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Registration number: 05833795

Nova Double Glazing Systems Limited
Annual Report and Consolidated Financial Statements
for the Year Ended 31 December 2024

Nova Double Glazing Systems Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 7
Consolidated Profit and Loss Account | 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Balance Sheet | 10
Balance Sheet | 11
Consolidated Statement of Changes in Equity | 12
Statement of Changes in Equity | 13
Consolidated Statement of Cash Flows | 14
Notes to the Financial Statements | 15 to 26

Nova Double Glazing Systems Limited

Company Information

Directors | S Felstein R Felstein R Carpenter A Felstein K Felstein

Company secretary | S Felstein A Felstein

Registered office | Norman Road Altrincham Cheshire WA14 4EN

Bankers | Lloyds Bank Plc 98 Stamford New Road Altrincham WA14 1DG

Auditors | Matravers Bridgewater House Century Park Caspian Road Altrincham Cheshire WA14 5HH

Nova Double Glazing Systems Limited

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the group is continued to be that of manufacture and supply of PVCu, Aluminium and Composite Windows, Doors and Conservatories and other glass and double/triple glazed products.

Fair review of the business

The directors are satisfied with the results for the period and the year end balance sheet position.The company returned results in line with management expectations.
The company has continued its strategy of focussing on beneficial trading activities core to the business and expects to continue to maintain its profitability in future periods.
Profit on ordinary activity before taxation of the company was £361,920 (2023:£379,281).

Principal risks and uncertainties

The company's principal risks in order to sustain financial performance have been identified as:
- Ensuring turnover levels
- Maintaining satisfactory gross profit margins
- Controlling levels of expenditure
- Monitoring and controlling the banking exposure
These are managed on a day to day basis by the managing director monitoring the following financial key performance indicators:
- Management accounts
- Sales reports for each trading division
- Cash and bank balances against availability and headroom
- Trade debtor balances and credit limits
- Stock levels

Approved and authorised by the Board on 1 May 2025 and signed on its behalf by:

......................................... S Felstein Company secretary and director

Nova Double Glazing Systems Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the group

The directors who held office during the year were as follows:

S Felstein

R Felstein

R Carpenter (appointed 20 December 2024)

A Felstein (appointed 20 December 2024)

K Felstein (appointed 20 December 2024)

Financial instruments

Objectives and policies

Financial risks management objectives and policies as follows

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating neds of the business.
Interest rate risk
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.The company will use interest rate derivatives if it considers it necessary to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures.Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Important adjusting events after the financial period

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 1 May 2025 and signed on its behalf by:

......................................... S Felstein Company secretary and director

Nova Double Glazing Systems Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Nova Double Glazing Systems Limited

Independent Auditor's Report to the Members of Nova Double Glazing Systems Limited

Opinion

We have audited the financial statements of Nova Double Glazing Systems Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Nova Double Glazing Systems Limited

Independent Auditor's Report to the Members of Nova Double Glazing Systems Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
• | the parent company financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], 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 Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 extend to which our procedures are capable of detecting irregularities, including fraud, is detailed below

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

Nova Double Glazing Systems Limited

Independent Auditor's Report to the Members of Nova Double Glazing Systems Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Carol Ann Graham-FCA (Senior Statutory Auditor)
For and on behalf of Matravers, Statutory Auditor
Bridgewater House
Century Park
Caspian Road
Altrincham
Cheshire
WA14 5HH

1 May 2025

Nova Double Glazing Systems Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Turnover | 3 | 14,838,106 | 16,176,633
Cost of sales |  | (10,963,053) | (11,739,864)
Gross profit |  | 3,875,053 | 4,436,769
Administrative expenses |  | (3,433,330) | (3,991,976)
Operating profit | 5 | 441,723 | 444,793
Other interest receivable and similar income |  | 1,662 | 4,408
Interest payable and similar expenses | 6 | (81,465) | (69,920)
|  | (79,803) | (65,512)
Profit before tax |  | 361,920 | 379,281
Tax on profit | 10 | (91,014) | (126,108)
Profit for the financial year |  | 270,906 | 253,173
Profit/(loss) attributable to: |  |  |
Owners of the company |  | 270,906 | 253,173

