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REGISTERED NUMBER: 01223040 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

East Grinstead Glass Works Limited

East Grinstead Glass Works Limited (Registered number: 01223040)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


East Grinstead Glass Works Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr A Styles
Mr P Wolvey





REGISTERED OFFICE: 22a High Street
East Grinstead
West Sussex
RH19 3AS





REGISTERED NUMBER: 01223040 (England and Wales)





ACCOUNTANTS: Always Accounting Limited
54a High Street
Heathfield
East Sussex
TN21 8JB

East Grinstead Glass Works Limited (Registered number: 01223040)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,467 -
Tangible assets 5 38,912 32,435
42,379 32,435

CURRENT ASSETS
Stocks 6 103,796 74,299
Debtors 7 27,924 48,023
Cash at bank and in hand 179,197 172,610
310,917 294,932
CREDITORS
Amounts falling due within one year 8 175,124 164,702
NET CURRENT ASSETS 135,793 130,230
TOTAL ASSETS LESS CURRENT
LIABILITIES

178,172

162,665

PROVISIONS FOR LIABILITIES 10,572 6,245
NET ASSETS 167,600 156,420

CAPITAL AND RESERVES
Called up share capital 10,100 10,100
Retained earnings 157,500 146,320
167,600 156,420

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2023 and were signed on its behalf by:



Mr P Wolvey - Director



Mr A Styles - Director


East Grinstead Glass Works Limited (Registered number: 01223040)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

East Grinstead Glass Works Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
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, 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.

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 nil years.

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

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress and finished goods include labour and attributable overheads.

East Grinstead Glass Works Limited (Registered number: 01223040)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset, and the net amount reported in the balance sheet only when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. 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 the profit and loss account when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.






.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

East Grinstead Glass Works Limited (Registered number: 01223040)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 5,200
At 31 March 2023 5,200
AMORTISATION
Charge for year 1,733
At 31 March 2023 1,733
NET BOOK VALUE
At 31 March 2023 3,467

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 36,937 24,477 61,991 45,090 168,495
Additions 741 3,169 15,362 187 19,459
At 31 March 2023 37,678 27,646 77,353 45,277 187,954
DEPRECIATION
At 1 April 2022 33,335 23,159 41,806 37,760 136,060
Charge for year 1,089 1,123 8,888 1,882 12,982
At 31 March 2023 34,424 24,282 50,694 39,642 149,042
NET BOOK VALUE
At 31 March 2023 3,254 3,364 26,659 5,635 38,912
At 31 March 2022 3,602 1,318 20,185 7,330 32,435

6. STOCKS
31.3.23 31.3.22
£    £   
Stocks 32,290 54,269
Work-in-progress 71,506 20,030
103,796 74,299

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 9,855 32,961
Other debtors 15,191 2,234
Prepayments 2,878 12,828
27,924 48,023

East Grinstead Glass Works Limited (Registered number: 01223040)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 27,571 27,987
Tax 24,866 23,334
Social security and other taxes 3,743 3,355
Pension 869 659
VAT 6,502 21,888
Shareholders funds 81 1,081
Directors' current accounts 6,346 6,772
Accruals and deferred income 100,595 73,027
Accrued expenses 4,551 6,599
175,124 164,702

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
Mr A Styles
Balance outstanding at start of year 5,461 3,790
Amounts advanced 312 37,721
Amounts repaid - (36,050 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,773 5,461

Mr P Wolvey
Balance outstanding at start of year 1,311 960
Amounts advanced 312 26,238
Amounts repaid (1,050 ) (25,887 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 573 1,311