Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-222025-05-232024-12-312025-05-22false4false2024-01-01No description of principal activity13falsefalse 04096378 2024-01-01 2024-12-31 04096378 2023-01-01 2023-12-31 04096378 2024-12-31 04096378 2023-12-31 04096378 2023-01-01 04096378 1 2024-01-01 2024-12-31 04096378 d:Director1 2024-01-01 2024-12-31 04096378 d:Director2 2024-01-01 2024-12-31 04096378 d:RegisteredOffice 2024-01-01 2024-12-31 04096378 c:FurnitureFittings 2024-01-01 2024-12-31 04096378 c:FurnitureFittings 2024-12-31 04096378 c:FurnitureFittings 2023-12-31 04096378 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04096378 c:ComputerEquipment 2024-01-01 2024-12-31 04096378 c:ComputerEquipment 2024-12-31 04096378 c:ComputerEquipment 2023-12-31 04096378 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04096378 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04096378 c:CurrentFinancialInstruments 2024-12-31 04096378 c:CurrentFinancialInstruments 2023-12-31 04096378 c:Non-currentFinancialInstruments 2024-12-31 04096378 c:Non-currentFinancialInstruments 2023-12-31 04096378 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 04096378 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04096378 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 04096378 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 04096378 c:ShareCapital 2024-12-31 04096378 c:ShareCapital 2023-12-31 04096378 c:ShareCapital 2023-01-01 04096378 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04096378 c:RetainedEarningsAccumulatedLosses 2024-12-31 04096378 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04096378 c:RetainedEarningsAccumulatedLosses 2023-12-31 04096378 c:RetainedEarningsAccumulatedLosses 2023-01-01 04096378 c:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04096378 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04096378 c:TaxLossesCarry-forwardsDeferredTax 2024-12-31 04096378 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 04096378 c:OtherDeferredTax 2024-12-31 04096378 c:OtherDeferredTax 2023-12-31 04096378 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 04096378 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 04096378 d:OrdinaryShareClass1 2024-01-01 2024-12-31 04096378 d:OrdinaryShareClass1 2024-12-31 04096378 d:OrdinaryShareClass1 2023-12-31 04096378 d:FRS102 2024-01-01 2024-12-31 04096378 d:Audited 2024-01-01 2024-12-31 04096378 d:FullAccounts 2024-01-01 2024-12-31 04096378 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04096378 c:WithinOneYear 2024-12-31 04096378 c:WithinOneYear 2023-12-31 04096378 c:BetweenOneFiveYears 2024-12-31 04096378 c:BetweenOneFiveYears 2023-12-31 04096378 2 2024-01-01 2024-12-31 04096378 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 04096378












WAAGNER BIRO STEEL AND GLASS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

WAAGNER BIRO STEEL AND GLASS LIMITED

CONTENTS



Page
Company information
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditor's report
 
4 - 8
Profit and loss account
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 24


 

WAAGNER BIRO STEEL AND GLASS LIMITED
 
COMPANY INFORMATION


Directors
J Sischka 
M I Sharkey 




Registered number
04096378



Registered office
22 Fish Street Hill

London

EC3R 6DB




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

WAAGNER BIRO STEEL AND GLASS LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The directors who served during the year were:

J Sischka 
M I Sharkey 

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Post balance sheet events

In May 2025 the company agreed an extension to the loan issued by Waagner Biro steel and glass GmbH which at 31 December 2024 had a value of £2,059,792. The loan previously had a maturity date of 31 December 2025 but was extended to a revised maturity date of 31 October 2026.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





J Sischka
Director

Date: 22 May 2025

Page 2

 

WAAGNER BIRO STEEL AND GLASS LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


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

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

Page 3

 

WAAGNER BIRO STEEL AND GLASS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAAGNER BIRO STEEL AND GLASS LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of Waagner Biro Steel and Glass Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Page 4

 

WAAGNER BIRO STEEL AND GLASS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAAGNER BIRO STEEL AND GLASS LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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 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 reportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.


Page 5

 

WAAGNER BIRO STEEL AND GLASS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAAGNER BIRO STEEL AND GLASS LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 6

 

WAAGNER BIRO STEEL AND GLASS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAAGNER BIRO STEEL AND GLASS LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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:

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

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

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

performed analytical procedures to identify any unusual or unexpected relationships;
reviewed a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

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

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HM Revenue and Customs, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.
Page 7

 

WAAGNER BIRO STEEL AND GLASS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAAGNER BIRO STEEL AND GLASS LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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

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


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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 2006Our 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.





