2022-01-012022-12-312022-12-31false04100791GLOWBAR SUPPLIES & POWER TOOLS 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GLOWBAR SUPPLIES & POWER TOOLS LIMITED

Registered Number
04100791
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2022

GLOWBAR SUPPLIES & POWER TOOLS LIMITED
Company Information
for the year from 1 January 2022 to 31 December 2022

Directors

BARROW, David
BARROW, Nina Maria
BARROW, Philip David Michael

Registered Address

56 Baxters Lane
Sutton
St Helens
WA9 3ND

Registered Number

04100791 (England and Wales)
GLOWBAR SUPPLIES & POWER TOOLS LIMITED
Balance Sheet as at
31 December 2022

Notes

2022

2021

£

£

£

£

Fixed assets
Tangible assets532,13539,973
Investments650,00050,000
82,13589,973
Current assets
Stocks7115,750115,750
Debtors873,172100,788
Cash at bank and on hand265,109297,583
454,031514,121
Creditors amounts falling due within one year9(397,357)(403,750)
Net current assets (liabilities)56,674110,371
Total assets less current liabilities138,809200,344
Creditors amounts falling due after one year10(29,866)(29,866)
Provisions for liabilities11(6,106)(7,595)
Net assets102,837162,883
Capital and reserves
Called up share capital100,001100,001
Profit and loss account2,83662,882
Shareholders' funds102,837162,883
The financial statements were approved and authorised for issue by the Board of Directors on 30 September 2023, and are signed on its behalf by:
BARROW, David
Director
Registered Company No. 04100791
GLOWBAR SUPPLIES & POWER TOOLS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2022

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery2525
Fixtures and fittings2525
Vehicles2525
Office Equipment2525
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20222021
Average number of employees during the year1010
5.Property, plant and equipment

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 January 226,10050,790110,71110,472178,073
Additions---2,7972,797
At 31 December 226,10050,790110,71113,269180,870
Depreciation and impairment
At 01 January 224,80722,567104,4246,302138,100
Charge for year3237,0551,5721,68410,634
Other adjustments1---1
At 31 December 225,13129,622105,9967,986148,735
Net book value
At 31 December 2296921,1684,7155,28332,135
At 31 December 211,29328,2236,2874,17039,973
6.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 January 2250,00050,000
At 31 December 2250,00050,000
Net book value
At 31 December 2250,00050,000
At 31 December 2150,00050,000

Notes

1Other investments other than loans
7.Stocks

2022

2021

££
Finished goods115,750115,750
Total115,750115,750
8.Debtors

2022

2021

££
Trade debtors / trade receivables31,93874,222
Other debtors41,23425,484
Prepayments and accrued income-1,082
Total73,172100,788
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2022

2021

££
Trade creditors / trade payables316,167301,390
Taxation and social security73,27489,405
Other creditors4,4169,955
Accrued liabilities and deferred income3,5003,000
Total397,357403,750
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2022

2021

££
Other creditors29,86629,866
Total29,86629,866
11.Provisions for liabilities

2022

2021

££
Net deferred tax liability (asset)6,1067,595
Total6,1067,595