REGISTERED NUMBER: |
GLASS AFTERCARE LIMITED |
Unaudited Financial Statements |
for the Year Ended 31 October 2023 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank | 6 |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
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. |
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 |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
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 |
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 |
Additions |
Disposals | ( |
) |
At 31 October 2023 |
Depreciation |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
5. | Debtors: amounts falling due within one year |
31/10/23 | 31/10/22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
31/10/23 | 31/10/22 |
£ | £ |
Bank loans |
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. |