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Company registration number: 11069997
Quorn & Loughborough Glass Limited
Unaudited filleted financial statements
31 March 2023
QUORN & LOUGHBOROUGH GLASS LIMITED
Contents
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
QUORN & LOUGHBOROUGH GLASS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF QUORN & LOUGHBOROUGH GLASS LIMITED
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 Quorn & Loughborough Glass Limited for the year ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Quorn & Loughborough Glass 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 Quorn & Loughborough Glass Limited and state those matters that we have agreed to state to the board of directors of Quorn & Loughborough Glass Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quorn & Loughborough Glass Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Quorn & Loughborough Glass 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 Quorn & Loughborough Glass Limited. You consider that Quorn & Loughborough Glass Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Quorn & Loughborough Glass 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.
Westcotts
Chartered Accountants
Plym House
3 Longbridge Road
Plymouth
Devon
PL6 8LT
2 November 2023
QUORN & LOUGHBOROUGH GLASS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 280,000 336,000
Tangible assets 6 17,236 27,868
_______ _______
297,236 363,868
Current assets
Stocks 167,671 152,924
Debtors 7 84,246 97,092
Cash at bank and in hand 146,430 42,511
_______ _______
398,347 292,527
Creditors: amounts falling due
within one year 8 ( 643,395) ( 636,600)
_______ _______
Net current liabilities ( 245,048) ( 344,073)
_______ _______
Total assets less current liabilities 52,188 19,795
Creditors: amounts falling due
after more than one year 9 ( 60,667) ( 88,667)
Provisions for liabilities ( 4,096) ( 5,203)
_______ _______
Net liabilities ( 12,575) ( 74,075)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 10 ( 12,675) ( 74,175)
_______ _______
Shareholders deficit ( 12,575) ( 74,075)
_______ _______
For the year ending 31 March 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 November 2023 , and are signed on behalf of the board by:
T Barrow
Director
Company registration number: 11069997
QUORN & LOUGHBOROUGH GLASS LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 100 123,917 124,017
Profit/(loss) for the year ( 198,092) ( 198,092)
_______ _______ _______
Total comprehensive income for the year - ( 198,092) ( 198,092)
_______ _______ _______
At 31 March 2022 and 1 April 2022 100 ( 74,175) ( 74,075)
Profit/(loss) for the year 61,500 61,500
_______ _______ _______
Total comprehensive income for the year - 61,500 61,500
_______ _______ _______
At 31 March 2023 100 ( 12,675) ( 12,575)
_______ _______ _______
QUORN & LOUGHBOROUGH GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 2 Market Close, Plymouth, PL1 3SY.
Principal activity
The principal activity of the company is that of the supply of glass and glazing products.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 - 10 years 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Property improvements - 5 years straight line
Plant and machinery - 5 years straight line
Fittings fixtures and equipment - 5 years straight line
Motor vehicles - 5 years straight line
Computer equipment - 3 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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 stocks to their 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 10 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 560,000 560,000
_______ _______
Amortisation
At 1 April 2022 224,000 224,000
Charge for the year 56,000 56,000
_______ _______
At 31 March 2023 280,000 280,000
_______ _______
Carrying amount
At 31 March 2023 280,000 280,000
_______ _______
At 31 March 2022 336,000 336,000
_______ _______
6. Tangible assets
Property improvements Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 April 2022 - 24,416 1,957 32,900 15,979 75,252
Additions 4,605 - - - 326 4,931
_______ _______ _______ _______ _______ _______
At 31 March 2023 4,605 24,416 1,957 32,900 16,305 80,183
_______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2022 - 19,963 1,319 16,474 9,628 47,384
Charge for the year 434 4,312 376 6,507 3,934 15,563
_______ _______ _______ _______ _______ _______
At 31 March 2023 434 24,275 1,695 22,981 13,562 62,947
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 4,171 141 262 9,919 2,743 17,236
_______ _______ _______ _______ _______ _______
At 31 March 2022 - 4,453 638 16,426 6,351 27,868
_______ _______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 61,268 72,988
Amounts owed by group undertakings 100 100
Other debtors 22,878 24,004
_______ _______
84,246 97,092
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 28,000 28,000
Trade creditors 38,059 42,980
Amounts owed to group undertakings 466,674 476,674
Accruals and deferred income 3,711 2,153
Social security and other taxes 70,730 30,930
Other creditors 36,221 55,863
_______ _______
643,395 636,600
_______ _______
Contained within the above figures is a CBILs loan which benefits from a government guarantee.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 60,667 88,667
_______ _______
Contained within the above figures is a CBILs loan which benefits from a government guarantee.
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 30,000 30,000
Later than 1 year and not later than 5 years 120,000 120,000
Later than 5 years - 30,000
_______ _______
150,000 180,000
_______ _______
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
The director ( 55,345) - 20,000 ( 35,345)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
The director ( 55,337) ( 8) - ( 55,345)
_______ _______ _______ _______
13. Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
14. Parent company
The parent company of Quorn & Loughborough Glass Limited is Manor Drive Investments Limited and its registered office is 2 Market Close, Plymouth, Devon PL1 3SY.