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REGISTERED NUMBER: 10111570 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31st December 2024

for

Kwiktuf Holdings Limited

Kwiktuf Holdings Limited (Registered number: 10111570)






Contents of the Consolidated Financial Statements
for the year ended 31st December 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Kwiktuf Holdings Limited

Company Information
for the year ended 31st December 2024







DIRECTORS: J P Bradley
P Myers
D Pinkney
Mrs M Saville





SECRETARY: J P Bradley





REGISTERED OFFICE: 264 Wincolmlee
Hull
East Yorkshire
HU2 0PZ





REGISTERED NUMBER: 10111570 (England and Wales)





AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

Kwiktuf Holdings Limited (Registered number: 10111570)

Group Strategic Report
for the year ended 31st December 2024

The directors present their strategic report of the company and the group for the year ended 31st December 2024.

REVIEW OF BUSINESS
The key financial performance indicators of turnover, gross profit and net profit before taxation communicate the financial performance of the group as a whole.

The key financial performance indicators for the current and prior year, for the group, are as follows:

2024 2023 2022 2021
£ £ £ £
Turnover 10,985,918 11,819,379 12,623,788 10,884,413
Turnover growth (7.1%) (6.4%) 16% 25%
Gross Profit Margin 29.04% 26.86% 28.2% 28.4%
Net Profit, before Taxation 674,608 833,129 1,149,416 876,104
Net Profit Margin 6.14% 7.05% 9.10% 8.05%

The directors are pleased with the overall financial performance of the business for the year. The latter part of 2023 saw a downturn in the whole market and this level of business continued throughout the whole of 2024. As a result of this, turnover was marginally down on prior year but with an improved margin.

The year saw a change in ownership from the original shareholders to an Employee Ownership Trust. The KHL Trust was formed during the year to ensure the business maintained it's independent status, remain local and rewarded all staff for their hard work and commitment to Kwiktuf over it's twenty years in business. The directors are confident that with enhanced employee participation, Kwiktuf will continue to grow from strength to strength in the coming years.

PRINCIPAL RISKS AND UNCERTAINTIES
The groups principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the groups operations.

Price and availability risk
As we head into 2025, increasing material and labour costs combined with supressed demand will make maintaining volume and margin challenging.

Ongoing activity levels;
As was the case in 2024, our main focus will be on ensuring we maintain current activity levels across our existing customer base whilst demand is still lower than previous years. The directors are confident this can be achieved despite the aforementioned material and labour increases.

Manufacturing costs and Margin;
The strategies to ensure best purchasing proved very successful in 2024 leading to the enhanced margin. This will continue into 2025. Margin will however be challenged as a consequence of experiencing significant material increases early 2025. To assist in maintaining volume, the decision has been taken to recover the cash effect of the increases with some margin reduction therefore expected.

Foreign exchange risk
Whilst not directly affected by foreign exchange, the buoyancy of the European market has resulted in a reduced desire for the European arms of the UK facilities to support UK production.

Credit risk
Credit checks are carried out on all customers and a comprehensive insurance policy is also in place.

Liquidity risk
The groups liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk
The group had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.


Kwiktuf Holdings Limited (Registered number: 10111570)

Group Strategic Report
for the year ended 31st December 2024

FUTURE DEVELOPMENTS
We will continue our program of continuous investment in capital, be that projects or replacement to keep us well positioned to provide a quality product and excellent customer service.

ON BEHALF OF THE BOARD:





J P Bradley - Director


30th May 2025

Kwiktuf Holdings Limited (Registered number: 10111570)

Report of the Directors
for the year ended 31st December 2024

The directors present their report with the financial statements of the company and group for the year ended 31st December 2017.

During the previous period the company financial statements was for a short period as the parent company was incorporated on the 6th April 2016.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of glass processing specialists.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2024 will be £ 224,650 .

FUTURE DEVELOPMENTS
See strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

J P Bradley
P Myers
D Pinkney
Mrs M Saville

Other changes in directors holding office are as follows:

N C Thomas - resigned 3rd June 2024
A G Thomas - resigned 3rd June 2024

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise of bank balances. trade debtors, trade creditors and invoice discounting. The main purpose of these instruments is to raise funds and finance the group's operations.

Revenue maintenance
The group actively markets and manages its portfolio of products to focus on revenue building and maintenance which, over the life cycle of the products can contribute to the future profits of the business.

