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Registration number: 08218556

Wonder Glass Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2022

 

Wonder Glass Ltd

(Registration number: 08218556)
Abridged Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

-

269

Tangible assets

5

20,674

47,324

 

20,674

47,593

Current assets

 

Stocks

6

325,000

211,000

Debtors

135,692

96,273

Cash at bank and in hand

 

108,158

30,286

 

568,850

337,559

Prepayments and accrued income

 

149,207

147,188

Creditors: Amounts falling due within one year

(314,751)

(301,574)

Net current assets

 

403,306

183,173

Total assets less current liabilities

 

423,980

230,766

Creditors: Amounts falling due after more than one year

(1,021,188)

(1,039,990)

Accruals and deferred income

 

(20,000)

(3,934)

Net liabilities

 

(617,208)

(813,158)

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

(618,208)

(814,158)

Shareholders' deficit

 

(617,208)

(813,158)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Wonder Glass Ltd

(Registration number: 08218556)
Abridged Balance Sheet as at 31 December 2022

Approved and authorised by the director on 9 October 2023
 

.........................................
Mr Christian Mussati
Director

 

Wonder Glass Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

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:
5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

These financial statements were authorised for issue by the director on 9 October 2023.

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 abridged 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 abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on a straight line basis

Fixtures and fittings

33.3% on a straight line basis

Leasehold improvements

25% on a straight line basis

 

Wonder Glass Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Office equipment

25% on a straight line basis

Intangible assets

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Development costs

Research and development expenditure is written off as incurred. Development expenditure is charged to the income statement in the year incurred unless it meets the FRS102 recognition criteria for capitalisation. When the recognition criteria have been met any further development expenditure is capitalised as an intangible asset.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Research and Development (Productdesign)

25% on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Wonder Glass Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 the director) during the year, was 7 (2021 - 4).

 

Wonder Glass Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2022

1,942

At 31 December 2022

1,942

Amortisation

At 1 January 2022

1,673

Amortisation charge

269

At 31 December 2022

1,942

Carrying amount

At 31 December 2022

-

At 31 December 2021

269

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 January 2022

183,274

50,252

27,512

-

Additions

-

-

-

4,863

At 31 December 2022

183,274

50,252

27,512

4,863

Depreciation

At 1 January 2022

152,868

38,296

22,550

-

Charge for the year

22,037

6,393

2,969

114

At 31 December 2022

174,905

44,689

25,519

114

Carrying amount

At 31 December 2022

8,369

5,563

1,993

4,749

At 31 December 2021

30,406

11,956

4,962

-

 

Wonder Glass Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Total
£

Cost or valuation

At 1 January 2022

261,038

Additions

4,863

At 31 December 2022

265,901

Depreciation

At 1 January 2022

213,714

Charge for the year

31,513

At 31 December 2022

245,227

Carrying amount

At 31 December 2022

20,674

At 31 December 2021

47,324

6

Stocks

2022
£

2021
£

Finished goods and goods for resale

325,000

211,000

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000