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

Nova Double Glazing Systems Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024

| 2024 £ | 2023 £
Profit for the year | 270,906 | 253,173
Total comprehensive income for the year | 270,906 | 253,173
Total comprehensive income attributable to: |  |
Owners of the company | 270,906 | 253,173

Nova Double Glazing Systems Limited

(Registration number: 05833795)
Consolidated Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Negative goodwill | 11 | (292,777) | (314,277)
Tangible assets | 12 | 7,011,403 | 7,129,537
|  | 6,718,626 | 6,815,260
Current assets |  |  |
Stocks | 14 | 1,312,703 | 1,224,000
Debtors | 15 | 1,656,773 | 1,867,322
Cash at bank and in hand |  | 53,702 | 556,285
|  | 3,023,178 | 3,647,607
Creditors: Amounts falling due within one year | 17 | (2,900,295) | (3,381,798)
Net current assets |  | 122,883 | 265,809
Total assets less current liabilities |  | 6,841,509 | 7,081,069
Creditors: Amounts falling due after more than one year | 17 | (165,076) | (653,632)
Provisions for liabilities | 18 | (999,145) | (1,021,055)
Net assets |  | 5,677,288 | 5,406,382
Capital and reserves |  |  |
Called up share capital | 20 | 500 | 500
Share premium reserve |  | 49,500 | 49,500
Revaluation reserve |  | 2,450,077 | 2,450,077
Retained earnings |  | 3,177,211 | 2,906,305
Equity attributable to owners of the company |  | 5,677,288 | 5,406,382
Shareholders' funds |  | 5,677,288 | 5,406,382

Approved and authorised by the Board on 1 May 2025 and signed on its behalf by:

......................................... S Felstein Company secretary and director

Nova Double Glazing Systems Limited

(Registration number: 05833795)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Investments | 13 | 4,241,663 | 4,241,663
Current assets |  |  |
Debtors | 15 | 4,460 | 7,447
Cash at bank and in hand |  | 639 | 820
|  | 5,099 | 8,267
Creditors: Amounts falling due within one year | 17 | (3,795,747) | (3,609,118)
Net current liabilities |  | (3,790,648) | (3,600,851)
Total assets less current liabilities |  | 451,015 | 640,812
Creditors: Amounts falling due after more than one year | 17 | (81,463) | (284,358)
Net assets |  | 369,552 | 356,454
Capital and reserves |  |  |
Called up share capital | 20 | 500 | 500
Share premium reserve |  | 49,500 | 49,500
Retained earnings |  | 319,552 | 306,454
Shareholders' funds |  | 369,552 | 356,454

The company made a profit after tax for the financial year of £13,097 (2023 - profit £7,924)

Approved and authorised by the Board on 1 May 2025 and signed on its behalf by:

......................................... S Felstein Company secretary and director

Nova Double Glazing Systems Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

| Share capital £ | Share premium £ | Revaluation reserve £ | Retained earnings £
At 1 January 2024 | 500 | 49,500 | 2,450,077 | 2,906,305
Profit for the year | - | - | - | 270,906
At 31 December 2024 | 500 | 49,500 | 2,450,077 | 3,177,211

| Total £ | Total equity £
At 1 January 2024 | 5,406,382 | 5,406,382
Profit for the year | 270,906 | 270,906
At 31 December 2024 | 5,677,288 | 5,677,288

| Share capital £ | Share premium £ | Revaluation reserve £ | Retained earnings £
At 1 January 2023 | 500 | 49,500 | 2,450,077 | 2,653,132
Profit for the year | - | - | - | 253,173
At 31 December 2023 | 500 | 49,500 | 2,450,077 | 2,906,305

| Total £ | Total equity £
At 1 January 2023 | 5,153,209 | 5,153,209
Profit for the year | 253,173 | 253,173
At 31 December 2023 | 5,406,382 | 5,406,382

