REGISTERED NUMBER: 01670837 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GLAZERITE (EAST) LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

M Thomas

R Brearley

M Johnston

D R Rhodes

J Dunn

REGISTERED OFFICE:

2 John Wesley Road

Werrington

Peterborough

Cambridgeshire

PE4 6ZL

REGISTERED NUMBER:

01670837 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

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

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

The commencement of 2024 saw the successful opening of a brand-new site in Barnsley which brought with it a host of additional costs from day one. The site was fully operational by the end of April and grew month by month thereafter. Although the 2024 accounts are adversely affected by the opening costs of this site, the company expects 2025 to be a profitable year for the site.

Sales volumes for the company were similar to 2023 but nowhere near the post-pandemic levels that we saw in 2021/2022. The year saw continued price increases from the supply chain and a continuation of increases in the national minimum wage which the company continued to partially pass onto customers, however the company also continued to shoulder some of the burden of these increases itself resulting in Gross Margins of 26.3%, around 2.6% lower than 2023 levels. Significant effort and cost was put into improving the already efficient and cost-effective business to help ensure that net profit was still healthy despite the cost increases seen from areas such as rent, business rates and insurance.

Total turnover on continuing operations decreased by £351,049 (5%) to £6,699,208. Net loss before tax was £242,701, representing a net margin of (3.6%) on sales, a decrease of 13.7% on 2023 performance.

Cash flow generated from operations remains strong at £0.32m and the company continued with its policy of investment in machinery and in the course of the year purchased capital expenditure totalling £368,005.

Total capital and reserves at the year-end stand at £527,632.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a very competitive environment, focused on timely and efficient service, quality and price and is proven to be able to excel in it.

We continue to see inflationary increases in the costs of raw materials and labour and also disruption in areas of the supply chain. The company will continue to harness its strong relationships with suppliers to ensure any issues can be managed effectively and where required will source materials from more than one supplier.

To ensure staff retention is kept at good levels the company continually reviews pay structures and other ways of rewarding employees to ensure it is competitive in the markets it operates in.

The company will continue to invest in new machinery, vehicles and staff development throughout 2025 to ensure that it is able to continue to prosper.

SIGNED BY ORDER OF THE DIRECTORS:

R Brearley - Director

26 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacturing of UPVC windows and doors.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M Thomas

R Brearley

M Johnston

D R Rhodes

J Dunn

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:

R Brearley - Director

26 September 2025

Opinion

We have audited the financial statements of Glazerite (East) Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 December 2024 and of its loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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

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 a Report of the Auditors 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.

Robyn Liddell (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

27 September 2025

TURNOVER

6,699,208

7,050,257

Cost of sales

4,937,324

5,009,890

GROSS PROFIT

1,761,884

2,040,367

Administrative expenses

1,961,462

1,329,291

(199,578

)

711,076

Other operating income

17,742

12,125

OPERATING (LOSS)/PROFIT

4

(181,836

)

723,201

Interest receivable and similar income

120

621

(181,716

)

723,822

Interest payable and similar expenses

5

60,985

14,064

(LOSS)/PROFIT BEFORE TAXATION

(242,701

)

709,758

Tax on (loss)/profit

6

52,559

159,486

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(295,260

)

550,272

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(295,260

)

550,272

FIXED ASSETS

Tangible assets

8

791,375

577,207

CURRENT ASSETS

Stocks

9

413,211

479,558

Debtors

10

1,200,833

891,904

Cash at bank and in hand

13,695

26,648

1,627,739

1,398,110

CREDITORS

Amounts falling due within one year

11

1,315,926

925,346

NET CURRENT ASSETS

311,813

472,764

TOTAL ASSETS LESS CURRENT LIABILITIES

1,103,188

1,049,971

CREDITORS

Amounts falling due after more than one year

12

(391,954

)

(96,036

)

PROVISIONS FOR LIABILITIES

15

(183,602

)

(131,043

)

NET ASSETS

527,632

822,892

CAPITAL AND RESERVES

Called up share capital

16

20,000

20,000

Retained earnings

17

507,632

802,892

SHAREHOLDERS' FUNDS

527,632

822,892

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

R Brearley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

20,000

2,502,620

2,522,620

Changes in equity

Dividends

-

(2,250,000

)

(2,250,000

)

Total comprehensive income

-

550,272

550,272

Balance at 31 December 2023

20,000

802,892

822,892

Changes in equity

Total comprehensive income

-

(295,260

)

