REGISTERED NUMBER: 03045688

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

FOR

EUROPEAN LAMINATE GLASS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M S Johal

SECRETARY:

Mrs F Johal

REGISTERED OFFICE:

European House

Abbey Point

Abbey Road

London

NW10 7DD

REGISTERED NUMBER:

03045688

AUDITORS:

Ward Divecha Limited

Chartered Accountants &

Statutory Auditors

29 Welbeck Street

London

W1G 8DA

FIXED ASSETS

Tangible assets

4

46,256,743

44,130,538

CURRENT ASSETS

Debtors

5

119,426

65,672

Cash at bank and in hand

33,695

146,312

153,121

211,984

CREDITORS

Amounts falling due within one year

6

13,611,049

13,267,787

NET CURRENT LIABILITIES

(13,457,928

)

(13,055,803

)

TOTAL ASSETS LESS CURRENT LIABILITIES

32,798,815

31,074,735

PROVISIONS FOR LIABILITIES

7

4,165,661

4,083,650

NET ASSETS

28,633,154

26,991,085

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

8

21,804,311

20,343,162

Retained earnings

8

6,828,841

6,647,921

28,633,154

26,991,085

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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

M S Johal - Director

1.	STATUTORY INFORMATION

European Laminate Glass 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

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

Related party exemption

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

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.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Property valuations.

Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.

Revenue recognition

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

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

Rental income is recognised once space is provided to tenants.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings - 15% reducing balance

The company does not depreciate its freehold properties and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

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.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation.Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2024

44,118,786

24,307

44,143,093

Additions

2,124,002

8,015

2,132,017

Disposals

-

(4,393

)

(4,393

)

At 30 April 2025

46,242,788

27,929

46,270,717

DEPRECIATION

At 1 May 2024

-

12,555

12,555

Charge for year

-

1,419

1,419

At 30 April 2025

-

13,974

13,974

NET BOOK VALUE

At 30 April 2025

46,242,788

13,955

46,256,743

At 30 April 2024

44,118,786

11,752

44,130,538

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

29,096

25,182

Other debtors

90,330

40,490

119,426

65,672

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

195,587

33,059

Amounts owed to group undertakings

12,551,786

12,009,521

Amounts owed to associates

638,810

200,000

Tax

58,736

-

VAT

6,751

44,390

Other creditors

147,046

235,722

Accruals and deferred income

12,333

745,095

13,611,049

13,267,787

7.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

2,867

2,179

Revaluation of tangible assets

4,162,794

4,081,471

4,165,661

4,083,650

Deferred

tax

£

Balance at 1 May 2024

4,083,650

Provided during year

82,011

Balance at 30 April 2025

4,165,661

8.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 May 2024

6,647,921

20,343,162

26,991,083

Profit for the year

180,920

180,920

Movement in reserve

-

1,461,149

1,461,149

At 30 April 2025

6,828,841

21,804,311

28,633,152

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adil Divecha (Senior Statutory Auditor)

for and on behalf of Ward Divecha Limited

10.	RELATED PARTY DISCLOSURES

At 30 April 2025, creditors included amounts owed to related parties amounting to £438,810 (2024: Nil), in respect of loans to related parties under common control. Interest and charges amounting £Nil (2024: £238,256) were charged to the profit & loss account for the year. Other loans totalling £200,000 (2024: £200,000) are unsecured and repayable on demand.

During the year, the company rented premises to companies under common control to the value of £100,000 (2024: £100,000).

During the year, the company had the following balances and transactions with fellow group undertakings less than 100% owned by the holding company:

At 30 April 2025, creditors, amounts falling due within one year, included amounts owed to group undertakings and undertakings in which the company has a participating interest, amounting to £179,855 (2024: £648,959), in respect of loans. The loans are interest free, unsecured and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of European Glass Group Limited, a company registered in England & Wales and which prepares and files consolidated accounts. The registered office of European Glass Group Limited is European House, Abbey Point, Abbey Road, Park Royal, Greater London, England, NW10 7DD. The ultimate controlling interest is held by M Johal and F Johal in their capacity as The Trustees of The Trust that controls European Glass Group Limited.