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COMPANY REGISTRATION NUMBER: 05705672
ULTIMATE GLASS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 February 2023
ULTIMATE GLASS LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
11,268
12,842
CURRENT ASSETS
Stocks
40,250
27,900
Debtors
7
62,390
70,191
Cash at bank and in hand
16,097
33,261
---------
---------
118,737
131,352
CREDITORS: amounts falling due within one year
8
( 97,835)
( 82,791)
---------
---------
NET CURRENT ASSETS
20,902
48,561
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
32,170
61,403
CREDITORS: amounts falling due after more than one year
9
( 9,333)
--------
--------
NET ASSETS
22,837
61,403
--------
--------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
22,737
61,303
--------
--------
SHAREHOLDERS FUNDS
22,837
61,403
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ULTIMATE GLASS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 2 October 2023 , and are signed on behalf of the board by:
S Ryan
Director
Company registration number: 05705672
ULTIMATE GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bradford Road, Tingley, Wakefield, WF3 1JZ, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 9 (2022: 8 ).
5. TAX ON (LOSS)/PROFIT
Major components of tax (income)/expense
2023
2022
£
£
Current tax:
UK current tax expense
6,035
Corporation tax refund
( 6,036)
-------
-------
Total current tax
( 6,036)
6,035
-------
-------
-------
-------
Tax on (loss)/profit
( 6,036)
6,035
-------
-------
6. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2022
32,566
9,995
1,443
44,004
Additions
796
796
--------
-------
-------
--------
At 28 February 2023
32,566
9,995
2,239
44,800
--------
-------
-------
--------
Depreciation
At 1 March 2022
21,502
8,217
1,443
31,162
Charge for the year
1,660
444
266
2,370
--------
-------
-------
--------
At 28 February 2023
23,162
8,661
1,709
33,532
--------
-------
-------
--------
Carrying amount
At 28 February 2023
9,404
1,334
530
11,268
--------
-------
-------
--------
At 28 February 2022
11,064
1,778
12,842
--------
-------
-------
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
56,354
64,766
Other debtors
6,036
5,425
--------
--------
62,390
70,191
--------
--------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,000
21,916
Trade creditors
81,763
38,923
Corporation tax
6,036
Social security and other taxes
9,955
13,711
Other creditors
2,117
2,205
--------
--------
97,835
82,791
--------
--------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,333
-------
----