Nova Double Glazing Systems Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Share premium £ | Retained earnings £ | Total £
At 1 January 2024 | 500 | 49,500 | 306,455 | 356,455
Profit for the year | - | - | 13,097 | 13,097
At 31 December 2024 | 500 | 49,500 | 319,552 | 369,552

| Share capital £ | Share premium £ | Retained earnings £ | Total £
At 1 January 2023 | 500 | 49,500 | 298,530 | 348,530
Profit for the year | - | - | 7,924 | 7,924
At 31 December 2023 | 500 | 49,500 | 306,454 | 356,454

Nova Double Glazing Systems Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Cash flows from operating activities
Profit for the year |  | 270,906 | 253,173
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 290,014 | 310,604
Profit on disposal of tangible assets | 4 | (26,796) | (10,548)
Finance income |  | (1,662) | (4,408)
Finance costs | 6 | 81,465 | 69,920
Corporation tax expense | 10 | 91,014 | 126,108
|  | 704,941 | 744,849
Working capital adjustments |  |  |
(Increase)/decrease in stocks | 14 | (88,703) | 56,000
Decrease in trade debtors | 15 | 210,549 | 556,965
Decrease in trade creditors | 17 | (967,941) | (292,884)
Cash generated from operations |  | (141,154) | 1,064,930
Corporation taxes paid | 10 | (119,126) | (65,558)
Net cash flow from operating activities |  | (260,280) | 999,372
Cash flows from investing activities |  |  |
Interest received |  | 1,662 | 4,408
Acquisitions of tangible assets |  | (195,462) | (261,175)
Proceeds from sale of tangible assets |  | 28,878 | 10,549
Net cash flows from investing activities |  | (164,922) | (246,218)
Cash flows from financing activities |  |  |
Interest paid | 6 | (81,465) | (69,920)
Proceeds from bank borrowing draw downs |  | 293,587 | (203,600)
Repayment of other borrowing |  | (105,000) | (105,000)
Payments to finance lease creditors |  | (184,503) | (200,192)
Net cash flows from financing activities |  | (77,381) | (578,712)
Net (decrease)/increase in cash and cash equivalents |  | (502,583) | 174,442
Cash and cash equivalents at 1 January |  | 556,285 | 381,843
Cash and cash equivalents at 31 December |  | 53,702 | 556,285

Nova Double Glazing Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Norman Road
Altrincham
Cheshire
WA14 4EN

These financial statements were authorised for issue by the Board on 1 May 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Nova Double Glazing Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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 where the revision affects only that period, or the period of the revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
While the remaining useful life of the land and buildings is considered to be 17 years (before re-evaluation), the directors expect the fair value will remain at or above the current value in the accounts at that time.Therefore, no depreciation has been charged on the property. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Nova Double Glazing Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Asset class | Depreciation method and rate
Plant and machinery | 20-50% straight line
Fixtures, fittings & equipment | 10 - 25% straight line
Motor Vehicles | 25% straightline

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible fixed assets - goodwill

Goodwill represents the deficit arising on acquisition of subsidiary , Nova Group Limited in 2006 when the company was acquired for below fair value. It is initially recognised as an assett at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairmrnt losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 32 years . This is in line with the useful life of the property which is considered to be 32 years as the value of goodwill was derived from the value of the property.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Nova Double Glazing Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Turnover

The analysis of the group's Turnover for the year by class of business is as follows:

Nova Double Glazing Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

| 2024 £ | 2023 £
UK | 14,838,106 | 16,176,633

4 | Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

| 2024 £ | 2023 £
Gain on disposal of Tangible assets | 26,796 | 10,548

5 | Operating profit

Arrived at after charging/(crediting)

| 2024 £ | 2023 £
Depreciation expense | 311,514 | 332,104
Amortisation expense | (21,500) | (21,500)
Operating lease expense - plant and machinery | 20,525 | 16,917
Profit on disposal of property, plant and equipment | (26,796) | (10,548)

