REGISTERED NUMBER: 05128445 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GLASSWORKS INTERNATIONAL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Mr P M Morgan

Mrs S J Morgan

Mr M Morgan

SECRETARY:

Mrs S J Morgan

REGISTERED OFFICE:

Unit 1, Cambridge House

Camboro Business Park

Oakington Road, Girton

CAMBRIDGE

Cambridgeshire

CB3 0QH

REGISTERED NUMBER:

05128445 (England and Wales)

INDEPENDENT AUDITORS:

Staffords

Chartered Accountants

& Statutory Auditors

Unit 1, Cambridge House

Camboro Business Park

Oakington Road, Girton

CAMBRIDGE

Cambridgeshire

CB3 0QH

BANKERS:

National Westminster Bank PLC

Chelmsford

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

Glassworks International Ltd is a National and International distributor of glass bottles and jars.

REVIEW OF BUSINESS

2024 was another challenging year due to the uncertainties created by the aftermath of COVID-19 and Brexit, and the continuing conflicts in Ukraine and the Middle East. Raw Material and Freight costs remained extraordinarily high throughout the year, and stock availability was severely limited.

In seeking to assess business performance, the principal key performance indicator monitored by the directors is gross margin. This is affected by currency fluctuations, however, despite the challenges posed by a relatively weak pound and high material costs, gross margins, prior to foreign exchange gains and losses increased to 23%, compared to 18.6% in 2023.

Sales reduced significantly in 2024 compared to 2023, primarily due to lack of available capacity. Nevertheless, overall business remains robust and the directors remain positive for the future.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks faced by the business are those of foreign exchange fluctuations, due to the need to purchase stocks in Euros and US Dollars while the customer base is invoiced in Sterling, and maintaining the supply chain in an environment riven with uncertainties and challenges due to international conflicts causing dramatic rises in fuel costs, affecting both raw material and freight prices.

Glassworks International Ltd has entered into hedging arrangements on occasion to seek to mitigate some of the risk, and has sought out different supply chains to attempt to ensure continuity of product supply in these difficult times.

FUTURE PLANS

The directors are continuing to seek new customers and suppliers, and to exploit new opportunities. The Directors formed a new group company in Ireland, in 2020, in order to better exploit the Irish and other European markets post Brexit, and intend to do so more fully when the international economic environment stablilises.

ON BEHALF OF THE BOARD:

Mr P M Morgan - Director

29 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 sale of glass bottles and other glass related products.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 477,093 .

DIRECTORS

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

Mr P M Morgan

Mrs S J Morgan

Mr M Morgan

DIRECTORS INDEMNITIES

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year Directors’ and Officers’ liability insurance in respect of itself and its Directors.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Staffords, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr P M Morgan - Director

29 September 2025

Opinion

We have audited the financial statements of Glassworks International Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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 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 have obtained an understanding of the legal and regulatory framework applicable to the company, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the Financial Statements.

We have considered the nature of the industry and sector, control environment and business framework, including the design of the company's remuneration policies.

We have enquired of management in regard to their own assessment of the risks of irregularities, including fraud.

We have obtained relevant documentation and representations in order to form an opinion on potential irregularities, including fraud.

We have reviewed the company's documentation of their policies and procedures relating to identifying, evaluating, and complying with laws and regulations, detecting and responding to the risks of fraud, and the internal controls established to mitigate the risks of fraud and non-compliance with laws and regulations.

Audit procedures performed during the audit included transaction testing with a focus on areas of judgement and estimations, and entries determined to be large or relating to unusual transactions. These audit procedures are designed to provide reasonable assurance that the Financial Statements were free from fraud or error. However, detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as those irregularities that result from fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations.

No instances of non compliance with laws and regulations or of fraud were communicated to us during the audit.

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 shareholders, 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 shareholders 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Pettifer FCA (Senior Statutory Auditor)

for and on behalf of Staffords

Chartered Accountants

& Statutory Auditors

Unit 1, Cambridge House

Camboro Business Park

Oakington Road, Girton

CAMBRIDGE

Cambridgeshire

CB3 0QH

29 September 2025

TURNOVER

10,138,921

14,899,895

Cost of sales

(7,803,316

)

(12,129,939

)

GROSS PROFIT

2,335,605

2,769,956

Distribution costs

(335,490

)

(445,300

)

Administrative expenses

(1,155,174

)

(925,317

)

OPERATING PROFIT

5

844,941

1,399,339

Interest payable and similar expenses

7

(39,338

)

(57,306

)

PROFIT BEFORE TAXATION

805,603

1,342,033

Tax on profit

8

(222,949

)

(299,573

)

PROFIT FOR THE FINANCIAL YEAR

582,654

1,042,460

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

582,654

1,042,460

FIXED ASSETS

Intangible assets

10

-

10,833

Tangible assets

11

315,977

409,690

315,977

420,523

CURRENT ASSETS

Stocks

12

3,851,922

3,568,938

Debtors

13

1,884,284

2,588,796

Cash at bank

15,899

4,329

5,752,105

6,162,063

CREDITORS

Amounts falling due within one year

14

4,482,697

4,905,866

NET CURRENT ASSETS

1,269,408

1,256,197

TOTAL ASSETS LESS CURRENT LIABILITIES

1,585,385

1,676,720

CREDITORS

Amounts falling due after more than one year

15

162,451

359,347

NET ASSETS

1,422,934

1,317,373

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

1,422,834

1,317,273

SHAREHOLDERS' FUNDS

1,422,934

1,317,373

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr P M Morgan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

