Company registration number 08902820 (England and Wales)
PSV GLASS & GLAZING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PSV GLASS & GLAZING LIMITED
COMPANY INFORMATION
Directors
N P Andrews
M Giffen
T Hurndall
T Beasley
P M Andrews
P I Powell
A P Fennell
Secretary
P I Powell
J Wright
Company number
08902820
Registered office
16 Hillbottom Road
High Wycombe
Buckinghamshire
HP12 4HJ
Auditors
Charterhouse (Audit) Limited
166 College Road
Harrow
Middlesex
HA1 1RA
Business address
16 Hillbottom Road
High Wycombe
Buckinghamshire
HP12 4HJ
PSV GLASS & GLAZING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 36
PSV GLASS & GLAZING 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 group's results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.

Principal risks and uncertainties

The management of the business and the execution of the group's strategies are subject to risk, the key risk being supply chain uncertainties both in terms of continuity of supply and of price.

UK price inflation continues to increase costs in all areas of the business though at a lower rate than the last couple of years. The manufacturing and delivery lead times for many of our stock items has increased substantially due to several factors, including the continuing global geopolitical events which has created supply challenges we have had to overcome.

There is a continuing change in the structure and profile of the vehicle parque in which the business specialises. Large-fleet operators are moving their road fleet profiles towards new-build electric vehicles with the attendant need for the business to make a substantial investment in new parts. As the replaced vehicles cascade down through the national fleet, customer demand necessitates substantially increased stock holdings across all the group's premises in order for us to maintain our next-day service delivery throughout the UK on 95% of our 20,000 different stock lines. Excluding provisions for potential obsolescence, stock holdings have increased by £1.1m to £11.5m over the period.

Financial risks and uncertanities

The group's principal financial instruments comprise bank balances, trade creditors, trade debtors and trade stocks. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's trading activities.

The group's approach to managing other risks applicable to the financial instruments concerned is as follows:

Key performance indicators

The directors consider turnover and profit to be the key KPI’s for the group. Turnover for the year increased to £52,030,078 (2023: £45,361,629), whilst the profit before tax was £4,618,568 (2023: £4,514,412).

Promoting the success of the group

It is the intention of the group to continue to strengthen its financial performance in the industry by concentrating on and improving our management processes and continuing to deliver product and service quality to our customers. We will further strengthen our market performance by focusing on staff training and maintaining employee motivation and morale generally, whilst at the same time closely monitoring both direct and indirect costs.

The directors are positive about the group’s outlook over the next trading year.

PSV GLASS & GLAZING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

On behalf of the board

N P Andrews
Director
26 June 2025
PSV GLASS & GLAZING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of wholesale, distribution and installation of glass for public service vehicles.

Results and dividends

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

Dividends paid on ordinary shares are shown on page 13, 'Group Statement of Changes in Equity' and page 14, 'Company Statement of Changes in Equity'.

Directors

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

N P Andrews
M Giffen
T Hurndall
T Beasley
P M Andrews
P I Powell
A P Fennell
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
165,593
205,060
- Electricity purchased
479,930
469,456
- Fuel consumed for transport
702,055
677,839
1,347,578
1,352,355
PSV GLASS & GLAZING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
30.00
37.00
- Fuel consumed for owned transport
1,736.00
1,676.00
1,766.00
1,713.00
Scope 2 - indirect emissions
- Electricity purchased
99.00
91.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
1,865.00
1,804.00
Intensity ratio
Tonnes CO2e per employee
5.88
5.97
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee.

Measures taken to improve energy efficiency

The group has been actively encouraging company car holders to select electric and hybrid vehicles when renewing their company cars such that the majority of group's cars are now electric and hybrid.

 

Electric vehicle charging units have started to be installed at depots across the business.

 

Solar panelling has also been installed at depots along with LED Lighting. Group van usage is continually under review to improve efficiency and to eliminate wasted journeys.

PSV GLASS & GLAZING 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 auditors

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 auditors of the company are 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 auditors of the company are aware of that information.

On behalf of the board
N P Andrews
Director
26 June 2025
PSV GLASS & GLAZING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PSV GLASS & GLAZING LIMITED
- 6 -
Opinion

We have audited the financial statements of PSV Glass & Glazing Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

PSV GLASS & GLAZING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PSV GLASS & GLAZING 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 group 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.

