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REGISTERED NUMBER: 05122119 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

FOR

BLOOMSBURY GLASS LIMITED

BLOOMSBURY GLASS LIMITED (REGISTERED NUMBER: 05122119)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023










Page

Company Information 1

Abridged Balance Sheet 3

Notes to the Financial Statements 5


BLOOMSBURY GLASS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: Mr S S Rama
Mr J S Rama



REGISTERED OFFICE: c/o Michael Heaven & Associates Limited
47 Calthorpe Road
Edgbaston
BIRMINGHAM
West Midlands
B15 1TH



BUSINESS ADDRESS: Unit 3
Kelvin Way
WEST BROMWICH
B70 7LH



REGISTERED NUMBER: 05122119 (England and Wales)



ACCOUNTANTS: Michael Heaven & Associates Limited
Chartered Certified Accountants
47 Calthorpe Road
Edgbaston
BIRMINGHAM
B15 1TH



BANKERS: NatWest Bank PLC
1 St Philips Place
Birmingham
B3 2PT




BLOOMSBURY GLASS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







INCORPORATED: 7th May 2004

BLOOMSBURY GLASS LIMITED (REGISTERED NUMBER: 05122119)

ABRIDGED BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,588,139 1,741,017

CURRENT ASSETS
Stocks 401,178 443,319
Debtors 823,462 1,288,095
Cash at bank and in hand 302,924 280,367
1,527,564 2,011,781
CREDITORS
Amounts falling due within one year 1,489,003 1,737,586
NET CURRENT ASSETS 38,561 274,195
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,626,700

2,015,212

CREDITORS
Amounts falling due after more than one
year

(698,790

)

(370,948

)

PROVISIONS FOR LIABILITIES 8 (505,386 ) (387,964 )
NET ASSETS 1,422,524 1,256,300

CAPITAL AND RESERVES
Called up share capital 9 200,004 200,004
Retained earnings 1,222,520 1,056,296
SHAREHOLDERS' FUNDS 1,422,524 1,256,300

BLOOMSBURY GLASS LIMITED (REGISTERED NUMBER: 05122119)

ABRIDGED BALANCE SHEET - continued
31ST MAY 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 25th October 2023 and were signed on its behalf by:




Mr S S Rama - Director



Mr J S Rama - Director


BLOOMSBURY GLASS LIMITED (REGISTERED NUMBER: 05122119)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023


1. STATUTORY INFORMATION

Bloomsbury Glass 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 15 years straight line (35% residual value)
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance (35% residual value)

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.


BLOOMSBURY GLASS LIMITED (REGISTERED NUMBER: 05122119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 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.

Hire purchase and leasing commitments
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.

Foreign currency transactions
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

BLOOMSBURY GLASS LIMITED (REGISTERED NUMBER: 05122119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 58 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st June 2022 2,787,728
Additions 1,034,054
Disposals (70,000 )
At 31st May 2023 3,751,782
DEPRECIATION
At 1st June 2022 1,046,711
Charge for year 161,363
Eliminated on disposal (44,431 )
At 31st May 2023 1,163,643
NET BOOK VALUE
At 31st May 2023 2,588,139
At 31st May 2022 1,741,017

BLOOMSBURY GLASS LIMITED (REGISTERED NUMBER: 05122119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1st June 2022 702,800
Additions 975,000
Transfer to ownership (274,585 )
At 31st May 2023 1,403,215
DEPRECIATION
At 1st June 2022 180,179
Charge for year 96,190
Transfer to ownership (73,851 )
At 31st May 2023 202,518
NET BOOK VALUE
At 31st May 2023 1,200,697
At 31st May 2022 522,621

5. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 95,383 90,259

Amounts falling due between one and two years:
Bank loans 88,898 95,383

Amounts falling due between two and five years:
Bank loans 59,634 148,533

BLOOMSBURY GLASS LIMITED (REGISTERED NUMBER: 05122119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


6. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 180,186 98,046
Between one and five years 550,258 127,032
730,444 225,078

7. SECURED DEBTS

There is an all monies fixed and floating debenture given to the bank over all assets of the company. This is to cover the overdraft arrangement of the company.

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 505,386 387,964

Deferred
tax
£   
Balance at 1st June 2022 387,964
Movement 117,422
Balance at 31st May 2023 505,386

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months is recognised. The provision is measured at the salary cost payable for the period of absence.

BLOOMSBURY GLASS LIMITED (REGISTERED NUMBER: 05122119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,001 Ordinary A £1 50,001 50,001
50,001 Ordinary B £1 50,001 50,001
50,001 Ordinary C £1 50,001 50,001
50,001 Ordinary D £1 50,001 50,001
200,004 200,004

10. RELATED PARTY DISCLOSURES

As at the year end the amount due to individuals related to the directors' of the company totalled £100,830 ( 2022 - £200,830). The loan are interest free and repayable upon demand.