REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
GLASSWORKS EQUIPMENT LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
GLASSWORKS EQUIPMENT LIMITED |
GLASSWORKS EQUIPMENT LIMITED (REGISTERED NUMBER: 02413016) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
GLASSWORKS EQUIPMENT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
2QS |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Grove House |
Coombs Wood Court |
Steel Park Road |
Halesowen |
West Midlands |
B62 8BF |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
GLASSWORKS EQUIPMENT LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glassworks Equipment Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Glassworks Equipment Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Glassworks Equipment Limited and state those matters that we have agreed to state to the Board of Directors of Glassworks Equipment Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glassworks Equipment Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Glassworks Equipment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glassworks Equipment Limited. You consider that Glassworks Equipment Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Glassworks Equipment Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
Grove House |
Coombs Wood Court |
Steel Park Road |
Halesowen |
West Midlands |
B62 8BF |
GLASSWORKS EQUIPMENT LIMITED (REGISTERED NUMBER: 02413016) |
BALANCE SHEET |
31 MARCH 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GLASSWORKS EQUIPMENT LIMITED (REGISTERED NUMBER: 02413016) |
BALANCE SHEET - continued |
31 MARCH 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GLASSWORKS EQUIPMENT LIMITED (REGISTERED NUMBER: 02413016) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
1. | STATUTORY INFORMATION |
Glassworks Equipment Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Glassworks Equipment Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Computer equipment | - |
Financial instruments |
Listed investments are stated at market value. Gains or losses arising from changes in the market value of investments are included in the income statement in the period in which they arise. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
GLASSWORKS EQUIPMENT LIMITED (REGISTERED NUMBER: 02413016) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2021 |
Additions |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
Included in cost of land and buildings is freehold land of £ 74,905 (2021 - £ 74,905 ) which is not depreciated. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
Additions |
At 31 March 2022 |
DEPRECIATION |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
GLASSWORKS EQUIPMENT LIMITED (REGISTERED NUMBER: 02413016) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
5. | FIXED ASSET INVESTMENTS |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2021 | 552,167 |
Additions | 145 |
At 31 March 2022 | 552,312 |
PROVISIONS |
At 1 April 2021 | 67,045 | (5,961 | ) | 61,084 |
Revaluation adjustments | (759 | ) | (2,894 | ) | (3,653 | ) |
At 31 March 2022 | 66,286 | (8,855 | ) | 57,431 |
NET BOOK VALUE |
At 31 March 2022 | 494,881 |
At 31 March 2021 | 491,083 |
Cost or valuation at 31 March 2022 is represented by: |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
Cost | 125,529 | 426,783 | 552,312 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
2022 | 2021 |
£ | £ |
Treasury deposit |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts |
GLASSWORKS EQUIPMENT LIMITED (REGISTERED NUMBER: 02413016) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
10. | RELATED PARTY DISCLOSURES |
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. |
At the balance sheet date £1,524,529 (2021: £1,124,530) was owed from an associated company under common control with Mr W Brinkman and Mr O Brinkman. |