Thomas Dickinson (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
23 May 2025
Page 8

 

WAAGNER BIRO STEEL AND GLASS LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

  

Turnover
  
35,224,808
3,070,438

Cost of sales
  
(33,867,145)
(2,286,208)

Gross profit
  
1,357,663
784,230

Administrative expenses
  
(1,005,039)
(644,336)

Other operating income
  
21,749
-

Operating profit
  
374,373
139,894

Interest receivable and similar income
  
2,648
-

Interest payable and similar expenses
  
-
(13,130)

Profit before taxation
  
377,021
126,764

Tax on profit
  
(112,716)
111,832

Profit for the financial year
  
264,305
238,596

There are no items of other comprehensive income for 2024 or 2023 other than the profit for the year. As a result, no separate statement of comprehensive income has been presented.
Page 9


 
REGISTERED NUMBER:04096378
WAAGNER BIRO STEEL AND GLASS LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,694
2,541

Current assets
  

Stocks
 6 
3,206,741
-

Debtors: amounts falling due after more than one year
 7 
1,343,222
97,342

Debtors: amounts falling due within one year
 7 
8,302,830
4,037,339

Cash at bank and in hand
  
1,116,203
2,145,746

  
13,968,996
6,280,427

Creditors: amounts falling due within one year
 8 
(12,913,201)
(5,497,147)

Net current assets
  
 
 
1,055,795
 
 
783,280

Total assets less current liabilities
  
1,057,489
785,821

Creditors: amounts falling due after more than one year
 9 
(466,581)
(459,218)

Provisions for liabilities
  

Other provisions
 11 
(5,000)
(5,000)

  
 
 
(5,000)
 
 
(5,000)

Net assets
  
585,908
321,603


Capital and reserves
  

Called up share capital 
 12 
905,940
905,940

Profit and loss account
  
(320,032)
(584,337)

Total equity
  
585,908
321,603


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J Sischka
Director
 
Date: 
22 May 2025

The notes on pages 12 to 24 form part of these financial statements.
Page 10

 

WAAGNER BIRO STEEL AND GLASS LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
905,940
(822,933)
83,007



Profit for the year
-
238,596
238,596



At 1 January 2024
905,940
(584,337)
321,603



Profit for the year
-
264,305
264,305


At 31 December 2024
905,940
(320,032)
585,908


Page 11

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Waagner Biro steel and glass Limited is a private company limited by shares and is incorporated in England and Wales. The address of its registered office and principal place of business is 22 Fish Street Hill, London, EC3R 6DB.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The company enters into contracts as a subcontractor and these contracts are fulfilled with the support of its fellow group companies. Therefore in assessing going concern, the directors also consider the position of the group as a whole.
Having considered post year end trading, financial results, cash reserves and the ongoing support of the parent undertaking, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 12

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The company's income is derived from construction contracts.
Construction contracts
Income from long-term contracts is recognised as contract activity progresses calculated with reference to the stage of completion certified by external valuers.
Profit is recognised on long-term contracts on the percentage of completion basis, if the final outcome can be estimated reliably, by including in the profit and loss account turnover and related costs as contract activity progresses. Losses and contingencies on long-term contracts are recognised in full when such losses can be foreseen.
Contract work in progress is included in debtors as amounts recoverable on contracts. Progress payments receivable are deducted from amounts recoverable on contracts and any excess included in creditors as payments on account.
Where costs have been incurred in excess of the stage of completion, these are included within stocks and work in progress.
Retentions
Retentions represent the difference between the cumulative income recognised on contracts and the cumulative stage payments invoiced. Retentions are usually held for a period of twelve months following the practical completion of the contract. At the balance sheet date, the directors assess retentions recoverable for impairment. Where the retention is found not to be recoverable due to a dispute with the client, impairment is charged against revenue. Where non-recovery is as a result of the inability of a client to meet its obligations, the impairment is charged to administrative expenses.
 

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 13

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20-50% per annum straight line
Computer equipment
-
20-50% per annum straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  


Page 14

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.7

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
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 company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and intercompany working capital balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
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
Page 15

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.8

Share capital

Ordinary shares are classified as equity.

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

Operating leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.11

Liabilities for remedial work

Amounts required for remedial work to be undertaken on projects are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation, and are measured at the best estimate of the expenditure required to settle the obligation.

  
2.12

Contingent liabilities

The company provides certain guarantees and warranties as part of their contract terms in respect of projects undertaken which are generally of ten years’ duration. Provision is made for any claims arising on those projects in the period in which the company becomes aware of an obligation under a contract.

