Caseware UK (AP4) 2022.0.179 2022.0.179 2022-04-01falseNo description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07169790 2022-04-01 2023-03-31 07169790 2021-04-01 2022-03-31 07169790 2023-03-31 07169790 2022-03-31 07169790 c:Director1 2022-04-01 2023-03-31 07169790 d:MotorVehicles 2022-04-01 2023-03-31 07169790 d:MotorVehicles 2023-03-31 07169790 d:MotorVehicles 2022-03-31 07169790 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07169790 d:ComputerEquipment 2022-04-01 2023-03-31 07169790 d:ComputerEquipment 2023-03-31 07169790 d:ComputerEquipment 2022-03-31 07169790 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07169790 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07169790 d:CurrentFinancialInstruments 2023-03-31 07169790 d:CurrentFinancialInstruments 2022-03-31 07169790 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07169790 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07169790 d:ShareCapital 2023-03-31 07169790 d:ShareCapital 2022-03-31 07169790 d:RetainedEarningsAccumulatedLosses 2023-03-31 07169790 d:RetainedEarningsAccumulatedLosses 2022-03-31 07169790 c:FRS102 2022-04-01 2023-03-31 07169790 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07169790 c:FullAccounts 2022-04-01 2023-03-31 07169790 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 07169790










Kent Glazing Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2023

 
Kent Glazing Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Kent Glazing Limited for the year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kent Glazing Limited for the year ended 31 March 2023 which comprise  the Balance sheet and the related notes 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Kent Glazing 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 financial statements of Kent Glazing Limited  and state those matters that we have agreed to state to the Board of directors of Kent Glazing Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kent Glazing Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Kent Glazing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kent Glazing Limited. You consider that Kent Glazing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Kent Glazing 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 financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
10 October 2023
Page 1

 
Kent Glazing Limited
Registered number: 07169790

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,805
10,673

  
6,805
10,673

Current assets
  

Stocks
  
5,825
20,991

Debtors: amounts falling due within one year
  
1,679
8,188

Bank & cash balances
  
71,420
59,466

  
78,924
88,645

Creditors: amounts falling due within one year
 7 
(66,362)
(71,375)

Net current assets
  
 
 
12,562
 
 
17,270

Total assets less current liabilities
  
19,367
27,943

Provisions for liabilities
  

Deferred tax
  
(1,293)
(2,028)

  
 
 
(1,293)
 
 
(2,028)

Net assets
  
18,074
25,915


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
17,974
25,815

  
18,074
25,915


Page 2

 
Kent Glazing Limited
Registered number: 07169790

Balance sheet (continued)
As at 31 March 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr S Jones
Director
Date: 10 October 2023

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
Kent Glazing Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

Kent Glazing Limited is a company limited by shares and is incorporated in England and Wales with the registration number 07169790. The address of the registered office is 6 Claridge Court, Gillingham, Kent, ME7 3NE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
Kent Glazing Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Motor vehicles
-
25% straight line
Computer equipment
-
33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
Kent Glazing Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
Kent Glazing Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.11

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 7

 
Kent Glazing Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

4.


Tangible fixed assets





Motor vehicles
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
26,373
7,129
33,502


Additions
-
391
391



At 31 March 2023

26,373
7,520
33,893



Depreciation


At 1 April 2022
16,505
6,324
22,829


Charge for the year on owned assets
3,948
311
4,259



At 31 March 2023

20,453
6,635
27,088



Net book value



At 31 March 2023
5,920
885
6,805



At 31 March 2022
9,868
805
10,673


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
5,825
20,991



6.


Debtors

2023
2022
£
£


Trade debtors
-
6,372

Prepayments and accrued income
1,679
1,816

1,679
8,188


Page 8

 
Kent Glazing Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
21,342
31,831

Trade creditors
12,749
13,067

Corporation tax
3,796
2,748

Other taxation and social security
21,243
17,372

Other creditors
4,482
3,857

Accruals and deferred income
2,750
2,500

66,362
71,375



8.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £40,000 (2022 - £70,000). No contributions £Nil (2022 - £Nil) were outstanding at the year end.


Page 9