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Registration number: 06608446

Pattesons Glass Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Pattesons Glass Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Consolidated Profit and Loss Account and Statement of Retained Earnings

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Cash Flows

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 31

 

Pattesons Glass Limited

Company Information

Directors

D Mann

M A Schofield

J Gaasch

C Francois

Registered office

Pattesons Glass Limited
Blossom Avenue
Hewitts Business Park
Humberston
N E Lincs
DN36 4TQ

Auditors

Forrester Boyd Robson Limited
Chartered Accountants
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

 

Pattesons Glass Limited

Strategic Report for the Year Ended 31 December 2024

The Directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the Group is the buying and selling of glass bottles and jars

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Pattesons Glass Limited is poised to build on its history of successful market adaptation and innovation.

We continually strive to ensure we are buying stock at the right price and secure production time with our supply partners.

The expansion we mentioned last year has been completed and we moved in on 23rd May 2025. Operationally it will be streamlined and more efficient in despatching orders, stockholding and give continuous supply to our customers through planning and forecasting from one facility.

Wares of Knutsford Limited has started to grow as we focus on wholesale, sales, as the market trend for online sales takes a slight dip, which we have experienced at Pattesons. Wares will continue to follow the blue print of Pattesons and continue to enhance our growth within the PAE group framework.

As you will see from the latest accounts, 2023 confirmed Pattesons have continued to grow year on year. Looking at the past five-year trend, this shows the increased turnover, gross and net profits to be inline. This has given us the confidence to expand and build the new facility.

The Group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

17,136,808

16,048,075

Gross profit margin

%

24

22

Profit before tax

£

1,851,064

1,457,622

Principal risks and uncertainties

The business environment in which we operate continues to be challenging and we consider the uncertainities to our business to be;

• Maintaining personnel continuity is crucial as we implement new strategies. We address this risk by offering annual rewards and operating a comprehensive appraisal scheme to ensure a motivated, satisfied, and productive workforce. Our commitment to providing a clean, happy, modern, and flexible working environment also helps in retaining and attracting top talent.

• We recognise our customers' price sensitivity and their understanding of the volatility in the glass production process. By maintaining proactive communication through our account management team, we ensure that we are responsive to customer needs and can adapt quickly to market changes.

• Customers are of course price conscious but are also aware of the volatility glass production process. Keeping them informed by account management gives us the ability to know what they are thinking and react immediately to their needs.

• We place significant emphasis on forecasting by all account managers, buyers, and customers for the next 12 to 18 months to ensure adequate supply. This forecasting is critical to our ability to manage inventory effectively and avoid shortages, especially given the challenges of drawing on general stocks without accurate predictions

We continually assess the market conditions and price volatilities to allow us to make informed decisions when planning for the future of the company.

Approved and authorised by the Board on 5 June 2025 and signed on its behalf by:
 

 

Pattesons Glass Limited

Strategic Report for the Year Ended 31 December 2024

.........................................
D Mann
Director

 

Pattesons Glass Limited

Directors' Report for the Year Ended 31 December 2024

The Directors present their report and the for the year ended 31 December 2024.

Directors of the Group

The Directors who held office during the year were as follows:

D Mann

M A Schofield

J Gaasch

V Verhoeven-Henckes (ceased 12 March 2024)

C Francois

Financial instruments

Objectives and policies

The overall objective of the directors is to ensure that the business is profitable and stable and will continue to be successful for the benefit of the shareholders and employees.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principle financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Disclosure of information to the auditor

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Group's auditor is aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 5 June 2025 and signed on its behalf by:
 

.........................................
D Mann
Director

 

Pattesons Glass Limited

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities 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 the Company and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Pattesons Glass Limited

Independent Auditor's Report to the Members of Pattesons Glass Limited

Opinion

We have audited the financial statements of Pattesons Glass Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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 the parent Company's affairs as at 31 December 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 auditor 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.

The comparative figures were not audited as there was no legal requirement to do so. The opening balances have been audited this year to ensure that the opening balances are not materially misstated.

