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REGISTERED NUMBER: 07451346 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

GLASS ASSIST UK LIMITED

GLASS ASSIST UK LIMITED (REGISTERED NUMBER: 07451346)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLASS ASSIST UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: C Flowers
K Flowers





REGISTERED OFFICE: Whitfield House
St Johns Road
Meadowfield Industrial Estate
Durham
DH7 8XL





REGISTERED NUMBER: 07451346 (England and Wales)





ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW

GLASS ASSIST UK LIMITED (REGISTERED NUMBER: 07451346)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 218,479 32,272
Investment property 5 780,000 268,457
998,479 300,729

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 6 439,786 278,737
Cash at bank 142,682 252,382
584,468 533,119
CREDITORS
Amounts falling due within one year 7 460,292 243,966
NET CURRENT ASSETS 124,176 289,153
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,122,655

589,882

CREDITORS
Amounts falling due after more than one
year

8

(362,661

)

(313,315

)

PROVISIONS FOR LIABILITIES 11 (105,278 ) (5,456 )
NET ASSETS 654,716 271,111

CAPITAL AND RESERVES
Called up share capital 12 200 200
Retained earnings 13 654,516 270,911
SHAREHOLDERS' FUNDS 654,716 271,111

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

GLASS ASSIST UK LIMITED (REGISTERED NUMBER: 07451346)

BALANCE SHEET - continued
31 DECEMBER 2021


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2022 and were signed on its behalf by:





K Flowers - Director


GLASS ASSIST UK LIMITED (REGISTERED NUMBER: 07451346)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Glass Assist UK Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Equipment - 20% on cost and straight line over 10 years
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is initially recognised at cost, but thereafter at fair value, in accordance with FRS 102.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

GLASS ASSIST UK LIMITED (REGISTERED NUMBER: 07451346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 18 (2020 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2021 50,952
Additions 218,081
Reclassification/transfer (167 )
At 31 December 2021 268,866
DEPRECIATION
At 1 January 2021 18,680
Charge for year 31,707
At 31 December 2021 50,387
NET BOOK VALUE
At 31 December 2021 218,479
At 31 December 2020 32,272

GLASS ASSIST UK LIMITED (REGISTERED NUMBER: 07451346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2021 12,995
Additions 148,949
Reclassification/transfer 5,000
At 31 December 2021 166,944
DEPRECIATION
At 1 January 2021 6,600
Charge for year 18,562
Reclassification/transfer 539
At 31 December 2021 25,701
NET BOOK VALUE
At 31 December 2021 141,243
At 31 December 2020 6,395

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2021 268,457
Additions 181,260
Revaluations 330,283
At 31 December 2021 780,000
NET BOOK VALUE
At 31 December 2021 780,000
At 31 December 2020 268,457

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2021 780,000

If Investment properties had not been revalued they would have been included at the following historical cost:

2021 2020
£    £   
Cost 449,717 268,457

Investment properties were valued on an open market basis on 31 December 2021 by the directors .

GLASS ASSIST UK LIMITED (REGISTERED NUMBER: 07451346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 439,567 278,322
Other debtors 219 415
439,786 278,737

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 16,244 11,650
Finance leases (see note 9) 19,790 2,499
Trade creditors 243,183 133,411
Taxation and social security 89,321 76,372
Other creditors 91,754 20,034
460,292 243,966

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 104,010 120,066
Finance leases (see note 9) 101,898 1,249
Other creditors 156,753 192,000
362,661 313,315

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2021 2020
£    £   
Net obligations repayable:
Within one year 19,790 2,499
Between one and five years 101,898 1,249
121,688 3,748

Non-cancellable operating leases
2021 2020
£    £   
Within one year 21,065 2,421
Between one and five years 28,544 -
49,609 2,421

GLASS ASSIST UK LIMITED (REGISTERED NUMBER: 07451346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Finance leases 121,688 3,748
Mortgage 76,583 81,716
198,271 85,464

The Mortgage is secured by way of a fixed and floating charge over the company's investment property.

The Hire purchase debts and finance leases are secured on the assets to which they relate.

11. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax 105,278 5,456

Deferred
tax
£   
Balance at 1 January 2021 5,456
Charge/(Credit) on deferred
tax due on fair value change
of investment properties 86,251
Timing difference due to
accelerated capital allowances 13,571
Balance at 31 December 2021 105,278

12. CALLED UP SHARE CAPITAL




Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
100 Ordinary £1 100 100
50 Ordinary A £1 50 50
50 Ordinary B £1 50 50
200 200

13. RESERVES

Retained earnings is comprised of £410,485 of distributable reserves and £244,031 of non-distributable reserves.

GLASS ASSIST UK LIMITED (REGISTERED NUMBER: 07451346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

14. RELATED PARTY DISCLOSURES

During the year a director maintained an interest free loan to the company. At the year end the amount outstanding was £24,897 (2020:£68).

During the year a shareholder maintained an interest free loan to the company. At the year end the amount outstanding was £9,110 (2020:£9110).