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REGISTERED NUMBER: 05080445 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Prompt Glazing Ltd

Prompt Glazing Ltd (Registered number: 05080445)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prompt Glazing Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTOR: Mr R Burch





SECRETARY: Mr R Burch





REGISTERED OFFICE: Lewis House
Great Chesterford Court
Great Chesterford
Essex
CB10 1PF





BUSINESS ADDRESS: 34 Godwin Way
Cambridge
Cambridgeshire
CB1 8QP





REGISTERED NUMBER: 05080445 (England and Wales)

Prompt Glazing Ltd (Registered number: 05080445)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 42,371 63,673

CURRENT ASSETS
Debtors 6 19,230 17,543
Cash at bank 65,439 65,376
84,669 82,919
CREDITORS
Amounts falling due within one year 7 98,885 117,455
NET CURRENT LIABILITIES (14,216 ) (34,536 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,155

29,137

CREDITORS
Amounts falling due after more than one
year

8

(4,953

)

(15,938

)

PROVISIONS FOR LIABILITIES (9,181 ) (12,098 )
NET ASSETS 14,021 1,101

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 14,020 1,100
SHAREHOLDERS' FUNDS 14,021 1,101

Prompt Glazing Ltd (Registered number: 05080445)

Balance Sheet - continued
28 February 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 15 November 2023 and were signed by:





Mr R Burch - Director


Prompt Glazing Ltd (Registered number: 05080445)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. STATUTORY INFORMATION

Prompt Glazing 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.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

Government grants
Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, 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.

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.


Prompt Glazing Ltd (Registered number: 05080445)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


3. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Going concern
The Directors have assessed the current and future effects of COVID-19 on the Company. The Company has been able to continue to trade during and after the pandemic, on this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 120,488
Additions 22,640
Disposals (52,010 )
At 28 February 2023 91,118
DEPRECIATION
At 1 March 2022 56,815
Charge for year 14,124
Eliminated on disposal (22,192 )
At 28 February 2023 48,747
NET BOOK VALUE
At 28 February 2023 42,371
At 28 February 2022 63,673

Prompt Glazing Ltd (Registered number: 05080445)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2022 61,307
Additions 22,640
Disposals (38,560 )
At 28 February 2023 45,387
DEPRECIATION
At 1 March 2022 22,791
Charge for year 8,059
Eliminated on disposal (9,640 )
At 28 February 2023 21,210
NET BOOK VALUE
At 28 February 2023 24,177
At 28 February 2022 38,516

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 16,580 17,027
Other debtors 2,650 516
19,230 17,543

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 6,413 8,167
Trade creditors 6,057 581
Taxation and social security 24,683 11,463
Other creditors 61,732 97,244
98,885 117,455

Other creditors include directors loan accounts of £56,575 (2022 - £89,965), accruals of £4,511 (2022 - £6,887) and CIS creditor of £646 (2022 - £392).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 4,953 15,938