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Registration number: 05522981

Direct Vehicle Glass Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Direct Vehicle Glass Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Direct Vehicle Glass Limited

Company Information

Directors

Mr Steven Andrew Clarke

Mr Gary James Renilson

Registered office

Unit E2 Penrhyn Court
Penrhyn Road
Knowsley Business Park
Liverpool
L34 9AB

Accountants

Williams & Co Accountants
Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ

 

Direct Vehicle Glass Limited

(Registration number: 05522981)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

424,674

417,799

Current assets

 

Stocks

5

6,250

6,250

Debtors

6

356,362

247,409

Cash at bank and in hand

 

9,374

22,979

 

371,986

276,638

Creditors: Amounts falling due within one year

7

(517,040)

(419,547)

Net current liabilities

 

(145,054)

(142,909)

Total assets less current liabilities

 

279,620

274,890

Creditors: Amounts falling due after more than one year

7

(223,717)

(244,016)

Net assets

 

55,903

30,874

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

55,901

30,872

Shareholders' funds

 

55,903

30,874

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

 

Direct Vehicle Glass Limited

(Registration number: 05522981)
Balance Sheet as at 31 July 2023

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 26 July 2024 and signed on its behalf by:
 

.........................................
Mr Steven Andrew Clarke
Director

 

Direct Vehicle Glass Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Unit E2 Penrhyn Court
Penrhyn Road
Knowsley Business Park
Liverpool
L34 9AB

These financial statements were authorised for issue by the Board on 26 July 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.

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.

Tax

The tax expense for the period comprises current 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.

 

Direct Vehicle Glass Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

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, fittings and equipment

20% reducing balance method

Motor vehicles

20% reducing balance method

Office equipment

20% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in 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.

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.

 

Direct Vehicle Glass Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

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.

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 - 14).

 

Direct Vehicle Glass Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

341,690

9,309

205,354

32,040

588,393

Additions

-

6,808

24,236

-

31,044

At 31 July 2023

341,690

16,117

229,590

32,040

619,437

Depreciation

At 1 August 2022

-

4,706

139,650

26,238

170,594

Charge for the year

-

1,570

21,439

1,160

24,169

At 31 July 2023

-

6,276

161,089

27,398

194,763

Carrying amount

At 31 July 2023

341,690

9,841

68,501

4,642

424,674

At 31 July 2022

341,690

4,603

65,704

5,802

417,799

Included within the net book value of land and buildings above is £341,690 (2022 - £341,690) in respect of freehold land and buildings.
 

 

Direct Vehicle Glass Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

5

Stocks

2023
£

2022
£

Raw materials and consumables

6,250

6,250

6

Debtors

Current

2023
£

2022
£

Trade debtors

317,329

229,255

Prepayments

8,386

-

Other debtors

30,647

18,154

 

356,362

247,409

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

134,947

99,864

trade creditors

 

226,286

213,742

Taxation and social security

 

141,079

95,817

Other creditors

 

14,728

10,124

 

517,040

419,547

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

223,717

244,016

The company's bank borrowing amounting to £215,889 (2022- £235,131) is secured by fixed and floating charges over its assets and undertaking.

 

Direct Vehicle Glass Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

190,898

219,928

HP and finance lease liabilities

32,819

24,088

223,717

244,016

2023
£

2022
£

Current loans and borrowings

Bank borrowings

62,415

31,422

Bank overdrafts

46,717

58,807

HP and finance lease liabilities

25,815

9,635

134,947

99,864

10

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £61,612.00 (2022 - £59,000.00) per each Ordinary

 

123,224

 

118,000