Registered number
07957233
The Glasses Specialist Limited
Filleted Accounts
28 February 2023
The Glasses Specialist Limited
Registered number: 07957233
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 11,287 14,471
Current assets
Stocks 130,000 65,205
Cash at bank and in hand 20,371 35,504
150,371 100,709
Creditors: amounts falling due within one year 5 (15,525) (31,495)
Net current assets 134,846 69,214
Net assets 146,133 83,685
Capital and reserves
Called up share capital 100 100
Profit and loss account 146,033 83,585
Shareholders' funds 146,133 83,685
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.
F Lambert
Director
Approved by the board on 16 November 2023
The Glasses Specialist Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 25,034
At 28 February 2023 25,034
Amortisation
At 1 March 2022 25,034
At 28 February 2023 25,034
Net book value
At 28 February 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 43,190
Additions 578
At 28 February 2023 43,768
Depreciation
At 1 March 2022 28,719
Charge for the year 3,762
At 28 February 2023 32,481
Net book value
At 28 February 2023 11,287
At 28 February 2022 14,471
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,971 22,019
Taxation and social security costs 8,768 24,906
Director's account 254 (23,414)
Accruals 3,599 6,074
Other creditors 933 1,910
15,525 31,495
6 Other information
The Glasses Specialist Limited is a private company limited by shares and incorporated in England. Its registered office is:
11a Allhallows Lane
Kendal
LA9 4JH
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