1,044,893

1,044,993

Changes in equity

Dividends

-

(770,080

)

(770,080

)

Total comprehensive income

-

1,042,460

1,042,460

Balance at 31 December 2023

100

1,317,273

1,317,373

Changes in equity

Dividends

-

(477,093

)

(477,093

)

Total comprehensive income

-

582,654

582,654

Balance at 31 December 2024

100

1,422,834

1,422,934

Cash flows from operating activities

Cash generated from operations

1

835,188

1,303,839

Interest paid

(39,338

)

(57,306

)

Tax paid

(86,755

)

(170,488

)

Net cash from operating activities

709,095

1,076,045

Cash flows from investing activities

Purchase of tangible fixed assets

(23,536

)

(61,955

)

Net cash from investing activities

(23,536

)

(61,955

)

Cash flows from financing activities

Loan repayments in year

(180,000

)

(180,000

)

Capital repayments in year

(16,896

)

(61,877

)

Equity dividends paid

(477,093

)

(770,080

)

Net cash from financing activities

(673,989

)

(1,011,957

)

Increase in cash and cash equivalents

11,570

2,133

Cash and cash equivalents at beginning of year

2

4,329

2,196

Cash and cash equivalents at end of year

2

15,899

4,329

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

805,603

1,342,033

Depreciation charges

120,769

95,257

Loss on disposal of fixed assets

7,313

-

Finance costs

39,338

57,306

973,023

1,494,596

(Increase)/decrease in stocks

(282,984

)

1,441,843

Decrease in trade and other debtors

704,512

380,404

Decrease in trade and other creditors

(559,363

)

(2,013,004

)

Cash generated from operations

835,188

1,303,839

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

15,899

4,329

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

4,329

2,196

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

4,329

11,570

15,899

4,329

11,570

15,899

Debt

Finance leases

(145,020

)

16,896

(128,124

)

Debts falling due within 1 year

(180,000

)

-

(180,000

)

Debts falling due after 1 year

(240,000

)

180,000

(60,000

)

(565,020

)

196,896

(368,124

)

Total

(560,691

)

208,466

(352,225

)

1.	STATUTORY INFORMATION

Glassworks International Limited 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 (£).

The address of the principal place of business of the company is Saffron House, 67 High Street, Saffron Walden.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when goods are delivered to, and received by the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Amortisation of Development costs commenced as the relevant assets were brought into use during the year. Amortisation is being charged over one year from commencement of use due to the short length of the remaining useful economic life of these assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Financial instruments

The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates. Derivative financial instruments are initially measured at fair value on the date when a derivative contract is entered into and are subsequently measured at fair value through the profit and loss. Derivatives are carried as assets when the fair value is positive, and liabilities where the fair value is negative.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Invoice discounting

The company utilises an invoice discounting facility. The terms of this facility are judged to be that the risks and rewards of ownership do not pass to the finance company. As such, trade debtors are not derecognised on drawdown of funds against this facility, and the facility is recognised as a liability for the amount drawn and included within Other Creditors.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

439,200

433,686

Social security costs

41,976

39,800

Other pension costs

73,640

54,988

554,816

528,474

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

2024

2023

Finance and logistics

6

6

Sales and customer care

3

3

Warehouse

3

4

12

13

2024

2023

£

£

Directors' remuneration

43,601

38,654

Directors' pension contributions to money purchase schemes

47,001

32,910

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

61,461

66,014

Depreciation - assets on hire purchase contracts

48,476

12,991

Loss on disposal of fixed assets

7,313

-

Goodwill amortisation

10,833

16,250

Foreign exchange differences

(81,532

)

(211,799

)

6.	AUDITORS' REMUNERATION

2024

2023

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

23,892

20,250

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loan interest

29,353

40,711

HP Interest

8,776

3,213

Other interest

1,209

13,382

39,338

57,306

8.

TAXATION

Analysis of the tax charge

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

2024

2023

£

£

Current tax:

UK corporation tax

222,949

299,573

Tax on profit

222,949

299,573

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

£

£

Profit before tax

805,603

1,342,033

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

201,401

315,646

Effects of:

Expenses not deductible for tax purposes

4,211

2,457

Capital allowances in excess of depreciation

-

(18,530

)

Depreciation in excess of capital allowances

17,867

-

Adjustments to tax charge in respect of previous periods

(530

)

-

Total tax charge

222,949

299,573

9.

DIVIDENDS

2024

2023

£

£

Final

477,093

770,080

10.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

325,000

79,679

404,679

AMORTISATION

At 1 January 2024

314,167

79,679

393,846

Amortisation for year

10,833

-

10,833

At 31 December 2024

325,000

79,679

404,679

NET BOOK VALUE

At 31 December 2024

-

-

-

At 31 December 2023

10,833

-

10,833