Company Registration No. 02189095 (England and Wales)
VALMIERA GLASS UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
VALMIERA GLASS UK LIMITED
COMPANY INFORMATION
Directors
Mr R Hallett Andrews
Mr S Jugel
Mr I Bleier
Mr M Blatchford
Secretary
Michelmores Secretaries Limited
Company number
02189095
Registered office
Valmiera Glass UK Limited
SHERBORNE
Dorset
DT9 3RB
Auditor
Old Mill Audit Limited
Maltravers House
Petters Way
YEOVIL
Somerset
BA20 1SH
Bankers
SEB UK
One Carter Lane
LONDON
EC4V 5AN
Solicitors
Michelmores LLP
Broad Quay House
Broad Quay
BRISTOL
Somerset
BS1 4DJ
VALMIERA GLASS UK LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of profit and loss
10
Statement of comprehensive income
11
Statement of financial position
12 - 13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 41
VALMIERA GLASS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

 

The directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.

Review of the business

 

Results for the period

As shown in the company’s profit and loss statement on page 10, the company’s sales have decreased by 7.3% compared with the prior year (2023 – increase of 7.8%), with revenue remaining consistent in the UK, Continental Europe and USA, but significant decrease in revenue from other parts of the world as shown on page 22, with profit for the year reduced compared to the prior year. Additional sales resources will be in place during 2025 to recover lost sales revenue and improve company performance.

The company’s key measure of effectiveness of its operations is operating profit. The company achieved an operating profit of £418,395 (2023 – operating profit of £561,350).

Financial position

The position of the company at the end of the year is set out in the statement of financial position (balance sheet) on pages 12- 13 and the notes thereto. As disclosed in note 33 the directors have introduced a stock provision by way of prior year adjustment to ensure that the balance shown are a true reflection of the amounts recoverable. Despite this increase in provision, the net asset position of the company has retained a positive net asset position of £10,449,060 at the balance sheet date.

Future prospects and going concern

The company continues to be adversely affected by high inflation, particularly energy in the form of gas and electricity, continuing where possible mitigate the impact through cost saving and price increases in line with current market practice and our competitors.

The company continues to meet its day-to-day working capital requirements through its arrangements with the banks through an overdraft and similar facilities to meet seasonal peak demands in cash flow obligations. The company’s forecasts and projections, taking account of the inflation impact mentioned above on trading performance and the funding requirements in respect of the pension deficit, show that the company will continue to operate within its these facilities. The directors are comfortable that there are no concerns in relation to the renewal of these facilities.

The company will continue to invest and expand in the research and development of new and improved products and utilise its position in the market to bring further positive contribution to the company’s results during subsequent years.

Whilst the director’s acknowledge uncertainty arising from various factors as disclosed within the going concern accounting policy, they have reasonable expectation that operations will generate sufficient cash and profit within the next 12 months to ensure that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 

VALMIERA GLASS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Principal risks to the business

The company is accredited to ISO 9001 accreditation and within those quality standards, principal risks to the company are considered and, where appropriate, action taken to mitigate those risks.

The most significant risk to the business performance are global economic factors outside of our control such as trade tariffs, but the directors continue to monitor these factors and will take action to mitigate adverse effects these may have on the business.

The directors believe that there is sufficient inventory held to cover any short-term disruption and that the implementation of any further action over and above the steps taken by the directors is not sufficiently justified due to the cost benefit considerations.

Financial risk management objectives and policies

The company’s activities expose it to several financial risks including price risk, credit risk, cash flow risk and liquidity risk.

Cash flow risk

The company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates, although these are mitigated where possible using current accounts in the three main trading currencies (specifically: EUR, GBP and USD). Short term currency hedging is considered where necessary but only used where there is an operational and financial benefit. The directors believe that this action has limited the company’s exposure.

Credit risk

The company’s credit risk is attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. The company also holds credit insurance assigned by an international credit-rating agency to cover the majority of trade receivables and, where cover is unavailable, new accounts will only be opened on a pro-forma basis where payment is received in advance of goods. Therefore, the exposure to any credit risk is limited.

Liquidity risk

To maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses short-term overdraft and similar facilities.

Price risk

The company is exposed to commodity price risk. The company does not manage its exposure to commodity price risk due to cost benefit considerations, although long term price agreements for major suppliers are considered and realised where it is commercially beneficial to the company.

Foreign currency translation risk

The company’s activities are exposed to the financial risks associated with changes in foreign currency. The company primarily operates using the EUR, GBP and USD currencies, with bank accounts held in each of these currencies to avoid realising exchange rate gains and losses where possible.

 

VALMIERA GLASS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

 

Approval

 

This report was approved by the Board of Directors and signed on its behalf by:

Mr R Hallett Andrews
Director
24 July 2025
VALMIERA GLASS UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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

Principal activities

The principal activity of the company continued to be that of the manufacture of glass fibre products.

Results and dividends

The results for the year are set out on pages 10 and 11.

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:

Mr R Hallett Andrews
Mr S Jugel
Mr I Bleier
Mr J Schumann
(Resigned 6 September 2024)
Mr M Blatchford
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the company at the year end were equivalent to 39 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Research and development

The research and development (R&D) projects will continue and are expected to be expanded during 2025. The company is satisfied that the continued investment in R&D is justified and that it will be the source of long-term benefits and improved financial results in the medium to long term.

Future developments

An analysis of the company's future prospects can be found in the Strategic report on page 1.

Auditor

Old Mill Audit Limited were appointed auditor to the company and, in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

VALMIERA GLASS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Energy and carbon report

This report summarises the UK energy use, associated greenhouse gas emissions and energy efficiency actions for Valmiera Glass UK Limited, under the Streamlined Energy & Carbon Reporting (SECR) policy, implemented by The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

 

Organisational Structure and Qualification

This report and accompanying data has been produced for Valmiera Glass UK Limited and relates to direct consumption from 1st January 2024 to 31st December 2024, consistent with the financial reporting period.