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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Pattesons Glass Limited

Independent Auditor's Report to the Members of Pattesons Glass Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 Directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit procedures included the following;

- testing management override controls including journal testing and review accounting estimates for reasonableness
- enquiries of management of actual and potential litigation claims
- enquiries of management including fraud and associated risks
- discussions with management, including consideration of known or suspected instances of non-compliance
- testing focussing on the areas of the financial statements most suspectible to material error including completeness of income to ensure correct matching of revenue and costs.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

 

Pattesons Glass Limited

Independent Auditor's Report to the Members of Pattesons Glass Limited

......................................
Adam Millson ACA (Senior Statutory Auditor)
For and on behalf of Forrester Boyd Robson Limited, Statutory Auditor

Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

5 June 2025

 

Pattesons Glass Limited

Consolidated Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

17,136,808

16,048,075

Cost of sales

 

(13,034,705)

(12,600,568)

Gross profit

 

4,102,103

3,447,507

Administrative expenses

 

(2,228,982)

(1,872,751)

Other operating income

4

1,800

3,300

Operating profit

5

1,874,921

1,578,056

Other interest receivable and similar income

6

63,461

52

Interest payable and similar charges

7

(87,318)

(120,486)

 

(23,857)

(120,434)

Profit before tax

 

1,851,064

1,457,622

Taxation

11

(494,349)

(370,957)

Profit for the financial year

 

1,356,715

1,086,665

Profit/(loss) attributable to:

 

Owners of the Company

 

1,356,715

1,086,665

Retained earnings brought forward

 

2,412,942

1,826,277

Dividends paid

 

(1,000,300)

(500,000)

Retained earnings carried forward

 

2,769,357

2,412,942

 

Pattesons Glass Limited

(Registration number: 06608446)
Consolidated Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

750,450

850,608

Tangible assets

13

977,750

1,025,334

 

1,728,200

1,875,942

Current assets

 

Stocks

15

2,435,857

2,174,783

Debtors

16

3,644,637

2,473,107

Cash at bank and in hand

 

161,149

69,132

 

6,241,643

4,717,022

Creditors: Amounts falling due within one year

18

(4,519,334)

(3,442,499)

Net current assets

 

1,722,309

1,274,523

Total assets less current liabilities

 

3,450,509

3,150,465

Creditors: Amounts falling due after more than one year

18

(594,169)

(641,930)

Provisions for liabilities

20

(76,883)

(85,493)

Net assets

 

2,779,457

2,423,042

Capital and reserves

 

Called up share capital

22

100

100

Capital redemption reserve

10,000

10,000

Retained earnings

2,769,357

2,412,942

Equity attributable to owners of the company

 

2,779,457

2,423,042

Shareholders' funds

 

2,779,457

2,423,042

Approved and authorised by the Board on 5 June 2025 and signed on its behalf by:
 

.........................................
D Mann
Director

 

Pattesons Glass Limited

(Registration number: 06608446)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

723,820

825,869

Tangible assets

13

961,519

1,001,191

Investments

14

247,350

247,350

 

1,932,689

2,074,410

Current assets

 

Stocks

15

2,066,774

1,907,905

Debtors

16

3,546,728

2,455,332

Cash at bank and in hand

 

117,583

42,833

 

5,731,085

4,406,070

Creditors: Amounts falling due within one year

18

(4,410,761)

(3,414,263)

Net current assets

 

1,320,324

991,807

Total assets less current liabilities

 

3,253,013

3,066,217

Creditors: Amounts falling due after more than one year

18

(594,169)

(641,930)

Provisions for liabilities

20

(71,993)

(79,559)

Net assets

 

2,586,851

2,344,728

Capital and reserves

 

Called up share capital

22

100

100

Capital redemption reserve

10,000

10,000

Retained earnings

2,576,751

2,334,628

Shareholders' funds

 

2,586,851

2,344,728

The company made a profit after tax for the financial year of £1,242,423 (2023 - profit of £1,000,300).