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:

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

PSV GLASS & GLAZING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PSV GLASS & GLAZING LIMITED
- 8 -

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. Auditing standards also limit the audit procedures required to identifying 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.

........................................................................
26 June 2025
2025-06-26
Nirav Sheth (Senior Statutory Auditor)
For and on behalf of Charterhouse (Audit) Limited
Statutory Auditor
Charterhouse (Audit) Limited
166 College Road
Harrow
Middlesex
HA1 1RA
PSV GLASS & GLAZING LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
3
52,030,078
45,361,629
Cost of sales
(37,610,906)
(33,103,080)
Gross profit
14,419,172
12,258,549
Administrative expenses
(8,760,288)
(5,933,757)
Operating profit
4
5,658,884
6,324,792
Interest receivable and similar income
8
484,993
354,262
Interest payable and similar expenses
9
(1,525,309)
(2,164,642)
Profit before taxation
4,618,568
4,514,412
Tax on profit
10
(1,149,880)
(961,058)
Profit for the financial year
3,468,688
3,553,354
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PSV GLASS & GLAZING LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
as restated
£
£
Profit for the year
3,468,688
3,553,354
Other comprehensive income
-
-
Total comprehensive income for the year
3,468,688
3,553,354
Total comprehensive income for the year is all attributable to the owners of the parent company.
PSV GLASS & GLAZING LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,778,880
3,185,548
Tangible assets
14
6,285,882
5,341,031
9,064,762
8,526,579
Current assets
Stocks
17
9,113,011
7,910,843
Debtors
18
15,651,187
14,844,141
Cash at bank and in hand
457,844
431,068
25,222,042
23,186,052
Creditors: amounts falling due within one year
19
(18,303,685)
(14,690,283)
Net current assets
6,918,357
8,495,769
Total assets less current liabilities
15,983,119
17,022,348
Creditors: amounts falling due after more than one year
20
(817,825)
(518,901)
Provisions for liabilities
24
(2,347,888)
(2,007,429)
Net assets
12,817,406
14,496,018
Capital and reserves
Called up share capital
25
2,162
2,162
Share premium account
2,012,985
2,012,985
Capital redemption reserve
3,496,231
3,496,231
Profit and loss reserves
7,306,028
8,984,640
Total equity
12,817,406
14,496,018
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
26 June 2025
N P Andrews
Director
PSV GLASS & GLAZING LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,778,880
3,185,548
Tangible assets
14
5,232,805
4,270,427
Investments
13
2,215
2,215
8,013,900
7,458,190
Current assets
Stocks
17
9,113,011
7,910,843
Debtors
18
16,512,634
15,754,354
Cash at bank and in hand
456,622
430,993
26,082,267
24,096,190
Creditors: amounts falling due within one year
19
(20,259,719)
(16,673,768)
Net current assets
5,822,548
7,422,422
Total assets less current liabilities
13,836,448
14,880,612
Creditors: amounts falling due after more than one year
20
(817,825)
(518,901)
Provisions for liabilities
23
(1,112,283)
(903,364)
Net assets
11,906,340
13,458,347
Capital and reserves
Called up share capital
25
2,162
2,162
Capital redemption reserve
3,496,231
3,496,231
Profit and loss reserves
8,407,947
9,959,954
Total equity
11,906,340
13,458,347

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 £3,595,293 (2023 - £3,968,164).

