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Company Registration No. 04834491 (England and Wales)
MC Lead Glaziers Limited Unaudited accounts for the year ended 30 November 2021
MC Lead Glaziers Limited Unaudited accounts Contents
Page
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MC Lead Glaziers Limited Company Information for the year ended 30 November 2021
Director
P M Campling
Company Number
04834491 (England and Wales)
Registered Office
Unit 2 251 Holt Road Horsford Norwich Norfolk NR10 3EB
Accountants
Mrs A C Howell 13 Ipswich Grove Norwich Norfolk NR2 2LU
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MC Lead Glaziers Limited Statement of financial position as at 30 November 2021
2021 
2020 
Notes
£ 
£ 
Fixed assets
Intangible assets
153,217 
165,533 
Tangible assets
49,614 
57,368 
202,831 
222,901 
Current assets
Inventories
1,646 
2,529 
Debtors
57,736 
56,841 
Cash at bank and in hand
327,438 
324,994 
386,820 
384,364 
Creditors: amounts falling due within one year
(260,119)
(240,298)
Net current assets
126,701 
144,066 
Total assets less current liabilities
329,532 
366,967 
Creditors: amounts falling due after more than one year
(162,465)
(184,881)
Provisions for liabilities
Deferred tax
(8,589)
(10,900)
Net assets
158,478 
171,186 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
158,477 
171,185 
Shareholders' funds
158,478 
171,186 
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 August 2022 and were signed on its behalf by
P M Campling Director Company Registration No. 04834491
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MC Lead Glaziers Limited Notes to the Accounts for the year ended 30 November 2021
1
Statutory information
MC Lead Glaziers Limited is a private company, limited by shares, registered in England and Wales, registration number 04834491. The registered office is Unit 2 251 Holt Road, Horsford, Norwich, Norfolk, NR10 3EB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going concern
The Director has considered the Company's position at the time of signing the financial statements, and in particular the current issues caused by Covid-19 and its potential impact on the Company and the wider economy. As such under the current circumstances, it is difficult to produce meaningful forecasts for the remainder of the financial year and medium term. Nevertheless, the Director has considered the current financial strength of the Company, together with the range of measures the Director can take to mitigate ongoing costs should they need to, and ultimately should it be required, the support now being offered by the UK government for which the Company would be eligible to apply. Based on this, the Director has concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, and, based on the economic environment recovering within the timeframe currently being widely anticipated, at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
25% straight line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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MC Lead Glaziers Limited Notes to the Accounts for the year ended 30 November 2021
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Stock
Stock has been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 December 2020
246,313 
At 30 November 2021
246,313 
Amortisation
At 1 December 2020
80,780 
Charge for the year
12,316 
At 30 November 2021
93,096 
Net book value
At 30 November 2021
153,217 
At 30 November 2020
165,533 
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MC Lead Glaziers Limited Notes to the Accounts for the year ended 30 November 2021
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 December 2020
79,360 
80,959 
160,319 
Additions
1,797 
4,690 
6,487 
At 30 November 2021
81,157 
85,649 
166,806 
Depreciation
At 1 December 2020
57,392 
45,559 
102,951 
Charge for the year
4,218 
10,023 
14,241 
At 30 November 2021
61,610 
55,582 
117,192 
Net book value
At 30 November 2021
19,547 
30,067 
49,614 
At 30 November 2020
21,968 
35,400 
57,368 
6
Debtors: amounts falling due within one year
2021 
2020 
£ 
£ 
Trade debtors
40,521 
41,149 
Accrued income and prepayments
11,715 
15,692 
Other debtors
5,500 
- 
57,736 
56,841 
7
Creditors: amounts falling due within one year
2021 
2020 
£ 
£ 
Bank loans and overdrafts
23,020 
17,696 
Obligations under finance leases and hire purchase contracts
8,382 
6,302 
Trade creditors
34,043 
9,612 
Taxes and social security
62,626 
90,667 
Other creditors
28 
- 
Loans from directors
125,414 
112,998 
Accruals
6,606 
3,023 
260,119 
240,298 
8
Creditors: amounts falling due after more than one year
2021 
2020 
£ 
£ 
Bank loans
156,880 
172,913 
Obligations under finance leases and hire purchase contracts
5,585 
11,968 
162,465 
184,881 
9
Transactions with related parties
The director provided the company with an unsecured interest free loan on balances outstanding at the year end. At the year end this amounted to £125,414 (2020: £112,998)
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MC Lead Glaziers Limited Notes to the Accounts for the year ended 30 November 2021
10
Average number of employees
During the year the average number of employees was 7 (2020: 12).
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