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REGISTERED NUMBER: 05099190 (England and Wales)

































Unaudited Financial Statements

For The Year Ended

31 May 2023

for

WITHAM GLASS MERCHANTS LTD

WITHAM GLASS MERCHANTS LTD (REGISTERED NUMBER: 05099190)






Contents of the Financial Statements
For The Year Ended 31 May 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


WITHAM GLASS MERCHANTS LTD

Company Information
For The Year Ended 31 May 2023







DIRECTOR: Mr K P Lockett





REGISTERED OFFICE: Unit 4 Reservoir Road
Hull
East Riding
HU6 7QD





REGISTERED NUMBER: 05099190 (England and Wales)





ACCOUNTANTS: Leavitt Walmsley Associates Limited
Chartered Certified Accountants
8 Eastway
Sale
Cheshire
M33 4DX

WITHAM GLASS MERCHANTS LTD (REGISTERED NUMBER: 05099190)

Abridged Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,892,981 1,107,653
1,892,981 1,107,653

CURRENT ASSETS
Stocks 96,284 76,801
Debtors 353,551 281,613
Cash at bank 36,582 67,008
486,417 425,422
CREDITORS
Amounts falling due within one year 496,404 391,446
NET CURRENT (LIABILITIES)/ASSETS (9,987 ) 33,976
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,882,994

1,141,629

CREDITORS
Amounts falling due after more than one year (1,370,013 ) (472,170 )

PROVISIONS FOR LIABILITIES (96,450 ) (82,714 )
NET ASSETS 416,531 586,745

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 7 27,116 27,116
Retained earnings 388,415 558,629
416,531 586,745

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

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

WITHAM GLASS MERCHANTS LTD (REGISTERED NUMBER: 05099190)

Abridged Balance Sheet - continued
31 May 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 November 2023 and were signed by:





Mr K P Lockett - Director


WITHAM GLASS MERCHANTS LTD (REGISTERED NUMBER: 05099190)

Notes to the Financial Statements
For The Year Ended 31 May 2023

1. STATUTORY INFORMATION

Witham Glass Merchants 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including 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.

The company's policy of revenue recognition is to recognise a sale when the contractual obligations to the customer have been fulfilled. For contracts where obligations to the customer have not been fulfilled, but have been invoiced the sale is recognised within deferred income in current liabilities until such time a right to consideration arises.

The total turnover of the company for the year has been derived from its principal activity wholly undertaken within the United Kingdom.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off 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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 15% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management.

Residual values used in the calculation of depreciable amount are the expected amounts which would currently be obtained from disposal of assets, after deducting the estimated costs of disposal, if the assets were already of the age and in the condition expected at the end of their useful lives.

Profits and losses on the disposal of fixed assets are included in the calculation of profit for the period.

The directors assess the company's tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the period. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment have ceased to apply. Impairment losses are reversed through profit and loss but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised.

WITHAM GLASS MERCHANTS LTD (REGISTERED NUMBER: 05099190)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

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

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, freight, irrecoverable taxes and costs of conversion and other directly attributable costs which are incurred by the entity in bringing the stock to its present location and condition. The cost methodology employed by the entity is the first-in first-out method.

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

Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit or loss. All other investments are subsequently measured at cost less impairment.

Debtors and creditors which fall due within one year are recorded in the financial statements at transaction price and subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded in profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt.

Debtors do not carry interest and are stated at their nominal value.

Trade creditors are not interest-bearing and are stated at their nominal value.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. Deferred tax is calculated using timing difference plus approach.

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.

WITHAM GLASS MERCHANTS LTD (REGISTERED NUMBER: 05099190)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

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 the profit and loss account using the effective interest method under Section 11 of FRS 102 ‘Basic Financial Instruments’. The capital element of the liability is presented in the balance sheet as a liability and split between the portion falling due within one year and the portion falling due after more than one year.

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.

Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2022
and 31 May 2023 110,000
AMORTISATION
At 1 June 2022
and 31 May 2023 110,000
NET BOOK VALUE

At 31 May 2023 -
At 31 May 2022 -

WITHAM GLASS MERCHANTS LTD (REGISTERED NUMBER: 05099190)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 June 2022 1,499,537
Additions 889,582
Disposals (21,667 )
At 31 May 2023 2,367,452
DEPRECIATION
At 1 June 2022 391,884
Charge for year 93,345
Eliminated on disposal (10,758 )
At 31 May 2023 474,471
NET BOOK VALUE
At 31 May 2023 1,892,981
At 31 May 2022 1,107,653

Cost or valuation at 31 May 2023 is represented by:

Totals
£   
Valuation in 2023 2,367,452

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

Totals
£   
COST OR VALUATION
At 1 June 2022 48,707
Additions 164,320
Disposals (21,667 )
At 31 May 2023 191,360
DEPRECIATION
At 1 June 2022 12,275
Charge for year 19,467
Eliminated on disposal (10,758 )
At 31 May 2023 20,984
NET BOOK VALUE
At 31 May 2023 170,376
At 31 May 2022 36,432

WITHAM GLASS MERCHANTS LTD (REGISTERED NUMBER: 05099190)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.23 31.5.22
£    £   
Net obligations repayable:
Within one year 29,356 13,509
Between one and five years 112,726 1,331
142,082 14,840

Non-cancellable operating leases
31.5.23 31.5.22
£    £   
Within one year - 42,000
Between one and five years - 21,000
- 63,000

7. RESERVES
Fair
value
reserve
£   
At 1 June 2022
and 31 May 2023 27,116