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
26 June 2025
N P Andrews
Director
Company Registration No. 08902820
PSV GLASS & GLAZING LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
2,179
2,012,985
3,496,214
9,432,750
14,944,128
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
3,553,354
3,553,354
Dividends
11
-
-
-
(3,531,720)
(3,531,720)
Own shares acquired
-
-
-
(469,744)
(469,744)
Redemption of shares
25
(17)
-
17
-
-
0
Balance at 30 September 2023
2,162
2,012,985
3,496,231
8,984,640
14,496,018
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
3,468,688
3,468,688
Dividends
11
-
-
-
(5,147,300)
(5,147,300)
Balance at 30 September 2024
2,162
2,012,985
3,496,231
7,306,028
12,817,406
PSV GLASS & GLAZING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
2,179
3,496,214
9,993,254
13,491,647
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
3,968,164
3,968,164
Dividends
11
-
-
(3,531,720)
(3,531,720)
Own shares acquired
-
-
(469,744)
(469,744)
Redemption of shares
25
(17)
17
-
-
0
Balance at 30 September 2023
2,162
3,496,231
9,959,954
13,458,347
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
3,595,293
3,595,293
Dividends
11
-
-
(5,147,300)
(5,147,300)
Balance at 30 September 2024
2,162
3,496,231
8,407,947
11,906,340
PSV GLASS & GLAZING LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
8,127,420
6,795,830
Interest paid
(1,525,309)
(2,164,644)
Income taxes refunded/(paid)
234,020
(1,255,703)
Net cash inflow from operating activities
6,836,131
3,375,483
Investing activities
Purchase of tangible fixed assets
(1,762,447)
(2,421,810)
Proceeds from disposal of tangible fixed assets
390,711
135,341
Proceeds from disposal of investments
-
2,100,000
Interest received
484,993
354,263
Net cash (used in)/generated from investing activities
(886,743)
167,794
Financing activities
Purchase of own shares
-
0
(469,744)
(Repayment of)/increase in borrowings
(31,250)
721,697
Increase in/(payment of) finance leases obligations
(744,061)
(427,361)
Dividends paid to equity shareholders
(5,147,300)
(3,531,720)
Net cash used in financing activities
(5,922,611)
(3,707,128)
Net increase/(decrease) in cash and cash equivalents
26,777
(163,851)
Cash and cash equivalents at beginning of year
431,068
594,920
Cash and cash equivalents at end of year
457,845
431,069
PSV GLASS & GLAZING LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
8,088,673
7,392,502
Interest paid
(1,525,309)
(1,778,984)
Income taxes refunded/(paid)
270,867
(1,142,976)
Net cash inflow from operating activities
6,834,231
4,470,542
Investing activities
Purchase of tangible fixed assets
(1,762,447)
(2,421,810)
Proceeds from disposal of tangible fixed assets
390,711
135,341
Proceeds from disposal of subsidiaries
-
0
100
Proceeds from disposal of investments
-
0
2,100,000
Interest received
485,745
356,211
Net cash (used in)/generated from investing activities
(885,991)
169,842
Financing activities
Purchase of own shares
-
0
(469,744)
(Repayment of)/increase in borrowings
(31,250)
(375,000)
Increase in/(payment of) finance leases obligations
(744,061)
(427,361)
Dividends paid to equity shareholders
(5,147,300)
(3,531,720)
Net cash used in financing activities
(5,922,611)
(4,803,825)
Net increase/(decrease) in cash and cash equivalents
25,629
(163,441)
Cash and cash equivalents at beginning of year
430,993
594,434
Cash and cash equivalents at end of year
456,622
430,993
PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
1
Accounting policies
Company information

PSV Glass & Glazing Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office and business address is 16 Hillbottom Road, High Wycombe, Buckinghamshire, HP12 4HJ.

 

The group consists of PSV Glass & Glazing Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Basis of consolidation

The consolidated financial statements incorporate those of PSV Glass & Glazing Limited and its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

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.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has 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.

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.

 

1.5
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 15 years.

PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.6
Tangible fixed assets

Tangible fixed assets are measured at cost 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
Over the term of 50 years
Storage and racking
Straight line over 72 months
Plant and machinery
Straight line over 72 months
Fixtures, fittings & equipment
Straight line over 72 months & 36 months
Motor vehicles
Straight line over 48 months

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

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

Interests in unlisted investments are initially measured at cost and subsequently measured at cost or valuation less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses are recognised immediately in profit or loss.

1.8
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).

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

 

Consignment stocks held at the balance sheet date are not included in the group's financial statements as explained in Note 17 to the accounts.

1.10
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.11
Financial instruments

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

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. 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 recoverable amount. The impairment loss is recognised in profit or loss.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

 

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.

1.12
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.

1.13
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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
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.

1.15
Retirement benefits

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

 

The group also provides pension benefits for senior employees. Under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.

 

Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company’s contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 26 to the financial statements.

