ACCOUNTS - Final Accounts

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

Registered number: 01805895

MASTER AUTO GLASS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

MASTER AUTO GLASS LIMITED

COMPANY INFORMATION

Director	B Farsian


Registered number	01805895


Registered office	Unit 4 Cumberland Avenue
	Park Royal
	London
	NW10 7QL


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditors
	3 Brook Business Centre
	Cowley Mill Road
	Uxbridge
	Middlesex
	UB8 2FX

MASTER AUTO GLASS LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Director's report	3 - 4
Independent auditors' report	5 - 8
Statement of comprehensive income	9
Statement of financial position	10
Statement of changes in equity	11
Notes to the financial statements	12 - 27

MASTER AUTO GLASS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The director presents his Strategic report together with the audited financial statements for the year ended 31 December 2024.

Business review and future developments

We supply and distribute comprehensive range of automotive glass and related products as a one-stop shop to automotive glass replacement companies. Because of our multiple trading points, customers can collect from any of our UK distribution centres or can order for delivery anywhere in the UK.

During the year we managed to increase sales revenue by continued development of the range of products we offer, expansion of our distribution networks and overall improvements in customer service levels. We will look to continue to increase our sales revenue in 2025.

Principal risks and uncertainties

Changes in interest rates on loans by lenders would have future cash flow impact. Similarly, changes in foreign exchange rates may have impact on cost of sales.

The main risk factor that could have a major impact on our business is an increase in supplier cost prices in the event that there is an increase in global prices of raw materials.

Financial risks

The Company’s operations expose it to a variety of financial risks including the effects of changes in interest rates, credit risk, and liquidity risk.

The Group’s principal financial instruments comprise cash and bank deposits, bank overdraft, invoice and trade finance facilities, together with trade and intercompany balances.

The main risks from the Company’s financial instruments can be analysed below:

Credit risk
The Group’s principal financial assets are trade debtors which represent the Company’s major exposure to credit risk in relation to the financial assets of the Company.

The risk is mitigated as the Company has no significant concentration of credit risk, with the exposure spread over a large number of customers. The risk is further mitigated with a strong credit control function with minimal bad debts experienced.

Liquidity risk
The Company’s policy has been to ensure continuity of funding through the operation of Invoice and trade finance facilities.

Foreign currency risk
The Company purchases a portion of its stock in foreign currency and is therefore exposed in its trading operations to the risk of changes in foreign currency exchange rates. Management remains attentive to the risk and looks to minimise it where possible.

Page 1

MASTER AUTO GLASS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators

Sales revenue increased by 15% compared to 2023.

Gross profit margin decreased to 49% (2023 - 50%).

Net assets have increased to £6.62m (2023 - £6.23m).

This report was approved by the board on 22 December 2025 and signed on its behalf.

B Farsian

Director

Page 2

MASTER AUTO GLASS LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Going concern

The director notes that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of the financial statements are approved. As such, the director believes that there are no significant uncertainties in his assessment of whether the business is a going concern and therefore has prepared the accounts on a going concern basis.

Results and dividends

The profit for the year, after taxation, amounted to £2,656,845 (2023 - £2,674,398).

The total declaration of dividends for the year were £2,266,124 (2023 - £Nil).

Director

The director who served during the year was:

B Farsian

Page 3

MASTER AUTO GLASS LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Matters covered in the Strategic Report

The company has chosen, in accordance with section 414C of the Companies Act 2006, to set out the following information which would otherwise be required to be contained in the director's report within the strategic report:

- Business review;
- Principal risks and uncertainties facing the company; and
- Financial risks

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

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

∙he 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 are no subsequent events that require disclosure or adjustments to the financial statements.

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the director under s485 Companies Act 2006.

This report was approved by the board on 22 December 2025 and signed on its behalf.

B Farsian

Director

Page 4

MASTER AUTO GLASS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTER AUTO GLASS LIMITED

Opinion

We have audited the financial statements of Master Auto Glass Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.