Approved and authorised by the Board on 5 June 2025 and signed on its behalf by:
 

.........................................
D Mann
Director

 

Pattesons Glass Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,356,715

1,086,665

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

206,017

208,386

(Profit)/loss on disposal of tangible assets

(2,980)

18,112

Finance income

6

(63,461)

(52)

Finance costs

7

149,412

132,140

Income tax expense

11

494,349

370,957

 

2,140,052

1,816,208

Working capital adjustments

 

Increase in stocks

15

(261,074)

(687,143)

Increase in trade debtors

16

(1,171,530)

(202,410)

Increase/(decrease) in trade creditors

18

409,878

(741,909)

Cash generated from operations

 

1,117,326

184,746

Income taxes paid

11

(614,345)

(196,844)

Net cash flow from operating activities

 

502,981

(12,098)

Cash flows from investing activities

 

Interest received

63,461

52

Acquisitions of tangible assets

(55,973)

(118,404)

Proceeds from sale of tangible assets

 

5,000

22,000

Acquisition of intangible assets

12

(4,320)

-

Acquisition of subsidiary net of cash acquired

 

-

(102,210)

Net cash flows from investing activities

 

8,168

(198,562)

Cash flows from financing activities

 

Interest paid

7

(149,412)

(132,140)

Proceeds from bank borrowing draw downs

 

(57,749)

(59,876)

Repayment of other borrowing

 

788,329

839,131

Dividends paid

(1,000,300)

(500,000)

Net cash flows from financing activities

 

(419,132)

147,115

Net increase/(decrease) in cash and cash equivalents

 

92,017

(63,545)

Cash and cash equivalents at 1 January

 

69,132

132,677

Cash and cash equivalents at 31 December

 

161,149

69,132

 

Pattesons Glass Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,242,423

1,000,300

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

193,718

197,735

Loss on disposal of tangible assets

-

18,112

Finance income

(63,461)

-

Finance costs

149,412

132,080

Income tax expense

11

453,558

344,813

 

1,975,650

1,693,040

Working capital adjustments

 

Increase in stocks

15

(158,869)

(588,790)

Increase in trade debtors

16

(1,091,396)

(389,912)

Increase/(decrease) in trade creditors

18

347,288

(593,432)

Cash generated from operations

 

1,072,673

120,906

Income taxes paid

11

(590,255)

(141,222)

Net cash flow from operating activities

 

482,418

(20,316)

Cash flows from investing activities

 

Interest received

63,461

-

Acquisition of subsidiaries

14

-

(102,210)

Acquisitions of tangible assets

(51,997)

(98,639)

Proceeds from sale of tangible assets

 

-

22,000

Net cash flows from investing activities

 

11,464

(178,849)

Cash flows from financing activities

 

Interest paid

(149,412)

(132,080)

Repayment of bank borrowing

 

(57,749)

(59,876)

Proceeds from other borrowing draw downs

 

788,329

839,209

Dividends paid

(1,000,300)

(500,000)

Net cash flows from financing activities

 

(419,132)

147,253

Net increase/(decrease) in cash and cash equivalents

 

74,750

(51,912)

Cash and cash equivalents at 1 January

 

42,833

94,745

Cash and cash equivalents at 31 December

 

117,583

42,833

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 06608446.

These financial statements cover the group entity, Pattesons Glass Limited.

The address of its registered office is:
Pattesons Glass Limited
Blossom Avenue
Hewitts Business Park
Humberston
N E Lincs
DN36 4TQ
United Kingdom

These financial statements were authorised for issue by the Board on 5 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertaking drawn up to 31 December 2024.

No Profit and Loss Account is presented for the Company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £1,242,423 (2023 - profit of £1,000,300)

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Company.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Company. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the Group.

The Group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Group's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Government grants which are for capital expenditure are credited to deferred revenue. They are released to the profit and loss account over the expected useful life of the assets.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tax

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

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the Group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

No depreciation is charged

Freehold buildings

2% straight line

Plant & machinery

15%-25% reducing balance or 4-15 years straight line

Fixtures, fittings & equipment

4-5 years straight line

Motor vehicles

15% straight line

Office equipment

25%-33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Website and software costs are shown at historical cost. They have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

10%-33% straight line

Stamp duty

20% straight line

Goodwill

10 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Group's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the Group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

17,136,808

16,048,075

4

Other operating income

The analysis of the Group's other operating income for the year is as follows:

2024
£

2023
£

Government grants

1,800

1,800

Grants received

-

1,500

1,800

3,300

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

101,539

102,632

Amortisation expense

104,478

105,754

Operating lease expense - plant and machinery

62,041

64,315

(Profit)/loss on disposal of property, plant and equipment

(2,980)

18,112

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

307

52

Other interest receivable

63,154

-

63,461

52

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

41,570

52,940

Foreign exchange losses

(62,094)

(11,654)