1.16
Leases

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

 

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

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.

PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.17
Foreign exchange

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

1.18

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the members are satisfied as to the technical, commercial and financial viability of individual projects.

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.

Key sources of estimation uncertainty

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

Establishing useful economic lives for depreciation and amortisation purposes of fixed assets

Fixed assets, consisting primarily of goodwill, fixtures and fittings, computer equipment and motor vehicles. The annual depreciation and amortisation charge depends primarily on the estimated useful economic lives of each type of asset and estimated residual values. The directors regularly review these asset useful lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives is included in the accounting policies.

Inventory provision

The group is involved in the installation and distribution of glass. To be able to service the customers promptly, it holds stock for a long time. As a result it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management consider the length of time a particular stock line has not been purchased or sold, if no movement has occurred for two years then a provision is made. Any significant reduction in the level of inventory provision would have a positive impact on the operating result. The level of provision required is reviewed on an on-going basis and has been disclosed in note 17.

PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Provision for doubtful debts

The group makes an estimate of the recoverable value of trade debtors. The group uses estimates based on historical experience in determining the level of debt, which the group believes, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of debtors and historical experience. The level of provision required is reviewed on an on-going basis and has been disclosed in note 18.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sales and commission receivable
52,030,078
45,361,629
2024
2023
£
£
Other revenue
Interest income
484,993
354,262

The turnover of the group for the year has been derived from its principal activity and in the opinion of its directors, disclosure of analysis of turnover would be seriously prejudicial to the interest of the group.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(7,402)
21,154
Depreciation of owned tangible fixed assets
1,817,422
1,247,923
Profit on disposal of tangible fixed assets
(74,793)
(113,166)
Amortisation of intangible assets
406,668
406,668
Operating lease charges
951,120
740,291

 

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditors and associates:
£
£
For audit services
Audit of the financial statements of the group and company
21,500
21,000
PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Auditor's remuneration
(Continued)
- 23 -
For other services
Taxation compliance services
10,780
8,922
Other taxation services
9,945
22,253
20,725
31,175
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
2,542,793
1,171,760
Company pension contributions to defined contribution schemes
81,199
179,205
2,623,992
1,350,965
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
1,098,689
282,528
Company pension contributions to defined contribution schemes
3,850
4,200

Key management personnel of the group and the parent company consists of its directors only.

7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales, distribution and administration
332
317
332
317
PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
14,174,899
11,314,497
14,174,899
11,314,497
Social security costs
1,526,535
1,154,619
1,526,535
1,154,619
Pension costs
520,435
522,486
388,896
453,899
16,221,869
12,991,602
16,090,330
12,923,015
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
484,993
354,262
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
514,459
404,677
Other interest on financial liabilities
907,519
1,275,936
1,421,978
1,680,613
Other finance costs:
Interest on finance leases and hire purchase contracts
104,390
79,136
Other interest
(1,059)
404,893
Total finance costs
1,525,309
2,164,642
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
923,679
637,611
Adjustments in respect of prior periods
17,282
(32,305)
Total current tax
940,961
605,306
Deferred tax
Origination and reversal of timing differences
208,919
355,752
Total tax charge
1,149,880
961,058
PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 25 -

