| REGISTERED NUMBER: |
| DIRECTORS' REPORT AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| RADCLIFFE GLASS & WINDOWS LTD |
| REGISTERED NUMBER: |
| DIRECTORS' REPORT AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| RADCLIFFE GLASS & WINDOWS LTD |
| RADCLIFFE GLASS & WINDOWS LTD (REGISTERED NUMBER: 04688803) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Directors' Report | 2 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| RADCLIFFE GLASS & WINDOWS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 3rd Floor |
| St George's House |
| 56 Peter Street |
| Manchester |
| M2 3NQ |
| RADCLIFFE GLASS & WINDOWS LTD (REGISTERED NUMBER: 04688803) |
| DIRECTORS' REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company continued to be that of the installation of windows, doors and orangeries. |
| REVIEW OF BUSINESS |
| Radcliffe Glass & Windows Ltd celebrated its 45th year of Continuous trading and had a great 2024 to match this long-term business achievement. The company significantly increased its turnover and profitability compared to 2023, which is in stark contrast to the industry trend, where 47% of companies saw a decline in sales and over 25% had to cut jobs. |
| With the company having ended 2023 on a record quarter, it initially experienced a steady start to the first half of 2024. The second half of the year, however, produced impressive figures, with record months experienced in 5 out of the 6 months. |
| An increase in turnover and profitability had been expected and calculated within the Director's strategic planning; however, with growth aspirations not being the sole focus (due to the economic climate), the anticipation was that the sales would increase, albeit organically. The 11% increase in turnover and the 42% increase in net profit are a terrific performance and far exceed conservative predictions. |
| The strategic planning in 2022-23, by which the Directors pivoted from growth aspirations to the decision to reduce Long-Term and Short-Term Liabilities to secure the company's long-term future, worked very well. The success of the strategic planning enables the company to be very ambitious in 2025, with more investment planned alongside further actions to reduce the company's long-term and short-term liabilities for future years. |
| The company's decision to utilise its cash reserves to reduce liabilities over the past two years has had only a minimal impact on the balance sheet, as expected. This strategy has been incorporated into our planning, and our long-term goals remain unchanged. |
| The development of the land has had a significant impact on reducing breakages and damages, and has increased the efficiency of the logistical side of the business. |
| In addition to a successful year of trading, the company participated in three categories at the prestigious GGP National Installer Awards for the first time. Remarkably, all three entries reached the finals, highlighting Radcliffe Glass & Windows Ltd as one of the best in the UK. Winning the award for 'Best Feature Door' further solidified this recognition, providing a significant boost to both the team and Directors by officially naming them the best in the country. |
| The sustained success of Radcliffe Glass & Windows in recent accounting periods can be largely attributed to the development and implementation of new operational software that enhances efficiency and sales potential. Despite facing economic challenges in 2024, the company expects that its increased efficiency, significant debt reduction, and other strategic planning efforts will lead to substantial improvements in 2025. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| HOW DID RADCLIFFE GLASS & WINDOWS ARRIVE AT THIS POINT |
| The extensive experience of our long-serving Directors has helped us make significant progress while navigating the challenges posed by new legislation and a stagnant economy. As we celebrate our 45th anniversary, both our customers and supply partners recognise the 45-year legacy of Radcliffe Glass & Windows. This longevity and the trust we have built have greatly contributed to our sales performance during these uncertain times. |
| RADCLIFFE GLASS & WINDOWS LTD (REGISTERED NUMBER: 04688803) |
| DIRECTORS' REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FUTURE OUTLOOK |
| In 2025, Radcliffe Glass & Windows intends to build on the previous year's successes by concentrating on the following areas: |
| Re Brand |
| Further Land Development |
| Showroom Refurbishment and Expansion of High Value Product Range |
| Operational Software Development |
| Online Marketing Strategy |
| Further Team Development |
| EXPANSION |
| Rebrand - To mark the company's broader ambitions, it is rebranding while maintaining close ties to its 45-year history of continuous trading. The pedigree and longevity of the company cannot be overstated, and the new brand will serve as a trading style of the company. |
| Land Development - In 2024, the company further developed the land it had purchased in 2016 by introducing a large glass storage container. The separation of frames and glass from the main building has increased efficiency whilst reducing errors, breakages and damages. The separation also future proofs the company's storage capacity by over 40%, enabling JIT to be operated, including a small contingency to plug any gaps in the installation schedule. |
