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Registered number: 09304309
SDM Glass Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Xeinadin South Wales & West Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09304309
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 404,033 450,857
404,033 450,857
CURRENT ASSETS
Stocks 53,005 24,622
Debtors 5 430,215 427,370
Cash at bank and in hand 220,455 297,595
703,675 749,587
Creditors: Amounts Falling Due Within One Year 6 (391,092 ) (330,292 )
NET CURRENT ASSETS (LIABILITIES) 312,583 419,295
TOTAL ASSETS LESS CURRENT LIABILITIES 716,616 870,152
Creditors: Amounts Falling Due After More Than One Year 7 (220,018 ) (309,694 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (89,158 ) (76,448 )
NET ASSETS 407,440 484,010
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 12 104,500 104,500
Profit and Loss Account 302,840 379,410
SHAREHOLDERS' FUNDS 407,440 484,010
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stephen Clarke
Director
29/02/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
SDM Glass Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09304309 . The registered office is Celtic House Caxton Place, Pentwyn, Cardiff, South Glamorgan, CF23 8HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 33% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Invoice discounting agreements
Under the invoice discounting agreement, the company retained significant benefits and risks relating to their debts. As a result, relating assets and liabilities have not been netted off.
2.9. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Sales, marketing and distribution 16 17
16 17
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 896,723 146,338 10,200 8,319 1,061,580
Additions 13,585 34,700 - 1,397 49,682
As at 31 December 2023 910,308 181,038 10,200 9,716 1,111,262
Depreciation
As at 1 January 2023 532,823 69,105 3,442 5,353 610,723
Provided during the period 72,646 19,495 1,689 2,676 96,506
As at 31 December 2023 605,469 88,600 5,131 8,029 707,229
Net Book Value
As at 31 December 2023 304,839 92,438 5,069 1,687 404,033
As at 1 January 2023 363,900 77,233 6,758 2,966 450,857
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 245,255 318,222
Prepayments and accrued income 73,898 -
Other debtors 111,062 109,148
430,215 427,370
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 44,020 43,014
Trade creditors 277,654 172,303
Bank loans and overdrafts 78,874 78,874
Corporation tax 7,860 12,796
Other taxes and social security 7,780 8,449
VAT 15,600 43,050
Net wages 5,136 5,588
Other creditors (48,420 ) (52,481 )
Auto enrolment pension 1,532 1,826
Accrued expenses 951 7,500
Directors' loan accounts 105 9,373
391,092 330,292
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 137,730 149,500
Bank loans 82,288 160,194
220,018 309,694
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 44,020 43,014
Later than one year and not later than five years 137,730 149,500
181,750 192,514
181,750 192,514
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 89,158 76,448
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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11. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 52,000 4,000
52,000 4,000
12. Reserves
Revaluation Reserve
£
As at 1 January 2023 104,500
As at 31 December 2023 104,500
13. Ultimate Controlling Party
The company's ultimate controlling party is S A Clarke and D M Clarke by virtue of their shareholding in the company.
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