Page 5

MASTER AUTO GLASS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTER AUTO 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 director is 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Director's 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 Director's 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 director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Page 6

MASTER AUTO GLASS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTER AUTO 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:

°Companies Act 2006.

°FRS102.

°Employment legislation.

°Tax legislation.

∙We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of; and

∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of noncompliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud;

∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙Assessing whether judgement and assumptions made in determining significant accounting estimates were

indicative of management bias; and

∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

Page 7

MASTER AUTO GLASS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MASTER AUTO GLASS LIMITED (CONTINUED)

The areas that we identified as being susceptible to misstatement through fraud were:

∙Management bias in the estimates and judgements made;

∙Management override of controls; and

∙Posting of unusual journals or transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Simon Carr (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX

22 December 2025

Page 8

MASTER AUTO GLASS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	30,613,260	26,505,628
Cost of sales		(15,523,584)	(13,211,401)
Gross profit		15,089,676	13,294,227
Administrative expenses		(11,357,325)	(9,908,604)
Operating profit	6	3,732,351	3,385,623
Interest receivable and similar income		-	2,670
Interest payable and similar expenses	9	(101,824)	(98,267)
Profit before tax		3,630,527	3,290,026
Tax on profit	11	(973,682)	(615,628)
Profit for the financial year		2,656,845	2,674,398

Total comprehensive income for the year

2,656,845

2,674,398

The notes on pages 12 to 27 form part of these financial statements.

Page 9

MASTER AUTO GLASS LIMITED

REGISTERED NUMBER: 01805895

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note	£	£	£	£

Fixed assets
Tangible assets	12		1,733,026		1,580,385
			1,733,026		1,580,385
Current assets
Stocks	13	9,631,392		8,382,253
Debtors: amounts falling due within one year	14	4,073,516		5,584,341
Cash at bank and in hand	15	54,578		60,196
		13,759,486		14,026,790
Creditors: amounts falling due within one year	16	(8,113,351)		(8,599,464)
Net current assets			5,646,135		5,427,326
Total assets less current liabilities			7,379,161		7,007,711
Creditors: amounts falling due after more than one year	17		(327,460)		(376,423)
Provisions for liabilities
Deferred tax	20		(430,332)		(400,640)
Net assets			6,621,369		6,230,648

Capital and reserves
Called up share capital	20	403,790	403,790
Capital redemption reserve	21	153,210	153,210
Profit and loss account	21	6,064,369	5,673,648
		6,621,369	6,230,648

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 December 2025.

B Farsian

Director

The notes on pages 12 to 27 form part of these financial statements.

Page 10

MASTER AUTO GLASS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	403,790	153,210	2,999,250	3,556,250
Comprehensive income for the year
Profit for the year	-	-	2,674,398	2,674,398

At 1 January 2024	403,790	153,210	5,673,648	6,230,648
Comprehensive income for the year
Profit for the year	-	-	2,656,845	2,656,845
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(2,266,124)	(2,266,124)
At 31 December 2024	403,790	153,210	6,064,369	6,621,369

The notes on pages 12 to 27 form part of these financial statements.

Page 11

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Master Auto Glass Limited is a private company, limited by shares, registered in England and Wales. The address of the registered office is Unit 4 Cumberland Avenue, Park Royal, London, NW10 7QL.

The company specialises in wholesale trade of motor vehicle parts and accessories.

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 judgment in applying the Company's accounting policies (see note 3).

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.

This information is included in the consolidated financial statements of Winborn Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies house.

2.3

Going concern

Page 12

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 13

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

2.9

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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 reporting 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 reporting 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 reporting date.

2.12

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property	-	Over the useful life of individual lease
Plant and machinery	-	25% on cost
Motor vehicles	-	20% on cost
Fixtures and fittings	-	25% on cost

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 the Statement of comprehensive income.

Page 15

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a moving average basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

2.14

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.

2.15

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.

2.16

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.

2.17

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 the Statement of financial position.

