IRIS Accounts Production v23.1.0.753 02759615 Board of Directors 1.12.21 31.12.22 31.12.22 27/9/2023 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure027596152021-11-30027596152022-12-31027596152021-12-012022-12-31027596152020-11-30027596152020-12-012021-11-30027596152021-11-3002759615ns16:EnglandWales2021-12-012022-12-3102759615ns15:PoundSterling2021-12-012022-12-3102759615ns11:Director12021-12-012022-12-3102759615ns11:PrivateLimitedCompanyLtd2021-12-012022-12-3102759615ns11:SmallEntities2021-12-012022-12-3102759615ns11:Audited2021-12-012022-12-3102759615ns11:SmallCompaniesRegimeForDirectorsReport2021-12-012022-12-3102759615ns11:SmallCompaniesRegimeForAccounts2021-12-012022-12-3102759615ns11:FullAccounts2021-12-012022-12-310275961512021-12-012022-12-3102759615ns11:Director22021-12-012022-12-3102759615ns11:Director42021-12-012022-12-3102759615ns11:Director72021-12-012022-12-3102759615ns11:Director82021-12-012022-12-3102759615ns11:RegisteredOffice2021-12-012022-12-3102759615ns6:CurrentFinancialInstruments2022-12-3102759615ns6:CurrentFinancialInstruments2021-11-3002759615ns6:Non-currentFinancialInstruments2022-12-3102759615ns6:Non-currentFinancialInstruments2021-11-3002759615ns6:ShareCapital2022-12-3102759615ns6:ShareCapital2021-11-3002759615ns6:CapitalRedemptionReserve2022-12-3102759615ns6:CapitalRedemptionReserve2021-11-3002759615ns6:RetainedEarningsAccumulatedLosses2022-12-3102759615ns6:RetainedEarningsAccumulatedLosses2021-11-300275961512021-12-012022-12-3102759615ns6:IntangibleAssetsOtherThanGoodwill2021-11-3002759615ns6:IntangibleAssetsOtherThanGoodwill2021-12-012022-12-3102759615ns6:IntangibleAssetsOtherThanGoodwill2022-12-3102759615ns6:IntangibleAssetsOtherThanGoodwill2021-11-3002759615ns6:LandBuildings2021-11-3002759615ns6:PlantMachinery2021-11-3002759615ns6:LandBuildings2021-12-012022-12-3102759615ns6:PlantMachinery2021-12-012022-12-3102759615ns6:LandBuildings2022-12-3102759615ns6:PlantMachinery2022-12-3102759615ns6:LandBuildings2021-11-3002759615ns6:PlantMachinery2021-11-3002759615ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3102759615ns6:WithinOneYearns6:CurrentFinancialInstruments2021-11-3002759615ns6:Secured2022-12-3102759615ns6:Secured2021-11-30
REGISTERED NUMBER: 02759615 (England and Wales)


















ABBEY GLASS (CARDIFF) LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD

1 DECEMBER 2021 TO 31 DECEMBER 2022






ABBEY GLASS (CARDIFF) LIMITED (REGISTERED NUMBER: 02759615)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2021 TO 31 DECEMBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 11


ABBEY GLASS (CARDIFF) LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 DECEMBER 2021 TO 31 DECEMBER 2022







DIRECTORS: M J Fatkin
D J W Nash
Ms A Worgan
C J Sykes
R J Gedrych



REGISTERED OFFICE: Unit 3 Ynyshir Industrial Estate
Llanwonno Road
Porth
CF39 0HU



REGISTERED NUMBER: 02759615 (England and Wales)



AUDITORS: MHA
Chartered Accountants and Statutory Auditor
Swansea, United Kingdom



AUDITORS OFFICE: 3 New Mill Court
Swansea Enterprise Park
Swansea
SA7 9FG

ABBEY GLASS (CARDIFF) LIMITED (REGISTERED NUMBER: 02759615)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,074 2,658
Tangible assets 5 225,984 243,112
228,058 245,770

CURRENT ASSETS
Stocks 65,422 25,614
Debtors 6 2,826,057 1,593,512
Cash at bank and in hand 375,252 1,317,797
3,266,731 2,936,923
CREDITORS
Amounts falling due within one year 7 879,774 973,162
NET CURRENT ASSETS 2,386,957 1,963,761
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,615,015

2,209,531

CREDITORS
Amounts falling due after more than one
year

8

(658,287

)

(316,224

)

PROVISIONS FOR LIABILITIES (61,678 ) -
NET ASSETS 1,895,050 1,893,307

CAPITAL AND RESERVES
Called up share capital 100 100
Capital redemption reserve 5 5
Retained earnings 1,894,945 1,893,202
1,895,050 1,893,307

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 and were signed on its behalf by:





Ms A Worgan - Director


ABBEY GLASS (CARDIFF) LIMITED (REGISTERED NUMBER: 02759615)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2021 TO 31 DECEMBER 2022


1. STATUTORY INFORMATION

Abbey Glass (Cardiff) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Monetary amounts in these financial statements are rounded to the nearest £.