(295,260

)

Balance at 31 December 2024

20,000

507,632

527,632

Cash flows from operating activities

Cash generated from operations

1

316,805

861,382

Interest paid

(60,985

)

(14,064

)

Tax paid

(66,632

)

(231,687

)

Net cash from operating activities

189,188

615,631

Cash flows from investing activities

Purchase of tangible fixed assets

(163,344

)

(2,494

)

Sale of tangible fixed assets

959

-

Intercompany loans

(254,586

)

1,433,804

Interest received

120

621

Net cash from investing activities

(416,851

)

1,431,931

Cash flows from financing activities

Financing through sale & leaseback

261,260

-

Capital repayments in year

(46,550

)

(5,902

)

Equity dividends paid

-

(2,250,000

)

Net cash from financing activities

214,710

(2,255,902

)

Decrease in cash and cash equivalents

(12,953

)

(208,340

)

Cash and cash equivalents at beginning of year

2

26,648

234,988

Cash and cash equivalents at end of year

2

13,695

26,648

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

(Loss)/profit before taxation

(242,701

)

709,758

Depreciation charges

119,317

92,990

Finance costs

60,985

14,064

Finance income

(120

)

(621

)

(62,519

)

816,191

Decrease/(increase) in stocks

66,347

(105,911

)

Increase in trade and other debtors

(54,343

)

(59,964

)

Increase in trade and other creditors

367,320

211,066

Cash generated from operations

316,805

861,382

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

13,695

26,648

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

26,648

234,988

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1/1/24

Cash flow

changes

At 31/12/24

£

£

£

£

Net cash

Cash at bank

and in hand

26,648

(12,953

)

13,695

26,648

(12,953

)

13,695

Debt

Finance leases

(121,634

)

(214,710

)

-

(507,442

)

(121,634

)

(214,710

)

-

(507,442

)

Total

(94,986

)

(227,663

)

-

(493,747

)

1.	STATUTORY INFORMATION

Glazerite (East) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover

Turnover represents net invoiced sale of goods and services, excluding value added tax, except in respect of goods and services supplied under contract, where turnover is recognised when the company obtains a right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - Straight line over 10 years

Fixtures and fittings - Straight line over 5 years

Motor vehicles - Straight line over 5 years

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,551,585

1,264,347

Social security costs

134,110

102,487

Other pension costs

33,495

24,560

1,719,190

1,391,394

The average number of employees during the year was as follows:

2024

2023

Admin

10

9

Production

48

40

58

49

2024

2023

£

£

Directors' remuneration

8,785

1,525

4.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024

2023

£

£

Hire of plant and machinery

62,878

44,449

Other operating leases

259,485

171,583

Depreciation - owned assets

35,833

89,687

Depreciation - assets on hire purchase contracts

83,482

3,302

Auditors' remuneration

8,500

8,575

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest payable

60,985

14,064

6.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

-

147,336

Deferred tax

52,559

12,150

Tax on (loss)/profit

52,559

159,486

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

(Loss)/profit before tax

(242,701

)

709,758

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

(60,675

)

177,440

Effects of:

Expenses not deductible for tax purposes

1,394

7,141

Changes in provisions

4,755

(15,828

)

Change in Corporation tax rate

-

(9,267

)

Loss created

115,809

-

Asset transferred from group company

(8,391

)

-

Balancing charge on super deduction proceeds

(333

)

-

Total tax charge

52,559

159,486

7.

DIVIDENDS

2024

2023

£

£

Interim

-

2,250,000

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

905,318

59,676

133,025

1,098,019

Additions

360,805

-

7,200

368,005

Disposals

(57,218

)

-

-

(57,218

)

At 31 December 2024

1,208,905

59,676

140,225

1,408,806

DEPRECIATION

At 1 January 2024

356,224

54,193

110,395

520,812

Charge for year

105,016

2,144

12,155

119,315

Eliminated on disposal

(22,696

)

-

-

(22,696

)

At 31 December 2024

438,544

56,337

122,550

617,431

NET BOOK VALUE

At 31 December 2024

770,361

3,339

17,675

791,375

At 31 December 2023

549,094

5,483

22,630

577,207

The net book value of tangible fixed assets includes £ 549,393 (2023 - £ 124,629 ) in respect of assets held under hire purchase contracts.