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
4,618,568
4,514,412
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,154,642
1,128,603
Tax effect of expenses that are not deductible in determining taxable profit
146,784
269,541
Gains not taxable
(18,698)
(28,292)
Tax effect of utilisation of tax losses not previously recognised
-
0
114,778
Change in unrecognised deferred tax assets
-
0
(86,676)
Adjustments in respect of prior years
-
0
(32,305)
Group relief
(1,977)
(16,361)
Research and development tax credit
(150,326)
(171,381)
Capital allowances
(733,694)
(981,867)
Depreciation
447,372
307,599
Amortisation
101,667
101,667
Deferred tax
208,919
355,752
Unutilised NTLR deficit
(4,809)
-
Taxation charge
1,149,880
961,058
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
5,147,300
3,531,720
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
6,100,000
Amortisation and impairment
At 1 October 2023
2,914,452
Amortisation charged for the year
406,668
At 30 September 2024
3,321,120
PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Intangible fixed assets
(Continued)
- 26 -
Carrying amount
At 30 September 2024
2,778,880
At 30 September 2023
3,185,548
Company
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
6,100,000
Amortisation and impairment
At 1 October 2023
2,914,452
Amortisation charged for the year
406,668
At 30 September 2024
3,321,120
Carrying amount
At 30 September 2024
2,778,880
At 30 September 2023
3,185,548
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
2,215
2,215
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
2,215
Carrying amount
At 30 September 2024
2,215
At 30 September 2023
2,215
PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
14
Tangible fixed assets
Group
Freehold land and buildings
Storage and racking
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
1,095,434
68,633
360,392
2,517,797
4,721,104
8,763,360
Additions
-
0
-
0
107,071
423,343
2,547,777
3,078,191
Disposals
-
0
-
0
-
0
-
0
(1,568,692)
(1,568,692)
At 30 September 2024
1,095,434
68,633
467,463
2,941,140
5,700,189
10,272,859
Depreciation and impairment
At 1 October 2023
24,830
29,857
172,000
1,230,255
1,965,387
3,422,329
Depreciation charged in the year
17,527
9,737
60,066
414,090
1,316,002
1,817,422
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(1,252,774)
(1,252,774)
At 30 September 2024
42,357
39,594
232,066
1,644,345
2,028,615
3,986,977
Carrying amount
At 30 September 2024
1,053,077
29,039
235,397
1,296,795
3,671,574
6,285,882
At 30 September 2023
1,070,604
38,776
188,392
1,287,542
2,755,717
5,341,031
Company
Storage and racking
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
68,633
360,392
2,517,797
4,721,104
7,667,926
Additions
-
0
107,071
423,343
2,547,777
3,078,191
Disposals
-
0
-
0
-
0
(1,568,692)
(1,568,692)
At 30 September 2024
68,633
467,463
2,941,140
5,700,189
9,177,425
Depreciation and impairment
At 1 October 2023
29,857
172,000
1,230,255
1,965,387
3,397,499
Depreciation charged in the year
9,737
60,066
414,090
1,316,002
1,799,895
Eliminated in respect of disposals
-
0
-
0
-
0
(1,252,774)
(1,252,774)
At 30 September 2024
39,594
232,066
1,644,345
2,028,615
3,944,620
Carrying amount
At 30 September 2024
29,039
235,397
1,296,795
3,671,574
5,232,805
At 30 September 2023
38,776
188,392
1,287,542
2,755,717
4,270,427
PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
14
Tangible fixed assets
(Continued)
- 28 -

The net carrying value of tangible fixed assets for the company and the group includes £1,772,785 (2023:£822,892) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £539,837 (2023: £417,248) for the year.

15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
ABL (Holding) Limited
1
Non  trading
Ordinary
100.00
PSVGG Properties Limited
1
Property investment
Ordinary
100.00

 

Registered Office addresses:

 

1 16 Hillbottom Road, High Wycombe, Buckinghamshire, HP12 4HJ

16
Audit exemption of subsidiaries

For the financial year ended 30 September 2024 both, ABL (Holding) Limited and PSVGG Properties Limited have claimed exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
9,113,011
7,910,843
9,113,011
7,910,843

Stock is stated after provision for impairment of £2,425,355 (2023: £2,478,167).

 

Stock with a total value of £538,018 (2023: £465,056) is held at the balance sheet date on consignment. Consignment stock is held until the point of sale at which time the group becomes liable to it. Consignment stock is not included in the financial statements.

PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,808,802
7,412,140
7,808,802
7,412,140
Corporation tax recoverable
-
0
386,963
-
0
386,963
Amounts owed by group undertakings
-
-
979,288
1,028,054
Other debtors
6,765,886
6,332,211
6,648,045
6,214,370
Prepayments and accrued income
1,076,499
712,827
1,076,499
712,827
15,651,187
14,844,141
16,512,634
15,754,354

Trade debtors are stated after provision for bad debts of £599,191 (2023: £557,093).

