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Company registration number: 01378679

Glass Bond (N.W.) Limited

Filleted Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Glass Bond (N.W.) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Glass Bond (N.W.) Limited

Company Information

Directors

Mr P J Randell

Mr R J Randell

Mr D J Randell

Mr M E Cordell

Company secretary

Mrs D Randell

Registered office

West Side
Jackson Street
St Helens
Merseyside
WA9 3AT

Accountants

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Glass Bond (N.W.) Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Glass Bond (N.W.) Limited for the year ended 28 February 2023 as set out on pages 3 to 10 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Glass Bond (N.W.) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Glass Bond (N.W.) Limited and state those matters that we have agreed to state to the Board of Directors of Glass Bond (N.W.) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glass Bond (N.W.) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Glass Bond (N.W.) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Glass Bond (N.W.) Limited. You consider that Glass Bond (N.W.) 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 accounts of Glass Bond (N.W.) 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 accounts.

......................................

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

3 October 2023

 

Glass Bond (N.W.) Limited

(Registration number: 01378679)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

123,331

101,869

Investments

5

3,168

3,168

 

126,499

105,037

Current assets

 

Stocks

207,031

206,830

Debtors

6

162,892

288,309

Cash at bank and in hand

 

663,537

1,167,369

 

1,033,460

1,662,508

Creditors: Amounts falling due within one year

7

(135,304)

(125,073)

Net current assets

 

898,156

1,537,435

Total assets less current liabilities

 

1,024,655

1,642,472

Provisions for liabilities

-

509

Net assets

 

1,024,655

1,642,981

Capital and reserves

 

Called up share capital

2,561

2,561

Capital redemption reserve

1,103

1,103

Retained earnings

1,020,991

1,639,317

Shareholders' funds

 

1,024,655

1,642,981

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Glass Bond (N.W.) Limited

(Registration number: 01378679)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 14 September 2023 and signed on its behalf by:
 

.........................................
Mr M E Cordell
Director

 

Glass Bond (N.W.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
West Side
Jackson Street
St Helens
Merseyside
WA9 3AT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover comprises the fair value of the sale of goods and services net of value added tax, returns, rebates and discounts. Sales of goods are recognised when the goods leave the company premises.

Government grants

Grants are accounted for on a receivable basis. Grants related to revenue are recognised as income over the periods in which the related costs for which the grant is intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Exchange differences are taken into account in arriving at the operating profit.

 

Glass Bond (N.W.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

20% reducing balance

Fixtures, fittings & equipment

20% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

Research and development costs

Research and development expenditure is written off in the period in which it is incurred.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks

Stock comprises raw materials, packaging and finished goods. Raw materials and packaging are stated at the lower of cost and estimated selling price. Finished goods are calculated at selling price and reduced by appropriate margins to the lower of cost and net realisable value.

Leases

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

 

Glass Bond (N.W.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 20).

 

Glass Bond (N.W.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

57,846

248,122

24,771

105,792

436,531

Additions

8,809

9,950

780

53,938

73,477

Disposals

-

(3,500)

-

(33,967)

(37,467)

At 28 February 2023

66,655

254,572

25,551

125,763

472,541

Depreciation

At 1 March 2022

54,382

212,738

23,994

43,548

334,662

Charge for the year

2,456

9,045

624

25,463

37,588

Eliminated on disposal

-

(3,402)

-

(19,638)

(23,040)

At 28 February 2023

56,838

218,381

24,618

49,373

349,210

Carrying amount

At 28 February 2023

9,817

36,191

933

76,390

123,331

At 28 February 2022

3,464

35,384

777

62,244

101,869

5

Investments

2023
£

2022
£

Investments in subsidiaries

3,168

3,168

Subsidiaries

£

Cost or valuation

At 1 March 2022

3,168

Provision

Carrying amount

At 28 February 2023

3,168

At 28 February 2022

3,168

 

Glass Bond (N.W.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Moulding Compounds Limited

c/o Glass Bond (NW) Ltd,
West Side Industrial Estate
Jackson Street
St Helens
Merseyside
WA9 3AT

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Moulding Compounds Limited

The principal activity of Moulding Compounds Limited is the manufacture of moulding compounds.

6

Debtors

2023
£

2022
£

Trade debtors

 

83,976

225,288

Amounts owed by group undertakings

32,415

21,709

Other debtors

 

46,501

41,312

 

162,892

288,309

 

Glass Bond (N.W.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

67,731

73,653

Other creditors

67,573

51,420

135,304

125,073

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £49,653 (2022 - £50,874). These commitments represent the minimum amounts payable by the company under non-cancellable operating leases.