The comparatives are unaudited.

The company has changed the financial year-end from 30 November to 31 December for financial reporting requirements. Therefore the comparative amounts presented in these financial statements (including the related notes) are not entirely comparable.

The principal accounting policies are set out below.

Related party exemption
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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ABBEY GLASS (CARDIFF) LIMITED (REGISTERED NUMBER: 02759615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2021 TO 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amounts receivable from the provision of goods and services to customers, net of discounts, VAT and other sales related taxes.

Revenue recognition
Revenue is recognised when all significant risks and rewards of ownership have been transferred to the customer, which is generally on the despatch of goods from the company or on the provision of services by the company .

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at costless any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold - 20% straight line on cost
Plant and machinery - 20% straight line on cost
Fixtures and fittings - 20% straight line on cost
Motor vehicles - 25% straight line on cost

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss sequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as revaluation increase.

ABBEY GLASS (CARDIFF) LIMITED (REGISTERED NUMBER: 02759615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2021 TO 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Government grants
Grants are credited to deferred revenue when entitlement to the grant has been established. Grants towards capital expenditure are then released to the profit and loss account over the useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

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

Net Realisable Value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

ABBEY GLASS (CARDIFF) LIMITED (REGISTERED NUMBER: 02759615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2021 TO 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, thy are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.




ABBEY GLASS (CARDIFF) LIMITED (REGISTERED NUMBER: 02759615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2021 TO 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless these costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Foreign exchange
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Taxation
Taxation for the period 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
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 period 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.

Hire purchase and leasing commitments
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. The assets of the scheme are held separately from those of the company in independently administered funds. The amount charged against profits represents the contributions payable to the schemes in respect of the accounting period.

ABBEY GLASS (CARDIFF) LIMITED (REGISTERED NUMBER: 02759615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2021 TO 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Going concern
In the opinion of the directors, preparing the financial statements on the going concern basis is appropriate due to the company's net profit for the period to 31 December 2022, as well as having net assets and current assets at the balance sheet date.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 42 (2021 - 35 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 December 2021 4,837
Additions 665
At 31 December 2022 5,502
AMORTISATION
At 1 December 2021 2,179
Charge for period 1,249
At 31 December 2022 3,428
NET BOOK VALUE
At 31 December 2022 2,074
At 30 November 2021 2,658

ABBEY GLASS (CARDIFF) LIMITED (REGISTERED NUMBER: 02759615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2021 TO 31 DECEMBER 2022


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2021 94,411 1,259,390 1,353,801
Additions 2,799 138,419 141,218
Disposals - (81,580 ) (81,580 )
At 31 December 2022 97,210 1,316,229 1,413,439
DEPRECIATION
At 1 December 2021 83,825 1,026,864 1,110,689
Charge for period 9,643 126,503 136,146
Eliminated on disposal - (59,380 ) (59,380 )
At 31 December 2022 93,468 1,093,987 1,187,455
NET BOOK VALUE
At 31 December 2022 3,742 222,242 225,984
At 30 November 2021 10,586 232,526 243,112

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
(Unaudited)
£    £   
Trade debtors 766,354 1,048,340
Amounts owed by group undertakings 1,638,714 -
Other debtors 420,989 545,172
2,826,057 1,593,512

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
(Unaudited)
£    £   
Bank loans and overdrafts 96,219 53,958
Hire purchase contracts 70,168 62,328
Trade creditors 541,909 318,119
Taxation and social security 100,447 126,364
Other creditors 71,031 412,393
879,774 973,162

ABBEY GLASS (CARDIFF) LIMITED (REGISTERED NUMBER: 02759615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2021 TO 31 DECEMBER 2022


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
(Unaudited)
£    £   
Bank loans 543,876 202,992
Hire purchase contracts 114,411 113,232
658,287 316,224

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 219,554 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
(Unaudited)
£    £   
Hire purchase contracts 184,579 175,560
Bank loans 605,254 211,674
789,833 387,234

Obligations under hire purchase contracts are secured on the assets to which they relate.

Bank loans are secured by way of fixed and floating charges over the property of Abbey Glass (Cardiff) Limited.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Brian Garland BA ACA (Senior Statutory Auditor)
for and on behalf of MHA

11. CAPITAL COMMITMENTS
2022 2021
(Unaudited)
£    £   
Contracted but not provided for in the
financial statements 250,000 -

The company has entered into capital commitments of £250,000 for plant and machinery at the year end.

A sum of £25,000 is included in prepayments as a deposit for the equipment and the remaining balance will be on finance commencing in the following year.

ABBEY GLASS (CARDIFF) LIMITED (REGISTERED NUMBER: 02759615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2021 TO 31 DECEMBER 2022


12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is DN Interiors Limited.