2.18

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 ever their estimated useful lives or the lease terms, whichever is the shorter.

The interest element of these obligations is charged to the Statement of comprehensive income over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the period of the lease.

Page 16

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.20

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.

Page 17

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

No significant judgements have had to be made by management in preparing these financial statements.

Other key sources of estimation uncertainty:

1.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 a number of factors. In re-assessing the 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
.

2.Stock is valued at the lower of cost and net realisable value. The director reviews the valuation of stock any reduce it to its net realisable value where necessary.

Sales	30,613,260	26,505,628
	30,613,260	26,505,628

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	30,362,069	26,109,724
Overseas sales	251,191	395,904
	30,613,260	26,505,628

Page 18

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Other operating leases	1,048,331	1,064,673
Depreciation - owned assets	326,858	187,979
Depreciation - assets on hire purchase contracts	273,298	353,968
Loss/(profit) on disposal of fixed assets	12,502	(17,547)
Auditors' remuneration	14,880	12,090
Foreign exchange differences	(259)	15,186

Wages and salaries	5,160,696	4,345,885
Social security costs	483,189	400,126
Other pension costs	78,977	54,026
	5,722,862	4,800,037

The average monthly number of employees, including directors, during the year was 178 (2023 - 163).

7.	Director's remuneration
		2024	2023
		£	£

Director's emoluments	67,938	118,111
	67,938	118,111

During the current and prior year retirement benefits not accruing to the director in respect of defined contribution pension schemes.

Page 19

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	68,212	66,255
Other interest payable	191	-
Finance leases and hire purchase contracts	33,421	32,012
	101,824	98,267

Corporation tax
Current tax on profits for the year	893,769	671,768
Adjustments in respect of previous periods	50,221	(117,662)
	943,990	554,106

Total current tax	943,990	554,106

Deferred tax
Origination and reversal of timing differences	29,692	61,522
Total deferred tax	29,692	61,522

973,682

615,628

Page 20

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.Taxation (continued)

Profit on ordinary activities before tax

3,630,527

3,290,026

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	907,632	773,156
Effects of:
Expenses not deductible for tax purposes	27,756	4,147
Capital allowances for year differing from depreciation	(12,123)	12,749
Adjustments to tax charge in respect of previous periods	50,221	(117,662)
Other tax adjustments	196	(2,461)
Profit on disposal of assets	-	(4,124)
Group relief	-	(50,177)
Total tax charge for the year	973,682	615,628

Factors that may affect future tax charges

There are no other significant factors that may affect future tax charges.

10.	Dividends
		2024	2023
		£	£

	Dividends paid	2,266,124	-
		2,266,124	-

Page 21

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Tangible fixed assets

	Short leasehold	Plant & equipment	Motor vehicles	Fixtures & fittings	Total
	£	£	£	£	£
Cost
At 1 January 2024	141,146	822,737	2,435,707	800,742	4,200,332
Additions	-	28,220	924,828	3,526	956,574
Disposals	-	-	(600,644)	-	(600,644)
At 31 December 2024	141,146	850,957	2,759,891	804,268	4,556,262
Depreciation
At 1 January 2024	122,226	810,667	993,394	693,660	2,619,947
Charge for the year on owned assets	7,057	14,713	229,232	75,856	326,858
Charge for the year on financed assets	-	-	273,298	-	273,298
Disposals	-	-	(396,867)	-	(396,867)
At 31 December 2024	129,283	825,380	1,099,057	769,516	2,823,236
Net book value
At 31 December 2024	11,863	25,577	1,660,834	34,752	1,733,026
At 31 December 2023	18,920	12,070	1,442,313	107,082	1,580,385

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MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.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
	£	£


Motor vehicles	857,067	1,008,387
	857,067	1,008,387

12.	Stocks
		2024	2023
		£	£

Finished goods	8,558,537	7,124,314
Goods in transit	1,072,855	1,257,939
	9,631,392	8,382,253

13.

