ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 05997979

TUFF X PROCESSED GLASS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

TUFF X PROCESSED GLASS LIMITED

COMPANY INFORMATION

Directors	J Tierney
	C Duffy
	P I Higgins
	G F Hughes
	R Hunt


Company secretary	C Duffy


Registered number	05997979


Registered office	Nexus House Randles Road
	Knowsley Business Park
	Prescot
	Merseyside
	L34 9HX


Independent auditors	Langtons Professional Services Limited
	Chartered Accountants & Statutory Auditor
	The Plaza
	100 Old Hall Street
	Liverpool
	L3 9QJ

TUFF X PROCESSED GLASS LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Statement of comprehensive income	9
Balance sheet	10
Statement of changes in equity	11
Notes to the financial statements	12 - 25

TUFF X PROCESSED GLASS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Directors present their Strategic Report together with the audited financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the Company is the manufacture, supply and delivery of toughened processed safety glass products and insulated double glazed units for conservatory roofs. Tuff X is one of the UK’s most experienced glass processors, designing and manufacturing highly creative, desirable and technically advanced concepts for residential installations.

Business review

Market conditions were challenging during 2024 due to political uncertainty in the lead up to the UK election and subsequent Autumn budget impacting consumer confidence. Interest rates remaining higher than anticipated at the start of the year also had a negative impact. Commodity inflation eased during 2024 which put some additional downward pressure on selling prices during H1 2024.
Despite these challenges the company delivered an adjusted EBITDA of £2.35m (2023 - £2.46m) on revenues of £23.4m (2023 - £24.8m). The board consider adjusted EBITDA to be a key performance measure for the business as it adds back, depreciation, amortisation and exceptional items. Total revenues declined 5.6% to £23.4m from £24.8m due to some customer churn and downward price pressure. The Directors expect to reverse the decline as new product lines come live and the economy returns to growth.
Operating Profit increased during the year to £1.83m from £1.5m. During 2023 an exceptional cost of £0.43m was incurred which related to securing vacant possession for an additional 10,000 sq. ft at its Knowsley manufacturing facility.
The Company's cash balance has increased by £0.1m during the financial year to £1.1m.
Strategy
The Company’s strategy is to further develop its position as the leading supplier of glass to the residential and commercial market. The Company is a market leader in research and development within the glass industry and will continue to work closely with the world’s leading glass manufacturers to bring new products to market.
Further investment will be made in products to support the environmental objective of reducing emissions from fossil fuels used to heat and cool rooms.

Financial key performance indicators

Management uses a number of key performance indicators to manage operations and optimise finance performance. These include:
• Sales order intake
• Production output
• Cash flow
• Delivery performance
• Energy usage

Page 1

TUFF X PROCESSED GLASS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

Like many businesses the Company is exposed to a number of risks and uncertainties and managing these risks is an integral part of the business. The principal risks are discussed below:
Competition
The Company operates in a highly competitive market. The Company mitigates this risk by continuously investing in new plant, developing new product offerings and building long term relationships built upon quality and flexibility. In addition, the Company invests in its own delivery fleet enabling the Company to offer a market leading nationwide delivery service.
Credit risk
The Company has a large customer base which due its size could present a potential credit exposure. The Company manages this risk by investing in its credit control department which carefully monitors customer credit levels. This risk is further mitigated by an insurance contract to cover the possibility of a customer defaulting.
Political
The impact of the Ukraine war has caused energy costs to spiral which has affected the whole glass industry. The Company mitigates this risk by carefully monitoring electricity prices and fixing wholesale energy prices where appropriate. Customer pricing is continually reviewed to reflect changing energy prices.
Future developments
The Company continues to look to secure additional market share by securing new customers and developing existing relationships.
Research and development
Continuous focus will be given to research and development to ensure that new and improved products are released into the market.

This report was approved by the board on 1 May 2025 and signed on its behalf.

J Tierney

Director

Page 2

TUFF X PROCESSED GLASS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,360,343 (2023 - £1,069,612).

The Directors declared and paid a dividend for the year of £1,000,200 (2023 - £1,000,200).