 

 

Annual Reporting Figures

The total consumption (tonnes CO2) for energy supplies that relate to activities within the control of Valmiera Glass UK Limited are as follows:

 

2024 Consumption (tonnes CO2)

2023 Consumption (tonnes CO2)

Total Gas Consumption

 

Total Electricity Consumption

1,819

 

0.729

1.872

 

0.812

 

 

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Company information

Valmiera Glass UK Limited is a company limited by shares and registered in England.

On behalf of the board
Mr R Hallett Andrews
Director
24 July 2025
VALMIERA GLASS UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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.

VALMIERA GLASS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VALMIERA GLASS UK LIMITED
- 7 -
Opinion

We have audited the financial statements of Valmiera Glass UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Profit and Loss, 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 a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

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 related 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:

VALMIERA GLASS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VALMIERA GLASS UK LIMITED
- 8 -
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' Report, 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.

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

 

How 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:

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through collusion.

 

Other matters which we are required to address

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above 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 would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

VALMIERA GLASS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VALMIERA GLASS UK LIMITED
- 9 -

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.

David Jones MSc FCA (Senior Statutory Auditor)
For and on behalf of Old Mill Audit Limited
24 July 2025
Statutory Auditor
Maltravers House
Petters Way
YEOVIL
Somerset
BA20 1SH
VALMIERA GLASS UK LIMITED
STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Revenue
3
19,345,456
20,874,277
Change in stocks of finished goods and work in progress
288,277
755,032
19,633,733
21,629,309
Raw materials and other consumables
(8,152,384)
(9,826,677)
Other external charges
(281,474)
(271,186)
Staff costs
(4,412,890)
(5,160,844)
Depreciation and amortisation
(488,671)
(547,599)
Other operating charges
(5,884,206)
(5,270,253)
Other operating income
4,287
8,600
(19,215,338)
(21,067,959)
Operating profit
418,395
561,350
Other interest receivable and similar income
7
3,194
7,503
Finance costs
8
(150,985)
(113,660)
Profit before taxation
270,604
455,193
Income tax income
9
181,630
105,421
Profit for the year
5
452,234
560,614
The profit and loss account has been prepared on the basis that all operations are continuing operations.
VALMIERA GLASS UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
£
£
Profit for the year
452,234
560,614
Other comprehensive income:
Items that will not be reclassified to profit or loss
Remeasurement loss defined benefit pension schemes
(205,000)
(271,000)
Tax relating to items not reclassified
(62,500)
(152,250)
Total items that will not be reclassified to profit or loss
(267,500)
(423,250)
Total comprehensive income for the year
184,734
137,364
VALMIERA GLASS UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
11
4,666,374
4,319,635
Deferred tax asset
20
1,645,784
1,562,512
Retirement benefit surplus
24
1,031,000
825,000
7,343,158
6,707,147
Current assets
Inventories
12
5,350,762
5,636,551
Trade and other receivables
14
2,976,243
2,745,934
Cash and cash equivalents
334,113
99,552
8,661,118
8,482,037
Total assets
16,004,276
15,189,184
Current liabilities
Trade and other payables
21
2,578,903
2,399,120
Current tax liabilities
100,299
119,454
Obligations under finance leases
19
183,156
144,698
Borrowings
15
1,195,525
808,169
4,057,883
3,471,441
Net current assets
4,603,235
5,010,596
Non-current liabilities
Deferred tax liabilities
20
1,156,730
1,192,588
Obligations under finance leases
19
340,603
260,829
1,497,333
1,453,417
Total liabilities
5,555,216
4,924,858
Net assets
10,449,060
10,264,326
Equity
Called up share capital
22
4,566,197
4,566,197
Share premium account
23
2,588,260
2,588,260
Retained earnings
25
3,294,603
3,109,869
Total equity
10,449,060
10,264,326
VALMIERA GLASS UK LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 13 -
The financial statements were approved by the Board of directors and authorised for issue on 24 July 2025
2025-07-24
Signed on its behalf by:
Mr R Hallett Andrews
Director
Company Registration No. 02189095
VALMIERA GLASS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Retained earnings
Total
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
4,566,197
2,588,260
4,521,920
11,676,377
Restatement of inventories
-
-
(1,549,415)
(1,549,415)
As restated
4,566,197
2,588,260
2,972,505
10,126,962
Year ended 31 December 2023:
Profit for the year
-
-
560,614
560,614
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
(271,000)
(271,000)
Tax relating to other comprehensive income
-
-
(152,250)
(152,250)
Total comprehensive income for the year
-
-
137,364
137,364
Balance at 31 December 2023
4,566,197
2,588,260
3,109,869
10,264,326
Year ended 31 December 2024:
Profit for the year
-
-
452,234
452,234
Other comprehensive income:
Actuarial gains/(losses) on defined benefit plans
-
-
(205,000)
(205,000)
Tax relating to other comprehensive income
-
-
(62,500)
(62,500)
Total comprehensive income for the year
-
-
184,734
184,734
Balance at 31 December 2024
4,566,197
2,588,260
3,294,603
10,449,060
VALMIERA GLASS UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
637,612
309,726
Interest paid
(64,985)
(49,660)
Income taxes refunded
-
77,339
Net cash inflow from operating activities
572,627
337,405
Investing activities
Purchase of property, plant and equipment
(541,019)
(795,435)
Proceeds from disposal of property, plant and equipment
12,157
126,294
Interest received
3,194
7,503
Net cash used in investing activities
(525,668)
(661,638)
Financing activities
Payment of lease liabilities
(199,754)
(230,353)
Net cash used in financing activities
(199,754)
(230,353)
Net decrease in cash and cash equivalents
(152,795)
(554,586)
Cash and cash equivalents at beginning of year
(708,617)
(154,031)
Cash and cash equivalents at end of year
(861,412)
(708,617)
Relating to:
Bank balances and short term deposits
334,113
99,552
Bank overdrafts
(1,195,525)
(808,169)
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Valmiera Glass UK Limited is a company limited by shares incorporated and domiciled in England and Wales. The registered office is Valmiera Glass UK Limited, Sherborne, Dorset, DT9 3RB. The company’s principal activity is that of the manufacture of glass fibre products.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, (except as otherwise stated).