| Due to the land's size, it is expected to be further developed in 2026-27 to incorporate 2 or 3 Retail/Industrial Units for sale or lease, with one unit reserved for the company's use. |
| Showroom Refurbishment and Expansion - In 2024, the company expanded the showroom area further by utilising existing space more efficiently. This has enabled even more products to be showcased and new product lines to be introduced with a higher-than-average order value. This success will be further continued with the fifth phase of refurbishment, focusing on high-end quality products, in 2025. |
| The new products and services will enable the Company to expand its offerings to existing and prospective customers, which is expected to increase sales turnover and profitability. |
| Company Software Development - By 2025, this will significantly increase internal efficiencies and improve the overall customer experience for our valued customers. The developments will increase Sales generated internally and lead to the reduction of marketing spending for the company pro rata. |
| Online Marketing Strategy - The development of a new website, plus online social media channels, will increase the company's exposure to potential customers over a larger area. The company's 45th Anniversary will be a central focus of marketing, outlining the uniqueness of the company's offering in comparison to our competitors. |
| Further Team Development - As the company is at the forefront of the latest products, all team members are to be coached and updated regularly to ensure they grow their expertise and enhance customer service levels. We have improved our recruitment and onboarding processes to ensure the correct skills and mindset of new employees match those of the current team. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| RADCLIFFE GLASS & WINDOWS LTD (REGISTERED NUMBER: 04688803) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Other reserves |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| RADCLIFFE GLASS & WINDOWS LTD (REGISTERED NUMBER: 04688803) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| RADCLIFFE GLASS & WINDOWS LTD (REGISTERED NUMBER: 04688803) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Radcliffe Glass & Windows Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Changes in accounting policies |
| Depreciation - Motor vehicles held under finance leases have been depreciated over the life of the lease. These were previously depreciated at 25% using reducing balance method. Depreciation in 2024 is significantly lower than the expected charge to account for this change. The net book value of the leased assets are correct at the period end. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Computer software had been amortised over their useful life of five years. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Freehold property, which is property held for use in business operations has been valued using the revaluation model. Freehold property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, is is measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| RADCLIFFE GLASS & WINDOWS LTD (REGISTERED NUMBER: 04688803) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Goodwill |
| Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of five years. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| RADCLIFFE GLASS & WINDOWS LTD (REGISTERED NUMBER: 04688803) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and | Motor |
| property | property | machinery | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| No fixed assets were held under hire purchase contracts at year end and £119,188 (2023 - £92,005) in respect of assets held under finance lease arrangements. |
| Freehold property with a cost of £118,165 was revalued in 2018 to £260,000 by the company directors. The valuation was based on recent market transactions on arm's length terms for similar properties at the time. The directors reviewed the fair value of the property as at 31 December 2019 and increased this by £100,000 to £360,000. Following an independent evaluation in January 2025, the fair value of the property increased by £8,000 to £368,000. The Directors believe this valuation represents the fair value of the property at 31 December 2024. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by participating interests | 11,285 | 10,910 |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| RADCLIFFE GLASS & WINDOWS LTD (REGISTERED NUMBER: 04688803) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 9) |
| Other creditors |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| During the year, the company operated a loan account with its directors Mr C Powers and Mrs K Powers. |
| At the balance sheet date, Mr C Powers owed the company a total of £5,745 (2023: £168 owed to director), the total balance is included within other debtors due within one year. |
| At the balance sheet date, Mrs K Powers owed the company a total of £5,745 (2023 - £168 owed to director) by the company, the total balance is included within other debtors due within one year. |
| There has been no interest charged during the year. The amounts owed by the directors have been repaid by way of dividends within 9 months of the year end. |