Page 16

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Page 17

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other
comprehensive income or to an item recognised directly in equity is also recognised in other
comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of
business combinations, when deferred tax is recognised on the differences between the fair values of
assets acquired and the future tax deductions available for them and the differences between the fair
values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 18

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements and estimations that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements:
The recognition of revenue and profit on long-term contracts
Management judgement is required to determine the appropriateness of calculating the revenue and profit to be recognised. This includes estimating the total expected costs to complete each contract, the future profitability of the contract and also the percentage of completion at the balance sheet date. These judgements directly influence the revenue and profit that can be recognised in relation to such contracts. Material changes in these estimates could affect the overall amounts recognised on individual contracts.
Liabilities for remedial work
Management review liabilities for remedial work arising on contracts on an annual basis to determine the nature of the work required and the associated costs. Provisions are made on a case by case basis.
Impairment of retentions
Management review retentions recoverable on an annual basis. In determining whether there is an impairment, management determine their best estimate of the probability of recovery based on the eventual outcome of contract negotiations. In arriving at this judgement, management consider historical experience and current trends.
Deferred tax assets
The company has estimated losses of £9,779 available for carry forward against future trading profits.
A deferred tax asset of £8,947 has been recognised in the financial statements which includes the tax losses carried forward which are expected to be utilised in the foreseeable future.
Assessments as to whether or not to recognise deferred tax assets involve forecasts of future taxable profits. These forecasts involve a series of complex judgements about future events and can rely heavily on estimates and assumptions. Actual outcomes could be different to the estimates and assumptions used in determining the forecasts.

Page 19

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Number of production staff
2
2



Number of administrative staff
11
2

13
4


5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 January 2024
208,267
10,324
218,591



At 31 December 2024

208,267
10,324
218,591



Depreciation


At 1 January 2024
205,726
10,324
216,050


Charge for the year
847
-
847



At 31 December 2024

206,573
10,324
216,897



Net book value



At 31 December 2024
1,694
-
1,694



At 31 December 2023
2,541
-
2,541


6.


Stocks

2024
2023
£
£

Work in progress
3,206,741
-


Page 20

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Debtors


2024
2023
£
£

Due after more than one year

Trade debtors (retentions)
1,298,039
54,845

Other debtors
45,183
42,497

1,343,222
97,342

Due within one year

Trade debtors
1,130,523
1,286,737

Amounts owed by group undertakings
48,698
127,113

Other debtors
438,281
16,780

Prepayments and accrued income
6,676,381
2,490,162

Deferred taxation
8,947
116,547

9,646,052
4,134,681


Amounts owed by group undertakings shown above are unsecured, interest-free and are repayable on demand.


8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
4,422
-

Payments received on account
934,385
1,870,000

Trade creditors
4,041,596
242,774

Amounts owed to group undertakings
6,551,031
323,989

Other taxation and social security
322,143
15,708

Other creditors
7,195
-

Accruals and deferred income
1,052,429
3,044,676

12,913,201
5,497,147


Included within amounts owed to group undertakings shown above is £2,059,792 relating to a loan agreement with the company's parent entity, Waagner Biro steel and glass GmbH. At the balance sheet date the loan and all accrued interest was repayable in full on 31 December 2025. As detailed in note 16, in May 2025 the loan was extended to a revised repayment date of 31 October 2026. Interest is charged at 2.5% per annum. The remaining amounts owed to group undertakings are unsecured, interest-free and are repayable on demand.

Page 21

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
466,581
459,218


The amounts owed to parent undertaking shown above relate to a loan agreement with the company's parent entity, Waagner Biro steel and glass GmbH. The loan and all accrued interest is repayable in full on 22 December 2027, being the fifth anniversary of draw-down. Interest is charged at 2.5% per annum.


10.


Deferred taxation




2024


£






At beginning of year
116,547


Charged to profit or loss
(107,600)



At end of year
8,947

2024
2023
£
£


Accelerated capital allowances
4,704
4,989

Tax losses carried forward
2,445
111,558

Temporary timing differences
1,798
-

8,947
116,547


11.


Provisions




Dilapidation provision

£





At 1 January 2024
5,000



At 31 December 2024
5,000

Page 22

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



905,940 (2023 - 905,940) Ordinary shares of £1 each
905,940
905,940

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.



13.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The charge for pension costs represents contributions payable by the company to the fund and amounted to £36,169 (2023: £11,493). Contributions totalling £7,195 (2023: £Nil) were included within current liabilities at the balance sheet date.


14.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
120,376
81,849

Later than 1 year and not later than 5 years
1,673
121,252

122,049
203,101


15.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly-owned part of the group.

16.


Post balance sheet events

In May 2025 the company agreed an extension to the loan issued by Waagner Biro steel and glass GmbH which at 31 December 2024 had a value of £2,059,792. The loan previously had a maturity date of 31 December 2025 but was extended to a revised maturity date of 31 October 2026.

Page 23

 

WAAGNER BIRO STEEL AND GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Controlling party

At 31 December 2024 the company's immediate parent company was Waagner Biro steel and glass GmbH and the ultimate parent company was Zeman Beteiligungsgesellschaft mbH, a company incorporated in Austria. The smallest group for which consolidated financial statements are drawn up is headed by Zeman Beteiligungsgesellschaft mbH, the registered office of which is Clemens-Holzmeister-Straße 6, 1100 Vienna, Austria.
At 31 December 2024 and at the date that these financial statements were approved, the ultimate controlling party is Mr P Zeman.

 
Page 24