17 false false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,105 10,105 xbrli:pure xbrli:shares iso4217:GBP SC166519 2022-09-01 2023-12-31 SC166519 2023-12-31 SC166519 2022-08-31 SC166519 2021-09-01 2022-08-31 SC166519 2022-08-31 SC166519 2021-08-31 SC166519 core:MotorVehicles 2022-09-01 2023-12-31 SC166519 core:NetGoodwill 2022-09-01 2023-12-31 SC166519 bus:LeadAgentIfApplicable 2022-09-01 2023-12-31 SC166519 bus:Director1 2022-09-01 2023-12-31 SC166519 core:WithinOneYear 2023-12-31 SC166519 core:WithinOneYear 2022-08-31 SC166519 core:NetGoodwill 2023-12-31 SC166519 core:LandBuildings 2022-08-31 SC166519 core:PlantMachinery 2022-08-31 SC166519 core:MotorVehicles 2022-08-31 SC166519 core:LandBuildings 2023-12-31 SC166519 core:PlantMachinery 2023-12-31 SC166519 core:MotorVehicles 2023-12-31 SC166519 core:LandBuildings 2022-09-01 2023-12-31 SC166519 core:PlantMachinery 2022-09-01 2023-12-31 SC166519 core:AfterOneYear 2023-12-31 SC166519 core:AfterOneYear 2022-08-31 SC166519 core:ShareCapital 2023-12-31 SC166519 core:ShareCapital 2022-08-31 SC166519 core:RevaluationReserve 2023-12-31 SC166519 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC166519 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC166519 core:LandBuildings 2022-08-31 SC166519 core:PlantMachinery 2022-08-31 SC166519 core:MotorVehicles 2022-08-31 SC166519 bus:SmallEntities 2022-09-01 2023-12-31 SC166519 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-12-31 SC166519 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-12-31 SC166519 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-12-31 SC166519 bus:FullAccounts 2022-09-01 2023-12-31 SC166519 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-01 2023-12-31
COMPANY REGISTRATION NUMBER: SC166519
Andrew Wright Glass Limited
Filleted Unaudited Financial Statements
31 December 2023
Andrew Wright Glass Limited
Financial Statements
Period from 1 September 2022 to 31 December 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Andrew Wright Glass Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Andrew Wright Glass Limited
Period from 1 September 2022 to 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Andrew Wright Glass Limited for the period ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Andrew Wright Glass Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Andrew Wright Glass Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Andrew Wright Glass Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Andrew Wright Glass Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Andrew Wright Glass Limited. You consider that Andrew Wright Glass Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Andrew Wright Glass Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
19 July 2024
Andrew Wright Glass Limited
Statement of Financial Position
31 December 2023
31 Dec 23
31 Aug 22
Note
£
£
Fixed assets
Tangible assets
6
422,830
297,350
Current assets
Stocks
66,763
69,112
Debtors
7
305,228
405,134
Cash at bank and in hand
48,861
138,308
---------
---------
420,852
612,554
Creditors: amounts falling due within one year
8
129,126
193,245
---------
---------
Net current assets
291,726
419,309
---------
---------
Total assets less current liabilities
714,556
716,659
Creditors: amounts falling due after more than one year
9
9,337
40,787
Provisions
Taxation including deferred tax
21,441
---------
---------
Net assets
705,219
654,431
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
173,867
Profit and loss account
521,352
644,431
---------
---------
Shareholders funds
705,219
654,431
---------
---------
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 period ending 31 December 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Andrew Wright Glass Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 July 2024 , and are signed on behalf of the board by:
Mr M Bradford
Director
Company registration number: SC166519
Andrew Wright Glass Limited
Notes to the Financial Statements
Period from 1 September 2022 to 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 9 Telford Place, South Newmoor Ind Est, Irvine, Ayrshire, KA11 4HW.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.
Reporting period
The company is presenting the financial statements for a 16 month period to align the accounting period end with the end of the calendar year. Therefore the comparative amounts are not entirely comparable.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
fully amortised, was 10% Straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
revaluation model this period, 4% straight line in prior periods
Plant and machinery
-
15% on reducing balance and straight line over 3 years
Motor vehicles
-
25% reducing balance
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 17 (2022: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2022 and 31 December 2023
10,105
--------
Amortisation
At 1 September 2022 and 31 December 2023
10,105
--------
Carrying amount
At 31 December 2023
--------
At 31 August 2022
--------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 September 2022
244,246
1,091,797
25,245
1,361,288
Additions
975
975
Revaluations
173,867
173,867
---------
------------
--------
------------
At 31 December 2023
418,113
1,092,772
25,245
1,536,130
---------
------------
--------
------------
Depreciation
At 1 September 2022
148,112
897,839
17,987
1,063,938
Charge for the period
47,094
2,268
49,362
---------
------------
--------
------------
At 31 December 2023
148,112
944,933
20,255
1,113,300
---------
------------
--------
------------
Carrying amount
At 31 December 2023
270,001
147,839
4,990
422,830
---------
------------
--------
------------
At 31 August 2022
96,134
193,958
7,258
297,350
---------
------------
--------
------------
7. Debtors
31 Dec 23
31 Aug 22
£
£
Trade debtors
175,795
368,449
Prepayments and accrued income
129,433
31,196
Corporation tax repayable
4,711
Other debtors
778
---------
---------
305,228
405,134
---------
---------
8. Creditors: amounts falling due within one year
31 Dec 23
31 Aug 22
£
£
Bank loans and overdrafts
350
Trade creditors
46,295
85,030
Amounts owed to group undertakings
11,201
11,201
Accruals and deferred income
28,563
38,634
Social security and other taxes
11,641
20,481
Obligations under finance leases and hire purchase contracts
28,011
28,011
Other creditors
357
Grants
3,415
9,181
---------
---------
129,126
193,245
---------
---------
9. Creditors: amounts falling due after more than one year
31 Dec 23
31 Aug 22
£
£
Other creditors
9,337
40,787
-------
--------
10. Secured debt
Finance lease creditors are secured on the assets concerned.
Scottish Growth Scheme Business Loans Scotland Debt Finance LP hold a standing charge over the company's property containing negative pledge.
Charles and Bernadine Berry hold a standard and floating charge over the company's property.
11. Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12. Controlling party
The ultimate controlling party is Andrew Wright Holdings Ltd, registered office 9/11 Telford Place, South Newmoor Industrial Estate, Irvine, Ayrshire, Scotland, KA11 4HW.