REGISTERED NUMBER: 02916073

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

FOR

EUROPEAN TOUGHENED GLASS (UK) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTOR:

M S Johal

SECRETARY:

Mrs F J Johal

REGISTERED OFFICE:

European House

Abbey Point

Abbey Road

Park Royal

London

NW10 7DD

REGISTERED NUMBER:

02916073

AUDITORS:

Ward Divecha Limited

Chartered Accountants &

Statutory Auditors

29 Welbeck Street

London

W1G 8DA

The director presents his strategic report for the year ended 30 April 2025.

REVIEW OF BUSINESS

The director considers that the financial position of the company at the year-end was satisfactory. The company

is firmly established as a leading supplier of glass products to the UK glass industry.

RESULTS

The results for the year are shown in the statement of income and retained earnings.

PRINCIPAL RISKS AND UNCERTAINTIES

The company has a strong capital base and is firmly established in the glass industry, therefore the risks and

uncertainties facing the company are reduced.

Financial risk management objectives and policies

The primary financial risk management objective is to ensure sufficient working capital for the company, this is

achieved by careful management of cash balances.

KEY PERFORMANCE INDICATORS

The company uses a range of financial and non-financial key performance indicators (KPIs) to monitor performance and support strategic decision-making.

The principal Financial KPIs considered by management are gross profit margins, capital investment and cash management. These measures provide a balanced view of the company’s operational efficiency, financial strength and ability to deliver sustainable growth.

Gross profit margin is 76.64% (2024:73.43%) and it remains a primary indicator of underlying trading performance. It reflects the company’s ability to manage input costs, maintain pricing discipline and respond effectively to market conditions. During the year, management continued to focus on cost control initiatives, supplier management and pricing strategies to protect margins. Looking ahead, the company will continue to monitor inflationary pressures, supply chain dynamics and competitive factors to maintain and, where possible, improve margin performance.

Capital investment is a key driver of the company’s long-term growth and operational capability. The company continues to invest in property, plant and equipment to enhance efficiency, increase capacity and support future demand. In the coming periods, the company intends to maintain a disciplined approach to investment, prioritising projects that improve productivity, support innovation and strengthen its market position.

Effective cash management remains central to the company’s financial stability and resilience. The company actively monitors cash flows, working capital levels and liquidity requirements to ensure that sufficient resources are available to meet its obligations and fund ongoing operations. During the year, management has focused on optimising debtor collections, managing creditor payments and maintaining appropriate cash reserves.

In all cases these KPI's have been calculated on a consistent basis with the comparative figures and are based directly on the amounts shown in the financial statements.

In addition to financial measures, the company monitors a number of non-financial key performance indicators to assess operational effectiveness and long-term sustainability. These include production efficiency, product quality, health and safety performance, environmental impact and customer service levels. Management considers these indicators to be critical in maintaining consistent production standards, ensuring a safe working environment, meeting regulatory requirements and delivering a high level of service to customers.

ON BEHALF OF THE BOARD:

M S Johal - Director

24 April 2026

The director presents his report with the financial statements of the company for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture and distribution of glass products and services.

DIVIDENDS

Particulars of recommended dividends are detailed in note 13 to the financial statements.

FUTURE DEVELOPMENTS

The company will continue to focus on strengthening its market position through targeted investment in production capabilities, operational efficiency and product quality. Management intends to build on existing customer relationships while exploring new opportunities for growth within its core markets. Ongoing attention will be given to cost control, supply chain resilience and sustainability initiatives, including improvements in energy efficiency and waste reduction.

The company is continually looking for opportunities to grow the business.

DIRECTOR

M S Johal held office during the whole of the period from 1 May 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

M S Johal - Director

24 April 2026

Opinion

We have audited the financial statements of European Toughened Glass (Uk) Limited (the 'company') for the year ended 30 April 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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

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

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

-	certain disclosures of 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 director

As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.

- results of our enquiries of management about their own identification and assessment of the risks and irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the UK Companies Act, pension legislation and tax legislation.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Adil Divecha (Senior Statutory Auditor)

for and on behalf of Ward Divecha Limited

Chartered Accountants &

Statutory Auditors

29 Welbeck Street

London

W1G 8DA

24 April 2026

TURNOVER

6,096,531

7,260,988

Cost of sales

1,423,961

1,929,208

GROSS PROFIT

4,672,570

5,331,780

Administrative expenses

4,772,501

5,878,541

(99,931

)

(546,761

)

Other operating income

139,440

584,493

OPERATING PROFIT

4

39,509

37,732

Interest receivable and similar income

175,840

84,160

215,349

121,892

Interest payable and similar expenses

5

4,000

26,815

PROFIT BEFORE TAXATION

211,349

95,077

Tax on profit

6

(598

)

48,783

PROFIT FOR THE FINANCIAL YEAR

211,947

46,294

PROFIT FOR THE YEAR

211,947

46,294

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

211,947

46,294

FIXED ASSETS

Tangible assets

9

3,901,954

4,740,565

CURRENT ASSETS

Stocks

10

408,249

344,256

Debtors

11

18,970,535

19,522,291

Cash at bank

584,105

952,002

19,962,889

20,818,549

CREDITORS

Amounts falling due within one year

12

1,712,309

3,491,276

NET CURRENT ASSETS

18,250,580

17,327,273

TOTAL ASSETS LESS CURRENT LIABILITIES

22,152,534

22,067,838

CREDITORS

Amounts falling due after more than one year

13

(1,600,000

)