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

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

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Valmiera Glass UK Limited is a wholly owned subsidiary of AS Valmieras Stikla Skiedra and the results of Valmiera Glass UK Limited are included in the consolidated financial statements of AS Valmieras Stikla Skiedra which are available from Cempu 13, Valmiera, LV-4201, Latvia.

1.2
Going concern

The company meets its day-to-day working capital requirements through its positive cash balance, although an overdraft facility of £1m is available with the bank. The current economic conditions create uncertainty over the level of demand for the company’s products and the renewal of the facility provided by the bank covers this uncertainty.true

 

The company's forecasts and projections, taking account of predicted changes in trading performance and the funding required in respect of the pension deficit, show that the company should continue to operate within its facility. The directors are comfortable that there are no concerns in relation to the renewal of the overdraft facility.

 

At 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 they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

The company recognises revenue from the sale of glass fibre products, which are made to order. There are no long-term contracts that have multiple performance obligations or stages of completion.

 

Revenue is measured based on the fair value of the consideration receivable for the goods, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account settlement and volume discounts. Timing of settlement after the balance sheet date does not have a material impact upon the financial statements.

 

The company recognises revenue when it transfers control of a product to a customer. The timing of transfer of control varies in accordance with the specific International Commercial Terms (Incoterms) agreed with the customer in advance. This could be upon despatch, delivery to a specified port, or delivery to the customer.

 

The company is entitled to invoice the customer at the time of delivery or when the goods are ready for collection. Payment is in accordance with agreed credit terms or in advance of production.

VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's revenue are in accordance with the terms of the company's terms of trade.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

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

Freehold buildings
straight line over 10 to 50 years
Fixtures and fittings
straight line over 3 to 10 years
Plant and equipment
straight line over 5 to 25 years
Computers
straight line over 5 years

Freehold land is not depreciated.

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

1.5
Impairment of tangible and intangible assets

At each reporting 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.

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

 

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

 

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

1.6
Inventories

Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. The cost of raw materials and finished goods are measured at average cost and standard cost respectively.

VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

 

The directors consistently review the application of its accounting policies to ensure they provide the most relevant and reliable financial information for users.

1.7
Cash and cash equivalents

Cash and cash equivalents 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.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Trade Receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the asset have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

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

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 statement of profit and loss 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 the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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

1.12
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 inventories or non-current 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.

VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.13
Retirement benefits

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

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.14
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

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 are included in the statement of profit and loss for the period.

Presentational currency is that of pound sterling.

2
Critical accounting estimates and judgements

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, 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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Useful economic lives of property, plant and equipment

The company reviews the estimated useful economic lives of property, plant and equipment at the end of each reporting period and these are changed if necessary to reflect management’s current view on their remaining useful lives in the light of changes in technology, the remaining prospective economic use of the asset and their physical condition.

Net realisable value of inventories

The company’s management evaluates the net realisable value of inventories based upon the expected sales prices and selling costs and assesses the physical condition of inventories during the annual stock count. If the net realisable value of inventories is lower than the cost of inventories, allowance is recorded.

Discount rate used to determine the carrying amount of the company's defined benefit obligation

The company’s defined benefit obligation is discounted at a rate set by reference to market yields at the end of the reporting period on high quality corporate bonds. Significant judgement is required when setting the criteria for bonds to be included in the population from which the yield is derived. The most significant criteria considered for the selection of bonds include the issue size of the corporate bonds, quality of the bonds and the identification of outliers which are excluded. In this respect an independent actuary is used to determine the discount rate used and calculate the net defined benefit obligation. The sensitivity of the discount rate is considered in the notes to the financial statements.

VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Critical accounting estimates and judgements
(Continued)
- 22 -
Guaranteed Minimum Pension equalisation

A landmark judgement on a case concerning Lloyds Bank was released on 26 October 2018. It confirmed that the Lloyds Bank schemes are required to equalise Guaranteed Minimum Pension (GMP) between men and women. This usually involves paying higher GMPs to males to equal what would be paid to equivalent females, but it can also result in females receiving higher pensions. The Scheme holds GMPs and therefore is likely to be impacted by this judgement. Typically equalising GMPs might add between 0% and 3% to the liabilities, but it does depend on the amount of GMP in the Scheme, the Scheme’s benefits and administrative practices, as well as the calculation method used. Previously the company has made an allowance for the effects of GMP equalisation in the calculation equal to 2.5% of the value of the liabilities at the reporting end date. However, while there was a charge passing through the profit and loss and the value of the liabilities was accordingly higher, the financial position overall has not been impacted as a result of the adjustment required under IFRIC14.

 

A High Court ruling was handed down on 20 November 2020, again in relation to the Lloyds Banking Group pension scheme. The latest ruling implies that trustees will need to revisit historic transfer values which have been paid since 1990 and adjust these for inequalities in GMP.

 

It is not currently clear when all the uncertainties surrounding the issue of GMP equalisation will be resolved. As a result, further adjustments to the pension costs and / or Other Comprehensive Income may therefore be required in future years.

 

3
Revenue

An analysis of the company's revenue from contracts with customers for the sale of goods is as follows:

2024
2023
£
£
United Kingdom
4,040,056
3,987,039
Continental Europe
12,952,274
13,194,868
North America
289,663
291,493
Rest of the world
2,063,463
3,400,877
19,345,456
20,874,277
Turnover analysed by class of business
Sale of goods
19,036,431
20,595,526
Sale of services
309,025
278,751
19,345,456
20,874,277

The number of customers who have contributed more than 10% of total sales during the year was 1 (2023 - 1). Sales of £4,683,681 (2023 - £3,701,880) were made to these customers, being 24.2% (2023 - 17.7%) of total sales.

VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Revenue
(Continued)
- 23 -

Segmental information

 

Information reported to the chief operating decision maker (CODM) for the purpose of resource allocation and assessment of segment performance focuses on the types of goods or services delivered or provided. In this respect the company has one reportable segment under IFRS 8 that of glass fibre fabrics.

4
Employees

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

2024
2023
Number
Number
Production
96
112
Sales and distribution
12
17
Administration
6
6
Management
12
9
Total
126
144

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,939,956
4,681,297
Social security costs
535,974
484,262
Pension costs
142,522
151,259
4,618,452
5,316,818
5
Profit for the year
2024
2023
£
£
Profit for the year is stated after charging/(crediting):
Net foreign exchange (gains)/losses
23,561
100,853
Research and development costs
48,269
33,835
Depreciation of property, plant and equipment
488,671
547,599
Loss on disposal of property, plant and equipment
11,438
990
Cost of inventories recognised as an expense
8,500,875
9,190,432
Staff costs
4,618,452
5,316,818
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
198,034
122,788
Company pension contributions to defined contribution schemes
9,570
6,670
207,604
129,458

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

7
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Other interest income on financial assets
3,194
7,503
Income above relates to assets held at amortised cost, unless stated otherwise.
8
Finance costs
2024
2023
£
£
Interest on bank overdrafts and loans
52,430
29,924
Interest on lease liabilities
12,555
19,736
Net interest on net defined benefit liability
86,000
64,000
Total interest expense
150,985
113,660
9
Income tax expense
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
(657)
Deferred tax
Origination and reversal of temporary differences
(181,630)
(104,764)
Total tax (credit)
(181,630)
(105,421)
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Income tax expense
(Continued)
- 25 -

The charge for the year can be reconciled to the profit per the statement of profit and loss as follows:

2024
2023
£
£
Profit before taxation
270,604
455,193
Expected tax charge based on a corporation tax rate of 25.00% (2023: 23.52%)
67,651
107,061
Effect of expenses not deductible in determining taxable profit
1,140
1,296
Adjustment in respect of prior years
(137,263)
(657)
Other permanent differences
(51,250)
(63,741)
Fixed asset differences
592
1,355
Remeasurement of deferred tax for changes in tax rates
-
0
2,810
Additional deduction for land remediation expenditure
-
0
(1,298)
Movement in deferred tax not recognised
-
0
3
Defined benefit scheme
(62,500)
(152,250)
Taxation credit for the year
(181,630)
(105,421)

In addition to the amount charged to the statement of profit and loss, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
62,500
152,250

Deferred tax charge for the year

A deferred tax asset of £1,645,784 (2023 - £1,562,512) at the year end has been recognised as detailed in the deferred tax note.

10
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the company's financial statements
29,500
27,000
For other services
Tax services
6,700
6,480
Other services
9,960
9,264
Total non-audit fees
16,660
15,744
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
11
Property, plant and equipment
Freehold buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 January 2023
3,137,553
1,884,762
11,519,231
1,263,537
-
0
17,805,083
Additions
22,682
656,193
386,635
82,070
-
0
1,147,580
Disposals
-
0
-
0
(186,527)
(5,000)
-
0
(191,527)
Other
199,817
(2,475,523)
2,275,706
-
0
-
0
-
0
At 31 December 2023
3,360,052
65,432
13,995,045
1,340,607
-
0
18,761,136
Additions
29,564
153,171
494,065
-
0
182,205
859,005
Disposals
-
0
-
0
(445,442)
-
0
-
0
(445,442)
Other
1,299,939
(69,017)
(835,888)
(395,034)
-
0
-
0
At 31 December 2024
4,689,555
149,586
13,207,780
945,573
182,205
19,174,699
Accumulated depreciation and impairment
At 1 January 2023
2,517,515
-
0
10,351,262
1,089,368
-
0
13,958,145
Charge for the year
56,247
-
0
450,213
41,139
-
0
547,599
Eliminated on disposal
-
0
-
0
(60,233)
(4,010)
-
0
(64,243)
At 31 December 2023
2,573,762
-
0
10,741,242
1,126,497
-
0
14,441,501
Charge for the year
89,297
-
0
360,763
38,511
100
488,671
Eliminated on disposal
-
0
-
0
(421,847)
-
0
-
0
(421,847)
Other
1,125,367
-
0
(741,270)
(384,097)
-
0
-
0
At 31 December 2024
3,788,426
-
0
9,938,888
780,911
100
14,508,325
Carrying amount
At 31 December 2024
901,129
149,586
3,268,892
164,662
182,105
4,666,374
At 31 December 2023
786,290
65,432
3,253,803
214,110
-
4,319,635

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£
£
Net values at the year end
Plant and equipment
523,758
406,797
Total additions in the year
317,985
352,145
Depreciation charge for the year
Plant and equipment
177,429
220,492
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Property, plant and equipment
(Continued)
- 27 -

Sensitivity of critical accounting estimates and judgements

 

Useful economic lives of property, plant and equipment

 

The estimated useful economic lives of property, plant and equipment would need to change significantly to have a material effect on the financial statements.

 

For the year ended 31 December 2024, the director's have chosen to re-allocate fixed assets between classes within the fixed asset note to reflect a more appropriate split of fixed assets by class.

The whole of the above carrying amount of property, plant and equipment has been pledged to secure borrowings of the parent company. The company is not allowed to pledge these assets as security for other borrowings.

12
Inventories
2024
2023
£
£
Raw materials
1,981,956
2,556,022
Work in progress
1,512,825
1,006,668
Finished goods
1,855,981
2,073,861
5,350,762
5,636,551

The movement of stock in the year of £285,789 (2023 - £705,329) is recognised in the profit and loss account in the period.

