Registered number
03964960
Okehampton Glass Limited
Filleted Accounts
31 December 2023
Okehampton Glass Limited
Registered number: 03964960
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 11,589 17,385
Tangible assets 4 141,514 160,018
153,103 177,403
Current assets
Stocks 99,507 49,310
Debtors 5 62,080 169,236
Cash at bank and in hand 140,802 81,231
302,389 299,777
Creditors: amounts falling due within one year 6 (129,446) (142,965)
Net current assets 172,943 156,812
Total assets less current liabilities 326,046 334,215
Creditors: amounts falling due after more than one year 7 (212,194) (222,205)
Provisions for liabilities (11,401) (11,164)
Net assets 102,451 100,846
Capital and reserves
Called up share capital 100 100
Profit and loss account 102,351 100,746
Shareholders' funds 102,451 100,846
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr AS Ewen
Director
Approved by the board on 23 July 2024
Okehampton Glass Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 4% straight line
Plant and machinery 10% straight line
Motor vehicles 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 57,957
At 31 December 2023 57,957
Amortisation
At 1 January 2023 40,572
Provided during the year 5,796
At 31 December 2023 46,368
Net book value
At 31 December 2023 11,589
At 31 December 2022 17,385
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 154,369 112,231 70,930 337,530
Additions - 1,195 - 1,195
At 31 December 2023 154,369 113,426 70,930 338,725
Depreciation
At 1 January 2023 37,913 93,647 45,952 177,512
Charge for the year 6,176 5,647 7,876 19,699
At 31 December 2023 44,089 99,294 53,828 197,211
Net book value
At 31 December 2023 110,280 14,132 17,102 141,514
At 31 December 2022 116,456 18,584 24,978 160,018
5 Debtors 2023 2022
£ £
Trade debtors 47,522 158,206
Other debtors 14,558 11,030
62,080 169,236
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 26,919 26,012
Obligations under finance lease and hire purchase contracts 3,117 3,579
Trade creditors 56,627 98,265
Corporation tax 24,434 15,177
Other taxes and social security costs 24,759 15,756
Other creditors (6,410) (15,824)
129,446 142,965
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 212,194 219,087
Obligations under finance lease and hire purchase contracts - 3,118
212,194 222,205
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 134,272 149,192
Secured bank loans 210,224 222,667
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 53,000 79,500
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr AS Ewen
Loans to director 18,778 39,043 (30,600) 27,221
18,778 39,043 (30,600) 27,221
11 Other information
Okehampton Glass Limited is a private company limited by shares and incorporated in England. Its registered office is:
Brightley Farm
Okehampton
Devon
EX20 1RP
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