6 | Interest payable and similar expenses

| 2024 £ | 2023 £
Interest on bank overdrafts and borrowings | 81,465 | 69,920

7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2024 £ | 2023 £
Wages and salaries | 4,238,876 | 4,856,503
Social security costs | 392,594 | 465,707
Pension costs, defined contribution scheme | 180,065 | 200,985
Other employee expense | 4,393 | 1,854
| 4,815,928 | 5,525,049

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

| 2024 No. | 2023 No.
Production | 125 | 136
Administration and support | 35 | 35
| 160 | 171

Nova Double Glazing Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2024 £ | 2023 £
Remuneration | 322,127 | 873,304
Contributions paid to money purchase schemes | 92,950 | 117,700
| 415,077 | 991,004

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2024 No. | 2023 No.
Accruing benefits under money purchase pension scheme | 4 | 4

In respect of the highest paid director:

| 2024 £ | 2023 £
Remuneration | 74,692 | 564,227

9 | Auditors' remuneration

| 2024 £ | 2023 £
Audit of these financial statements | 10,200 | 10,200

10 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2024 £ | 2023 £
Current taxation |  |
UK corporation tax | 112,924 | 118,839
Deferred taxation |  |
Arising from origination and reversal of timing differences | (21,910) | 7,269
Tax expense in the income statement | 91,014 | 126,108

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).
The differences are reconciled below:

Nova Double Glazing Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

| 2024 £ | 2023 £
Profit before tax | 361,920 | 379,281
Corporation tax at standard rate | 90,480 | 89,207
Tax increase from effect of capital allowances and depreciation | 33,772 | 35,283
Effect of expense not deductible in determining taxable profit (tax loss) | - | 22
(Decrease)/increase from tax losses for which no deferred tax asset was recognised | (21,910) | 7,269
Tax decrease arising from group relief | (4,629) | (3,192)
Tax decrease from effect of rollover relief on profit on disposal of fixed assets | (6,699) | (2,481)
Total tax charge | 91,014 | 126,108

Nova Double Glazing Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11 | Intangible assets

Group

| Negative goodwill £ | Total £
Cost or valuation
At 1 January 2024 | (690,527) | (690,527)
At 31 December 2024 | (690,527) | (690,527)
Amortisation
At 1 January 2024 | (376,250) | (376,250)
Amortisation charge | (21,500) | (21,500)
At 31 December 2024 | (397,750) | (397,750)
Carrying amount
At 31 December 2024 | (292,777) | (292,777)
At 31 December 2023 | (314,277) | (314,277)

Nova Double Glazing Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12 | Tangible assets

Group

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 January 2024 | 6,000,000 | 3,363,080 | 1,167,758 | 10,530,838
Additions | - | 74,393 | 121,069 | 195,462
Disposals | - | - | (65,410) | (65,410)
At 31 December 2024 | 6,000,000 | 3,437,473 | 1,223,417 | 10,660,890
Depreciation
At 1 January 2024 | - | 2,483,172 | 918,129 | 3,401,301
Charge for the year | - | 163,496 | 148,018 | 311,514
Eliminated on disposal | - | - | (63,328) | (63,328)
At 31 December 2024 | - | 2,646,668 | 1,002,819 | 3,649,487
Carrying amount
At 31 December 2024 | 6,000,000 | 790,805 | 220,598 | 7,011,403
At 31 December 2023 | 6,000,000 | 879,908 | 249,629 | 7,129,537

Included within the net book value of land and buildings above is £6,000,000 (2023 - £6,000,000) in respect of freehold land and buildings.

Revaluation

The fair value of the group's Land and buildings was revalued on 31 December 2021. An independent valuer was not involved.
The revalued amount was based on managements expectation of its open market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,030,863 (2023 - £2,040,809).

