Glass Vegas Ltd 12137939 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is supply and fit glass splashbacks. Digita Accounts Production Advanced 6.30.9574.0 true true 12137939 2022-09-01 2023-08-31 12137939 2023-08-31 12137939 bus:OrdinaryShareClass1 2023-08-31 12137939 bus:OrdinaryShareClass2 2023-08-31 12137939 core:RetainedEarningsAccumulatedLosses 2023-08-31 12137939 core:ShareCapital 2023-08-31 12137939 core:CurrentFinancialInstruments 2023-08-31 12137939 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 12137939 bus:SmallEntities 2022-09-01 2023-08-31 12137939 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 12137939 bus:FullAccounts 2022-09-01 2023-08-31 12137939 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 12137939 bus:RegisteredOffice 2022-09-01 2023-08-31 12137939 bus:Director1 2022-09-01 2023-08-31 12137939 bus:Director2 2022-09-01 2023-08-31 12137939 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 12137939 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 12137939 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 12137939 countries:EnglandWales 2022-09-01 2023-08-31 12137939 2021-09-01 2022-08-31 12137939 2022-08-31 12137939 bus:OrdinaryShareClass1 2022-08-31 12137939 bus:OrdinaryShareClass2 2022-08-31 12137939 core:RetainedEarningsAccumulatedLosses 2022-08-31 12137939 core:ShareCapital 2022-08-31 12137939 core:CurrentFinancialInstruments 2022-08-31 12137939 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 12137939 bus:OrdinaryShareClass2 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12137939

Glass Vegas Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Glass Vegas Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Glass Vegas Ltd

Company Information

Directors

A Cobb

Mrs L J Cox

Registered office

First Floor, Oriac House, Unit 10
The Glenmore Centre
Shearway Business Park
Folkestone
Kent
CT19 4RJ

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Glass Vegas Ltd

(Registration number: 12137939)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

500

100

Debtors

5

38,610

35,179

Cash at bank and in hand

 

-

13,516

 

39,110

48,795

Creditors: Amounts falling due within one year

6

(27,903)

(30,831)

Net assets

 

11,207

17,964

Capital and reserves

 

Called up share capital

7

101

100

Retained earnings

11,106

17,864

Shareholders' funds

 

11,207

17,964

For the financial year ending 31 August 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

.........................................
A Cobb
Director

   
     
 

Glass Vegas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
First Floor, Oriac House, Unit 10
The Glenmore Centre
Shearway Business Park
Folkestone
Kent
CT19 4RJ

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Glass Vegas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises 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.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Glass Vegas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

4

Stocks

2023
£

2022
£

Other inventories

500

100

 

Glass Vegas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

5

Debtors

Current

2023
£

2022
£

Trade debtors

17,833

19,194

Prepayments

777

985

Other debtors

20,000

15,000

 

38,610

35,179

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,653

186

Trade creditors

 

10,561

20,808

Taxation and social security

 

5,762

7,924

Accruals and deferred income

 

1,560

1,050

Other creditors

 

367

863

 

27,903

30,831

 

Glass Vegas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

'B' Ordinary of £1 (2022 - £0) each

1

1

-

-

 

101

101

100

100

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

4,379

-

Directors current account

5,274

186

9,653

186