 

13
Subsidiaries

Separate company financial statements are required to be prepared by law. Consolidated financial statements for the Valmiera Group are prepared and publicly available.

These financial statements are separate company financial statements for Valmiera Glass UK Limited.

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
Alpha International Associates Limited
Westbury, Sherborne, Dorset, DT9 3RB
Dormant
Ordinary
100.00
CS-I Sherborne Limited
Westbury, Sherborne, Dorset, DT9 3RB
Dormant
Ordinary
100.00
Marglass Limited
Westbury, Sherborne, Dorset, DT9 3RB
Dormant
Ordinary
100.00

The investments in subsidiaries are all stated at cost being £nil.

VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
14
Trade and other receivables
Current
2024
2023
£
£
Trade receivables
2,151,975
1,849,233
VAT recoverable
-
0
74,141
Amount due from parent undertaking
615,319
670,826
Prepayments
208,949
151,734
2,976,243
2,745,934

Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.

There are no trade and other receivables due more than one year (2023 - £nil).

15
Borrowings
2024
2023
£
£
Borrowings held at amortised cost:
Bank overdrafts
1,195,525
808,169

Included within bank overdrafts are invoice discounting accounts. The security for such accounts comprises a fixed and floating charge over all land, plant and machinery attached to land, all rental and other income relating to land, all securities, all goodwill and uncalled share capital, all intellectual property, all non-vesting debts, all other debts, the benefit of all instruments, guarantees, charges, pledges and other rights and all amounts realised by an administrator or liquidator appointed.

16
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

 

There has been no movement in the allowances for doubtful debts in the current year or prior year. Therefore, the carried forward amount is £Nil (2023 - £Nil).

 

Customers credit worthiness is reviewed to ensure exposure to credit risk is reduced to an acceptable level. The average credit period at the balance sheet date is 40 days. At the balance sheet date debtors that are past due but not impaired totalled £692,395.

17
Fair value of financial liabilities

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
18
Liquidity risk

The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.

Less than 1 month
1 – 3 months
3 months to 1 year
1 – 5 years
Total
£
£
£
£
£
At 31 December 2023
Financial liabilities
655,397
74,244
1,933,631
260,829
2,924,101
655,397
74,244
1,933,631
260,829
2,924,101
At 31 December 2024
Financial liabilities
1,053,832
20,945
1,787,580
340,603
3,202,960
1,053,832
20,945
1,787,580
340,603
3,202,960
19
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
183,156
144,699
In two to five years
364,843
181,611
In over five years
-
97,881
Total undiscounted liabilities
547,999
424,191
Future finance charges and other adjustments
(24,240)
(18,664)
Lease liabilities in the financial statements
523,759
405,527

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
183,156
144,698
Non-current liabilities
340,603
260,829
523,759
405,527
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Lease liabilities
(Continued)
- 30 -
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
12,555
19,736

Lease liabilities represent rentals payable by the company for certain items of machinery. Leases are negotiated for an average term of 5 years with fixed rentals over the term.

Other leasing information is included in note 26.
20
Deferred taxation
Liabilities
Assets
2024
2023
2024
2023
£
£
£
£
Deferred tax balances
1,156,730
1,192,588
1,645,784
1,562,512
Deferred tax assets are expected to be recovered after more than one year.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
Retirement benefit obligations
Total
£
£
£
Liability at 1 January 2023
863,326
54,000
917,326
Asset at 1 January 2023
(1,334,736)
-
0
(1,334,736)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(104,764)
-
(104,764)
Charge/(credit) to other comprehensive income
-
152,250
152,250
Liability at 1 January 2024
986,338
206,250
1,192,588
Asset at 1 January 2024
(1,562,512)
-
0
(1,562,512)
Deferred tax movements in current year
Charge/(credit) to profit or loss
(181,630)
-
(181,630)
Charge/(credit) to other comprehensive income
-
62,500
62,500
Liability at 31 December 2024
887,980
268,750
1,156,730
Asset at 31 December 2024
(1,645,784)
-
0
(1,645,784)
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Deferred taxation
(Continued)
- 31 -

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

21
Trade and other payables
2024
2023
£
£
Trade payables
957,117
591,382
Amount due to parent undertaking
1,356,264
1,272,926
Accruals
248,160
516,007
Other payables
17,362
18,805
2,578,903
2,399,120
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary C Shares of £1 each
4,566,197
4,566,197
4,566,197
4,566,197
Issued and fully paid
Ordinary C Shares of £1 each
4,566,197
4,566,197
4,566,197
4,566,197

Each share is entitled to one vote in any circumstances. Each share is entitled pari passu to dividend payments and to participate in a distribution arising from a winding up of the company. The shares are not redeemable or liable to be redeemed at the option of the company or the shareholder.

23
Share premium account
2024
2023
£
£
At the beginning and end of the year
2,588,260
2,588,260
24
Retirement benefit schemes
Defined contribution schemes

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.

The total costs charged to income in respect of defined contribution plans is £142,522 (2023 - £151,259).

VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Retirement benefit schemes
(Continued)
- 32 -
Defined benefit scheme

The company operates a defined benefit pension scheme for certain employees and for eligible employees, a scheme providing benefits based on final pensionable pay.

 

On 27 May 2003, normal contributions to the defined benefit pension scheme were discontinued and members' benefits ceased to accrue for additional periods of service after 27 May 2003. The scheme will continue to fund benefits accrued up to 27 May 2003. Members have the option of joining the company's defined contribution pension scheme.

 

The assets of the pension scheme are held separately from those of the company being invested by independent investment managers.

