Company registration number 10483302 (England and Wales)
EVERGLADE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
EVERGLADE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr B Dabasia
Mr J Hirani
Mr J Patel
Ms R Gjoci
Mr Y Gopal
Company number
10483302
Registered office
22 Wadsworth Road
Perivale
Greenford
Middlesex
UB6 7JD
Auditor
Rayner Essex LLP
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
Bankers
HSBC Bank Plc - Herts, Beds & NW London
Corporate Banking Centre
44-52 Lattimore Road
St Albans
Hertfordshire
AL1 3XL
EVERGLADE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
EVERGLADE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

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

Review of the business

The main trading subsidiary’s (Everglade Windows Limited) principal activity continues to encompass manufacturing, wholesaling and retailing for the double glazing industry. This includes both uPVC and aluminium windows and doors at the top end of the market. The subsidiary offers an extensive range of products including aluminium casement windows, bi-fold doors, patio doors and uPVC windows and doors. Products are manufactured at the subsidiary’s state of the art facilities in West London. It operates in 3 different market sectors, namely trade (B2B), retail and commercial.

 

The other subsidiary (Everglade Windows Properties Limited) was established in July-2019 to rent out its properties to Everglade Windows Limited.

 

Results and performance

The result of Everglade Windows Limited (main trading subsidiary) show a turnover of £20,618,851 (2023: £22,689,272) and a loss on ordinary activities before tax of £1,595 (2023: £776,623 profit). The shareholders funds totalled £7,476,091 (2023: £7,492,041).

 

Everglade Windows Properties Limited did trade during the year. The shareholders funds totalled £246,914 (2023: £154,629).

 

The performance of the group during 2024 has produced satisfactory results.

 

Business environment

The double glazing market continues to be competitive. The current economic climate poses challenges in terms of cost management, recruitment and pricing, given the squeeze on household budgets. Rising operating costs in the face of an increasingly competitive and price sensitive market have significantly affected margins in this financial year. In addition to this, new building regulations, namely the building safety act have delayed new build commercial projects and created an exceptionally challenging and unprecedented operating environment in the Commercial sector in which the business operates.

Everglade will continue to develop and launch innovative product lines that will help differentiate itself from competitors and give customers a unique and innovative offering, whilst giving customers a choice in terms of technical performance, aesthetics and price points. Home renovation projects and large scale commercial regeneration projects will continue to provide future growth opportunities, alongside government plans to stimulate the construction sector.

Once the commercial market has adapted to the new building regulations and major new build projects are released in the market, there will be significant opportunities for the business in the future.

Quality, product range and excellent service have been key to the company's success.

EVERGLADE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

Strategy

The group's success is dependent on continuous production, innovation and superior product specification. The group's existing and future products are all designed to meet or exceed standards required by British Standards and building regulations.

The group provides customers with a choice of products suitable for a wide range of applications including a range of colours and finishes. The group has an excellent reputation for customer support, quick turnaround times and flexibility. The group will continue to excel in these areas to retain existing customers and secure new business.

Everglade will continue to invest in its manufacturing capabilities, efficiency and new product lines. This will allow the group to produce highly innovative and unique new product offerings to its customer base. The strategy of continued investment will allow Everglade to continue with its strategy to secure regular high volume works and client accounts with regular trading volumes.

As part of our commitment to sustainability, Everglade will work with suppliers, customers, government and industry bodies to reduce it’s carbon footprint and the impact it has on the environment. This may include, but is not limited to, the development of products that improve home energy efficiency, improving the energy efficiency of our buildings and investing in new technologies for production.

In response to the challenges faced in the commercial and trade sectors, Everglade has and will continue to carefully manage overheads and constantly strive to improve efficiency and lower operating costs. The board will strive to maintain and bolster manufacturing capabilities in anticipation of securing new large scale commercial contracts in the coming financial years.

Principal risks and uncertainties

Risk assessments are conducted on a regular basis and policies are reviewed and approved by the board. Policies and procedures are monitored by both internal and external examiners from within and outside the industry, such as the British Standards Institution. The group's risk analysis is based challenges posed in both the internal and external and trading environment.

 

The group conducts various risk analyses such as SWOT and PEST analysis on an annual basis and reviews these at regular board meetings.

 

Primarily, the risks from business activities include competitive pressures, fluctuations in demand, supply chain volatility, operational risks; including the failure of IT systems or critical machinery. In response to this, significant investment has been made in the past few years to ensure resilience and contingencies to minimise disruption to the group.

 

Future strategy will focus on continuing to improve margins as well as innovative new product lines that will give the group an edge in the marketplace.

