Company registration number 02980076 (England and Wales)
CRYSTAL UNITS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
CRYSTAL UNITS LIMITED
COMPANY INFORMATION
Directors
V Halai
(Appointed 29 October 2024)
P Gorsia
Company number
02980076
Registered office
100 West Hendon Broadway
Hendon
London
NW9 7AA
Auditor
MGR MAP Limited
55 Loudoun Road
St John's Wood
London
NW8 0DL
Bankers
Barclays Bank Plc
P O Box 317
Woking
Surrey
GU21 1WT
CRYSTAL UNITS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
CRYSTAL UNITS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report for the year ended 31 October 2024.

Review of the business

The financial year has been remarkable for the company with exceptional performance across all key metrics. Revenue growth increased in the year reflecting the steady increase in demand. Profit margins improved significantly, driven by operational efficiencies and product cost management. The company continued to demonstrate innovation in its product offering, resulting in securing competitive advantage and customer satisfaction. Furthermore, the employees contributed to a dynamic and productive work environment.

 

The directors are therefore confident that the company is in a strong position for sustained future success.

Principal risks and uncertainties

Financial risk management objectives and policies

Like many businesses the company is exposed to a number of risks and uncertainties and managing these risks is an integral part of the business. The principal financial risks to which the company is exposed are those of liquidity, economic, market and price, credit, interest rate and cash flow . Each of the outlined risks is managed as set out below:

Liquidity risk:

The company manages liquidity risk by maintaining access to a number of sources of funding which are sufficient to meet the anticipated funding requirements. The liquidity risks of the company are monitored on an ongoing basis and close control is maintained on debtor collection and creditor settlement.

Economic, market and price risk:

The economic environment has a direct impact on the company’s performance since the company operates in a highly competitive and price sensitive market. The company manages price risk by negotiating competitive prices with its key suppliers.

Credit risk:

The company is at risk of exposure to financial losses should customers fail to meet their obligations as and when the debts fall due. The company has an established credit policy to ensure that credit is only extended to those customers who meet strict rating requirements. Credit ratings and trade debtor ageing are closely monitored and timely action taken if any risks are identified.

Interest rate risk:

The company borrows at floating rates of interest and where considered necessary, it uses interest rate cap protection to manage exposure to interest rate fluctuations. The interest rate on hire purchase agreements are fixed at the commencement of the agreement.

Cashflow risk:

The company is reliant on timely receipts from customers. The cash flow position is closely monitored by the directors.

Political:

The impact of the Ukraine war has caused energy costs to spiral which has affected the whole glass industry. The company mitigates the risk by carefully monitoring electricity prices and entering into fixed price agreements where possible. Customer pricing is continually reviewed to reflect changing energy prices.

Competition:

The company operates in a highly competitive market. The company mitigates the risk by continuously investing in new plant, developing new product offerings and building long term relationships built upon quality and flexibility.

CRYSTAL UNITS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Development and performance

The company continues to look to secure additional market share by securing new customers and developing existing relationships.

Key performance indicators

The directors consider the turnover, gross profit margin and EBITA (profit before tax plus depreciation, interest and tax) to be the key performance indicators.

 

2024                 2023

£‘000                £‘000

Turnover                                                  19,248              18,908

EBITDA                                         2,125           1,719

Gross Profit Margin                                  38.11%               33.66%

 

 

The directors monitor and respond to the following areas on a routine basis and are satisfied with current trends:

On behalf of the board

V Halai
Director
17 July 2025
CRYSTAL UNITS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

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

Principal activities
The principal activity of the company continued to be that of the manufacture of sealed glass units.
Results and dividends

The results for the year are set out on page 8.

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

Directors

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

V Halai
(Appointed 29 October 2024)
P Gorsia
A K Varsani
(Resigned 4 November 2024)
B K Varsani
(Resigned 4 November 2024)
Future developments

Looking ahead the company aims to build on its success to date by expanding into more energy efficient products, thus adding further diversity to its suite. Furthermore, the company has invested in cutting edge technology to strengthen its digital sales capacity and this will further enhance growth.