Valuation

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 31 December 2024. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Retirement benefit schemes
(Continued)
- 33 -
Risks

The Employer operates a final salary defined benefit pension scheme in the UK. The Scheme is an HMRC registered pension scheme and is subject to standard UK pensions and tax law. Details of the benefits provided by the Scheme are set out in the Trust Deed and Rules dated 12 April 1999 (as amended).

 

The disclosures in the accounts below are based on calculations carried out at 31 December 2024 by a qualified independent actuary.

 

The Scheme’s assets are held in a separate trustee-administered fund to meet long-term pension liabilities to beneficiaries. The Trustees of the Scheme are required to act in the best interest of the beneficiaries.

 

The appointment of the Trustees is determined by the trust documentation.

 

The Trustees of the Scheme invest the assets in line with the Statement of Investment Principles. The Statement of Investment Principles has been established taking into consideration the liabilities of the Scheme and the investment risk that the Trustees are willing to accept.

 

Under the scheme funding regime introduced by the Pensions Act 2004, the Trustees are required to carry out regular scheme funding assessments and establish a Schedule of Contributions and a Recovery Plan when there is a shortfall in the Scheme. The Recovery Plan details the amount and timing of the contributions required to eliminate the shortfall in the Scheme. Scheme funding assessments are carried out at least every three years. Approximate funding updates are produced annually in years where a full scheme funding assessment is not being completed.

 

At each scheme funding assessment the present value of the contributions detailed in the current Recovery Plan is compared with any shortfall revealed. Where the contributions under the current Recovery Plan are no longer sufficient to remove the shortfall by the end of period specified in the Recovery Plan, a new Recovery Plan will need to be agreed between the Trustees and the Employer. Options include increasing contributions due from the Employer, extending the recovery period with additional contributions paid after the expiry of the current recovery period or some combination of the two. The affordability to the Employer of any increase in contributions is a primary factor in the agreement of any new Recovery Plan.

 

Where the contributions are more than sufficient to remove the shortfall by the end of the recovery period, options include reducing contributions due, keeping the recovery period the same, or shortening the recovery period.

 

The defined benefit pension scheme exposes the Employer to actuarial risks, such as longevity risk, interest rate risk, market (investment) risk and currency risk.

Key assumptions
2024
2023
%
%
Discount rate
5.35
4.45
Future increases in deferred pensions
2.65
2.45
Rate of increase in pension payments - RPI (max 5%)
3.05
2.9
Rate of increase in pension payments - CPI (max 3%)
2.10
2
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Retirement benefit schemes
(Continued)
- 34 -

Discount rate

 

IAS19 requires the discount rate to be determined by reference to investment market yields at the reporting end date on high quality corporate bonds. The currency and term of the corporate bonds should be consistent with the currency and estimated term of the benefit obligations. In common with wider investment market practice, the term “high quality corporate bonds” has been taken to be represented by those bonds that are AA-rated or equivalent.

 

For the purpose of deriving the discount rate, zero coupon yield curve data has been used as provided to Capita Employee Solutions by Markit Indices Limited based on the constituents of the iBoxx £ Corporates AA index.

 

Markit only provides yield data out to a term of 50 years. The curve has been extrapolated under the assumption that spot rates beyond 50 years are constant and equal to the spot rate at a term of 50 years. There are various approaches to extrapolating yield curves; the constant spot rate approach is a fairly simple but commonly adopted approach.

 

To derive the discount rate the iBoxx £ Corporates AA spot yield curve has been applied to a projection of the Scheme’s future cash flows. The data points from the curve have been used to discount the projected scheme benefit amounts for each year. The single discount rate has then been calculated for presentation in the IAS19 disclosures which gives the same overall liability in relation to the projected benefit payments. This single discount rate can then be considered to be appropriate to the Scheme’s liability profile.

 

To place a value on the liabilities, the iBoxx £ Corporates AA spot yield curve has been applied to a projection of the Scheme’s future cash flows. While the full yield curve is used to carry out these calculations (i.e. each yield at each duration on the curve is applied to the relevant Scheme cashflows at that duration), for presentational purposes in the disclosures the single equivalent discount rate is shown which would give the same overall liability. This single equivalent discount rate presented in the disclosures can be considered to be appropriate to the Scheme’s liability profile.

 

Using the above approach and yield curve data as at the reporting end date a single discount rate of 5.35% pa has been calculated.

 

This is consistent with the approach taken in setting the discount rate at the previous reporting end date, when the single equivalent discount rate was 4.45% pa.

 

The approach described above is considered to be consistent with the requirements of setting a discount rate under IAS19.

Mortality assumptions

Assumed life expectations on retirement at age 65:

2024
2023
Years
Years
Retiring today
- Males
21.4
21.4
- Females
23.9
23.9
Retiring in 20 years
- Males
22.6
22.6
- Females
25.3
25.3
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Retirement benefit schemes
(Continued)
- 35 -

Amounts recognised in the income statement

2024
2023
£
£
Net interest on defined benefit liability/(asset)
(44,000)
(31,000)
Other finance costs
130,000
95,000
86,000
64,000

Amounts recognised in other comprehensive income

2024
2023
£
£
Actuarial changes arising from changes in demographic assumptions
(20,000)
(227,000)
Actuarial changes arising from changes in financial assumptions
(680,000)
376,000
Actuarial changes arising from experience adjustments
(11,000)
28,000
Actuarial changes related to plan assets
916,000
94,000
205,000
271,000

The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:

2024
2023
£
£
Present value of defined benefit obligations
8,558,000
9,633,000
Fair value of plan assets
(9,589,000)
(10,458,000)
Surplus in scheme
(1,031,000)
(825,000)
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Retirement benefit schemes
(Continued)
- 36 -

Movements in the present value of defined benefit obligations

2024
2023
£
£
At 1 January 2024
9,633,000
9,865,000
Benefits paid
(906,000)
(971,000)
Actuarial gains and losses
(711,000)
177,000
Interest cost
412,000
467,000
Other
130,000
95,000
At 31 December 2024
8,558,000
9,633,000

The defined benefit obligations arise from plans which are wholly or partly funded.

