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Registration number: 05815330

UK Glassforce Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

UK Glassforce Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

UK Glassforce Ltd

Company Information

Directors

J D Gibbons

G P Byrne

A Petersen

R M Wood

Registered office

1299-1301 London Road
Leigh-On-Sea
Essex
SS9 2AD

Accountants

Kingswood Chase Consulting Ltd
Accountants and taxation consultants
DeVine House
1299-1301 London Road
Leigh On Sea
Essex
SS9 2AD

 

UK Glassforce Ltd

(Registration number: 05815330)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

83,974

57,994

Other financial assets

5

15,000

15,000

 

98,974

72,994

Current assets

 

Stocks

6

47,136

44,600

Debtors

7

738,141

872,515

Cash at bank and in hand

 

405,538

141,009

 

1,190,815

1,058,124

Creditors: Amounts falling due within one year

8

(864,946)

(856,009)

Net current assets

 

325,869

202,115

Total assets less current liabilities

 

424,843

275,109

Creditors: Amounts falling due after more than one year

8

(33,446)

(29,040)

Provisions for liabilities

(20,993)

(14,498)

Net assets

 

370,404

231,571

Capital and reserves

 

Called up share capital

9

380

380

Capital redemption reserve

20

20

Retained earnings

370,004

231,171

Shareholders' funds

 

370,404

231,571

 

UK Glassforce Ltd

(Registration number: 05815330)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 March 2024 and signed on its behalf by:
 

.........................................
J D Gibbons
Director

 

UK Glassforce Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1299-1301 London Road
Leigh-On-Sea
Essex
SS9 2AD
United Kingdom

These financial statements were authorised for issue by the Board on 27 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

UK Glassforce Ltd

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on written down value

Motor vehicles

25% on written down value

Office equipment

25% on written down value

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

UK Glassforce Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

UK Glassforce Ltd

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 13).

 

UK Glassforce Ltd

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

4

tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

89,306

81,376

170,682

Additions

9,636

33,187

42,823

At 31 October 2023

98,942

114,563

213,505

Depreciation

At 1 November 2022

69,263

43,425

112,688

Charge for the year

5,972

10,871

16,843

At 31 October 2023

75,235

54,296

129,531

Carrying amount

At 31 October 2023

23,707

60,267

83,974

At 31 October 2022

20,043

37,951

57,994

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

15,000

15,000

At 31 October 2023

15,000

15,000

Impairment

Carrying amount

At 31 October 2023

15,000

15,000

 

UK Glassforce Ltd

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

6

stocks

2023
£

2022
£

Merchandise

7,361

-

Work in progress

39,775

44,600

47,136

44,600

7

Debtors

Current

2023
£

2022
£

Trade debtors

717,934

867,857

Prepayments

5,389

4,658

Other debtors

14,818

-

 

738,141

872,515

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

18,011

40,473

Trade creditors

 

645,929

582,177

Taxation and social security

 

198,131

228,435

Accruals and deferred income

 

2,862

3,363

Other creditors

 

13

1,561

 

864,946

856,009

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

33,446

29,040

 

UK Glassforce Ltd

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

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

379

379

379

379

Ordinary B share of £1 each

1

1

1

1

380

380

380

380

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £634.48 (2022 - £505.77) per each Ordinary A shares

240,468

191,688

Interim dividend of £3,500.00 (2022 - £Nil) per each Ordinary B share

3,500

-

243,968

191,688