Registered number
01196602
South Norwood Glazing Company Limited (The)
Filleted Accounts
30 April 2023
South Norwood Glazing Company Limited (The)
Registered number: 01196602
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 322,727 322,727
Current assets
Stocks 8,500 8,500
Debtors 4 43,784 41,462
Cash at bank and in hand 107,425 75,758
159,709 125,720
Creditors: amounts falling due within one year 5 (92,495) (62,147)
Net current assets 67,214 63,573
Total assets less current liabilities 389,941 386,300
Creditors: amounts falling due after more than one year 6 (22,411) (26,438)
Provisions for liabilities (57,399) (57,399)
Net assets 309,660 302,463
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 243,112 243,112
Profit and loss account 66,448 59,251
Shareholders' funds 309,660 302,463
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N L Smith
Director
Approved by the board on 20 November 2023
South Norwood Glazing Company Limited (The)
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not provided
Plant and machinery 15% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer equipment 25% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Freehold property Plant and machinery etc Fixtures & Fittings Computer equipment Total
£ £ £ £ £
Cost
At 1 May 2022 320,000 5,362 3,967 - 329,329
At 30 April 2023 320,000 5,362 3,967 - 329,329
Depreciation
At 1 May 2022 - 3,839 3,388 - 7,227
Charge for the year - 228 87 - 315
At 30 April 2023 - 4,067 3,475 - 7,542
Net book value
At 30 April 2023 320,000 1,295 492 - 321,787
At 30 April 2022 320,000 1,523 579 - 322,102
The fair value of the property has been arrived on the basis of a valuation carried out by the director at the
balance sheet date based on their opinion of the open market value at that date. Deferred tax has been
calculated on the revalued amounts and provided for within the financial statements.
Cost of valuation at 30 April 2022 is represented by:
Freehold property Plant and machinery etc Fixtures & Fittings Computer equipment Total
£ £ £ £ £
Valuation in 2017 130,000 - - - 130,000
Cost 190,000 5,362 3,967 1,812 201,141
At 30 April 2023 320,000 5,362 3,967 1,812 331,141
4 Debtors 2023 2022
£ £
Trade debtors 47,280 53,134
Other debtors (3,496) (11,672)
43,784 41,462
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,302 4,578
Trade creditors 24,873 13,281
Amounts owed to group undertakings and undertakings in which the company has a participating interest 31,795 -
Taxation and social security costs 29,645 42,756
Other creditors 1,880 1,532
92,495 62,147
Mortgage and Debenture charge at Companies House has been registered by Barclays Bank PLC
and National Westminster Bank PLC for the loan taken by company, which has a specific equitable
fixed and floating charge over all freehold and leasehold properties and /or the proceeds of sale
thereof.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,411 26,438
Mortgage and Debenture charge at Companies House has been registered by Barclays Bank PLC
and National Westminster Bank PLC for the loan taken by company, which has a specific equitable
fixed and floating charge over all freehold and leasehold properties and /or the proceeds of sale
thereof.
7 Revaluation reserve 2023 2022
£ £
At 1 May 2022 243,112 243,112
At 30 April 2023 243,112 243,112
8 Provisions for liabilities 2023 2022
£ £
Deferred taxation
Balance at 1 May 57,399 57,833
Provided during the year - (434)
Balance at 30 April 57,399 57,399
8 Other information
South Norwood Glazing Company Limited (The) is a private company limited by shares and incorporated in England. Its registered office is:
181 Portland Road
South Norwood
London
SE25 4UY
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