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Registration number: 04375924

Architectural Glazing Solutions Limited

Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Architectural Glazing Solutions Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Architectural Glazing Solutions Limited

Company Information

Director

Mr M E Craddock

Registered office

72 West Street
Portchester
Fareham
Hampshire
PO16 9UN

Accountants

D V Marlow & Co Limited
Chartered Accountants
72 West Street
Portchester
Fareham
Hampshire
PO16 9UN

 

Architectural Glazing Solutions Limited

(Registration number: 04375924)
Statement of Financial Position as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

13,047

17,103

Current assets

 

Stocks

14,500

-

Debtors

5

97,525

122,731

Cash at bank and in hand

 

82,331

98

 

194,356

122,829

Creditors: Amounts falling due within one year

6

(140,389)

(133,409)

Net current assets/(liabilities)

 

53,967

(10,580)

Total assets less current liabilities

 

67,014

6,523

Creditors: Amounts falling due after more than one year

6

(70,000)

(100,000)

Provisions for liabilities

(2,479)

(4,269)

Net liabilities

 

(5,465)

(97,746)

Capital and reserves

 

Called up share capital

198

198

Profit and loss account

(5,663)

(97,944)

Shareholders' deficit

 

(5,465)

(97,746)

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Architectural Glazing Solutions Limited

(Registration number: 04375924)
Statement of Financial Position as at 31 December 2021

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 6 August 2022
 

.........................................
Mr M E Craddock
Director

 

Architectural Glazing Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
72 West Street
Portchester
Fareham
Hampshire
PO16 9UN

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Architectural Glazing Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Architectural Glazing Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2020 - 11).

 

Architectural Glazing Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Plant, machinery, fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

30,065

59,180

89,245

At 31 December 2021

30,065

59,180

89,245

Depreciation

At 1 January 2021

26,979

45,163

72,142

Charge for the year

554

3,502

4,056

At 31 December 2021

27,533

48,665

76,198

Carrying amount

At 31 December 2021

2,532

10,515

13,047

At 31 December 2020

3,086

14,017

17,103

5

Debtors

2021
£

2020
£

Trade debtors

94,306

95,523

Other debtors

3,219

27,208

97,525

122,731

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

7

20,000

24,549

Trade creditors

 

53,307

25,885

Taxation and social security

 

10,839

43,131

Accruals and deferred income

 

21,160

14,500

Other creditors

 

35,083

25,344

 

140,389

133,409

 

Architectural Glazing Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

70,000

100,000

7

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

70,000

100,000

2021
£

2020
£

Current loans and borrowings

Bank borrowings

20,000

-

Bank overdrafts

-

23,116

HP and finance lease liability 1 (under 1yr)

-

1,433

20,000

24,549

8

Related party transactions

Transactions with the director

2021

At 1 January 2021
£

Advances to directors
£

Repayments by director
£

At 31 December 2021
£

Mr M E Craddock

(23,805)

903

(10,301)

(33,203)

         
       

 

2020

At 1 January 2020
£

Advances to directors
£

Repayments by director
£

At 31 December 2020
£

Mr M E Craddock

62,334

141,916

(228,055)

(23,805)