Auditor

The auditor, MGR MAP Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
V Halai
P Gorsia
Director
Director
17 July 2025
CRYSTAL UNITS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CRYSTAL UNITS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRYSTAL UNITS LIMITED
- 5 -
Opinion

We have audited the financial statements of Crystal Units Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the 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 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 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:

CRYSTAL UNITS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRYSTAL UNITS LIMITED (CONTINUED)
- 6 -
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 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 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.

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.

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

 

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.

Based on our understanding and accumulated knowledge of the company we considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud and whether such actions or non-compliance might have a material effect on the financial statements. These included but were not limited to those that relate to the form and content of the financial statements, such as the company's accounting policies, the financial reporting framework, and the UK Companies Act 2006. All team members were briefed to ensure they were aware of any relevant regulations in relation to their work.

 

CRYSTAL UNITS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRYSTAL UNITS LIMITED (CONTINUED)
- 7 -

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates as well as inappropriate revenue cut-off. Our audit procedures included, but were not limited to:

 

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Vasuhi Nadarajah-Pillai (Senior Statutory Auditor)
For and on behalf of MGR MAP Limited, Statutory Auditor
Chartered Accountants
55 Loudoun Road
St John's Wood
London
NW8 0DL
17 July 2025
CRYSTAL UNITS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
19,248,805
18,908,587
Cost of sales
(11,911,960)
(12,544,137)
Gross profit
7,336,845
6,364,450
Administrative expenses
(6,179,617)
(5,534,379)
Operating profit
3
1,157,228
830,071
Interest receivable and similar income
7
-
0
279
Interest payable and similar expenses
8
(98,746)
(160,449)
Profit before taxation
1,058,482
669,901
Tax on profit
9
310,200
493,754
Profit for the financial year
1,368,682
1,163,655

The income statement has been prepared on the basis that all operations are continuing operations.

CRYSTAL UNITS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,119,804
4,728,668
Investments
11
2
-
0
4,119,806
4,728,668
Current assets
Stocks
13
714,062
734,067
Debtors falling due after more than one year
14
297,219
700,000
Debtors falling due within one year
14
4,293,383
4,890,317
Cash at bank and in hand
787,114
682,650
6,091,778
7,007,034
Creditors: amounts falling due within one year
15
(4,094,721)
(3,746,608)
Net current assets
1,997,057
3,260,426
Total assets less current liabilities
6,116,863
7,989,094
Creditors: amounts falling due after more than one year
16
(1,327,619)
(1,205,551)
Provisions for liabilities
Deferred tax liability
19
-
0
12,981
-
(12,981)
Net assets
4,789,244
6,770,562
Capital and reserves
Called up share capital
21
80,100
120,100
Capital redemption reserve
40,000
-
0
Profit and loss reserves
4,669,144
6,650,462
Total equity
4,789,244
6,770,562

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 17 July 2025 and are signed on its behalf by:
P Gorsia
Director
Company registration number 02980076 (England and Wales)
CRYSTAL UNITS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
120,100
-
0
5,486,807
5,606,907
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
1,163,655
1,163,655
Balance at 31 October 2023
120,100
-
0
6,650,462
6,770,562
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
1,368,682
1,368,682
Own shares acquired
-
-
(3,350,000)
(3,350,000)
Redemption of shares
21
(40,000)
40,000
-
0
-
0
Balance at 31 October 2024
80,100
40,000
4,669,144
4,789,244
CRYSTAL UNITS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
4,118,075
1,785,182
Interest paid
(98,746)
(160,449)
Income taxes refunded/(paid)
69,887
(6,219)
Net cash inflow from operating activities
4,089,216
1,618,514
Investing activities
Purchase of tangible fixed assets
(306,177)
(854,347)
Proceeds from disposal of tangible fixed assets
34,931
21,163
Purchase of associates
(2)
-
0
Loans to directors
(472,464)
(104,868)
Interest received
-
0
279
Net cash used in investing activities
(743,712)
(937,773)
Financing activities
Purchase of own shares
(3,350,000)
-
0
Proceeds from new bank loans
1,000,000
-
0
Repayment of bank loans
(187,500)
(250,000)
Payment of finance leases obligations
(703,540)
(543,533)
Net cash used in financing activities
(3,241,040)
(793,533)
Net increase/(decrease) in cash and cash equivalents
104,464
(112,792)
Cash and cash equivalents at beginning of year
682,650
795,442
Cash and cash equivalents at end of year
787,114
682,650
CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
1
Accounting policies
Company information

Crystal Units Limited is a private company limited by shares incorporated in England and Wales. The registered office is 100 West Hendon Broadway, Hendon, London, NW9 7AA.