Development and performance

There are multiple regeneration projects in London and the South East, providing opportunity for future sales growth. The group plans to increase tendering activities and increase commercial sales by taking on projects in the London vicinity. The group will work closely with suppliers in this sector to actively grow sales.

 

The group continues to invest in new product lines and machinery and will assist regular customers through marketing support and training conferences to help grow their businesses and, in turn, increase product demand.

Everglade will focus on keeping its cost structure to a minimum and aim to increase net margins.

EVERGLADE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Key performance indicators (KPI's)

The financial year ending 2024 has produced strong trading results. This has been largely driven by the surge in home renovation work and a strong uptake of new product lines. The Group's financial performance for the year is monitored using the following KPI's:

 

2024     2023

Gross Profit %         16.4% 17.5%

Operating Profit %     2.0% 5.1%

Net Profit before tax %     0.3% 3.6%

On behalf of the board

Mr J Hirani
Director
9 May 2025
EVERGLADE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

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

Principal activities

The principal activity of the company continued to be that of a holdings company. The main trading subsidiary activity continued to be that of encompass manufacturing, wholesaling and retailing for the double glazing industry. This includes both uPVC and aluminium windows and doors at the top end of the market. The subsidiary company offers an extensive range of products from bi-fold doors and patios to uPVC windows. Everglade operates in 3 different market sectors, namely trade (B2B), retail and commercial. A new subsidiary was set up in the year and will act as a property lettings company going forward.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr B Dabasia
Mr J Hirani
Mr J Patel
Ms R Gjoci
Mr Y Gopal
Research and development

The group invests in the development of new technology. The directors believe this will lead to future profits for the group.

Future developments

The directors continue to develop the business in accordance with plans and projections.

Auditor

In accordance with the company's articles, a resolution proposing that Rayner Essex LLP be reappointed as auditor of the group will be put at a General Meeting.

EVERGLADE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr J Hirani
Mr Y Gopal
Director
Director
9 May 2025
EVERGLADE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EVERGLADE HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Everglade Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

EVERGLADE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EVERGLADE HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

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:

 

EVERGLADE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EVERGLADE HOLDINGS LIMITED
- 8 -

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

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

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.

Antony Federer FCA FCCA CF
For and on behalf of
9 May 2025
Rayner Essex LLP
Chartered Accountants
Statutory Auditor
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
EVERGLADE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
20,618,851
22,689,272
Cost of sales
(17,237,643)
(18,703,012)
Gross profit
3,381,208
3,986,260
Administrative expenses
(3,001,118)
(2,880,746)
Other operating income
36,779
48,397
Operating profit
4
416,869
1,153,911
Interest receivable and similar income
8
52,349
29,351
Interest payable and similar expenses
9
(414,396)
(369,146)
Profit before taxation
54,822
814,116
Tax on profit
10
(14,901)
(138,374)
Profit for the financial year
25
39,921
675,742
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
EVERGLADE HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
115,280
164,131
Tangible assets
12
8,007,407
7,671,121
8,122,687
7,835,252
Current assets
Stocks
16
1,545,624
1,382,934
Debtors
17
3,982,429
4,591,971
Cash at bank and in hand
1,214,161
1,224,660
6,742,214
7,199,565
Creditors: amounts falling due within one year
18
(4,001,406)
(4,397,770)
Net current assets
2,740,808
2,801,795
Total assets less current liabilities
10,863,495
10,637,047
Creditors: amounts falling due after more than one year
19
(5,196,639)
(5,010,112)
Provisions for liabilities
Deferred tax liability
22
217,022
217,022
(217,022)
(217,022)
Net assets
5,449,834
5,409,913
Capital and reserves
Called up share capital
24
100,000
100,000
Profit and loss reserves
25
5,349,834
5,309,913
Total equity
5,449,834
5,409,913
The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
09 May 2025
Mr Y Gopal
Director
Company registration number 10483302 (England and Wales)
EVERGLADE HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
3,502,202
3,502,202
Current assets
Debtors
17
2,852
2,852
Cash at bank and in hand
50,781
22,839
53,633
25,691
Creditors: amounts falling due within one year
18
(2,440,352)
(2,424,847)
Net current liabilities
(2,386,719)
(2,399,156)
Total assets less current liabilities
1,115,483
1,103,046
Capital and reserves
Called up share capital
24
100,000
100,000
Profit and loss reserves
25
1,015,483
1,003,046
Total equity
1,115,483
1,103,046

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £12,437 (2023 - £2,876 profit).

