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Registration number: 01490556

Longton Glass (Double Glazing) Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Longton Glass (Double Glazing) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Longton Glass (Double Glazing) Limited

(Registration number: 01490556)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,384

17,836

Current assets

 

Stocks

5

24,505

52,993

Debtors

6

112,879

133,449

Cash at bank and in hand

 

159,239

88,649

 

296,623

275,091

Creditors: Amounts falling due within one year

7

(65,550)

(59,243)

Net current assets

 

231,073

215,848

Total assets less current liabilities

 

244,457

233,684

Provisions for liabilities

(2,542)

(3,389)

Net assets

 

241,915

230,295

Capital and reserves

 

Called up share capital

65,100

65,100

Retained earnings

176,815

165,195

Shareholders' funds

 

241,915

230,295

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 September 2023 and signed on its behalf by:
 

 

Longton Glass (Double Glazing) Limited

(Registration number: 01490556)
Balance Sheet as at 30 April 2023

.........................................
Mr F Degg
Director

 

Longton Glass (Double Glazing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Genesis Centre
Innovation Way
Stoke on Trent
Staffordshire
ST6 4BF
England

These financial statements were authorised for issue by the Board on 1 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Longton Glass (Double Glazing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold

written off over 40 years

Plant and machinery

10% reducing balance

Motor vehicles

25% reducing balance

Fixtures & Fittings

10% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
 

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Longton Glass (Double Glazing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

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

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis or similar credit risk characteristics.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 8).

 

Longton Glass (Double Glazing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

99,872

37,427

44,126

181,425

At 30 April 2023

99,872

37,427

44,126

181,425

Depreciation

At 1 May 2022

90,302

36,657

36,630

163,589

Charge for the year

2,500

77

1,875

4,452

At 30 April 2023

92,802

36,734

38,505

168,041

Carrying amount

At 30 April 2023

7,070

693

5,621

13,384

At 30 April 2022

9,570

770

7,496

17,836

Included within the net book value of land and buildings above is £7,070 (2022 - £9,570) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

24,505

52,993

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

-

19,360

Amounts owed by related parties

8

106,379

106,279

Prepayments

 

6,500

3,010

Other debtors

 

-

4,800

   

112,879

133,449

 

Longton Glass (Double Glazing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

36,994

27,747

Taxation and social security

24,079

27,167

Accruals and deferred income

4,477

4,329

65,550

59,243

8

Related party transactions

All transactions undertaken with related parties were under normal market conditions and/or not material.

 

Longton Glass (Double Glazing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Transactions with directors

2023

At 1 May 2022
£

Repayments by director
£

At 30 April 2023
£

Mr F Degg

Direcrors loan

4,800

(4,800)

-

       
     

 

2022

At 1 May 2021
£

Advances to director
£

At 30 April 2022
£

Mr F Degg

Direcrors loan

-

4,800

4,800