2022-08-012023-07-312023-07-31false04493032North Lakes Glass & Glazing 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North Lakes Glass & Glazing Ltd

Registered Number
04493032
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

North Lakes Glass & Glazing Ltd
Company Information
for the year from 1 August 2022 to 31 July 2023

Directors

Mrs L J Smith
Mr M J Smith

Company Secretary

Mrs L J Smith

Registered Address

Fenestra House Hartness Road
Gilwilly Industrial Estate
Penrith
CA11 9BD

Registered Number

04493032 (England and Wales)
North Lakes Glass & Glazing Ltd
Statement of Financial Position
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6602,087612,510
602,087612,510
Current assets
Stocks59,05264,544
Debtors9243,298283,328
Cash at bank and on hand623,987612,142
926,337960,014
Creditors amounts falling due within one year10(549,949)(628,439)
Net current assets (liabilities)376,388331,575
Total assets less current liabilities978,475944,085
Creditors amounts falling due after one year11(5,362)(48,719)
Provisions for liabilities12(23,000)(17,000)
Net assets950,113878,366
Capital and reserves
Called up share capital100100
Profit and loss account950,013878,266
Shareholders' funds950,113878,366
The financial statements were approved and authorised for issue by the Board of Directors on 16 January 2024, and are signed on its behalf by:
Mr M J Smith
Director
Mrs L J Smith
Director

Registered Company No. 04493032
North Lakes Glass & Glazing Ltd
Notes to the Financial Statements
for the year ended 31 July 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment25
Intangible assets policy
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
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.
Leases policy
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4.Employee information

20232022
Average number of employees during the year3530
5.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 August 2275,00075,000
At 31 July 2375,00075,000
Amortisation and impairment
At 01 August 2275,00075,000
At 31 July 2375,00075,000
Net book value
At 31 July 23--
At 31 July 22--
6.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 August 22550,64518,968135,87357,029762,515
Additions--19,7507,04226,792
Disposals-(7,940)-(23,379)(31,319)
At 31 July 23550,64511,028155,62340,692757,988
Depreciation and impairment
At 01 August 2232,62316,06772,49028,825150,005
Charge for year11,01369615,8467,98135,536
On disposals-(7,821)-(21,819)(29,640)
At 31 July 2343,6368,94288,33614,987155,901
Net book value
At 31 July 23507,0092,08667,28725,705602,087
At 31 July 22518,0222,90163,38328,204612,510
7.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £97,592 (2022 - £48,991).
8.Description of nature of transactions and balances with related parties
On 1 August 2022 the company owed the directors £85,931. During the year the company advanced the directors a further £119,552 and the company repaid the directors £68,129. As of 31 July 2023, the company owed the directors £34,508. No interest was charged on this loan and the loan is repayable on demand.
9.Debtors

2023

2022

££
Trade debtors / trade receivables243,298283,328
Total243,298283,328
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.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables414,421427,305
Bank borrowings and overdrafts-9,747
Taxation and social security69,31687,680
Finance lease and HP contracts27,61212,053
Other creditors36,17889,549
Accrued liabilities and deferred income2,4222,105
Total549,949628,439
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. Finance lease and HP contracts are secured on the assets to which they relate. Bank borrowings and overdrafts are unsecured.
11.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts-30,746
Other creditors5,36217,973
Total5,36248,719
Finance lease and HP contracts equal to £5,362 (2022 - £17,973) are included within other creditors and are secured against the assets to which they relate. Bank borrowings and overdrafts are unsecured.
12.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax is in respect of accelerated capital allowances.

2023

2022

££
Net deferred tax liability (asset)23,00017,000
Total23,00017,000