The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
09 May 2025
Mr Y Gopal
Director
Company Registration No. 10483302
EVERGLADE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
100,000
4,634,171
4,734,171
Year ended 30 September 2023:
Profit and total comprehensive income
-
675,742
675,742
Balance at 30 September 2023
100,000
5,309,913
5,409,913
Year ended 30 September 2024:
Profit and total comprehensive income
-
39,921
39,921
Balance at 30 September 2024
100,000
5,349,834
5,449,834
EVERGLADE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
100,000
1,000,170
1,100,170
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
2,876
2,876
Balance at 30 September 2023
100,000
1,003,046
1,103,046
Year ended 30 September 2024:
Profit and total comprehensive income
-
12,437
12,437
Balance at 30 September 2024
100,000
1,015,483
1,115,483
EVERGLADE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,176,785
598,073
Interest paid
(414,396)
(369,146)
Income taxes paid
(303,370)
(139,370)
Net cash inflow from operating activities
459,019
89,557
Investing activities
Purchase of tangible fixed assets
(261,052)
(182,839)
Proceeds on disposal of tangible fixed assets
40,000
23,500
Interest received
52,349
29,351
Net cash used in investing activities
(168,703)
(129,988)
Financing activities
New loans net of repayments
(244,046)
(183,815)
Payment of finance leases obligations
(56,769)
(103,767)
Net cash used in financing activities
(300,815)
(287,582)
Net decrease in cash and cash equivalents
(10,499)
(328,013)
Cash and cash equivalents at beginning of year
1,224,660
1,552,673
Cash and cash equivalents at end of year
1,214,161
1,224,660
EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information

Everglade Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 22 Wadsworth Road, Perivale, Greenford, Middlesex, UB6 7JD.

 

The group consists of Everglade Holdings Limited and of its subsidiaries; Everglade Windows Limited and Everglade Windows Properties Limited.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

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

 

 

EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -

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

 

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

 

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

Everglade Windows Limited and Everglade Windows Properties Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Everglade Windows Limited for the year ended 30 September 2024. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Everglade Holdings Ltd and the group are supported and funded through group banking facilities with HSBC. These comprise long term loans together with short term working capital facilities.

 

In adopting the going concern basis for preparing the financial statements, the directors have considered the business activities and the company’s principle risks and uncertainties. The company meets its day-to-day working capital requirements through the use of its cash and the above mentioned banking facilities.

 

In assessing the appropriateness of the going concern assumption, the directors have prepared detailed cash flow forecasts for the company and group. In the modelled forecast scenarios, the directors are satisfied that the company and group can operate within its current cash and banking facilities.

 

 

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover represents amounts receivable for goods supplied and also includes amounts receivable from long term contracts and contracts for on-going services.

 

In respect of goods supplied; where the customer is to collect, turnover is recognised on the date the goods are due to be collected by the customer irrespective of whether they are collected on this date or not.

 

Where the goods are to be delivered/installed, income is recognised on the date of the delivery/installation.

 

In respect of long term contracts, turnover represents value of the work done in the year, including estimates of amounts not invoiced and is recognised by reference to the stage of completion of each contract, once their outcome can be measured at reasonable certainty.

EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Long-term contracts

Where the outcome of a long-term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this could not be representative of the stage of the completion. Valuations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

 

Full provision is made for losses estimated by the directors on all contracts in the year in which the loss is first foreseen. Such estimates are based upon the directors' experience.

 

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Nil
Plant and equipment
20%-25% on written down value
Fixtures and fittings
20%-25% on written down value
Motor vehicles
25% on written down value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -

No depreciation is charged on freehold property because the directors consider that the economic life and residual value of the property is such that the depreciation charge and accumulated depreciation would be immaterial. The company has a policy and practice of regular maintenance and repair of freehold property and the residual value of the property is regularly reviewed in order to identify any impairment which would be charged to the profit and loss account. No impairment was identified during the review conducted as at 30 September 2024.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete stock and slow moving items.

EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.11
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

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

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

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

Asset impairment

The Group reviews its non-current assets for impairment at each balance sheet date. If events or circumstances indicate that the carrying value may not be recoverable, the value is adjusted to the recoverable amount, determined by independent third party valuations. If events or circumstances indicate that the carrying value may not be recoverable, the value is adjusted to the fair value. Any impairment is recognised in the profit and loss.

Leases

The Group is party to leasing arrangements as lessor and lessee. Accounting for leases is mainly determined by the judgement of whether the lease is considered to be a finance lease or an operating lease. Management look to the substance of the transaction and the terms and conditions of the lease arrangement in judging whether all the risks and rewards of ownership are transferred.