(1,600,000

)

PROVISIONS FOR LIABILITIES

15

(795,943

)

(923,194

)

NET ASSETS

19,756,591

19,544,644

CAPITAL AND RESERVES

Called up share capital

16

10,000

10,000

Retained earnings

17

19,746,591

19,534,644

SHAREHOLDERS' FUNDS

19,756,591

19,544,644

The financial statements were approved by the director and authorised for issue on 24 April 2026 and were signed by:

M S Johal - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2023

10,000

22,700,149

22,710,149

Changes in equity

Dividends

-

(3,211,799

)

(3,211,799

)

Total comprehensive income

-

46,294

46,294

Balance at 30 April 2024

10,000

19,534,644

19,544,644

Changes in equity

Total comprehensive income

-

211,947

211,947

Balance at 30 April 2025

10,000

19,746,591

19,756,591

1.	STATUTORY INFORMATION

European Toughened Glass (Uk) Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Financial Reporting Standard 102 - reduced disclosure exemptions

The entity satisfies the criteria of a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of European Glass Group Limited, which are publicly available and can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. Accordingly, the company has taken advantage of the disclosure exemptions available under paragraph 1.12 of FRS 102.

In particular, no statement of cash flows has been presented for the company.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets

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

Plant and machinery

-

5% straight line

Fixtures and Fittings

-

15% reducing balance

Motor vehicles

-

25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.s.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Going concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements.

The directors have reasonable expectations that the company has adequate resources to continue in operational existence. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

1,760,286

1,716,298

Social security costs

150,902

148,240

Other pension costs

506,407

67,991

2,417,595

1,932,529

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

2025

2024

as restated

Production staff

51

55

Administrative staff

19

17

70

72

2025

2024

as restated

£

£

Director's remuneration

-

-

Director's pension contributions to money purchase schemes

239,200

20,800

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

4.	OPERATING PROFIT

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

2025

2024

as restated

£

£

Other operating leases

179,000

252,000

Depreciation - owned assets

430,465

522,702

Profit on disposal of fixed assets

(8,000

)

-

Audit fees

12,000

18,500

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as restated

£

£

Bank loan interest

-

22,815

Pref dividend - share type 2

4,000

4,000

4,000

26,815

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2025

2024

as restated

£

£

Current tax:

UK corporation tax

126,653

91,415

Deferred tax

(127,251

)

(42,632

)

Tax on profit

(598

)

48,783

Reconciliation of total tax (credit)/charge included in profit and loss

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

2025

2024

as restated

£

£

Profit before tax

211,349

95,077

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

52,837

23,769

Effects of:

Expenses not deductible for tax purposes

13,728

24,063

Depreciation in excess of capital allowances

60,088

43,583

Deferred taxation

(127,251

)

(42,632

)

Total tax (credit)/charge

(598

)

48,783

7.

DIVIDENDS

2025

2024

as restated

£

£

Ordinary shares shares of £1 each

Final

-

3,211,799

8.	PRIOR YEAR ADJUSTMENT

During the year, the directors reviewed the presentation of a loan payable of £1.6 million in the prior year financial statements. As a result of this review, an adjustment has been made to ensure the appropriate recognition and classification of this balance.

In accordance with Section 10 of FRS 102, the adjustment has been applied retrospectively and the comparative figures have been restated accordingly.

The restatement has resulted in an increase in creditors falling due after more than one year of £1.6 million at the prior year end, there is no adjustment to the retained earnings. There is no impact on the profit for the prior year.

The restatement ensures consistency of presentation between periods and that the financial statements continue to present a true and fair view.

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 May 2024

20,731,717

1,166,375

1,243,177

23,141,269

Additions

35,000

3,304

-

38,304

Reclassification/transfer

(446,450

)

-

-

(446,450

)

At 30 April 2025

20,320,267

1,169,679

1,243,177

22,733,123

DEPRECIATION

At 1 May 2024

16,127,844

1,068,342

1,204,518

18,400,704

Charge for year

405,960

14,840

9,665

430,465

At 30 April 2025

16,533,804

1,083,182

1,214,183

18,831,169

NET BOOK VALUE

At 30 April 2025

3,786,463

86,497

28,994

3,901,954

At 30 April 2024

4,603,873

98,033

38,659

4,740,565

10.

STOCKS

2025

2024

as restated

£

£

Finished goods

408,249

344,256

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

441,365

466,194

Amounts owed by group undertakings

15,423,658

14,725,231

Amounts owed by associates

2,455,340

2,770,377

Other debtors

43,177

40,412

Prepayments and accrued income

606,995

1,520,077

18,970,535

19,522,291

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Preference shares (see note 14)

40,000

40,000

Trade creditors

1,027,588

1,515,170

Amounts owed to associates

15,243

111,802

Tax

126,653

91,415

Social security and other taxes

30,787

13,359

VAT

189,751

160,392

Other creditors

188,732

1,320,180

Accruals and deferred income

93,555

238,958

1,712,309

3,491,276

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

as restated

£

£

Amounts owed to associates

1,600,000

1,600,000

The loans are interest free, unsecured and have no fixed term of repayment.

14.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

as restated

£

£

Amounts falling due within one year or on demand:

Preference shares

40,000

40,000