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REGISTERED NUMBER: 04929503 (England and Wales)












GLASS AFTERCARE LIMITED

Unaudited Financial Statements

for the Year Ended 31 October 2023






GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GLASS AFTERCARE LIMITED

Company Information
for the Year Ended 31 October 2023







Director: R Milicevic





Registered office: Np-105, iCentre
Howard Way
Newport Pagnell
Milton Keynes
Buckinghamshire
MK16 9PY





Registered number: 04929503 (England and Wales)





Accountants: Michael Price Associates Ltd
NP-105, iCentre
Howard Way
Newport Pagnell
Milton Keynes
Buckinghamshire
MK16 9PY

GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503)

Balance Sheet
31 October 2023

31/10/23 31/10/22
Notes £    £    £    £   
Fixed assets
Tangible assets 4 15,188 15,355

Current assets
Stocks 58,250 44,250
Debtors 5 659,756 662,482
Cash at bank 6 217,275 73,945
935,281 780,677
Creditors
Amounts falling due within one year 7 485,690 493,403
Net current assets 449,591 287,274
Total assets less current liabilities 464,779 302,629

Creditors
Amounts falling due after more than one
year

8

56,116

32,893
Net assets 408,663 269,736

Capital and reserves
Called up share capital 2 2
Retained earnings 408,661 269,734
408,663 269,736

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

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

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 March 2024 and were signed by:





R Milicevic - Director


GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. Statutory information

Glass Aftercare Limited 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.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contact value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 25% on reducing balance
Fixtures and fittings 25% on reducing balance
Motor vehicles 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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. Reversals of impairment losses are also recognised in profit or loss.


GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development
expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. Employee benefits

The average number of employees during the year was 24 (2022 - 18 ) .

GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 November 2022 73,892
Additions 7,430
Disposals (23,600 )
At 31 October 2023 57,722
Depreciation
At 1 November 2022 58,537
Charge for year 5,064
Eliminated on disposal (21,067 )
At 31 October 2023 42,534
Net book value
At 31 October 2023 15,188
At 31 October 2022 15,355

5. Debtors: amounts falling due within one year
31/10/23 31/10/22
£    £   
Trade debtors 482,151 532,568
Amounts owed by group undertakings 76,741 95,722
Other debtors 100,864 34,192
659,756 662,482

6. Cash at bank

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

7. Creditors: amounts falling due within one year
31/10/23 31/10/22
£    £   
Trade creditors 179,182 209,109
Amounts owed to group undertakings 982 -
Taxation and social security 18,014 23,651
Other creditors 287,512 260,643
485,690 493,403

8. Creditors: amounts falling due after more than one year
31/10/23 31/10/22
£    £   
Bank loans 56,116 32,893

GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

9. Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

10. Factored debts

Trade debts are factored with full recourse and recorded gross within current assets after making due provision for changes. A corresponding liability is recognised in respect of the amounts drawn from the factor.
The interest element of the factoring charging and other factoring costs are recognised as they accrue and charged to the profit and loss account.