Company Registration No. 07243843 (England and Wales)
Elegance Glazing Limited
Unaudited accounts
for the year ended 31 May 2023
Elegance Glazing Limited
Unaudited accounts
Contents
Elegance Glazing Limited
Company Information
for the year ended 31 May 2023
Directors
B Farooq
S Bilal
Company Number
07243843 (England and Wales)
Registered Office
34-35 The Hill
Northfleet
Kent
DA11 9EX
Accountants
Clayton Stirling
123 Cross Lane East
Gravesend
Kent
DA12 5HA
Elegance Glazing Limited
Statement of financial position
as at 31 May 2023
Tangible assets
6,588
8,746
Cash at bank and in hand
26,867
67,297
Creditors: amounts falling due within one year
(58,345)
(50,706)
Net current assets
13,105
27,240
Total assets less current liabilities
19,693
35,986
Creditors: amounts falling due after more than one year
(20,765)
(30,765)
Net (liabilities)/assets
(1,072)
5,221
Called up share capital
100
100
Profit and loss account
(1,172)
5,121
Shareholders' funds
(1,072)
5,221
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2023 and were signed on its behalf by
B Farooq
Director
Company Registration No. 07243843
Elegance Glazing Limited
Notes to the Accounts
for the year ended 31 May 2023
Elegance Glazing Limited is a private company, limited by shares, registered in England and Wales, registration number 07243843. The registered office is 34-35 The Hill, Northfleet, Kent, DA11 9EX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance basis
Motor vehicles
25% reducing balance basis
Computer equipment
5 years straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Elegance Glazing Limited
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2022
621
12,582
666
13,869
At 31 May 2023
621
12,582
806
14,009
At 1 June 2022
462
4,129
532
5,123
Charge for the year
32
2,113
153
2,298
At 31 May 2023
494
6,242
685
7,421
At 31 May 2023
127
6,340
121
6,588
At 31 May 2022
159
8,453
134
8,746
Amounts falling due within one year
Accrued income and prepayments
394
-
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
9,745
Trade creditors
7,624
5,375
Taxes and social security
713
10,672
Loans from directors
30,643
10,942
Deferred income
7,340
12,769
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).