Other finance costs

107,842

79,200

87,318

120,486

8

Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,268,068

1,154,875

Social security costs

49,784

39,063

Pension costs, defined contribution scheme

23,553

20,260

1,341,405

1,214,198

The average number of persons employed by the Group (including Directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

48

49

48

49

9

Directors' remuneration

The Directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

202,433

176,716

Contributions paid to money purchase schemes

2,642

2,642

205,075

179,358

During the year the number of Directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

12,000

11,000


 

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

502,959

374,936

Deferred taxation

Arising from origination and reversal of timing differences

(8,610)

(4,572)

Arising from changes in tax rates and laws

-

593

Total deferred taxation

(8,610)

(3,979)

Tax expense in the income statement

494,349

370,957

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 23.4%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,851,064

1,457,622

Corporation tax at standard rate

462,766

341,046

Increase in UK and foreign current tax from adjustment for prior periods

1,409

-

Tax increase from effect of capital allowances and depreciation

28,327

25,648

Tax increase from other short-term timing differences

131

335

Effect of revenues exempt from taxation

(450)

(423)

Effect of expense not deductible in determining taxable profit (tax loss)

2,166

3,758

Deferred tax expense relating to changes in tax rates or laws

-

593

Total tax charge

494,349

370,957

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and capital allowances

77,468

Pension creditor

(586)

76,882

2023

Liability
£

Difference between accumulated depreciation and capital allowances

85,947

Pension creditor

(454)

85,493

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and capital allowances

72,432

Pension creditor

(439)

71,993

2023

Liability
£

Difference between accumulated depreciation and capital allowances

79,911

Pension creditor

(352)

79,559

12

Intangible assets

Group

Stamp duty
£

Website costs
£

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

6,397

49,785

954,225

1,010,407

Additions acquired separately

-

4,320

-

4,320

At 31 December 2024

6,397

54,105

954,225

1,014,727

Amortisation

At 1 January 2024

3,650

39,774

116,375

159,799

Amortisation charge

1,279

9,844

93,355

104,478

At 31 December 2024

4,929

49,618

209,730

264,277

Carrying amount

At 31 December 2024

1,468

4,487

744,495

750,450

At 31 December 2023

2,747

10,011

837,850

850,608

Company

Website costs
£

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

27,824

933,550

961,374

At 31 December 2024

27,824

933,550

961,374

Amortisation

At 1 January 2024

19,130

116,375

135,505

Amortisation charge

8,694

93,355

102,049

At 31 December 2024

27,824

209,730

237,554

Carrying amount

At 31 December 2024

-

723,820

723,820

At 31 December 2023

8,694

817,175

825,869

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

13

Tangible assets

Group

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

1,050,842

364,752

7,510

1,423,104

Additions

-

55,973

-

55,973

Disposals

-

(10,100)

-

(10,100)

At 31 December 2024

1,050,842

410,625

7,510

1,468,977

Depreciation

At 1 January 2024

232,485

160,017

5,266

397,768

Charge for the year

21,016

79,962

561

101,539

Eliminated on disposal

-

(8,080)

-

(8,080)

At 31 December 2024

253,501

231,899

5,827

491,227

Carrying amount

At 31 December 2024

797,341

178,726

1,683

977,750

At 31 December 2023

818,357

204,733

2,244

1,025,334

Restriction on title and pledged as security

Freehold land and buildings with a carrying amount of £797,341 (2023 - £818,357) has been pledged as security for bank loans for the group and related parties.

Furniture, fittings and equipment with a carrying amount of £178,726 (2023 - £204,733) has been pledged as security for bank loans for the group and related parties.

Motor vehicles with a carrying amount of £1,683 (2023 - £2,244) has been pledged as security for bank loans for the group and related parties.

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

1,050,842

289,317

7,510

1,347,669

Additions

-

51,997

-

51,997

At 31 December 2024

1,050,842

341,314

7,510

1,399,666

Depreciation

At 1 January 2024

232,485

108,727

5,266

346,478

Charge for the year

21,016

70,092

561

91,669

At 31 December 2024

253,501

178,819

5,827

438,147

Carrying amount

At 31 December 2024

797,341

162,495

1,683

961,519

At 31 December 2023

818,357

180,590

2,244

1,001,191

Restriction on title and pledged as security

Freehold land and buildings with a carrying amount of £797,341 (2023 - £818,357) has been pledged as security for bank loans for the group and related parties.