Risks and uncertainties
These details have been provided in the group's strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group 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 then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Kwiktuf Holdings Limited (Registered number: 10111570)

Report of the Directors
for the year ended 31st December 2024

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J P Bradley - Director


30th May 2025

Report of the Independent Auditors to the Members of
Kwiktuf Holdings Limited

Opinion
We have audited the financial statements of Kwiktuf Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Kwiktuf Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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, 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Kwiktuf Holdings Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of a holding company.
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation, and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Kwiktuf Holdings Limited


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




Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

30th May 2025

Kwiktuf Holdings Limited (Registered number: 10111570)

Consolidated
Income Statement
for the year ended 31st December 2024

2024 2023
Notes £    £   

TURNOVER 10,985,918 11,819,379

Cost of sales 7,795,666 8,644,851
GROSS PROFIT 3,190,252 3,174,528

Administrative expenses 2,501,942 2,301,132
688,310 873,396

Other operating income 14,070 7,250
OPERATING PROFIT 4 702,380 880,646

Interest receivable and similar income - 75
702,380 880,721

Interest payable and similar expenses 5 27,772 47,592
PROFIT BEFORE TAXATION 674,608 833,129

Tax on profit 6 284,734 262,750
PROFIT FOR THE FINANCIAL YEAR 389,874 570,379
Profit attributable to:
Owners of the parent 389,874 570,379

Kwiktuf Holdings Limited (Registered number: 10111570)

Consolidated
Other Comprehensive Income
for the year ended 31st December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 389,874 570,379


OTHER COMPREHENSIVE INCOME

Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

389,874

570,379

Total comprehensive income attributable to:
Owners of the parent 389,874 570,379

Kwiktuf Holdings Limited (Registered number: 10111570)

Consolidated Balance Sheet
31st December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 490,570 817,615
Tangible assets 10 2,125,854 2,116,204
Investments 11 - -
2,616,424 2,933,819

CURRENT ASSETS
Stocks 12 420,691 390,621
Debtors 13 1,652,218 1,678,936
Cash at bank and in hand 11,766 25,853
2,084,675 2,095,410
CREDITORS
Amounts falling due within one year 14 2,293,428 2,104,293
NET CURRENT LIABILITIES (208,753 ) (8,883 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,407,671

2,924,936

CREDITORS
Amounts falling due after more than one
year

15

(1,245,370

)

(569,831

)

PROVISIONS FOR LIABILITIES 19 (255,901 ) (247,796 )
NET ASSETS 906,400 2,107,309

CAPITAL AND RESERVES
Called up share capital 20 100,080 100,080
Revaluation reserve 285,183 285,183
Retained earnings 521,137 1,722,046
SHAREHOLDERS' FUNDS 906,400 2,107,309

The financial statements were approved by the Board of Directors and authorised for issue on 30th May 2025 and were signed on its behalf by:





J P Bradley - Director


Kwiktuf Holdings Limited (Registered number: 10111570)

Company Balance Sheet
31st December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 5,320,610 5,320,610
5,320,610 5,320,610

CURRENT ASSETS
Cash at bank 2,662 2,694

CREDITORS
Amounts falling due within one year 14 1,770,242 1,989,424
NET CURRENT LIABILITIES (1,767,580 ) (1,986,730 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,553,030

3,333,880

CREDITORS
Amounts falling due after more than one
year

15

1,130,635

-
NET ASSETS 2,422,395 3,333,880

CAPITAL AND RESERVES
Called up share capital 20 100,080 100,080
Retained earnings 2,322,315 3,233,800
SHAREHOLDERS' FUNDS 2,422,395 3,333,880

Company's profit for the financial year 679,298 809,729

The financial statements were approved by the Board of Directors and authorised for issue on 30th May 2025 and were signed on its behalf by:





J P Bradley - Director


Kwiktuf Holdings Limited (Registered number: 10111570)

Consolidated Statement of Changes in Equity
for the year ended 31st December 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st January 2023 100,080 1,402,926 285,183 1,788,189

Changes in equity
Dividends - (251,259 ) - (251,259 )
Total comprehensive income - 570,379 - 570,379
Balance at 31st December 2023 100,080 1,722,046 285,183 2,107,309

Changes in equity
Capital contributions to EOT - (1,366,133 ) - (1,366,133 )
Dividends - (224,650 ) - (224,650 )
Total comprehensive income - 389,874 - 389,874
Balance at 31st December 2024 100,080 521,137 285,183 906,400

Kwiktuf Holdings Limited (Registered number: 10111570)

Company Statement of Changes in Equity
for the year ended 31st December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2023 100,080 2,675,330 2,775,410

Changes in equity
Dividends - (251,259 ) (251,259 )
Total comprehensive income - 809,729 809,729
Balance at 31st December 2023 100,080 3,233,800 3,333,880

Changes in equity
Capital contributions to EOT - (1,366,133 ) (1,366,133 )
Dividends - (224,650 ) (224,650 )
Total comprehensive income - 679,298 679,298
Balance at 31st December 2024 100,080 2,322,315 2,422,395