Movements in the fair value of plan assets:

2024
2023
£
£
At 1 January 2024
10,458,000
10,081,000
Interest income
456,000
498,000
Return on plan assets (excluding amounts included in net interest)
(916,000)
(94,000)
Benefits paid
(906,000)
(971,000)
Contributions by the employer
497,000
944,000
At 31 December 2024
9,589,000
10,458,000

The actual return on plan assets was £460,000 (2023 - £404,000).

Sensitivity of the net obligation to changes in assumptions

 

The sensitivity analysis shows the impact on the defined benefit obligation if the assumptions were changed as shown (assuming all other assumptions remain constant).

 

The total employer contributions to the scheme in 2024 is estimated to be £497,000. The duration of the defined benefit obligation is around 9 years.

2024
2023
£
£
0.25% pa decrease in discount rate
199,000
231,000
0.25% pa increase in inflation and related assumptions
27,000
30,000
1 year increase in life expectancy
494,000
554,000
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Retirement benefit schemes
(Continued)
- 37 -

The fair value of plan assets at the reporting period end was as follows:

Quoted
Quoted
2024
2023
£
£
Active corporate bond fund
2,071,224
2,133,432
Cash
4,152,037
4,298,238
Liability-driven investment
3,365,739
4,026,330
9,589,000
10,458,000
25
Retained earnings
2024
2023
£
£
At 1 January 2024
3,109,869
2,972,505
Profit for the year
452,234
560,614
Actuarial differences recognised in other comprehensive income
(205,000)
(271,000)
Tax on actuarial differences
(62,500)
(152,250)
At 31 December 2024
3,294,603
3,109,869
26
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2024
2023
£
£
Expense relating to short-term leases
17,433
11,203
Information relating to lease liabilities is included in note 19.
27
Capital commitments
2024
2023
£
£

At 31 December 2024 the company had capital commitments as follows:

Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment
1,000
-
0
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
28
Capital risk management

The company manages its capital to ensure that it will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance.

 

The capital structure of the company consists of debt, cash and cash equivalents and equity comprising share capital, reserves and retained earnings. The company reviews the capital structure annually and as part of this review considers that cost of capital and the risks associated with each class of capital.

The gearing ratio at the year end is 3% (2023 - 2%).

The company is not subject to any externally imposed capital requirements.

29
Related party transactions
Remuneration of key management personnel

The remuneration of the directors and key management personnel is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

2024
2023
£
£
Short-term employee benefits
258,578
145,161
Other transactions with related parties

During the year the company entered into the following transactions with related parties:

Sale of goods
Purchase of goods
2024
2023
2024
2023
£
£
£
£
Parent company
1,089,864
1,354,336
4,632,432
5,136,715
Management charges paid
2024
2023
£
£
Parent company
624,893
542,371

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Parent company
1,356,264
1,272,926
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
29
Related party transactions
(Continued)
- 39 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Parent company
615,319
670,826
Other information

A guarantee has been given for the bank borrowings of the parent company.

30
Controlling party

The parent of the company is A/S Valmieras Stikla Skiedra, a company incorporated in Latvia.

 

The company is ultimately controlled by Warwick European Opportunities Fund III LLP, a company incorporated in the Cayman Islands. The directors do not consider there to be an individual controlling party of this entity.

31
Cash generated from operations
2024
2023
£
£
Profit for the year before taxation
270,604
455,193
Adjustments for:
Finance costs
150,985
113,660
Investment income
(3,194)
(7,503)
Loss on disposal of property, plant and equipment
11,438
990
Depreciation and impairment of property, plant and equipment
488,671
547,599
Pension scheme non-cash movement
(497,000)
(944,000)
Movements in working capital:
Decrease/(increase) in inventories
285,790
(705,329)
(Increase)/decrease in trade and other receivables
(230,310)
285,001
Increase in trade and other payables
160,628
564,115
Cash generated from operations
637,612
309,726
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 40 -
32
Analysis of changes in net debt
1 January 2024
Cash flows
New finance leases
31 December 2024
£
£
£
£
Cash at bank and in hand
99,552
234,561
-
334,113
Bank overdrafts
(808,169)
(387,356)
-
(1,195,525)
(708,617)
(152,795)
-
(861,412)
Obligations under finance leases
(405,527)
199,754
(317,986)
(523,759)
(1,114,144)
46,959
(317,986)
(1,385,171)
1 January 2023
Cash flows
New finance leases
31 December 2023
Prior year:
£
£
£
£
Cash at bank and in hand
425,714
(326,162)
-
99,552
Bank overdrafts
(579,745)
(228,424)
-
(808,169)
(154,031)
(554,586)
-
(708,617)
Obligations under finance leases
(283,735)
230,353
(352,145)
(405,527)
(437,766)
(324,233)
(352,145)
(1,114,144)
33
Prior period adjustment

During the year, the company discovered a reconciliation error relating to stock held on balance sheet at the end of the 2022 and 2023 financial years driven primarily by an accounting system changeover. As a consequence, the net stock position, after provisions, was overstated by £2,065,886 at 31 December 2022 and by £2,065,886 as at 31 December 2023. The overstatement of stock has resulted in a corresponding understatement of gross deferred tax losses of £2,065,886 in both of the years, driving an understated deferred tax asset position of £516,472, being at 25%.

 

The errors have been corrected by restating each of the affected financial statement line items from the two prior periods. The following table summarises the impact on the financial statements.