Furniture, fittings and equipment with a carrying amount of £162,495 (2023 - £180,590) has been pledged as security for bank loans for the group and related parties.

Motor vehicles with a carrying amount of £1,683 (2023 - £2,244) has been pledged as security for bank loans for the group and related parties.

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

247,350

247,350

Subsidiaries

£

Cost or valuation

At 1 January 2024

247,350

Carrying amount

At 31 December 2024

247,350

At 31 December 2023

247,350

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Wares of Knutsford Limited

c/o Pattesons Glass Limited
Blossom Avenue
Hewitts Business Park
Humberston
N E Lincs
DN36 4TQ

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Wares of Knutsford Limited

The principal activity of Wares of Knutsford Limited is selling of glass bottles.

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Finished goods and goods for resale

2,435,857

2,174,783

2,066,774

1,907,905

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

16

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

2,167,098

1,862,225

2,099,605

1,858,364

Amounts owed by related parties

27

-

-

23,895

-

Other debtors

 

1,296,053

565,810

1,261,029

555,787

Prepayments and accrued income

 

181,486

45,072

162,199

41,181

   

3,644,637

2,473,107

3,546,728

2,455,332

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

275

284

275

284

Cash at bank

159,809

68,848

116,243

42,549

Short-term deposits

1,065

-

1,065

-

161,149

69,132

117,583

42,833

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

19

45,331

57,119

45,331

57,119

Trade creditors

 

1,632,118

1,172,358

1,604,141

1,096,982

Amounts due to related parties

27

-

-

-

110,679

Social security and other taxes

 

547,278

584,723

513,802

559,401

Outstanding defined contribution pension costs

 

4,888

3,590

4,302

2,493

Other payables

 

2,003,666

1,213,894

2,003,292

1,213,816

Accruals and deferred income

 

22,503

35,879

16,769

21,518

Income tax liability

11

263,550

374,936

223,124

352,255

 

4,519,334

3,442,499

4,410,761

3,414,263

Due after one year

 

Loans and borrowings

19

522,638

568,599

522,638

568,599

Other non-current financial liabilities

 

71,531

73,331

71,531

73,331

 

594,169

641,930

594,169

641,930

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Creditors include bank loans repayable by instalments of £301,097 (2023 - £314,430) due after more than five years.

Creditor amounts falling due within one year which security has been given includes bank loans totalling £45,335 (2023 - £57,119) and amounts advanced by factor totalling £1,733,562 (2023 - £988,048).

Creditor amounts falling due within after one year on which security has given includes bank loans totalling £522,638 (2023 - £568,599).

The bank loans and amounts advanced by factor are secured by charges over the company's assets.

19

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

522,638

568,599

522,638

568,599

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

45,331

57,119

45,331

57,119

Other borrowings

2,001,377

1,213,048

2,001,377

1,213,048

2,046,708

1,270,167

2,046,708

1,270,167

Group

Bank borrowings

The bank loan is denominated in sterling with a nominal interest rate of 8%, and the final instalment is due on 31 December 2033. The carrying amount at year end is £545,584 (2023 - £593,387).

The bounceback loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 24 February 2027. The carrying amount at year end is £22,389 (2023 - £32,331).

Company

Bank borrowings

The bank loan is denominated in sterling with a nominal interest rate of 8%, and the final instalment is due on 31 December 2033. The carrying amount at year end is £545,584 (2023 - £593,387).

The bounceback loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 24 February 2027. The carrying amount at year end is £22,389 (2023 - £32,331).

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

20

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 January 2024

85,493

85,493

Increase (decrease) in existing provisions

(8,610)

(8,610)

At 31 December 2024

76,883

76,883

Company

Deferred tax
£

Total
£

At 1 January 2024

79,559

79,559

Increase (decrease) in existing provisions

(7,566)

(7,566)

At 31 December 2024

71,993

71,993

21

Pension and other schemes

Defined contribution pension scheme

The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £23,553 (2023 - £20,260).

Contributions totalling £4,888 (2023 - £3,590) were payable to the scheme at the end of the year and are included in creditors.

