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REGISTERED NUMBER: 01308754 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

J SAPSWORTH GLAZING AND DECORATING LTD

J SAPSWORTH GLAZING AND DECORATING LTD (REGISTERED NUMBER: 01308754)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2023










Page

Company Information 1

Report of the Accountants 2

Balance Sheet 3

Notes to the Financial Statements 5


J SAPSWORTH GLAZING AND DECORATING LTD

COMPANY INFORMATION
for the Year Ended 31 May 2023







DIRECTOR: B Sapsworth





REGISTERED OFFICE: 94 Marsh Road
Luton
Bedfordshire
LU3 2NL





REGISTERED NUMBER: 01308754 (England and Wales)





ACCOUNTANTS: F E Hawkes & Co
206 Endeavour House
Wrest Park
Silsoe
Bedfordshire
MK45 4HS

J SAPSWORTH GLAZING AND DECORATING LTD

REPORT OF THE ACCOUNTANTS TO THE DIRECTOR OF
J SAPSWORTH GLAZING AND DECORATING LTD


The following reproduces the text of the report prepared for the director 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 Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 May 2023 set out on pages four to twelve and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






F E Hawkes & Co
206 Endeavour House
Wrest Park
Silsoe
Bedfordshire
MK45 4HS


29 September 2023

J SAPSWORTH GLAZING AND DECORATING LTD (REGISTERED NUMBER: 01308754)

BALANCE SHEET
31 May 2023

2022 2023
£    £    Notes £    £   
FIXED ASSETS
704,420 Tangible assets 5 753,170

CURRENT ASSETS
19,573 Stocks 6 14,982
77,193 Debtors 7 117,948
111,570 Cash at bank and in hand 161,693
208,336 294,623
CREDITORS
123,971 Amounts falling due within one year 8 222,147
84,365 NET CURRENT ASSETS 72,476
788,785 TOTAL ASSETS LESS CURRENT
LIABILITIES

825,646

CREDITORS
(112,175 ) Amounts falling due after more than one
year

9

(111,970

)

(66,948 ) PROVISIONS FOR LIABILITIES (93,716 )
609,662 NET ASSETS 619,960

CAPITAL AND RESERVES
67 Called up share capital 67
469,422 Revaluation reserve 12 448,470
140,173 Retained earnings 12 171,423
609,662 SHAREHOLDERS' FUNDS 619,960

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

J SAPSWORTH GLAZING AND DECORATING LTD (REGISTERED NUMBER: 01308754)

BALANCE SHEET - continued
31 May 2023


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 director and authorised for issue on 29 September 2023 and were signed by:





B Sapsworth - Director


J SAPSWORTH GLAZING AND DECORATING LTD (REGISTERED NUMBER: 01308754)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2023


1. STATUTORY INFORMATION

J Sapsworth Glazing & Decorating Ltd is a private company, limited by shares and registered in England and Wales.

The company's registered number and registered office address are as follows:

Registered number 01308754

Registered address 94 Marsh Road
Luton
Bedfordshire
LU3 2NL

The principal activity of the company in the year under review was that of the provisions of painting, decorating and glazing.

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

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

As with most businesses the company continues to be impacted by the Coronavirus (Covid 19). The pandemic along with the restrictions on business has had an impact on the business operations, customers, suppliers and where it has been necessary to furlough some of the workforce . The company have (where appropriate) utilised the grants and benefits available from the Government and are taking all the steps necessary to protect the future of the business.

Although the total impact is still uncertain the directors believe that it is appropriate to prepare the accounts on a going concern basis.

Significant judgements and estimates
No significant judgements or estimates have had to be made by the directors in preparing these financial statements.

The directors have made key assumptions in the determination of the fair value of a freehold property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & machinery - 15% on reducing balance
Fixtures & fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% on reducing balance

Stocks & work in progress
Stock and work in progress are valued at the lower of net invoiced cost and net realisable value on a first in first out basis, after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

J SAPSWORTH GLAZING AND DECORATING LTD (REGISTERED NUMBER: 01308754)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2023


3. ACCOUNTING POLICIES - continued

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.