19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
619,466
346,707
619,466
346,707
Other borrowings
22
-
0
31,250
-
0
31,250
Trade creditors
3,085,213
3,616,316
3,085,213
3,616,087
Amounts owed to group undertakings
-
0
-
0
1,971,937
2,008,863
Corporation tax payable
872,594
84,576
869,700
84,576
Other taxation and social security
2,028,259
1,123,233
2,028,259
1,123,233
Other creditors
10,358,013
8,043,816
10,349,683
8,021,546
Accruals and deferred income
1,340,140
1,444,385
1,335,461
1,441,506
18,303,685
14,690,283
20,259,719
16,673,768

Included in other creditors is an amount secured on assets totaling £6,807,586 (2023: £7,595,996).

20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
817,825
518,901
817,825
518,901
PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
619,466
346,707
619,466
346,707
In two to five years
817,825
518,901
817,825
518,901
1,437,291
865,608
1,437,291
865,608

Finance lease payments represent rentals payable by the parent and the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is two years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
31,250
-
0
31,250
Payable within one year
-
0
31,250
-
0
31,250

The bank loans totalling £Nil (2023: £31,250) are secured by a debenture charge held with Natwest Bank Plc against the assets of the group.

The bank loan has interest charged at a rate of 1.65% p.a. over base rate. The loan is repayable in instalments and the final balance was paid in October 2023.

23
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
1,112,283
903,364
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
1,112,283
903,364
PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
23
Deferred taxation
(Continued)
- 31 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
903,364
903,364
Charge to profit or loss
208,919
208,919
Liability at 30 September 2024
1,112,283
1,112,283
24
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Retirement benefits
1,235,605
1,104,065
-
-
Movements on provisions:
Retirement benefits
Group
£
At 1 October 2023
1,104,065
Additional provisions in the year
131,540
At 30 September 2024
1,235,605

The group has taken advantage of section 21.17 of FRS102 not to disclose the details of the nature of general provisions.

The group has entered into agreements and is contractually obliged to expend fixed sums in the future to provide retirement benefits to senior employees under the terms of their pension agreements.

 

 

PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
14,678
14,678
147
147
Preferred Ordinary shares of £1 each
2,015
2,015
2,015
2,015
16,693
16,693
2,162
2,162

Refer to Companies House for details of the rights attached to the various classes of shares.

26
Retirement benefit schemes
2024
2023
Defined benefit and contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
388,896
453,899
Charge to profit or loss in respect of defined benefit schemes
131,539
68,586

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.

 

The group also provided pension benefits in respect of senior employees. Amounts payable are charged to the profit and loss account in the year the contracts are entered into between the group and the employees. The number of directors to whom benefits are accruing under these pension agreements is 1 (2023: 1).

 

The contributions and potential liabilities of the group in respect of the pension agreements are fixed at least until the date of retirement of the employees which is over 5 years from the year end date.

 

Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually considered to be a defined benefit scheme and therefore no further disclosures are considered necessary in order to understand the nature and measurement of the liability.

 

The directors are also of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities.

PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
27
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,067,377
936,002
1,067,377
936,002
Between two and five years
4,816,732
3,891,133
4,816,732
3,891,133
In over five years
8,039,904
5,683,085
8,039,904
5,683,085
13,924,013
10,510,220
13,924,013
10,510,220
28
Related party transactions

During the year the group undertook the following transactions with IGP Solutions Limited, a company controlled by P M Andrews:

 

Sales and recharges made to related party £130,396 (2023: £96,171), purchases from related party £763,264 (2023: £400,269) and net balance due to related party at the balance sheet date £167,281 (2023: £81,849).

 

During the year the group undertook the following transactions with ILE Solutions Limited, a company in which P M Andrews is a director and a shareholder:

 

Sales and recharges made to related party £161,099 (2023: £102,650), purchases from related party £Nil (2023: £4,326) and net balance owed by related party at the balance sheet date £39,149 (2023: £89,9781).

 

During the year the group undertook the following transactions with Fidget Limited, a company in which P M Andrews is a director and a shareholder:

 

Purchases from related party £332,971 (2023: £312,321) and net balance due to related party at the balance sheet date £12,030 (2023: £28,740).

 

During the year the group paid rental charges of £468,000 (2023: £468,000) to The ABL (Holding) Limited Retirement Benefit Trust. Included in the accounts at the balance sheet date is a net amount of £1,971,937 (2023: £1,253,347) owed by the trust.

