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COMPANY REGISTRATION NUMBER: 06439468
Glass & Sealed Unit Centre Limited
Unaudited financial statements
31 January 2023
Glass & Sealed Unit Centre Limited
Statement of financial position
31 January 2023
2023
2022
(restated)
Note
£
£
£
£
Fixed assets
Intangible assets
6
25,000
30,000
Tangible assets
7
45,744
29,242
-------
-------
70,744
59,242
Current assets
Stocks
20,956
19,160
Debtors
8
107,953
108,593
Cash at bank and in hand
162,001
130,487
---------
---------
290,910
258,240
Creditors: Amounts falling due within one year
9
( 111,472)
( 124,653)
---------
---------
Net current assets
179,438
133,587
---------
---------
Total assets less current liabilities
250,182
192,829
Provisions
Taxation including deferred tax
( 11,436)
( 5,556)
---------
---------
Net assets
238,746
187,273
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
238,646
187,173
---------
---------
Shareholders funds
238,746
187,273
---------
---------
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 31 January 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Glass & Sealed Unit Centre Limited
Statement of financial position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
S Pitcher
Director
Company registration number: 06439468
Glass & Sealed Unit Centre Limited
Notes to the financial statements
Year ended 31 January 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 First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% 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. 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.
4. Employee numbers
The average number of employees during the year was 7 (2022: 7 ).
5. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2021. The following adjustments were made to the year ended 31 January 2022 in line with this transition:
£
Debit Deferred Tax P&L
5,556
Credit Deferred Tax Balance Sheet
5,556
6. Intangible assets
Goodwill
£
Cost
At 1 February 2022 (as restated) and 31 January 2023
100,000
---------
Amortisation
At 1 February 2022
70,000
Charge for the year
5,000
---------
At 31 January 2023
75,000
---------
Carrying amount
At 31 January 2023
25,000
---------
At 31 January 2022
30,000
---------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2022 (as restated)
32,811
324
61,293
2,594
97,022
Additions
362
121
24,990
25,473
Disposals
( 287)
( 287)
-------
----
-------
------
---------
At 31 January 2023
32,886
445
86,283
2,594
122,208
-------
----
-------
------
---------
Depreciation
At 1 February 2022
27,080
7
38,849
1,844
67,780
Charge for the year
1,437
107
7,173
225
8,942
Disposals
( 258)
( 258)
-------
----
-------
------
---------
At 31 January 2023
28,259
114
46,022
2,069
76,464
-------
----
-------
------
---------
Carrying amount
At 31 January 2023
4,627
331
40,261
525
45,744
-------
----
-------
------
---------
At 31 January 2022
5,731
317
22,444
750
29,242
-------
----
-------
------
---------
8. Debtors
2023
2022
(restated)
£
£
Trade debtors
107,953
104,970
Other debtors
3,623
---------
---------
107,953
108,593
---------
---------
9. Creditors: Amounts falling due within one year
2023
2022
(restated)
£
£
Trade creditors
42,710
74,852
Social security and other taxes
33,197
18,120
Other creditors
35,565
31,681
---------
---------
111,472
124,653
---------
---------