Revenue recognition

The Group makes provisions for partially completed contracts and for losses on contracts in progress at the balance sheet date. Management believe that provisions made are adequate but as these estimates are based upon information available at the balance sheet date they are subject to change as further information becomes available.

Provisions and contingencies

Management assess the likely outcomes of any contingencies and provisions for claims outstanding at the balance sheet date and their estimates is likely to have significant impact on the results for the period.

Stock provisions for wastage

When certain materials are used in fabrication processes wastage occurs and the material disposed of and absorbed into the cost of production. Whilst management strive to optimise material wastage through use of software, the nature of the product means that there is still wastage. Management estimate the value and provide against the wastage using their past knowledge and experience.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
7,229,456
8,629,903
Long term contracts
13,389,395
14,059,369
20,618,851
22,689,272
EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover and other revenue
(Continued)
- 23 -
2024
2023
£
£
Turnover analysed by geographical market
UK
20,618,851
22,689,272
2024
2023
£
£
Other revenue
Interest income
52,349
29,351
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
207,017
299,612
Depreciation of tangible fixed assets held under finance leases
93,917
-
Profit on disposal of tangible fixed assets
(23,168)
(17,969)
Amortisation of intangible assets
48,851
48,851
Cost of stocks recognised as an expense
11,703,498
13,711,263
Operating lease charges
229,603
179,366
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,120
4,120
Audit of the financial statements of the company's subsidiaries
14,000
14,000
18,120
18,120
For other services
Taxation compliance services
4,960
810
All other non-audit services
47,463
62,722
52,423
63,532
EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
62
66
-
-
Administrative staff
23
26
-
-
Management staff
10
9
-
-
Total
95
101
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,229,524
3,061,970
-
0
-
0
Social security costs
339,069
315,411
-
-
Pension costs
72,505
121,842
-
0
-
0
3,641,098
3,499,223
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
316,412
335,513
Company pension contributions to defined contribution schemes
-
51,500
316,412
387,013
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
72,095
71,291
Company pension contributions to defined contribution schemes
-
10,500
EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,163
3,056
Other interest income
39,186
26,295
Total income
52,349
29,351
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,163
3,056
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
401,866
365,664
Other finance costs:
Interest on finance leases and hire purchase contracts
10,567
3,440
Other interest
1,963
42
Total finance costs
414,396
369,146
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(61,813)
133,624
Adjustments in respect of prior periods
76,714
-
0
Total current tax
14,901
133,624
Deferred tax
Origination and reversal of timing differences
-
0
4,750
Total tax charge
14,901
138,374
EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 26 -

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

2024
2023
£
£
Profit before taxation
54,822
814,116
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
13,706
179,106
Tax effect of expenses that are not deductible in determining taxable profit
12,212
59
Tax effect of income not taxable in determining taxable profit
-
0
(633)
Tax effect of utilisation of tax losses not previously recognised
(45,227)
-
0
Permanent capital allowances in excess of depreciation
(91,710)
17,402
Amortisation on assets not qualifying for tax allowances
-
0
10,747
Research and development tax credit
-
0
(69,111)
Under/(over) provided in prior years
77,260
-
0
Tax at marginal rate
48,660
-
0
Other adjustments
-
0
7
(Profit)/Loss on sale of fixed assets
-
0
(3,953)
Movement in deferred tax
-
0
4,750
Taxation charge
14,901
138,374
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
490,237
Amortisation and impairment
At 1 October 2023
326,106
Amortisation charged for the year
48,851
At 30 September 2024
374,957
Carrying amount
At 30 September 2024
115,280
At 30 September 2023
164,131
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
7,089,737
2,686,125
294,249
271,027
10,341,138
Additions
-
0
650,640
3,412
-
0
654,052
Disposals
-
0
(315,000)
-
0
-
0
(315,000)
At 30 September 2024
7,089,737
3,021,765
297,661
271,027
10,680,190
Depreciation and impairment
At 1 October 2023
402,947
1,944,186
191,298
131,586
2,670,017
Depreciation charged in the year
-
0
239,908
26,166
34,860
300,934
Eliminated in respect of disposals
-
0
(298,168)
-
0
-
0
(298,168)
At 30 September 2024
402,947
1,885,926
217,464
166,446
2,672,783
Carrying amount
At 30 September 2024
6,686,790
1,135,839
80,197
104,581
8,007,407
At 30 September 2023
6,686,790
741,939
102,951
139,441
7,671,121
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
562,750
-
0
-
0
-
0
Depreciation charge for the year in respect of leased assets
93,917
-
-
-
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,502,202
3,502,202
EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
3,502,202
Carrying amount
At 30 September 2024
3,502,202
At 30 September 2023
3,502,202
14
Subsidiaries

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

Name of undertaking
Country of registration
Nature of business
Class of
% Held
shares held
Direct
Everglade Windows Limited
England
Manufacture and installation of Window & Door products
Ordinary
100.00
Everglade Windows Properties Limited
England
Property rental
Ordinary
100.00

The registered office of all subsidiaries is 22 Wadsworth Road, Perivale, Greenford, Middlesex, UB6 7JD.