 

There are cross guarantees between PSV Glass & Glazing Limited and ABL (Holding) Limited in respect of amounts owed to the bank.

 

Included within other debtors is an amount of £4,516,112 (2023: £2,857,397) due from Polaska Assests Ltd, a company registered in the British Virgin Islands, a company in which P M Andrews is a director and shareholder.

PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 34 -
29
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
M Griffin -
2.25
(26,500)
-
-
26,500
-
N Andrews -
2.25
(46,743)
(350,406)
-
-
(397,149)
T Hurndall -
2.25
(25,642)
-
-
26,061
419
T Beasley -
2.25
(26,672)
-
-
26,672
-
P M Andrews -
2.25
1,628,115
(4,186,203)
68,405
-
(2,489,683)
P I Powell -
2.25
(38,547)
-
-
44,454
5,907
1,464,011
(4,536,609)
68,405
123,687
(2,880,506)

 

30
Controlling party

The company is ultimately controlled by P M Andrews.

The group is ultimately controlled by P M Andrews.

31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
3,468,688
3,553,354
Adjustments for:
Taxation charged
1,149,880
961,058
Finance costs
1,525,311
2,164,644
Investment income
(484,994)
(354,263)
Gain on disposal of tangible fixed assets
(74,793)
(113,166)
Amortisation and impairment of intangible assets
406,668
406,668
Depreciation and impairment of tangible fixed assets
1,817,422
1,247,923
Increase/(decrease) in provisions
131,540
(406,414)
Movements in working capital:
Increase in stocks
(1,202,168)
(69,512)
Increase in debtors
(1,194,009)
(2,145,701)
Increase in creditors
2,583,875
1,551,239
Cash generated from operations
8,127,420
6,795,830
PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 35 -
32
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
3,595,293
3,968,164
Adjustments for:
Taxation charged
1,110,139
961,058
Finance costs
1,525,309
1,778,984
Investment income
(485,745)
(356,211)
Gain on disposal of tangible fixed assets
(74,793)
(113,166)
Amortisation and impairment of intangible assets
406,668
406,668
Depreciation and impairment of tangible fixed assets
1,799,895
1,230,396
Decrease in provisions
-
(475,000)
Movements in working capital:
Increase in stocks
(1,202,168)
(69,512)
Increase in debtors
(1,145,243)
(2,411,068)
Increase in creditors
2,559,318
2,472,189
Cash generated from operations
8,088,673
7,392,502
33
Analysis of changes in net debt - group
1 October 2023
Cash flows
New finance leases
30 September 2024
£
£
£
£
Cash at bank and in hand
431,068
26,776
-
457,844
Borrowings excluding overdrafts
(31,250)
31,250
-
-
Obligations under finance leases
(865,608)
744,061
(1,315,744)
(1,437,291)
(465,790)
802,087
(1,315,744)
(979,447)
34
Analysis of changes in net debt - company
1 October 2023
Cash flows
New finance leases
30 September 2024
£
£
£
£
Cash at bank and in hand
430,993
25,629
-
456,622
Borrowings excluding overdrafts
(31,250)
31,250
-
-
Obligations under finance leases
(865,608)
744,061
(1,315,744)
(1,437,291)
(465,865)
800,940
(1,315,744)
(980,669)
PSV GLASS & GLAZING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 36 -
35
Prior period adjustment
Reconciliation of changes in equity - group
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Cost of sales
(1,502,610)
Administrative expenses
1,502,610
Total adjustments
-
Profit as previously reported
3,553,354
Profit as adjusted
3,553,354
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Cost of sales
(1,502,610)
Administrative expensess
1,502,610
Total adjustments
-
Profit as previously reported
3,968,164
Profit as adjusted
3,968,164
Notes to reconciliation
Classification of wages and salaries

A prior period adjustment was made in respect of the year ended 30 September 2023 in order to reclassify staff costs and directors remuneration between cost of sales and administrative expenses.

 

The split of employees and directors' wage costs has been achieved by identifying which employees belong to each category, and adjusting the 2023 reporting figures to reflect the right amount in each account going forward.

 

The overall effect changes the statutory accounts but has no effect on profit before tax and taxation.

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