13 | Investments

Group

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Nova Double Glazing Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2024 | 2023
Subsidiary undertakings
Altrincham Glass Company Limited |  | Ordinary | 100% | 100%
| England & Wales |  |  |
Nova Group Limited* |  | Ordinary | 100% | 100%
| England & Wales |  |  |
Novapane Insulating Glass Limited |  | Ordinary | 100% | 100%
| England & Wales |  |  |

Company

| 2024 £ | 2023 £
Investments in subsidiaries | 4,241,663 | 4,241,663

Subsidiaries | £
Cost or valuation
At 1 January 2024 | 4,241,663
Provision
Carrying amount
At 31 December 2024 | 4,241,663
At 31 December 2023 | 4,241,663

14 | Stocks

| Group | Company
| 2024 £ | 2023 £ | 2024 £ | 2023 £
Raw materials and consumables | 1,270,310 | 1,148,000 | - | -
Finished goods and goods for resale | 42,393 | 76,000 | - | -
| 1,312,703 | 1,224,000 | - | -

15 | Debtors

| Group | Company
Current | 2024 £ | 2023 £ | 2024 £ | 2023 £
Trade debtors | 1,560,462 | 1,763,814 | - | -
Other debtors | 759 | 1,900 | - | -
Prepayments | 95,552 | 101,608 | 4,460 | 7,447
| 1,656,773 | 1,867,322 | 4,460 | 7,447

Nova Double Glazing Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

16 | Cash and cash equivalents

| Group | Company
| 2024 £ | 2023 £ | 2024 £ | 2023 £
Cash at bank | 53,702 | 556,285 | 639 | 820

17 | Creditors

|  | Group | Company
| Note | 2024 £ | 2023 £ | 2024 £ | 2023 £
Due within one year |  |  |  |  |
Loans and borrowings | 21 | 978,434 | 485,794 | 198,611 | 200,977
Trade creditors |  | 771,589 | 1,089,331 | - | -
Amounts due to related parties |  | - | - | 3,597,136 | 3,408,141
Social security and other taxes |  | 313,393 | 762,984 | - | -
Other payables |  | 412,907 | 638,198 | - | -
Accruals |  | 311,336 | 286,653 | - | -
Corporation tax liability | 10 | 112,636 | 118,838 | - | -
|  | 2,900,295 | 3,381,798 | 3,795,747 | 3,609,118
Due after one year |  |  |  |  |
Loans and borrowings | 21 | 165,076 | 653,632 | 81,463 | 284,358

18 | Provisions for liabilities

Group

| Deferred tax £ | Total £
At 1 January 2024 | 1,021,055 | 1,021,055
Increase (decrease) in existing provisions | (21,910) | (21,910)
At 31 December 2024 | 999,145 | 999,145

19 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £180,065 (2023 - £200,985).
Contributions totalling £20,587 (2022 - £37,214) were payable to the scheme at the end of the year and are included in creditors.

Nova Double Glazing Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

20 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 500 | 500 | 500 | 500

21 | Loans and borrowings

Non-current loans and borrowings

| Group | Company
| 2024 £ | 2023 £ | 2024 £ | 2023 £
Bank borrowings | 81,463 | 284,358 | 81,463 | 284,358
Hire purchase contracts | 39,863 | 220,524 | - | -
Other borrowings | 43,750 | 148,750 | - | -
| 165,076 | 653,632 | 81,463 | 284,358

Current loans and borrowings

| Group | Company
| 2024 £ | 2023 £ | 2024 £ | 2023 £
Bank borrowings | 873,434 | 380,794 | 198,611 | 200,977
Other borrowings | 105,000 | 105,000 | - | -
| 978,434 | 485,794 | 198,611 | 200,977

22 | Commitments

Group

Capital commitments

During the year, Nova Group Limited (a member of the group) has committed to buying capital equipment. The balance of £199,333 is payable within 12 months.
The total amount contracted for but not provided in the financial statements was £199,333 (2023 - £Nil).

23 | Financial guarantee contracts

Group

These are bank debentures and cross-guarantees with Nova Double Glazing Systems Limited secured on the fixed and floating assets of Nova Group Limited. The total debt secured under these arrangements is £1,143,510 (2023: £996,682).