
1
Other income from investments
Dividends received
10
40
Total income
44
41
IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
11
Taxation
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
-
0
208
Adjustments in respect of prior periods
(202)
-
0
UK income tax
-
105
Total current tax
(202)
313
Deferred tax
Origination and reversal of timing differences
(68)
9
Adjustment in respect of prior periods
(16)
-
0
Total deferred tax
(84)
9
Total tax (credit)/charge
(286)
322

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£'000
£'000
(Loss)/profit before taxation
(450)
710
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
(113)
156
Tax effect of income and expenses not taxable
29
9
Tax effect of income not taxable in determining taxable profit
(38)
-
0
Adjustments in respect of prior years
(202)
-
0
Deferred tax adjustments in respect of prior years
(16)
-
0
Remeasurement of deferred tax for changes in tax rates
-
0
(1)
Fixed asset timing differences
27
24
Chargeable gains / (losses)
-
0
(7)
Other tax adjustments, reliefs and transfers
27
36
UK Income tax
-
105
Taxation (credit)/charge
(286)
322
IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Taxation
(Continued)
- 32 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£'000
£'000
Deferred tax arising on:
Revaluation of property
(15)
124
Actuarial differences recognised as other comprehensive income
30
14
15
138

Current tax is calculated at 25% of the estimated taxable profit / (loss) for the year (2023 - 22%). Finance Act 2021 was 'substantively enacted' on 24 May 2021. This increased the main rate of corporation tax applicable to 25% from 1 April 2023, replacing the 20% rate previously effective from that date. The closing deferred tax assets and liabilities have been calculated in accordance with the rates substantively enacted at the Balance Sheet date.

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
12
Tangible fixed assets
Group
Properties
Tenant improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Cost or valuation
At 1 October 2023
7,860
84
15,777
336
350
328
24,735
Additions
-
0
3
57
1
28
43
132
Disposals
-
0
-
0
(162)
-
0
(4)
(9)
(175)
At 30 September 2024
7,860
87
15,672
337
374
362
24,692
Depreciation and impairment
At 1 October 2023
138
84
14,853
316
337
221
15,949
Depreciation charged in the year
137
1
382
11
17
67
615
Eliminated in respect of disposals
-
0
-
0
(162)
-
0
(4)
(9)
(175)
At 30 September 2024
275
85
15,073
327
350
279
16,389
Carrying amount
At 30 September 2024
7,585
2
599
10
24
83
8,303
At 30 September 2023
7,722
-
0
924
20
13
107
8,786
IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 34 -
Company
Fixtures and fittings
Computer equipment
Total
£'000
£'000
£'000
Cost or valuation
At 1 October 2023
18
49
67
Additions
1
1
2
At 30 September 2024
19
50
69
Depreciation and impairment
At 1 October 2023
17
49
66
Depreciation charged in the year
-
0
1
1
At 30 September 2024
17
50
67
Carrying amount
At 30 September 2024
2
-
2
At 30 September 2023
1
-
1

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Plant and machinery
-
0
50
-
0
-
0

The group's freehold properties were subject to a full revaluation in September 2022 by Lambert Smith Hampton, Chartered Surveyors, who are not connected with the group. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The valuation was carried out in accordance with RICS Valuation Standards. The valuation of £7,860,000 gave rise to a surplus of £2,277,000 in the accounts which was credited to the revaluation reserve.

 

The directors consider the carrying value of Freehold properties to be appropriate.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£'000
£'000
Group
Cost
3,861
3,861
Accumulated depreciation
(1,793)
(1,716)
Carrying value
2,068
2,145
IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 35 -
13
Investment property
Group
Company
2024
2024
£'000
£'000
Fair value
At 1 October 2023
-
1,397
Net gains or losses through fair value adjustments
-
(28)
At 30 September 2024
-
1,369

The company's investment property was subject to a full revaluation in September 2022 by Lambert Smith Hampton, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The valuation was carried out in accordance with RICS Valuation Standards. The fair value of the property is £1,369,000 as at 30 September 2024.

14
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Independent Glass Company Limited
1
Glass wholesalers, tougheners and distributors
Ordinary shares
100.00
IGHW Limited
2
Production of safety glass
Ordinary shares
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Quay House, Quay Road North, Rutherglen, Glasgow, G73 1LD
2
Concorde Way, Millenium Business Park, Mansfield, Nottinghamshire, NG19 7JZ

The group's investment in IGHW Limited represents 100% holding by Independent Glass Company Limited.