Changes to the statement of financial position
At 31 December 2023
Previously reported
Adjustment at 1 Jan 2023
Adjustment at 31 Dec 2023
As restated
£
£
£
£
Current assets
Inventories
7,702,437
(2,065,886)
-
5,636,551
Debtors due within one year
1,046,040
516,472
-
1,562,512
Net assets
9,067,806
(1,549,414)
-
7,518,392
VALMIERA GLASS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
33
Prior period adjustment
At 31 December 2023
Previously reported
Adjustment at 1 Jan 2023
Adjustment at 31 Dec 2023
As restated
£
£
£
£
(Continued)
- 41 -
Capital and reserves
Retained earnings
4,659,284
(1,549,415)
-
3,109,869
Total equity
11,813,741
(1,549,415)
-
10,264,326
1 January
31 December
2023
2023
Notes
£
£
Equity as previously reported
11,676,377
11,813,741
Adjustments to prior year
Adjustment to brought forward equity
(1,549,415)
(1,549,415)
Equity as adjusted
10,126,962
10,264,326
Analysis of the effect upon equity
Retained earnings
(1,549,415)
(1,549,415)
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.200Mr R Hallett AndrewsMr S JugelMr I BleierMr J SchumannMr M BlatchfordMichelmores Secretaries Limited021890952024-01-012024-12-3102189095bus:Director12024-01-012024-12-3102189095bus:Director22024-01-012024-12-3102189095bus:Director32024-01-012024-12-3102189095bus:Director52024-01-012024-12-3102189095bus:CompanySecretary12024-01-012024-12-3102189095bus:Director42024-01-012024-12-3102189095bus:RegisteredOffice2024-01-012024-12-3102189095bus:Agent12024-01-012024-12-31021890952024-12-31021890952023-01-012023-12-3102189095core:ContinuingOperations2024-01-012024-12-3102189095core:ContinuingOperations2023-01-012023-12-3102189095core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3102189095core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31021890952023-12-3102189095core:AcceleratedTaxDepreciationDeferredTax2022-12-3102189095core:RetirementBenefitObligationsDeferredTax2022-12-3102189095core:AcceleratedTaxDepreciationDeferredTax2023-12-3102189095core:RetirementBenefitObligationsDeferredTax2023-12-3102189095core:AcceleratedTaxDepreciationDeferredTax2024-12-3102189095core:RetirementBenefitObligationsDeferredTax2024-12-31021890952023-12-31021890952022-12-3102189095core:CurrentFinancialInstruments2024-12-3102189095core:CurrentFinancialInstruments2023-12-3102189095core:Non-currentFinancialInstruments2024-12-3102189095core:Non-currentFinancialInstruments2023-12-3102189095core:ShareCapital2024-12-3102189095core:ShareCapital2023-12-3102189095core:SharePremium2024-12-3102189095core:SharePremium2023-12-3102189095core:RetainedEarningsAccumulatedLosses2024-12-3102189095core:RetainedEarningsAccumulatedLosses2023-12-3102189095core:SharePremium2022-12-3102189095core:OtherMiscellaneousReserve2022-12-310218909512024-01-012024-12-310218909512023-01-012023-12-310218909522024-01-012024-12-310218909522023-01-012023-12-310218909532024-01-012024-12-310218909532023-01-012023-12-310218909542024-01-012024-12-310218909542023-01-012023-12-310218909552024-01-012024-12-310218909552023-01-012023-12-310218909562024-01-012024-12-310218909562023-01-012023-12-3102189095core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3102189095core:ConstructionInProgressAssetsUnderConstruction2022-12-3102189095core:PlantMachinery2022-12-3102189095core:FurnitureFittings2022-12-3102189095core:ComputerEquipment2022-12-3102189095core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3102189095core:ConstructionInProgressAssetsUnderConstruction2023-12-3102189095core:PlantMachinery2023-12-3102189095core:FurnitureFittings2023-12-3102189095core:ComputerEquipment2023-12-3102189095core:LandBuildingscore:OwnedOrFreeholdAssets2024-12-3102189095core:ConstructionInProgressAssetsUnderConstruction2024-12-3102189095core:PlantMachinery2024-12-3102189095core:FurnitureFittings2024-12-3102189095core:ComputerEquipment2024-12-3102189095core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3102189095core:ConstructionInProgressAssetsUnderConstruction2023-01-012023-12-3102189095core:PlantMachinery2023-01-012023-12-3102189095core:FurnitureFittings2023-01-012023-12-3102189095core:ComputerEquipment2023-01-012023-12-3102189095core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-3102189095core:ConstructionInProgressAssetsUnderConstruction2024-01-012024-12-3102189095core:PlantMachinery2024-01-012024-12-3102189095core:FurnitureFittings2024-01-012024-12-3102189095core:ComputerEquipment2024-01-012024-12-3102189095core:Subsidiary12024-01-012024-12-3102189095core:Subsidiary22024-01-012024-12-3102189095core:Subsidiary32024-01-012024-12-3102189095core:Subsidiary112024-01-012024-12-3102189095core:Subsidiary222024-01-012024-12-3102189095core:Subsidiary332024-01-012024-12-3102189095core:CurrentFinancialInstrumentscore:ValueBeforeAllowanceForImpairmentLoss2024-12-3102189095core:CurrentFinancialInstrumentscore:ValueBeforeAllowanceForImpairmentLoss2023-12-3102189095core:Within30Dayscore:LiquidFinancialInstruments2023-12-3102189095core:Within3Months2023-12-3102189095core:Between3MonthsOneYear2023-12-3102189095core:BetweenOneFiveYears2023-12-3102189095core:Within30Days2024-12-3102189095core:Within3Months2024-12-3102189095core:Between3MonthsOneYear2024-12-3102189095core:BetweenOneFiveYears2024-12-3102189095core:ParentEntitiescore:SaleOrPurchaseGoods2024-12-3102189095core:ParentEntitiescore:SaleOrPurchaseGoods2023-12-3102189095core:ParentEntities2024-12-3102189095core:ParentEntities2023-12-3102189095bus:PrivateLimitedCompanyLtd2024-01-012024-12-3102189095bus:Audited2024-01-012024-12-3102189095bus:FullIFRS2024-01-012024-12-3102189095bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP