Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-03-01falseThe pricipal activity of the company continued to be that of a manufacture of double glazing units.1114truetrue 03164974 2022-03-01 2023-02-28 03164974 2021-03-01 2022-02-28 03164974 2023-02-28 03164974 2022-02-28 03164974 2021-03-01 03164974 c:Director1 2022-03-01 2023-02-28 03164974 d:PlantMachinery 2022-03-01 2023-02-28 03164974 d:PlantMachinery 2023-02-28 03164974 d:PlantMachinery 2022-02-28 03164974 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03164974 d:MotorVehicles 2022-03-01 2023-02-28 03164974 d:MotorVehicles 2023-02-28 03164974 d:MotorVehicles 2022-02-28 03164974 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03164974 d:FurnitureFittings 2022-03-01 2023-02-28 03164974 d:FurnitureFittings 2023-02-28 03164974 d:FurnitureFittings 2022-02-28 03164974 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03164974 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03164974 d:CurrentFinancialInstruments 2023-02-28 03164974 d:CurrentFinancialInstruments 2022-02-28 03164974 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 03164974 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 03164974 d:ShareCapital 2023-02-28 03164974 d:ShareCapital 2022-02-28 03164974 d:RetainedEarningsAccumulatedLosses 2023-02-28 03164974 d:RetainedEarningsAccumulatedLosses 2022-02-28 03164974 c:FRS102 2022-03-01 2023-02-28 03164974 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 03164974 c:FullAccounts 2022-03-01 2023-02-28 03164974 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03164974 2 2022-03-01 2023-02-28 03164974 7 2022-03-01 2023-02-28 03164974 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 03164974 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 03164974 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 03164974 d:TaxLossesCarry-forwardsDeferredTax 2022-02-28 iso4217:GBP xbrli:pure
Registered number: 03164974






T.L.C. GLAZING LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










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T.L.C. GLAZING LIMITED
REGISTERED NUMBER:03164974

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,071
3,713

  
2,071
3,713

Current assets
  

Stocks
  
19,764
23,670

Debtors: amounts falling due within one year
 5 
94,268
128,633

Cash at bank and in hand
  
287,270
291,246

  
401,302
443,549

Creditors: amounts falling due within one year
 6 
(86,149)
(108,345)

Net current assets
  
 
 
315,153
 
 
335,204

Total assets less current liabilities
  
317,224
338,917

Provisions for liabilities
  

Deferred tax
 7 
(852)
-

  
 
 
(852)
 
 
-

Net assets
  
316,372
338,917


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
316,272
338,817

  
316,372
338,917


Page 1

 
T.L.C. GLAZING LIMITED
REGISTERED NUMBER:03164974
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 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 P Hyett
Director

Date: 2 November 2023

Page 2

 
T.L.C. GLAZING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

T.L.C. Glazing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of a manufacture of double glazing units.

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

Going concern

The financial statements have been prepared on a going concern basis as the Directors believe the company will continue to trade for the foreseeable future.

 
2.3

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
T.L.C. GLAZING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

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.

Page 4

 
T.L.C. GLAZING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Straight-line
Motor vehicles
-
20%
Reducing balance
Fixtures and fittings
-
25%
Straight-line

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 
T.L.C. GLAZING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.15

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.

 
2.16

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 6

 
T.L.C. GLAZING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.17

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 -14).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 March 2022
338,434
4,800
12,857
356,091


Disposals
(72,409)
-
(4,162)
(76,571)



At 28 February 2023

266,025
4,800
8,695
279,520



Depreciation


At 1 March 2022
335,657
4,699
12,022
352,378


Charge for the year on owned assets
1,232
20
266
1,518


Disposals
(72,297)
-
(4,150)
(76,447)



At 28 February 2023

264,592
4,719
8,138
277,449



Net book value



At 28 February 2023
1,433
81
557
2,071



At 28 February 2022
2,777
101
835
3,713

Page 7

 
T.L.C. GLAZING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
89,872
113,227

Other debtors
2,146
-

Prepayments and accrued income
2,250
12,601

Deferred taxation
-
2,805

94,268
128,633



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
13,598
42,850

Other taxation and social security
44,990
40,917

Other creditors
23,605
20,663

Accruals and deferred income
3,956
3,915

86,149
108,345



7.


Deferred taxation




2023
2022


£

£






At beginning of year
2,805
2,797


Charged to profit or loss
(3,657)
8



At end of year
(852)
2,805

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(852)
(705)

Tax losses carried forward
-
3,510

(852)
2,805

Page 8

 
T.L.C. GLAZING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

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 £577 (2022: £860). Contributions totalling £90 (2022: £43) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9