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Investments in subsidiaries
14
-
0
-
0
11,094
11,165
IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
15
Fixed asset investments
(Continued)
- 36 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£'000
Cost or valuation
At 1 October 2023
11,165
Valuation changes
(71)
At 30 September 2024
11,094
Carrying amount
At 30 September 2024
11,094
At 30 September 2023
11,165
16
Stocks
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Raw materials and consumables
2,230
2,138
-
-

In the opinion of the directors the replacement cost of stocks is not materially different from that stated in the balance sheet.

17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£'000
£'000
£'000
£'000
Trade debtors
3,776
4,667
-
0
-
0
Corporation tax recoverable
79
-
0
11
-
0
Amounts owed by group undertakings
-
-
5,536
5,695
Other debtors
179
45
-
0
8
Prepayments and accrued income
562
594
187
180
4,596
5,306
5,734
5,883
IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 37 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Bank loans and overdrafts
20
4,729
4,454
4,482
4,224
Obligations under finance leases
21
7
130
-
0
-
0
Trade creditors
1,869
1,901
186
225
Corporation tax payable
-
0
143
-
0
11
Other taxation and social security
611
831
19
10
Other creditors
132
144
2
2
Accruals and deferred income
835
1,095
136
268
8,183
8,698
4,825
4,740
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Obligations under finance leases
21
-
0
7
-
0
-
0
20
Bank loans and overdrafts
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Bank overdrafts
4,729
4,454
4,482
4,224
Payable within one year
4,729
4,454
4,482
4,224
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Future minimum lease payments due under finance leases:
Within one year
7
130
-
0
-
0
In two to five years
-
0
7
-
0
-
0
7
137
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. 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 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

The finance lease obligations are secured on the assets to which they relate.

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 38 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£'000
£'000
Fixed asset timing differences
(157)
(134)
Short term timing differences
(7)
(14)
Amount relating to retirement benefit liability
(113)
(170)
Amount relating to revaluation of properties
1,379
1,395
Losses and other deductions
(94)
-
1,008
1,077
Liabilities
Liabilities
2024
2023
Company
£'000
£'000
Fixed asset timing differences
(2)
(3)
Amount relating to retirement benefit liability
(113)
(170)
Amount relating to revaluation of properties
283
290
Losses and other deductions
(94)
-
74
117
Group
Company
2024
2024
Movements in the year:
£'000
£'000
Liability at 1 October 2023
1,077
117
Credit to profit or loss
(84)
(73)
Charge to other comprehensive income
15
30
Liability at 30 September 2024
1,008
74
23
Government grants
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Arising from government grants
155
167
39
41
IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
(Continued)
- 39 -
24
Retirement benefit schemes
Defined benefit scheme - group and company

The company sponsors the Westcrowns Limited Retirement Benefits Scheme which is an arrangement which provides benefits on a ‘defined benefit’ basis. It is a separate trustee administered entity holding assets to meet long term pension liabilities. The last formal actuarial valuation of the scheme was carried out as at 31 March 2020 by a qualified actuary. An updated valuation of this scheme for FRS102 purposes was carried out by a qualified independent actuary as at 30 September 2024.

With effect from 31 December 2009, this defined benefit scheme was closed to new members and accrual of defined benefits ceased for existing active members.

The employer paid a shortfall-correction contribution of £144,000 (2023 - £144,000) during the year. Following the 31 March 2020 actuarial valuation, the employer will continue to pay shortfall-correction contributions through to 31 July 2034 with £144,000 payable in the year to 30 September 2025.

The fair value of the assets of the scheme at 30 September 2024 relates wholly to equity securities, fixed interest bonds and cash.

2024
2023
Key assumptions
%
%
Discount rate
5.00
5.40
Pension increase rate RPI (max 2.5% per annum)
2.05
2.10
Pension increase rate RPI (max 5% per annum)
3.15
3.20
Retail price inflation (revaluation in deferment)
3.40
3.75
Retail price inflation (increases in payment)
3.40
3.40
Consumer price inflation (revaluation in deferment)
3.20
3.25
Revaluation of pensions in deferment CPI (max 2.5% per annum)
2.50
2.50
Revaluation of pensions in deferment CPI (max 5% per annum)
3.20
3.25
Post retirement mortality
2024
2023
S4PA tables CMI_2023 [1.25%] projections with a +1 year age rating for deferred and female pensioners
S3PA tables CMI_2022 [1.25%] projections with a +1 year age rating for deferred and female pensioners
IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
(Continued)
- 40 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

Group and company
2024
2023
£'000
£'000
Present value of defined benefit obligations
4,526
4,258
Fair value of plan assets
(4,075)
(3,578)
Deficit in scheme
451
680
Total liability recognised
451
680
Group and company
2024
2023

Amounts recognised in the profit and loss account

£'000
£'000
Net interest on net defined benefit liability
33
39
Group and company
2024
2023

Amounts taken to other comprehensive income

£'000
£'000
Other gains and losses
(121)
(55)
Group and company
2024

Movements in the present value of defined benefit obligations

£'000
Liabilities at 1 October 2023
4,258
Benefits paid
(205)
Actuarial (gains) and losses
248
Interest cost
225
At 30 September 2024
4,526
IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
(Continued)
- 41 -
Group and company
2024

Movements in the fair value of plan assets

£'000
Fair value of assets at 1 October 2023
3,578
Interest income
192
Return on plan assets (excluding amounts included in net interest)
369
Benefits paid
(205)
Contributions by the employer
141
At 30 September 2024
4,075
Deficit in the scheme
451

The actual gain on plan assets was £561,000 (2023 - loss on plan assets was £32,000).

Group and company
2024
2023

Fair value of plan assets at the reporting period end

£'000
£'000
Equity instruments
35
30
LDI
3,530
3,490
Cash
510
58
4,075
3,578

The cumulative amount of actuarial gains recognised is £2,193,000 (2023: £2,072,000).

 

The company also operated a defined contribution section of the pension scheme. The assets of this section of the scheme were held separately from those of the company in an independently administered fund. During the 18 months to 30 September 2020, the defined contribution section assets were transferred out of the scheme into individual insured member policies and the section was closed for further contributions, with all current employees in the section being enrolled in a Self-Invested Personal Pension (SIPP). The company continues to fund the employer contributions for all current employees into two SIPP schemes. The pension charge for the year to 30 September 2024 amounted to £401,000 (2023 - £387,000). Contributions amounting to £30,000 (2023 - £34,000) were payable to the SIPP schemes at 30 September 2024 and are included in creditors.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary of £1 each
801,280
801,280
801
801

Ordinary shares carry one vote per share.

 

In the event the company has distributable reserves, there are no restrictions on the distribution of dividends and the repayment of capital.

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 42 -
26
Financial commitments, guarantees and contingent liabilities

Cross guarantees exist between all group companies in favour of the group's bankers. At 30 September 2024, the combined group bank borrowings subject to the guarantee amounted to £4,729,000 (2023 - £4,454,000) gross and cash in hand of £2,744,000 (2023 - £2,808,000) net of credit balances.

27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Within one year
610
621
-
-
Between two and five years
1,251
1,313
-
-
In over five years
7
47
-
-
1,868
1,981
-
-
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Acquisition of tangible fixed assets
255
-
-
-
29
Related party transactions
Transactions with related parties

The group has taken exemptions provided by Paragraph 33.1A of Financial Reporting Standard 102 and accordingly has not disclosed any transactions with group undertakings.

30
Ultimate Controlling party

The company is under the control of the directors, by virtue of their shareholding.

IG GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 43 -
31
Cash generated from group operations
2024
2023
£'000
£'000
(Loss)/profit for the year after tax
(164)
388
Adjustments for:
Taxation (credited)/charged
(286)
322
Finance costs
49
133
Investment income
(44)
(41)
Depreciation and impairment of tangible fixed assets
615
674
Pension scheme non-cash movement
(141)
(144)
Equity settled share based payment expense
-
311
Grant release
(12)
(13)
Movements in working capital:
(Increase)/decrease in stocks
(92)
429
Decrease in debtors
789
332
Decrease in creditors
(524)
(983)
Cash generated from operations
190
1,408
32
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£'000
£'000
£'000
Cash at bank and in hand
7,268
211
7,479
Bank overdrafts
(4,454)
(275)
(4,729)
2,814
(64)
2,750
Obligations under finance leases
(137)
130
(7)
2,677
66
2,743
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