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.

Government grants
Government grants are shown in the accounts on the date they are receivable.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

J SAPSWORTH GLAZING AND DECORATING LTD (REGISTERED NUMBER: 01308754)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2023


5. TANGIBLE FIXED ASSETS
Freehold Plant &
Totals property machinery
£    £    £   
COST
At 1 June 2022 838,579 680,000 19,647
Additions 75,544 - -
Disposals (42,116 ) - -
At 31 May 2023 872,007 680,000 19,647
DEPRECIATION
At 1 June 2022 134,159 - 16,687
Charge for year 20,668 - 443
Eliminated on disposal (35,990 ) - -
At 31 May 2023 118,837 - 17,130
NET BOOK VALUE
At 31 May 2023 753,170 680,000 2,517
At 31 May 2022 704,420 680,000 2,960

Fixtures Motor Computer
& fittings vehicles equipment
£    £    £   
COST
At 1 June 2022 40,829 95,066 3,037
Additions - 75,544 -
Disposals - (42,116 ) -
At 31 May 2023 40,829 128,494 3,037
DEPRECIATION
At 1 June 2022 39,642 76,353 1,477
Charge for year 178 19,813 234
Eliminated on disposal - (35,990 ) -
At 31 May 2023 39,820 60,176 1,711
NET BOOK VALUE
At 31 May 2023 1,009 68,318 1,326
At 31 May 2022 1,187 18,713 1,560

In freehold property above are buildings at 94 Marsh Road, Luton, Bedfordshire which were professionally revalued on 4 September 1990 at £145,000 resulting in a surplus of £74,552.

The company acquired on 21 December 2001 92 Marsh Road, Luton, Bedfordshire at cost of £72,551.

The directors consider that the overall fair value of the freehold value of all freehold property to be in the region of £650,000 In the event of the sale of these properties at the above value, the company would incur a corporation tax liability of approximately £87300.17 arising from the capital gain.

J SAPSWORTH GLAZING AND DECORATING LTD (REGISTERED NUMBER: 01308754)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 52,664
At 31 May 2023 52,664
NET BOOK VALUE
At 31 May 2023 52,664

6. STOCKS
2023 2022
£    £   
Stock & work in progress 14,982 19,573

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 85,832 69,746
VAT 2,535 -
Prepayments 29,581 7,447
117,948 77,193

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 11,942 10,493
Hire purchase contracts (see note 10) 8,472 -
Trade creditors 114,073 75,713
Tax 20,283 2,554
Social security and other taxes 8,680 5,854
VAT - 10,108
Directors' loan accounts 40,605 26
Accruals & deferred income 18,092 19,223
222,147 123,971

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 12,693 10,898
Bank loans - 2-5 years 30,124 32,011
Bank loans more 5 years 57,152 69,266
Hire purchase contracts (see note 10) 12,001 -
111,970 112,175

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 years 57,152 69,266

J SAPSWORTH GLAZING AND DECORATING LTD (REGISTERED NUMBER: 01308754)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2023


10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 9,570 -
Between one and five years 13,557 -
23,127 -

Finance charges repayable:
Within one year 1,098 -
Between one and five years 1,556 -
2,654 -

Net obligations repayable:
Within one year 8,472 -
Between one and five years 12,001 -
20,473 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 1,177
Between one and five years - 280
- 1,457

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 111,911 122,668
Hire purchase contracts 20,473 -
132,384 122,668

.

J SAPSWORTH GLAZING AND DECORATING LTD (REGISTERED NUMBER: 01308754)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2023


12. RESERVES
Retained Revaluation
Totals earnings reserve
£    £    £   

At 1 June 2022 609,595 140,173 469,422
Profit for the year 101,265 101,265
Dividends (70,015 ) (70,015 )
Surplus on revaluation of freehold
properties

(20,952

)

-

(20,952

)

At 31 May 2023 619,893 171,423 448,470