15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,527,573
3,973,585
2,852
2,852
Carrying amount of financial liabilities
Measured at amortised cost
9,342,667
9,265,930
2,440,352
2,424,847
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,333,272
1,269,623
-
-
Work in progress
212,352
113,311
-
-
1,545,624
1,382,934
-
-
EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,807,202
2,393,595
-
0
-
0
Other debtors
837,012
1,119,186
2,852
2,852
Prepayments and accrued income
541,363
565,170
-
0
-
0
3,185,577
4,077,951
2,852
2,852
Amounts falling due after more than one year:
Other debtors
796,852
514,020
-
0
-
0
Total debtors
3,982,429
4,591,971
2,852
2,852
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
292,510
464,508
-
0
-
0
Obligations under finance leases
21
77,656
-
0
-
0
-
0
Trade creditors
2,592,398
2,781,270
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,440,352
2,424,847
Corporation tax payable
(235,335)
53,134
-
0
-
0
Other taxation and social security
90,713
88,818
-
-
Other creditors
16,830
65,206
-
0
-
0
Accruals and deferred income
1,166,634
944,834
-
0
-
0
4,001,406
4,397,770
2,440,352
2,424,847
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
4,938,064
5,010,112
-
0
-
0
Obligations under finance leases
21
258,575
-
0
-
0
-
0
5,196,639
5,010,112
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
486,688
539,450
-
-
EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
5,230,574
5,474,620
-
0
-
0
Payable within one year
292,510
464,508
-
0
-
0
Payable after one year
4,938,064
5,010,112
-
0
-
0

The long-term loans are secured by fixed charges over all the assets and undertakings of the group in favour of HSBC PLC.

The loan facilities provided by HSBC PLC are repayable over 232 months and have a fixed rate of interest between 2.45% to 3.35% above the Bank of England base rate. At the balance sheet date there were up to 148 monthly repayments remaining under the terms.

 

The other loans are in favour of the former owners of the subsidiary undertaking Everglade Windows Limited and hold securities over the subsidiary undertaking.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
93,528
-
0
-
0
-
0
In two to five years
307,730
-
0
-
0
-
0
401,258
-
-
-
Less: future finance charges
(65,027)
-
0
-
0
-
0
336,231
-
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.

22
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
217,022
217,022
The company has no deferred tax assets or liabilities.
EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22
Deferred taxation
(Continued)
- 31 -
There were no deferred tax movements in the year.

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
72,505
121,842

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
25
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
5,309,913
4,634,171
1,003,046
1,000,170
Profit for the year
39,921
675,742
12,437
2,876
At the end of the year
5,349,834
5,309,913
1,015,483
1,003,046
26
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
12,213
118,394
-
-
Between two and five years
7,344
6,814
-
-
19,557
125,208
-
-
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
-
15,417
-
-
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
640,000
-
-
28
Controlling party

There is no one overall controlling party.

EVERGLADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
39,921
675,742
Adjustments for:
Taxation charged
14,901
138,374
Finance costs
414,396
369,146
Investment income
(52,349)
(29,351)
Gain on disposal of tangible fixed assets
(23,168)
(17,969)
Amortisation and impairment of intangible assets
48,851
48,851
Depreciation and impairment of tangible fixed assets
300,934
299,612
Movements in working capital:
(Increase)/decrease in stocks
(162,690)
201,206
Decrease/(increase) in debtors
609,542
(3,016,179)
(Decrease)/increase in creditors
(13,553)
1,928,641
Cash generated from operations
1,176,785
598,073
30
Analysis of changes in net debt - group
1 October 2023
Cash flows
New finance leases
30 September 2024
£
£
£
£
Cash at bank and in hand
1,224,660
(10,499)
-
1,214,161
Borrowings excluding overdrafts
(5,474,620)
244,046
-
(5,230,574)
Obligations under finance leases
-
56,769
(393,000)
(336,231)
(4,249,960)
290,316
(393,000)
(4,352,644)
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