Registered number
04155129
R.E.C. GLAZING LTD
Unaudited Filleted Accounts
31 March 2023
R.E.C. GLAZING LTD
Registered number: 04155129
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 321,600 334,583
Current assets
Stocks 4,820 2,570
Debtors 4 150,333 152,600
Cash at bank and in hand 87,601 125,610
242,754 280,780
Creditors: amounts falling due within one year 5 (192,964) (208,499)
Net current assets 49,790 72,281
Total assets less current liabilities 371,390 406,864
Creditors: amounts falling due after more than one year 6 (56,642) (88,758)
Provisions for liabilities (11,282) (13,706)
Net assets 303,466 304,400
Capital and reserves
Called up share capital 100 100
Profit and loss account 303,366 304,300
Shareholders' funds 303,466 304,400
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C J Caen Mrs L J Caen
Director Director
Approved by the board on 23 November 2023
R.E.C. GLAZING LTD
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% Straight line
Plant and machinery 15% Reducing balance
Motor vehicles 20% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 261,191 224,031 66,422 551,644
At 31 March 2023 261,191 224,031 66,422 551,644
Depreciation
At 1 April 2022 - 190,128 26,933 217,061
Charge for the year - 5,085 7,898 12,983
At 31 March 2023 - 195,213 34,831 230,044
Net book value
At 31 March 2023 261,191 28,818 31,591 321,600
At 31 March 2022 261,191 33,903 39,489 334,583
4 Debtors 2023 2022
£ £
Trade debtors 134,639 137,093
Other debtors 15,694 15,507
150,333 152,600
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 25,247 24,742
Obligations under finance lease and hire purchase contracts 7,113 13,843
Trade creditors 114,250 139,182
Taxation and social security costs 31,904 14,701
Other creditors 14,450 16,031
192,964 208,499
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 53,285 78,341
Obligations under finance lease and hire purchase contracts 3,357 10,417
56,642 88,758
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 2,278 2,216
Secured bank loans 38,448 50,000
There are commercial loans from Natwest Bank Plc for the purpose of the freehold premises on which they are secured and fir the finance of working capital.
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 8,148 16,966
9 Other information
R.E.C. GLAZING LTD is a private company limited by shares and incorporated in England. Its registered office is:
50a Willow Lane
Mitcham
Surrey
CR4 4NA
R.E.C. GLAZING LTD 04155129 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 release 2 Mr C J Caen No description of principal activity 04155129 2021-04-01 2022-03-31 04155129 core:WithinOneYear 2022-03-31 04155129 core:AfterOneYear 2022-03-31 04155129 core:ShareCapital 2022-03-31 04155129 core:RetainedEarningsAccumulatedLosses 2022-03-31 04155129 core:AllPeriods 2022-03-31 04155129 2022-04-01 2023-03-31 04155129 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04155129 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04155129 bus:Director40 2022-04-01 2023-03-31 04155129 1 2022-04-01 2023-03-31 04155129 2 2022-04-01 2023-03-31 04155129 core:LandBuildings 2022-04-01 2023-03-31 04155129 core:PlantMachinery 2022-04-01 2023-03-31 04155129 core:Vehicles 2022-04-01 2023-03-31 04155129 countries:England 2022-04-01 2023-03-31 04155129 bus:FRS102 2022-04-01 2023-03-31 04155129 bus:FullAccounts 2022-04-01 2023-03-31 04155129 2023-03-31 04155129 core:WithinOneYear 2023-03-31 04155129 core:AfterOneYear 2023-03-31 04155129 core:ShareCapital 2023-03-31 04155129 core:RetainedEarningsAccumulatedLosses 2023-03-31 04155129 core:LandBuildings 2023-03-31 04155129 core:PlantMachinery 2023-03-31 04155129 core:Vehicles 2023-03-31 04155129 core:AllPeriods 2023-03-31 04155129 2022-03-31 04155129 core:LandBuildings 2022-03-31 04155129 core:PlantMachinery 2022-03-31 04155129 core:Vehicles 2022-03-31 iso4217:GBP xbrli:pure