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COMPANY REGISTRATION NUMBER: 01421115
Warwick Glass and Glazing Limited
Filleted Unaudited Financial Statements
31 March 2024
Warwick Glass and Glazing Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,153,293
977,536
Current assets
Stocks
30,000
60,000
Debtors
6
4,527,189
4,738,431
Cash at bank and in hand
1,094
6,474
------------
------------
4,558,283
4,804,905
Creditors: amounts falling due within one year
7
816,877
920,065
------------
------------
Net current assets
3,741,406
3,884,840
------------
------------
Total assets less current liabilities
4,894,699
4,862,376
Creditors: amounts falling due after more than one year
8
366,540
440,036
Provisions
Taxation including deferred tax
1,056
1,457
------------
------------
Net assets
4,527,103
4,420,883
------------
------------
Capital and reserves
Called up share capital
9
107
107
Share premium account
18,739
18,739
Revaluation reserve
826,100
826,100
Profit and loss account
3,682,157
3,575,937
------------
------------
Shareholders funds
4,527,103
4,420,883
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Warwick Glass and Glazing Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr J D Fowler
Director
Company registration number: 01421115
Warwick Glass and Glazing Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Montague Road, Warwick, CV34 5LW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
50% straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2023: 23 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
1,180,000
6,690
37,828
170,575
1,395,093
------------
---------
---------
---------
------------
Depreciation
At 1 April 2023
206,933
6,690
37,828
166,106
417,557
Charge for the year
29,500
1,676
31,176
Revaluations
( 206,933)
( 206,933)
------------
---------
---------
---------
------------
At 31 March 2024
29,500
6,690
37,828
167,782
241,800
------------
---------
---------
---------
------------
Carrying amount
At 31 March 2024
1,150,500
2,793
1,153,293
------------
---------
---------
---------
------------
At 31 March 2023
973,067
4,469
977,536
------------
---------
---------
---------
------------
Tangible assets held at valuation
The freehold property was valued by Howkins and Harrison on 10 August 2023 at a market value of £1,180,000.
6. Debtors
2024
2023
£
£
Trade debtors
107,342
232,035
Amounts owed by the holding company
4,200,050
4,266,291
Prepayments and accrued income
2,000
6,365
Other debtors
217,797
233,740
------------
------------
4,527,189
4,738,431
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
345,016
219,285
Trade creditors
325,047
517,746
Accruals and deferred income
75,213
56,007
Corporation tax
31,256
Social security and other taxes
69,506
95,771
Other creditors
2,095
---------
---------
816,877
920,065
---------
---------
The bank overdraft is secured by a fixed and floating charge over the assets of the company. The company has three loans from Lloyds Bank Plc which are repayable by monthly instalments of £3,054, £1,371 and £1,704. The company has additional loans as follows: 1. a loan from Funding Circle of £350,000 which is repayable over five years at £8,276 per month. 2. a short term loan from Capital on Tap which is being repaid by instalments of £2,095 per month. 3. a Covid support loan of £120,000 which is being repaid by instalments of £2,000 per month.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
366,540
440,036
---------
---------
See note 8 for details of the security for the bank loans.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No
£
No
£
Ordinary shares of £ 0.01 each
10,000
100
10,000
100
Ordinary A Class shares of £ 0.01 each
726
7
726
7
---------
---------
---------
---------
10,726
107
10,726
107
---------
---------
---------
---------
10. Related party transactions
The company was under the control of the director throughout the current year. During the year the company was charged a management charge of £20,000 (2022 - £20,000)by its parent company TWP (Newco)132 Ltd.