Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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140,658 | 91,965 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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649,757 | 599,416 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 11,355 | 16,096 | ||
Total assets less current liabilities | 152,013 | 108,061 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Moray Glass Limited (registered number:
Neil McAndrew
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Moray Glass Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Commerce House, South Street, , Elgin, IV30 1JE, United Kingdom. The principal place of business is 3 Chanonry Street, Elgin, IV30 6NF.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Goodwill |
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Plant and machinery etc. | 15 -
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 October 2022 |
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At 30 September 2023 |
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Accumulated amortisation | |||
At 01 October 2022 |
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Charge for the financial year |
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At 30 September 2023 |
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Net book value | |||
At 30 September 2023 |
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At 30 September 2022 |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 October 2022 |
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Additions |
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At 30 September 2023 |
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Accumulated depreciation | |||
At 01 October 2022 |
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Charge for the financial year |
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At 30 September 2023 |
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Net book value | |||
At 30 September 2023 |
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At 30 September 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by related parties |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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Transactions with owners holding a participating interest in the entity
2023 | 2022 | ||
£ | £ | ||
Loan to entities under common control | 110,150 | 140,000 |
The above balance is unsecured, interest free and has no fixed terms or repayment.
Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Amounts due to Key management personnel | 8,769 | 157 | |
Amount owed by Key management personnel | 13,412 | 0 |
The above balance is unsecured and has no fixed terms of repayment.