22

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

       

Rights, preferences and restrictions

Ordinary A have the following rights, preferences and restrictions:
Normal voting and participation rights

23

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

53,964

55,628

Later than one year and not later than five years

74,907

35,658

128,871

91,286

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The amount of non-cancellable operating lease payments recognised as an expense during the year was £55,863 (2023 - £66,160).

Company

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

53,964

55,628

Later than one year and not later than five years

74,907

35,658

128,871

91,286

The amount of non-cancellable operating lease payments recognised as an expense during the year was £55,863 (2023 - £66,160).

24

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £10,003.00 (2023 - £5,000.00) per each Ordinary shares

1,000,300

500,000

 

 

25

Contingent liabilities

Group

Blossom Developments (Humberston) Limited has entered into a financial agreement to secure a loan liability against the assets and liabilities of Pattesons Glass Limited and Wares of Knutsford Limited. The companies have guaranteed a sum of £2,426,000.

Company

Blossom Developments (Humberston) Limited has entered into a financial agreement to secure a loan liability against the assets and liabilities of Pattesons Glass Limited and Wares of Knutsford Limited. The companies have guaranteed a sum of £2,426,000.

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

26

Analysis of changes in net debt

Group

At 1 January 2024
£

Financing cash flows
£

At 31 December 2024
£

Cash and cash equivalents

Cash

69,132

92,017

161,149

Borrowings

Long term borrowings

(568,599)

45,961

(522,638)

Short term borrowings

(57,119)

11,788

(45,331)

(625,718)

57,749

(567,969)

 

(556,586)

149,766

(406,820)

Company

At 1 January 2024
£

Financing cash flows
£

At 31 December 2024
£

Cash and cash equivalents

Cash

42,833

74,750

117,583

Borrowings

Long term borrowings

(568,599)

45,961

(522,638)

Short term borrowings

(57,119)

11,788

(45,331)

(625,718)

57,749

(567,969)

 

(582,885)

132,499

(450,386)

27

Related party transactions

Group

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

202,433

176,716

Post-employment benefits

2,642

2,642

205,075

179,358

Dividends paid to Directors

2024
£

2023
£

Dividends

200,060

100,000

 

 
 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Income and receivables from related parties

2024

Other related parties
£

Sale of goods

328,623

Amounts receivable from related party

1,198,021

2023

Other related parties
£

Sale of goods

250,623

Amounts receivable from related party

538,300

Expenditure with and payables to related parties

2024

Key management
£

Other related parties
£

Purchase of goods

-

375,721

Amounts payable to related party

33,563

274,423

2023

Key management
£

Other related parties
£

Purchase of goods

-

480,116

Amounts payable to related party

25,000

260,565

Summary of transactions with other related parties

Amounts payable to key management and other related parties have no formal repayment terms and no interest is payable.
 Blossom Developments (Humberston) Limited has entered into a financial agreement to secure a loan liability against the assets and liabilities of Pattesons Glass Limited and Wares of Knutsford Limited. The companies have guaranteed a sum of £2,426,000.

Company

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

202,433

176,716

Post-employment benefits

2,642

2,642

205,075

179,358

 

Pattesons Glass Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Dividends paid to Directors

2024
£

2023
£

Dividends

200,060

100,000

 

 

Income and receivables from related parties

2024

Subsidiary
£

Other related parties
£

Sale of goods

687,302

328,623

Amounts receivable from related party

23,895

1,198,021

2023

Subsidiary
£

Other related parties
£

Sale of goods

393,528

250,623

Amounts receivable from related party

-

538,300

Expenditure with and payables to related parties

2024

Subsidiary
£

Key management
£

Other related parties
£

Purchase of goods

24,160

-

375,721

Amounts payable to related party

-

33,565

274,423

2023

Subsidiary
£

Key management
£

Other related parties
£

Purchase of goods

29,931

-

480,116

Amounts payable to related party

110,679

25,000

260,565

Summary of transactions with other related parties

Amounts payable to key management and other related parties have no formal repayment terms and no interest is payable.
 Blossom Developments (Humberston) Limited has entered into a financial agreement to secure a loan liability against the assets and liabilities of Pattesons Glass Limited and Wares of Knutsford Limited. The companies have guaranteed a sum of £2,426,000.

28

Parent and ultimate parent undertaking

The Company's immediate parent is Industiral Packaging Group S.A., incorporated in Luxembourg.