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REGISTERED NUMBER: 03767145 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

KLG GLASS (CHILWELL) LTD

KLG GLASS (CHILWELL) LTD (REGISTERED NUMBER: 03767145)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


KLG GLASS (CHILWELL) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







Directors: Mrs H Greenfield
Mr T M Greenfield





Registered office: 10 Stadium Business Court
Millennium Way
Pride Park
Derby
DE24 8HP





Registered number: 03767145 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
10 Stadium Business Court
Millennium Way
Pride Park
Derby
DE24 8HP

KLG GLASS (CHILWELL) LTD (REGISTERED NUMBER: 03767145)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 88,379 105,084
88,379 105,084

Current assets
Stocks 6 17,040 17,326
Debtors 7 132,862 134,090
Cash at bank 80,854 98,342
230,756 249,758
Creditors
Amounts falling due within one year 8 (114,655 ) (116,461 )
Net current assets 116,101 133,297
Total assets less current liabilities 204,480 238,381

Creditors
Amounts falling due after more than one
year

9

(66,047

)

(106,892

)

Provisions for liabilities (16,777 ) (19,947 )
Net assets 121,656 111,542

Capital and reserves
Called up share capital 11 100 100
Retained earnings 121,556 111,442
Shareholders' funds 121,656 111,542

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KLG GLASS (CHILWELL) LTD (REGISTERED NUMBER: 03767145)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





Mr T M Greenfield - Director


KLG GLASS (CHILWELL) LTD (REGISTERED NUMBER: 03767145)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

KLG Glass (Chilwell) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

KLG GLASS (CHILWELL) LTD (REGISTERED NUMBER: 03767145)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£
Cost
At 1 July 2022
and 30 June 2023 4,665
Amortisation
At 1 July 2022
and 30 June 2023 4,665
Net book value
At 30 June 2023 -
At 30 June 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and Motor
improvements machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 July 2022 20,917 483,219 148,122 48,490 700,748
Additions - 26,600 4,536 - 31,136
Disposals - (24,000 ) - - (24,000 )
At 30 June 2023 20,917 485,819 152,658 48,490 707,884
Depreciation
At 1 July 2022 20,917 436,967 117,442 20,338 595,664
Charge for year - 23,244 12,395 12,202 47,841
Eliminated on disposal - (24,000 ) - - (24,000 )
At 30 June 2023 20,917 436,211 129,837 32,540 619,505
Net book value
At 30 June 2023 - 49,608 22,821 15,950 88,379
At 30 June 2022 - 46,252 30,680 28,152 105,084

Included in the net book value of £88,379 is £37,808 (2022 - £65,273) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £27,465 (2022 - £27,465).

6. STOCKS
2023 2022
£ £
Stocks 17,040 17,326

KLG GLASS (CHILWELL) LTD (REGISTERED NUMBER: 03767145)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 48,528 53,162
Other debtors 1,636 1,657
Directors' loan accounts 76,745 73,424
Prepayments and accrued income 5,953 5,847
132,862 134,090

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans 25,250 25,250
Hire purchase contracts (see note 10) 15,595 17,927
Trade creditors 23,704 29,056
Tax 24,214 23,499
Social security and other taxes 2,028 2,368
VAT 20,194 14,053
Other creditors - 638
Accruals and deferred income 3,670 3,670
114,655 116,461

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans - 1-2 years 25,250 25,250
Bank loans - 2-5 years 21,042 46,292
Hire purchase contracts (see note 10) 19,755 35,350
66,047 106,892

Amounts owed under hire purchase contracts are secured against the assets to which they relate to.

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 15,595 17,927
Between one and five years 19,755 35,350
35,350 53,277

Non-cancellable
operating leases
2023 2022
£ £
Within one year 30,000 30,000
Between one and five years 120,000 120,000
In more than five years 60,000 90,000
210,000 240,000

KLG GLASS (CHILWELL) LTD (REGISTERED NUMBER: 03767145)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£ £
Mr T M Greenfield and Mrs H Greenfield
Balance outstanding at start of year 73,424 80,872
Amounts advanced 85,321 85,552
Amounts repaid (82,000 ) (93,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 76,745 73,424