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Registration number: 01490556

Longton Glass (Double Glazing) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Longton Glass (Double Glazing) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Longton Glass (Double Glazing) Limited

(Registration number: 01490556)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,410

13,384

Current assets

 

Stocks

19,898

24,505

Debtors

5

117,409

112,879

Cash at bank and in hand

 

137,208

159,239

 

274,515

296,623

Creditors: Amounts falling due within one year

6

(66,765)

(65,550)

Net current assets

 

207,750

231,073

Total assets less current liabilities

 

217,160

244,457

Provisions for liabilities

(1,787)

(2,542)

Net assets

 

215,373

241,915

Capital and reserves

 

Called up share capital

65,100

65,100

Retained earnings

150,273

176,815

Shareholders' funds

 

215,373

241,915

For the financial year ending 30 April 2024 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 13 August 2024 and signed on its behalf by:
 

 

Longton Glass (Double Glazing) Limited

(Registration number: 01490556)
Balance Sheet as at 30 April 2024

.........................................
Mr F Degg
Director

 

Longton Glass (Double Glazing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Genesis Centre
Innovation Way
Stoke on Trent
Staffordshire
ST6 4BF
England

These financial statements were authorised for issue by the Board on 13 August 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.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

 

Longton Glass (Double Glazing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Freehold

written off over 40 years

Plant and machinery

10% reducing balance

Motor vehicles

25% reducing balance

Fixtures & Fittings

10% reducing balance

Impairment

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.

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 are largely independent of the cash inflows from other assets or groups of assets.
 

 

Longton Glass (Double Glazing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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.

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.

Financial instruments

Recognition and measurement
A financial asset or financial liability is recognised only when the company 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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis or similar credit risk characteristics.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Longton Glass (Double Glazing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

99,872

37,427

44,126

181,425

At 30 April 2024

99,872

37,427

44,126

181,425

Depreciation

At 1 May 2023

92,802

36,734

38,505

168,041

Charge for the year

2,500

69

1,405

3,974

At 30 April 2024

95,302

36,803

39,910

172,015

Carrying amount

At 30 April 2024

4,570

624

4,216

9,410

At 30 April 2023

7,070

693

5,621

13,384

Included within the net book value of land and buildings above is £4,570 (2023 - £7,070) in respect of freehold land and buildings.
 

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

3,920

-

Amounts owed by related parties

7

106,429

106,379

Prepayments

 

7,060

6,500

   

117,409

112,879

 

Longton Glass (Double Glazing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

42,858

36,994

Taxation and social security

20,557

24,079

Accruals and deferred income

3,350

4,477

66,765

65,550

7

Related party transactions

All transactions undertaken with related parties were under normal market conditions and/or not material.

 

Longton Glass (Double Glazing) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Parent and ultimate parent undertaking

The company's immediate parent is Longton Glass (Holdings) Limited, incorporated in UK.