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
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

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

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

Land and buildings Leasehold
10% Straight line
Plant and machinery
10% Straight line
Fixtures, fittings & equipment
25% Straight line
Motor vehicles
25% Reducing balance

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 credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

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

CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 13 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

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

1.7
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

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

1.9
Financial instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

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

Basic financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the company 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 company.

CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -
1.11
Taxation

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

Current tax

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

Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.12
Employee benefits

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

 

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

 

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

1.13
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.14
Leases

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

 

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

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

1.15
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.

CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
438,783
490,402
Depreciation of tangible fixed assets held under finance leases
429,426
398,451
Loss/(profit) on disposal of tangible fixed assets
11,901
(21,163)
Operating lease charges
1,316,012
1,024,999
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,000
16,000
For other services
All other non-audit services
10,468
57,418
5
Employees

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

2024
2023
Number
Number
Operations
117
102
Administration
22
21
Total
139
123
CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
5
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,092,668
4,948,271
Social security costs
538,232
486,573
Pension costs
75,713
82,245
5,706,613
5,517,089
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
268,832
222,302

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
246,248
222,302
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
0
279
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,586
24,262
Interest on invoice finance arrangements
3,182
19,260
6,768
43,522
Other finance costs:
Interest on finance leases and hire purchase contracts
91,321
114,221
Other interest
657
2,706
98,746
160,449
CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(98,404)
Deferred tax
Origination and reversal of timing differences
(310,200)
(395,350)
Total tax credit
(310,200)
(493,754)

The actual credit 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
1,058,482
669,901
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
264,621
167,475
Tax effect of expenses that are not deductible in determining taxable profit
25,397
13,050
Tax effect of utilisation of tax losses not previously recognised
(388,179)
143,198
Permanent capital allowances in excess of depreciation
98,161
(323,723)
Under/(over) provided in prior years
-
0
(98,404)
Reversing timing differences
(310,200)
(395,350)
Taxation credit for the year
(310,200)
(493,754)
CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 18 -
10
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
387,455
7,911,794
482,010
554,137
9,335,396
Additions
-
0
270,379
35,798
-
0
306,177
Disposals
-
0
-
0
-
0
(97,897)
(97,897)
At 31 October 2024
387,455
8,182,173
517,808
456,240
9,543,676
Depreciation and impairment
At 1 November 2023
78,644
3,918,182
345,592
264,310
4,606,728
Depreciation charged in the year
23,419
682,762
101,279
60,749
868,209
Eliminated in respect of disposals
-
0
-
0
-
0
(51,065)
(51,065)
At 31 October 2024
102,063
4,600,944
446,871
273,994
5,423,872
Carrying amount
At 31 October 2024
285,392
3,581,229
70,937
182,246
4,119,804
At 31 October 2023
308,811
3,993,612
136,418
289,827
4,728,668

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

2024
2023
£
£
Plant and machinery
2,123,952
2,167,425
Motor vehicles
148,360
244,645
2,272,312
2,412,070
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in associates
12
2
-
0
CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Fixed asset investments
(Continued)
- 19 -
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 November 2023
-
Additions
2
At 31 October 2024
2
Carrying amount
At 31 October 2024
2
At 31 October 2023
-
12
Associates

Details of the company's associates at 31 October 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bespoke Glass Solutions Limited
100 West Hendon Broadway, London, NW9 7AA
Ordinary shares
33.33
13
Stocks
2024
2023
£
£
Raw materials and consumables
470,710
532,312
Finished goods and goods for resale
243,352
201,755
714,062
734,067
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,223,954
2,798,459
Corporation tax recoverable
280,414
190,187
Other debtors
1,260,138
1,442,892
Prepayments and accrued income
528,877
458,779
4,293,383
4,890,317
CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
14
Debtors
(Continued)
- 20 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
-
0
700,000
Deferred tax asset (note 19)
297,219
-
0
297,219
700,000
Total debtors
4,590,602
5,590,317

Included under other debtors are advances against book debts in the sum of £202,001 (2023233,665) due from Barclays Bank Plc which are secured by fixed and floating charges over the assets of the company.