Kwiktuf Holdings Limited (Registered number: 10111570)

Consolidated Cash Flow Statement
for the year ended 31st December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,402,546 872,294
Interest paid (19,463 ) (38,922 )
Interest element of hire purchase payments
paid

(8,309

)

(8,670

)
Tax paid (290,011 ) (274,035 )
Government grants - 1,000
Net cash from operating activities 1,084,763 551,667

Cash flows from investing activities
Purchase of tangible fixed assets (165,730 ) (167,662 )
Sale of tangible fixed assets - 1,000
Interest received - 75
Net cash from investing activities (165,730 ) (166,587 )

Cash flows from financing activities
New loans in year 1,184,000 -
Loan repayments in year (538,883 ) (60,453 )
New hire purchase agreements in year 103,134 -
Capital contributions to EOT (1,366,133 ) -
Hire purchase repayments in year (90,588 ) (85,472 )
Equity dividends paid (224,650 ) (251,259 )
Net cash from financing activities (933,120 ) (397,184 )

Decrease in cash and cash equivalents (14,087 ) (12,104 )
Cash and cash equivalents at beginning of
year

2

25,853

37,957

Cash and cash equivalents at end of year 2 11,766 25,853

Kwiktuf Holdings Limited (Registered number: 10111570)

Notes to the Consolidated Cash Flow Statement
for the year ended 31st December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 674,608 833,129
Depreciation charges 483,125 592,361
Profit on disposal of fixed assets - (1,000 )
Government grants - (1,000 )
Finance costs 27,772 47,592
Finance income - (75 )
1,185,505 1,471,007
(Increase)/decrease in stocks (30,070 ) 90,285
Decrease in trade and other debtors 26,718 38,141
Increase/(decrease) in trade and other creditors 220,393 (727,139 )
Cash generated from operations 1,402,546 872,294

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024
31/12/24 1/1/24
£    £   
Cash and cash equivalents 11,766 25,853
Year ended 31st December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 25,853 37,957


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24 Cash flow At 31/12/24
£    £    £   
Net cash
Cash at bank and in hand 25,853 (14,087 ) 11,766
25,853 (14,087 ) 11,766
Debt
Finance leases (184,544 ) (12,546 ) (197,090 )
Debts falling due within 1 year (62,675 ) 18,063 (44,612 )
Debts falling due after 1 year (467,455 ) (663,180 ) (1,130,635 )
(714,674 ) (657,663 ) (1,372,337 )
Total (688,821 ) (671,750 ) (1,360,571 )

Kwiktuf Holdings Limited (Registered number: 10111570)

Notes to the Consolidated Financial Statements
for the year ended 31st December 2024

1. STATUTORY INFORMATION

Kwiktuf Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Plant and machinery - 20% on cost, 15% on reducing balance and 10% on cost
Fixtures and fittings - 20% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance, 25% on cost and 20% on cost
Computer equipment - 33% on cost and 20% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


Kwiktuf Holdings Limited (Registered number: 10111570)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Capital contributions to employee ownership trust
Capital contributions to the Employee Ownership Trust are accounted for when they are paid.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,425,025 3,218,173
Social security costs 316,391 263,377
Other pension costs 64,363 62,442
3,805,779 3,543,992

The average number of employees during the year was as follows:
2024 2023

Direct cost employees 103 110
Overhead cost employees 19 23
122 133

The average number of employees by undertakings that were proportionately consolidated during the year was 122 (2023 - 133 ) .

Kwiktuf Holdings Limited (Registered number: 10111570)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

3. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 260,727 92,228

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director for the year ended 31st December 2024 is as follows:
2024
£   
Emoluments etc 75,037

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 10,629 8,190
Depreciation - owned assets 114,856 211,761
Depreciation - assets on hire purchase contracts 41,224 53,555
Profit on disposal of fixed assets - (1,000 )
Goodwill amortisation 327,045 327,045
Auditors' remuneration 4,000 3,876
Government grants amortisation - (30,000 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 19,463 20,347
Loan interest - 18,575
Hire purchase interest 8,309 8,670
27,772 47,592

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 276,629 290,086

Deferred taxation 8,105 (27,336 )
Tax on profit 284,734 262,750

Kwiktuf Holdings Limited (Registered number: 10111570)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 674,608 833,129
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23.520 %)

168,652

195,952

Effects of:
Expenses not deductible for tax purposes 34,321 6,169

Capital allowances in excess of depreciation - (14,361 )
Group amortisation 81,761 81,761
Change in tax provision rate - (6,771 )
Total tax charge 284,734 262,750

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Property revaluation

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 200,000 150,000
Ordinary A shares of £1 each
Interim 24,650 101,259
224,650 251,259