Directors

The directors who served during the year were:

J Tierney

C Duffy

P I Higgins

G F Hughes

R Hunt

Qualifying third party indemnity provisions

The Company has provided an indemnity for its directors, which is a qualifying third-party indemnity provision for the purposes of the Companies Act 2006.

Matters covered in the Strategic Report

Disclosures required under S416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the Directors consider them to be of strategic importance to the group.

Page 3

TUFF X PROCESSED GLASS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Langtons Professional Services Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 1 May 2025 and signed on its behalf.

J Tierney

Director

Page 4

TUFF X PROCESSED GLASS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TUFF X PROCESSED GLASS LIMITED

Opinion

We have audited the financial statements of Tuff X Processed Glass Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 United Kingdom, including the Financial Reporting Council'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.

Page 5

TUFF X PROCESSED GLASS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TUFF X PROCESSED GLASS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the 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 the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

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

∙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 Directors' responsibilities statement set out on page 3, 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.

Page 6

TUFF X PROCESSED GLASS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TUFF X PROCESSED GLASS LIMITED (CONTINUED)

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 an Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
The objectives of our audit, in respect to fraud, are:
• to identify and assess the risks of material misstatement of the financial statements due to fraud;
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
to fraud, through designing and implementing appropriate responses; and
• to respond appropriately to fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK.
We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved:
• enquiries of management; and
• journal entry testing, with a focus on journals indicating large or unusual transactions based on our
understanding of the business.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud.
We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings.
Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the

Page 7

TUFF X PROCESSED GLASS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TUFF X PROCESSED GLASS LIMITED (CONTINUED)

assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

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 Auditors' report.

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 Auditors' 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.

Eifion Roberts (Senior statutory auditor)

for and on behalf of

Langtons Professional Services Limited

Chartered Accountants

Statutory Auditor

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ

1 May 2025

Page 8

TUFF X PROCESSED GLASS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	23,408,204	24,798,118
Cost of sales		(16,930,250)	(18,512,286)
Gross profit		6,477,954	6,285,832
Administrative expenses		(4,650,701)	(4,336,172)
Exceptional administrative expenses	13	-	(425,940)
Operating profit	5	1,827,253	1,523,720
Interest receivable and similar income	9	15,021	2,563
Interest payable and similar expenses	10	(16,621)	(23,144)
Profit before tax		1,825,653	1,503,139
Tax on profit	11	(465,310)	(433,527)
Profit for the financial year		1,360,343	1,069,612

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 25 form part of these financial statements.

Page 9

TUFF X PROCESSED GLASS LIMITED

REGISTERED NUMBER: 05997979

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	14		1,869,882		2,397,216
			1,869,882		2,397,216
Current assets
Stocks	15	233,460		262,649
Debtors	16	8,727,914		8,047,463
Cash at bank and in hand	17	1,056,334		988,462
		10,017,708		9,298,574
Creditors: amounts falling due within one year	18	(2,931,399)		(2,812,694)
Net current assets			7,086,309		6,485,880
Total assets less current liabilities			8,956,191		8,883,096
Creditors: amounts falling due after more than one year	19		(177,998)		(376,259)
Provisions for liabilities
Deferred tax	21	(399,861)		(488,648)
			(399,861)		(488,648)
Net assets			8,378,332		8,018,189

Capital and reserves
Called up share capital	22	30,000	30,000
Profit and loss account	23	8,348,332	7,988,189
		8,378,332	8,018,189

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2025.

J Tierney

Director

The notes on pages 12 to 25 form part of these financial statements.

Page 10

TUFF X PROCESSED GLASS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	30,000	7,918,777	7,948,777
Comprehensive income for the year
Profit for the year	-	1,069,612	1,069,612
Total comprehensive income for the year	-	1,069,612	1,069,612
Contributions by and distributions to owners
Dividends: Equity capital	-	(1,000,200)	(1,000,200)
Total transactions with owners	-	(1,000,200)	(1,000,200)

At 1 January 2024	30,000	7,988,189	8,018,189
Comprehensive income for the year
Profit for the year	-	1,360,343	1,360,343
Total comprehensive income for the year	-	1,360,343	1,360,343
Contributions by and distributions to owners
Dividends: Equity capital	-	(1,000,200)	(1,000,200)
Total transactions with owners	-	(1,000,200)	(1,000,200)
At 31 December 2024	30,000	8,348,332	8,378,332

The notes on pages 12 to 25 form part of these financial statements.

