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Registered number: 07766455
Sheerwater Glass Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 07766455
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 169,035 178,544
169,035 178,544
CURRENT ASSETS
Stocks 6 50,225 70,995
Debtors 7 82,728 174,784
Cash at bank and in hand 446,813 601,047
579,766 846,826
Creditors: Amounts Falling Due Within One Year 8 (490,246 ) (519,526 )
NET CURRENT ASSETS (LIABILITIES) 89,520 327,300
TOTAL ASSETS LESS CURRENT LIABILITIES 258,555 505,844
PROVISIONS FOR LIABILITIES
Provisions For Charges 9 (80,351 ) (66,041 )
Deferred Taxation (19,322 ) (18,263 )
NET ASSETS 158,882 421,540
CAPITAL AND RESERVES
Called up share capital 10 100 100
Share premium account 149,998 149,998
Profit and Loss Account 8,784 271,442
SHAREHOLDERS' FUNDS 158,882 421,540
Page 1
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For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G J McCluggage
Director
14/08/2025
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sheerwater Glass Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07766455 . The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Presentational Currency
The accounts are presented in and rounded to the nearest £1 sterling.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with
the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10%
Plant & Machinery 10-15%
Motor Vehicles 25%
Fixtures & Fittings 15-25%
Computer Equipment 33%
2.5. Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
2.6. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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2.7. Taxation
Tax is recognised in the statement of income and retained earnings, 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.
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 UK.
Deferred tax creditor is recognised on the book value of fixed assets in the current year, calculated on the basis of anticiapted future tax rates. 
An adjustment to the provision for deferred tax is recognised in the statement of comprehensive income.
2.8. 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 the statement of income and retained earnings when they fall due. Amounts not paid are shown as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
2.9. Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.10. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
2.11. Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.12. Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
2.13. Finance costs
Finance costs are charged to the statement of income and retained earnings 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2.14. Borrowing costs
All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.
2.15. Dividends
Equity dividends are recognised when they become legally payable. Interim dividends are recognised when they are paid. Final equity dividends are recognised when approved by the sharehodlers at an annual general meeting.
2.16. Interest income
Interest income is recognised in the statement of income and retained earnings using effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 23 (2023: 19)
23 19
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4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 289,998
As at 31 December 2024 289,998
Amortisation
As at 1 January 2024 289,998
As at 31 December 2024 289,998
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
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5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2024 137,450 23,943 131,106 23,417
Additions - - 45,105 3,946
Disposals - - (3,550 ) -
As at 31 December 2024 137,450 23,943 172,661 27,363
Depreciation
As at 1 January 2024 31,957 15,893 83,453 15,118
Provided during the period 13,746 1,610 32,337 4,011
Disposals - - (148 ) -
As at 31 December 2024 45,703 17,503 115,642 19,129
Net Book Value
As at 31 December 2024 91,747 6,440 57,019 8,234
As at 1 January 2024 105,493 8,050 47,653 8,299
Computer Equipment Total
£ £
Cost
As at 1 January 2024 17,475 333,391
Additions 3,231 52,282
Disposals - (3,550 )
As at 31 December 2024 20,706 382,123
Depreciation
As at 1 January 2024 8,426 154,847
Provided during the period 6,685 58,389
Disposals - (148 )
As at 31 December 2024 15,111 213,088
Net Book Value
As at 31 December 2024 5,595 169,035
As at 1 January 2024 9,049 178,544
6. Stocks
2024 2023
£ £
Materials 24,012 22,324
Finished goods 26,213 48,671
50,225 70,995
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 42,715 63,379
Prepayments and accrued income 25,013 11,405
Amounts owed by group undertakings 15,000 100,000
82,728 174,784
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 159,669 163,307
Corporation tax 110,738 111,693
Other taxes and social security 17,208 20,478
VAT 75,853 72,609
Other creditors 122,117 147,018
Accruals and deferred income 3,600 3,360
Directors' loan accounts 1,061 1,061
490,246 519,526
The company has guaranteed the parent company's bank loans in favour of Lloyds Bank plc.
9. Provisions for Liabilities
Deferred Tax Other Provisions Total
£ £ £
As at 1 January 2024 18,263 66,041 84,304
Additions - 14,310 14,310
Deferred taxation 1,059 - 1,059
Balance at 31 December 2024 19,322 80,351 99,673
Warranty provisions are recognised as 3.0% of turnover (2023: 2.5%).
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
34 Ordinary A shares of £ 1.00 each 34 34
33 Ordinary B shares of £ 1.00 each 33 33
33 Ordinary C shares of £ 1.00 each 33 33
100 100
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11. Other Commitments
At 31 December 2024 the company had the following future minimum lease payments under
non-cancellable operating leases for each of the following periods:
2024 2023
£ £
Not later than one year 30,043 58,932
Later than one year and not later than five years 9,310 37,490
39,353 96,422
12. Related Party Transactions
The Company has taken the advantage of Section 33 paragraph 1A not to disclose transactions with wholly owned group members.
13. Ultimate Controlling Party
The company is controlled by its parent, McWin Limited, a company incorporated in England and Wales. The registered office of the company is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
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