 

15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
250,000
187,500
Obligations under finance leases
18
627,599
703,207
Trade creditors
1,134,883
1,007,934
Corporation tax
160,114
-
0
Other taxation and social security
747,935
822,103
Other creditors
360,500
393,312
Accruals and deferred income
813,690
632,552
4,094,721
3,746,608
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
750,000
-
0
Obligations under finance leases
18
577,619
1,205,551
1,327,619
1,205,551
CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
17
Loans and overdrafts
2024
2023
£
£
Bank loans
1,000,000
187,500
Payable within one year
250,000
187,500
Payable after one year
750,000
-
0

Bank loans and overdrafts are secured by a fixed and floating charge over all assets of the company in favour of Barclays Bank Plc.

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
646,442
750,563
In two to five years
616,637
1,241,646
1,263,079
1,992,209
Less: future finance charges
(57,861)
(83,451)
1,205,218
1,908,758

Finance lease payments represent rentals payable by the company 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 three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

 

19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
12,981
(766,976)
-
Tax losses
-
-
1,064,195
-
-
12,981
297,219
-
CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
19
Deferred taxation
(Continued)
- 22 -
2024
Movements in the year:
£
Liability at 1 November 2023
12,981
Credit to profit or loss
(310,200)
Asset at 31 October 2024
(297,219)
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
75,713
82,245

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
80,000
120,000
80,000
120,000
"S" Ordinary share of £100 each
1
1
100
100
80,001
120,001
80,100
120,100

During the financial year, the company purchased 40,000 of its own Ordinary shares of £1 each for a total consideration of £3,350,000. The share buyback was made in accordance with the off-market share buyback agreement dated 29 October 2024 and the purchased shares cancelled.

The buyback of shares has no material impact on the company’s ability to meet its obligations, and the company remains solvent following the purchase.

CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
22
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
885,270
893,817
Between two and five years
2,797,584
2,881,518
In over five years
3,000,000
3,375,000
6,682,854
7,150,335
23
Events after the reporting date

The directors were not aware of any events after the reporting date which would materially affect the financial statements.

CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
24
Related party transactions
Transactions with related parties

During the year the following related party transactions occurred:

 

Rent of £524,219 (2023: £375,000) for the factory located at 100 West Hendon Broadway was paid to The VAB Partnership, a partnership in which A K Varsani and B K Varsani are partners. At the reporting date £46,667 (2023: £31,250) was due to The VAB Partnership.

 

Included under other debtors is £30,470 (2023: £21,800) due from Bespoke Glass Solutions Limited, a connected company.

 

Included under other creditors is £99 (2023: £8,210) owed to Bespoke Glass Rooflights Limited, a connected company.

 

Included under other debtors is £464 (2023: £Nil) due from Glass Fitting Company Limited, a connected company.

 

Included under other debtors is £98,519 (2023: £86,937) due from Bespoke Interior Room Dividers Limited, a connected company.

 

During the financial year, the company purchased 40,000 of its own Ordinary shares of £1 each from the former directors A Varsani and B Varsani.

25
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
P Gorsia -
-
437,902
3,604
441,506
V Halai -
-
-
468,860
468,860
437,902
472,464
910,366
26
Ultimate controlling party

During the year under review the company was under the control of the directors.

 

CRYSTAL UNITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
27
Cash generated from operations
2024
2023
£
£
Profit after taxation
1,368,682
1,163,655
Adjustments for:
Taxation credited
(310,200)
(493,754)
Finance costs
98,746
160,449
Investment income
-
0
(279)
Loss/(gain) on disposal of tangible fixed assets
11,901
(21,163)
Depreciation and impairment of tangible fixed assets
868,209
888,853
Movements in working capital:
Decrease in stocks
20,005
7,077
Decrease in debtors
1,859,625
800,427
Increase/(decrease) in creditors
201,107
(720,083)
Cash generated from operations
4,118,075
1,785,182
28
Analysis of changes in net debt
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
682,650
104,464
787,114
Borrowings excluding overdrafts
(187,500)
(812,500)
(1,000,000)
Obligations under finance leases
(1,908,758)
703,540
(1,205,218)
(1,413,608)
(4,496)
(1,418,104)
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