Sheerwater Glass Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Sheerwater Glass Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07766455 . The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.

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.

Presentational Currency

The accounts are presented in and rounded to the nearest £1 sterling.

2.2. 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.

Sale of goods

Turnover 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 turnover 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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with

the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

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:

Freehold	10%
Plant & Machinery	10-15%
Motor Vehicles	25%
Fixtures & Fittings	15-25%
Computer Equipment	33%

2.5. Stocks and Work in Progress

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 first in, first out basis.

At each balance sheet 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 profit or loss.

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Sheerwater Glass Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. 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 non-puttable ordinary shares.

2.7. Taxation

Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax creditor is recognised on the book value of fixed assets in the current year, calculated on the basis of anticipated future tax rates.

An adjustment to the provision for deferred tax is recognised in the statement of comprehensive income.

2.8. 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 the statement of income and retained earnings when they fall due. Amounts not paid are shown as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9. 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.

2.10. 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.

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Sheerwater Glass Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.11. 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.

2.12. Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

2.13. Finance costs

Finance costs are charged to the statement of income and retained earnings 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.

2.14. Borrowing costs

All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.

2.15. Dividends

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

2.16. Interest income

Interest income is recognised in the statement of income and retained earnings using effective interest method.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 22 (2024: 23)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2025	289,998

As at 31 December 2025	289,998

Amortisation
As at 1 January 2025	289,998

As at 31 December 2025	289,998

Net Book Value
As at 31 December 2025	-

As at 1 January 2025	-

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Sheerwater Glass Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2025	137,450	23,943	172,661	27,363
Additions	-	-	14,700	416
Disposals	-	-	(14,590 )	-

As at 31 December 2025	137,450	23,943	172,771	27,779

Depreciation
As at 1 January 2025	45,703	17,503	115,642	19,129
Provided during the period	13,744	1,609	22,776	2,087
Disposals	-	-	(14,590 )	-

As at 31 December 2025	59,447	19,112	123,828	21,216

Net Book Value
As at 31 December 2025	78,003	4,831	48,943	6,563

As at 1 January 2025	91,747	6,440	57,019	8,234


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2025	20,706	382,123
Additions	666	15,782
Disposals	-	(14,590 )

As at 31 December 2025	21,372	383,315

Depreciation
As at 1 January 2025	15,111	213,088
Provided during the period	3,325	43,541
Disposals	-	(14,590 )

As at 31 December 2025	18,436	242,039

Net Book Value
As at 31 December 2025	2,936	141,276

As at 1 January 2025	5,595	169,035

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Sheerwater Glass Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Stocks

	2025	2024
	£	£
Materials	24,853	24,012
Finished goods	67,951	26,213

	92,804	50,225

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	127,240	42,715
Prepayments and accrued income	30,363	25,013
Other debtors	600	-
Amounts owed by group undertakings	15,000	15,000

	173,203	82,728

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	144,013	159,669
Corporation tax	154,281	110,738
Other taxes and social security	22,690	17,208
VAT	71,957	75,853
Other creditors	117,750	122,117
Accruals and deferred income	3,900	3,600
Directors' loan accounts	-	1,061

	514,591	490,246

The company has guaranteed the parent company's bank loans in favour of Lloyds Bank plc.

Bank loans totalling £540,203 (2024 - £590,596) are secured by fixed and floating charges held by McWin Limited against all property and undertaking of the Company. These charges contain negative pledges.

9. Provisions for Liabilities


	Deferred Tax	Other Provisions	Total
	£	£	£
As at 1 January 2025	19,322	80,351	99,673
Additions	-	3,487	3,487
Deferred taxation	(3,505 )	-	(3,505 )

Balance at 31 December 2025	15,817	83,838	99,655

Warranty provisions are recognised as 3.0% of turnover from Window Sales (2024: 3.0%).

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Sheerwater Glass Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

10. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
34 Ordinary A shares of £ 1.00 each	34	34
33 Ordinary B shares of £ 1.00 each	33	33
33 Ordinary C shares of £ 1.00 each	33	33

	100	100

11. Other Commitments

At 31 December 2025 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:

	2025	2024
	£	£
Not later than one year	26,205	30,043
Later than one year and not later than five years	22,547	9,310

	48,752	39,353

12. Related Party Transactions

The Company has taken advantage of Section 33 paragraph 1A not to disclose transactions with wholly owned group members.

13. Ultimate Controlling Party

The company is controlled by its parent, McWin Limited, a company incorporated in England and Wales. The registered office of the company is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		141,276		169,035

			141,276		169,035
CURRENT ASSETS
Stocks	6	92,804		50,225
Debtors	7	173,203		82,728
Cash at bank and in hand		495,446		446,813

		761,453		579,766
Creditors: Amounts Falling Due Within One Year	8	(514,591 )		(490,246 )

NET CURRENT ASSETS (LIABILITIES)			246,862		89,520

TOTAL ASSETS LESS CURRENT LIABILITIES			388,138		258,555

PROVISIONS FOR LIABILITIES
Provisions For Charges	9		(83,838 )		(80,351 )
Deferred Taxation			(15,818 )		(19,322 )

NET ASSETS			288,482		158,882

CAPITAL AND RESERVES
Called up share capital	10		100		100
Share premium account			149,998		149,998
Profit and Loss Account			138,384		8,784

SHAREHOLDERS' FUNDS			288,482		158,882