Kwiktuf Holdings Limited (Registered number: 10111570)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st January 2024
and 31st December 2024 3,270,453
AMORTISATION
At 1st January 2024 2,452,838
Amortisation for year 327,045
At 31st December 2024 2,779,883
NET BOOK VALUE
At 31st December 2024 490,570
At 31st December 2023 817,615

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1st January 2024 1,430,000 3,219,636 48,984
Additions - 120,485 -
Disposals - - -
At 31st December 2024 1,430,000 3,340,121 48,984
DEPRECIATION
At 1st January 2024 - 2,655,538 42,011
Charge for year - 117,839 2,249
Eliminated on disposal - - -
At 31st December 2024 - 2,773,377 44,260
NET BOOK VALUE
At 31st December 2024 1,430,000 566,744 4,724
At 31st December 2023 1,430,000 564,098 6,973

Kwiktuf Holdings Limited (Registered number: 10111570)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1st January 2024 292,623 103,886 5,095,129
Additions 31,995 13,250 165,730
Disposals (22,092 ) - (22,092 )
At 31st December 2024 302,526 117,136 5,238,767
DEPRECIATION
At 1st January 2024 188,412 92,964 2,978,925
Charge for year 30,628 5,364 156,080
Eliminated on disposal (22,092 ) - (22,092 )
At 31st December 2024 196,948 98,328 3,112,913
NET BOOK VALUE
At 31st December 2024 105,578 18,808 2,125,854
At 31st December 2023 104,211 10,922 2,116,204

Cost or valuation at 31st December 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2007 305,042 - -
Valuation in 2012 (173,000 ) - -
Valuation in 2022 285,183 - -
Cost 1,012,775 3,340,121 48,984
1,430,000 3,340,121 48,984

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2007 - - 305,042
Valuation in 2012 - - (173,000 )
Valuation in 2022 - - 285,183
Cost 302,526 117,136 4,821,542
302,526 117,136 5,238,767

The net book value of tangible fixed assets includes £ 235,547 (2023 - £ 173,276 ) in respect of assets held under hire purchase contracts.

Kwiktuf Holdings Limited (Registered number: 10111570)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st January 2024
and 31st December 2024 5,320,610
NET BOOK VALUE
At 31st December 2024 5,320,610
At 31st December 2023 5,320,610

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Kwiktuf Limited
Registered office: 264 Wincolmlee, Hull, HU2 0PZ
Nature of business: Glass processing specialists
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 3,314,045 3,276,424
Profit for the year 887,621 937,695


12. STOCKS

Group
2024 2023
£    £   
Raw materials 356,723 382,085
Work-in-progress 63,968 8,536
420,691 390,621

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 1,586,598 1,596,395
Prepayments 65,620 82,541
1,652,218 1,678,936

Kwiktuf Holdings Limited (Registered number: 10111570)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 44,612 62,675 44,612 -
Hire purchase contracts (see note 17) 82,355 82,168 - -
Trade creditors 902,199 585,098 - -
Invoicing discounting 471,622 414,743 - -
Taxation 276,629 290,011 - -
Social security and other taxes 323,036 330,455 - -
Other creditors 23,769 229,612 - 227,203
Amounts owed to group
undertakings - - 1,725,630 1,762,221
Accrued expenses 169,206 109,531 - -
2,293,428 2,104,293 1,770,242 1,989,424

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 1,130,635 467,455 1,130,635 -
Hire purchase contracts (see note 17) 114,735 102,376 - -
1,245,370 569,831 1,130,635 -

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 44,612 62,675 44,612 -
Amounts falling due between two and five years:
Bank loans - 2-5 years 218,939 467,455 218,939 -
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 911,696 - 911,696 -

Kwiktuf Holdings Limited (Registered number: 10111570)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 82,355 82,168
Between one and five years 114,735 102,376
197,090 184,544

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 1,175,247 530,130 1,175,247 -
Hire purchase contracts 197,090 184,544 - -
1,372,337 714,674 1,175,247 -

The bank loan, Invoice discounting and Hire Purchase are secured by way of a fixed and floating charge over the group's property and assets.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred taxation 255,901 247,796

Group
Deferred
tax
£   
Balance at 1st January 2024 247,796
Provided during year 8,105
Charge to Comprehensive Income
Balance at 31st December 2024 255,901

Kwiktuf Holdings Limited (Registered number: 10111570)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,022 Ordinary £1 100,022 100,022
58 Ordinary A £1 58 58
100,080 100,080

The Ordinary and Ordinary A shares rank equally. All shares have full voting rights and rights to capital on a sale or winding up.

21. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Amount due to related party 1,725,630 1,762,221