Debtors

					2024	2023
					£	£


Trade debtors	3,443,641	3,262,436
Amounts owed by group undertakings	-	2,102,176
Other debtors	445,031	15,472
Prepayments and accrued income	184,844	204,257
	4,073,516	5,584,341

14.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	54,578	60,196
Less: bank overdrafts	(62,975)	(10,731)
	(8,397)	49,465

Page 23

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Bank overdrafts	62,975	10,731
Invoice and trade finance facilities	2,625,296	1,841,319
Trade creditors	1,844,122	2,289,337
Amounts owed to group undertakings	-	1,511,833
Corporation tax	-	454,393
Other taxation and social security	1,040,252	662,626
Obligations under finance lease and hire purchase contracts	372,931	344,234
Other creditors	1,035,154	91,875
Accruals and deferred income	1,132,621	1,393,116
	8,113,351	8,599,464

Details of security held by HSBC:

A composite Company Unlimited Multilateral Guarantee given by Master Auto Glass Ltd, The Windscreen Company Ltd, Winborn Holdings Ltd, Winborn Investments Ltd. This includes a debenture including Fixed Charge over all present freehold and leasehold property; a First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and a First Floating Charge over all assets and undertaking both present and future.

Obligations under finance leases and hire purchase contracts are secured over the leased assets

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

Net obligations under finance leases and hire purchase contracts	327,460	376,423
	327,460	376,423

Obligations under finance leases and hire purchase contracts are secured over the leased assets.

Page 24

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Amounts falling due within one year
Invoice and trade finance facilities	2,625,296	1,841,319
	2,625,296	1,841,319

Within one year	372,931	344,234
Between 1-5 years	327,460	376,423
	700,391	720,657

19.	Deferred taxation

		2024
		£

	At beginning of year	400,640
	Charged to the Statement of comprehensive income	29,692
	At end of year	430,332

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

	Accelerated capital allowances	430,332	400,640
		430,332	400,640

Page 25

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

403,790 Ordinary shares of £1 each	403,790	403,790

21.

Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares.

Profit and loss account

Profit and loss account includes all current and prior year profit and losses.

22.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £78,977 (2023 - £54,026).

Not later than 1 year	243,624	243,624
Later than 1 year and not later than 5 years	543,038	710,838
Later than 5 years	151,648	227,472
	938,310	1,181,934

24.	Transactions with directors

At the year end, the company was owed £Nil (2023 - £467) by the director. This is a loan payable on demand with an interest charged at 2.25% by the company. Interest of £Nil (2023 - £467) was charged in the year.

Page 26

MASTER AUTO GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.

Related party transactions

During the year the company made sales of £891,616 (2023 - £801,704) to a company under common control of the director.

During the year the company incurred rent expenses of £540,404 (2023 - £532,604) to a company under common control of the director.

Included within other creditors are amounts due to the shareholders/participators of £Nil (2023 - £3,826) who are also close family members of director. This is an interest free loan and payable on demand.

Included within other debtors are amounts due from the shareholders/participators of £Nil (2023 - £464) who are also close family members of director.

At the year end, the company had a trade debtors of £73,735 (2023 - £159,746) net from a related company.

At the year end, the company was owed £150,352 (2023 - £Nil) by companies under common control and owed £960,824 (2023 - £Nil) to companies under common control

At the year end, the company was owed £Nil (2023 - £397) by a former director. This is an interest free loan payable on demand.

26.	Controlling party

Until 29 October 2024, the immediate and ultimate parent company was Winborn Holdings Limited. Winborn Holdings Limited is the smallest and largest Group company for which consolidated financial statements are prepared. The consolidated accounts can be obtained from Companies House.

Since 29 October 2024, MAG Holdco Limited, a UK based company, has been the immediate and ultimate parent company of Master Auto Glass Limited. MAG Holdco Limited controls the company by virtue of a controlling interest of 100% of the issued share capital. The registered address of the parent company is C/o Master Auto Glass Unit 4 Cumberland Avenue, Park Royal, London, NW10 7QL.

Page 27