Page 11

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Tuff X Processed Glass Limited is a private company listed by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page and the nature of the Company's operations and its principal activity are set out in the Strategic Report.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The presentational and functional currency of these financial statements is GBP. Values are rounded to the nearest pound.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Project Crystal Topco Limited as at 31st December 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

2.3

Going concern

The Directors have performed a review of the future profitability and cashflows of the business and have concluded that the company remains a going concern.

Page 12

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'.

2.5

Turnover

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of value added tax and trade discounts.
Turnover is recognised upon delivery of goods.

2.6

Operating leases: the Company as lessee

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

2.7

Research and development

Expenditure on pure and applied research is charged to profit or loss in the period in which it is incurred. Development costs which do not meet the criteria for capitalisation are also charged to profit or loss in the period of expenditure.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.11

Taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery	-	10-50 %
Furniture, fixtures and equipment	-	20%
Assets under construction	-	Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 15

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:
• Determine whether leases entered into by the company either as a lessor are operating or finance
leases. These decisions depend on an assessment of whether the risks and rewards of ownership
have been transferred from the lessor to the lessee on a lease by lease basis.
Other key sources of estimation uncertainty
• Tangible fixed assets (see note 12)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Processed glass	14,715,363	15,049,980
Conservatory roof glass units	8,692,841	9,748,138
	23,408,204	24,798,118

All turnover arose within the United Kingdom.

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TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Depreciation of plant and equipment	527,333	512,885
Profit on sale of tangible assets	-	(410)
Exceptional item (note 13)	-	425,940
Fees payable to the company's auditor for the audit of the company	16,750	29,000
Cost of defined contribution scheme	188,586	192,261
Research and development expenditure	-	50,000
Exchange differences	555	1,006
Other operating lease rentals	984,439	964,494

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

16,750

29,000

Page 17

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Wages and salaries	6,692,261	6,899,811
Social security costs	602,790	615,374
Cost of defined contribution scheme	188,586	192,261
	7,483,637	7,707,446

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Administration	35	41
Production	181	192

	216	233

8.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	113,019	110,363
Company contributions to defined contribution pension schemes	10,817	10,499
	123,836	120,862

During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The emoluments of 4 (2023 - 4) of the Directors were borne by the holding company Project Crystal Bidco Ltd.

Page 18

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	15,021	2,563
		15,021	2,563

10.	Interest payable and similar expenses
		2024	2023
		£	£

Finance leases and hire purchase contracts	14,879	23,144
Other interest payable	1,742	-
	16,621	23,144

Corporation tax
Current tax on profits for the year	583,561	494,537
Adjustments in respect of previous periods	(29,464)	(25,684)

Total current tax	554,097	468,853

Deferred tax
Origination and reversal of timing differences	(88,787)	(35,326)
Total deferred tax	(88,787)	(35,326)


		465,310	433,527

Page 19

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

1,825,653

1,503,140

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	456,413	353,547
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	12,845	106,842
Adjustments to tax charge in respect of prior periods	(29,464)	(25,684)
Adjustment to tax charge in respect of previous periods - deferred tax	29,683	(2,090)
Fixed asset differences	3,871	1,216
Other permanent differences	(8,136)	-
Group relief	(292,445)	(347,427)
Receipt for group relief	292,543	347,123
Total tax charge for the year	465,310	433,527

Factors that may affect future tax charges

There were no factors which may affect future tax charges.

12.	Dividends
		2024	2023
		£	£

	Dividends paid £33.34 (2023 - £33.34) per share	1,000,200	1,000,200
		1,000,200	1,000,200

Page 20

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Exceptional items
		2024	2023
		£	£

	Costs to secure vacant possession of manufacturing facility	-	425,940
		-	425,940

The Company signed a new lease for an additional 10,000 sq. ft at its Knowsley manufacturing facility.
Costs of £425,940 were incurred in 2023 in order to secure vacant possession of the facility. These costs have been disclosed separately as an exceptional item.

