Glaziers Hall Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Glaziers Hall Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01217192 . The registered office is 9 Montague Close, London Bridge, London, SE1 9DD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of long leasehold properties at fair value. The principal accounting policies adopted are set out below.

2.2. Going Concern Disclosure

The company’s business activities, together with the factors affecting and likely to affect its performance and financial position, its cash flows, liquidity and borrowings are set out in the Directors’ Report and Chairman’s Statement. At 31 March 2025 the company had cash deposits of £1,415,790 (£1,263,561) with total debt of £550,070 (£1,403,539) and an undrawn overdraft facility of £100,000.

The company’s principal debt is a Medium Term Loan, repayable in monthly instalments to 2038, with 5-yearly reviews, the next in 2028. The company’s continued profitability has enabled several lump sum prepayments to be made, and the Directors intend to continue this, subject to ongoing requirements for capital expenditure and working capital. This is expected to result in the Medium Term Loan being fully repaid in 2026, twelve years early.

The Directors prepare a detailed budget annually, including financial projections with associated cash flows. The Directors have had regard to reasonably possible trends in trading performance during the current financial year 2025-26, including the economic environment. Market demand has continued the previous year’s encouraging performance. However, there remains considerable uncertainty regarding the level of future demand and the Directors continue to be cautious in managing cash reserves.

Accordingly, the Directors have formed the judgement, taking into account the financial resources available, and the range of reasonably possible future trading scenarios, that the company has adequate resources to continue to operate for a period of at least 12 months from the date of approval of the financial statements and have therefore adopted the going concern basis in the preparation of the financial statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	Not depreciated
Plant & Machinery	5% - 33.33% straight line
Fixtures & Fittings	5% - 33.33% straight line
Computer Equipment	33% straight line

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Glaziers Hall Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Financial Instruments

The company only has basic financial instruments measured at amortised cost with no items measured at fair value.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.9. Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

As regards going concern, the judgements and sources of uncertainty are set out on note 2.2 above. In the opinion of the directors, there are no others.

3. Average Number of Employees

Average number of employees, including executive directors, during the year was: 12 (2024: 11)

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Glaziers Hall Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	9,050,000	223,584	2,111,857	47,016	11,432,457
Additions	-	222,961	158,989	977	382,927
Disposals	-	(5,738 )	(96,754 )	(27,227 )	(129,719 )

As at 31 March 2025	9,050,000	440,807	2,174,092	20,766	11,685,665

Depreciation
As at 1 April 2024	-	198,894	1,791,476	39,509	2,029,879
Provided during the period	-	24,488	99,162	4,365	128,015
Disposals	-	(5,738 )	(96,754 )	(26,269 )	(128,761 )

As at 31 March 2025	-	217,644	1,793,884	17,605	2,029,133

Net Book Value
As at 31 March 2025	9,050,000	223,163	380,208	3,161	9,656,532

As at 1 April 2024	9,050,000	24,690	320,381	7,507	9,402,578

5. Stocks

	2025	2024
	£	£
Finished goods	3,788	4,492

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	48,723	88,785
Prepayments and accrued income	192,029	91,634
Staff Loans	7,885	7,128

	248,637	187,547

Staff Loans

Season ticket loans have been provided to those members of staff wanting to make use of this facility.

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Glaziers Hall Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	245,866	120,938
Bank loans and overdrafts	68,710	171,854
Corporation tax	182,492	61,464
Other taxes and social security	11,349	12,366
VAT	101,891	90,049
Other creditors - customers deposits	679,823	481,180
Other creditors - pensions	1,496	1,574
Negative Trade Debtors	26,829	22,756
Accruals and deferred income	349,862	321,905

	1,668,318	1,284,086

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	481,360	1,231,685

In March 2018 the company converted its drawdown facility with the Bank into a loan of £2.150m repayable over 15 years to 2033 at 1.9% over HSBC base rate. The company negotiated two capital repayment holidays with the Bank recognising the very negative impact on its cash flows of the Coronavirus pandemic covering the period April 2020 to May 2021. Capital repayments were recommenced on the relevant due date. The interest rate on this loan rose to 2.9% in March 2023 when the term was extended to 2038. Renegotiable every 5 years.

In October 2020, the company was successful in securing a further loan under the Coronavirus Business Interruption Loan Scheme (CBILS) of £350,000. This loan was free of interest charges and capital repayment during its first year to October 2021 when repayments commenced over a six-year term at 3.99% over Bank of England base rate. The loan was paid in full by July 2023.

The company also has an undrawn overdraft facility of £100,000 which carries interest at 4.3% (2025: 3.18%) over Bank of England base rate.

9. Deferred Taxation

The provision for deferred taxation is made up of accelerated capital allowances and property revaluation.

	2025	2024
	£	£
Other timing differences	1,911,030	1,839,733

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Glaziers Hall Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

10. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
14 Ordinary Shares of £ 25,000 each	350,000	350,000
23 Ordinary A shares of £ 7,500 each	172,500	172,500
9 Ordinary B shares of £ 250 each	2,250	2,250

	524,750	524,750

Preference Shares

	2025	2024
Allotted, called up and fully paid	£	£
716,800 Preference Shares of £ 1 each	716,800	716,800

Ordinary "A" and "B" shares are non-voting.

All Preference Shares are classified as equity.

11. Reserves

	Revaluation Reserve
	£
As at 1 April 2024	4,669,029

As at 31 March 2025	4,669,029

12. Related Party Transactions

Transactions with related parties

The following livery companies are considered to be related parties by virtue of their shareholdings in the company. During the period, the company made sales and purchases of goods and services to these livery companies as shown below:

Sales:

Worshipful Company of Glaziers & Painters of Glass £2,329 (2024: £4,968)

Worshipful Company of Scientific Instrument Makers £8,148 (2024: £7,553)

Worshipful Company of Launderers £2,182 (2024:£2,760)

Purchases:

Worshipful Company of Glaziers & Painters of Glass £nil (2024: £nil)

Worshipful Company of Scientific Instrument Makers £nil (2024: £nil)

Worshipful Company of Launderers £nil (2024: £nil)

In addition to the above transactions, the livery company shareholders have free use of the Livery Hall on certain days as prescribed under Articles 23(B) (a) and (b) of the company’s Articles of Association. The company provides security and cloakroom services on these occasions, however it is not practicable to determine the cost to the company of providing these services.

13. Ultimate Controlling Party

The company's ultimate controlling party is the Worshipful Company of Glaziers & Painters of Glass by virtue of the voting rights carried over their ordinary share holding in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		9,656,532		9,402,578

			9,656,532		9,402,578
CURRENT ASSETS
Stocks	5	3,788		4,492
Debtors	6	248,637		187,547
Cash at bank and in hand		1,415,790		1,263,561

		1,668,215		1,455,600
Creditors: Amounts Falling Due Within One Year	7	(1,668,318 )		(1,284,086 )

NET CURRENT ASSETS (LIABILITIES)			(103 )		171,514

TOTAL ASSETS LESS CURRENT LIABILITIES			9,656,429		9,574,092

Creditors: Amounts Falling Due After More Than One Year	8		(481,360 )		(1,231,685 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	9		(1,911,030 )		(1,839,733 )

NET ASSETS			7,264,039		6,502,674

CAPITAL AND RESERVES
Called up share capital	10		1,241,550		1,241,550
Revaluation reserve	11		4,669,029		4,669,029
Capital redemption reserve			46,000		46,000
Profit and Loss Account			1,307,460		546,095

SHAREHOLDERS' FUNDS			7,264,039		6,502,674

Mr A R Lane Director	Mr J H Stuart Director
15/09/2025