REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
MEIR GLASS CENTRE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
MEIR GLASS CENTRE LIMITED |
MEIR GLASS CENTRE LIMITED (REGISTERED NUMBER: 01714388) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2024 |
Page |
Statement of financial position | 1 | to | 2 |
Notes to the financial statements | 3 | to | 7 |
MEIR GLASS CENTRE LIMITED (REGISTERED NUMBER: 01714388) |
STATEMENT OF FINANCIAL POSITION |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Other reserves |
Retained earnings | 48,605 | 54,696 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MEIR GLASS CENTRE LIMITED (REGISTERED NUMBER: 01714388) |
STATEMENT OF FINANCIAL POSITION - continued |
30 April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MEIR GLASS CENTRE LIMITED (REGISTERED NUMBER: 01714388) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Meir Glass Centre Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Judgements and key sources of estimation uncertainty |
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 are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
(i) Estimated useful lives and residual values of fixed assets |
Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
MEIR GLASS CENTRE LIMITED (REGISTERED NUMBER: 01714388) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed 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. |
(i) Land and buildings |
Land and buildings held at valuation are stated at deemed cost at the date of transition to FRS 102 less accumulated depreciation and accumulated impairment losses. The company previously adopted a policy of revaluing freehold land and buildings and they were stated at their revalued amount less any subsequent depreciation and accumulated impairment losses. The company has adopted the transitional exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost. |
(ii) Fixtures and fittings |
Fixtures and fittings are stated at cost less accumulated depreciation. |
(iii) Plant and machinery |
Plant and machinery are stated at cost less accumulated depreciation. |
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 - 2% straight line |
Plant and machinery - 20% reducing balance |
Fixtures and Fittings - 20% reducing balance |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
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 are either assessed individually or grouped on the basis of similar credit risk characteristics. |
MEIR GLASS CENTRE LIMITED (REGISTERED NUMBER: 01714388) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Corporation tax |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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. |
Impairment of fixed assets |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MEIR GLASS CENTRE LIMITED (REGISTERED NUMBER: 01714388) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 May 2023 |
Additions |
At 30 April 2024 |
Depreciation |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
Included in freehold land and buildings is land in the approximate sum of £15,600 (2023 - £15,600), which is not subject to depreciation. |
The company applied the transitional arrangements of section 35 of FRS 102 and used a previous valuation as the deemed cost for freehold property. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
MEIR GLASS CENTRE LIMITED (REGISTERED NUMBER: 01714388) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 May 2023 |
Annual transfer | (1,456 | ) |
At 30 April 2024 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
There was an overdrawn loan balance with directors of £3,591 at the end of the year. This has been repaid during the year ending 30 April 2025. |
10. | RELATED PARTY DISCLOSURES |
All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material. |