14.	Tangible fixed assets

	Plant and machinery	Furniture, fittings and equipment	Assets under construction	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	4,656,790	7,522	30,000	4,694,312
Disposals	(197,875)	(7,522)	-	(205,397)
At 31 December 2024	4,458,915	-	30,000	4,488,915
Depreciation
At 1 January 2024	2,289,826	7,271	-	2,297,097
Charge for the year on owned assets	379,762	251	-	380,013
Charge for the year on financed assets	147,320	-	-	147,320
Disposals	(197,875)	(7,522)	-	(205,397)
At 31 December 2024	2,619,033	-	-	2,619,033
Net book value
At 31 December 2024	1,839,882	-	30,000	1,869,882
At 31 December 2023	2,366,965	251	30,000	2,397,216

Page 21

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Plant and machinery	901,066	1,048,386
	901,066	1,048,386

15.	Stocks
		2024	2023
		£	£

Finished goods and goods for resale	233,460	262,649
	233,460	262,649

Included in the amount shown above for stocks of raw materials and consumables are items valued at cost calculated on a first in, first out basis. There is no material difference between the replacement cost of these items at 31 December 2024 and the amount at which they are included in the accounts.
No impairment charge was recognised in the statement of comprehensive income during the year in respect of slow-moving or obsolete stock (2023 - £NIL).

16.

Debtors

					2024	2023
					£	£



Trade debtors	2,643,978	2,777,113
Amounts owed by group undertakings	5,735,001	4,965,501
Prepayments and accrued income	348,935	304,849
	8,727,914	8,047,463

Amounts owed by group undertakings are interest free and payable on demand.

Page 22

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	1,056,334	988,462
	1,056,334	988,462

18.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	795,875	908,943
Amounts owed to group undertakings	425,029	346,995
Corporation tax	26,019	125,414
Other taxation and social security	528,458	497,629
Obligations under finance lease and hire purchase contracts	198,261	261,856
Other creditors	147,688	71,340
Accruals and deferred income	810,069	600,517
	2,931,399	2,812,694

Hire purchase creditors are secured on the asset concerned.
Amounts owed to group undertakings are interest free and due on demand.

19.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Net obligations under finance leases and hire purchase contracts	177,998	376,259
	177,998	376,259

Hire purchase creditors are secured on the assets concerned.

Page 23

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Within one year	198,261	261,856
Between 1-5 years	177,976	376,259
	376,237	638,115

21.	Deferred taxation

		2024
		£

	At beginning of year	488,648
	Charged to profit or loss	(88,787)
	At end of year	399,861

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Fixed asset timing differences	405,171	494,583
Short term timing differences	(5,310)	(5,935)
	399,861	488,648

22.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

30,000 (2023 - 30,000) Ordinary shares of £1.00 each	30,000	30,000

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

Page 24

TUFF X PROCESSED GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

24.	Pension commitments

The Company operate a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £188,586 (2023 - £192,261). The balance outstanding at the year end and included within creditors is £35,647 (2023 - £23,743).

Not later than 1 year	784,674	878,728
Later than 1 year and not later than 5 years	1,986,645	1,983,834
Later than 5 years	1,588,438	1,970,649
	4,359,757	4,833,211

26.	Related party transactions
	The Company has taken advantage of the exemption available in Section 33.1A of the FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group. During the year, wages of £113,086 (2023 - £101,424) were paid to family members of the Directors.

27.	Controlling party

The immediate parent undertaking at the date of these financial statements is GJC Holdings Limited, a company registered in England and Wales.
The ultimate parent of the company is Project Crystal Topco Limited, a company registered in England and Wales at Nexus House Randles Road, Knowsley Business Park, Prescott, Merseyside, England, L34 9HX.
The smallest and largest group of undertakings in which the results of the company are consolidated is that headed by Project Crystal Topco Limited.

Page 25