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Company registration number: 01379450
Gatley Glass Limited
Unaudited filleted financial statements
23 August 2023
Gatley Glass Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Gatley Glass Limited
Directors and other information
Directors Mrs M M Potter (Resigned 15 December 2022)
Mrs J M Levers
Secretary Mrs J M Levers
Company number 01379450
Registered office Units 1 and 2
83 Ridgeway Road
Timperley
Altrincham
WA15 7HJ
Business address Units1 and 2
83 Ridgeway Road
Timperley
Altrincham
WA15 7HJ
Accountants Langers
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
Gatley Glass Limited
Statement of financial position
23 August 2023
23/08/23 23/08/22
Note £ £ £ £
Fixed assets
Tangible assets 5 23,160 26,936
_______ _______
23,160 26,936
Current assets
Stocks 8,950 14,680
Debtors 6 85,787 458,127
Cash at bank and in hand 92,988 3
_______ _______
187,725 472,810
Creditors: amounts falling due
within one year 7 ( 181,118) ( 239,958)
_______ _______
Net current assets 6,607 232,852
_______ _______
Total assets less current liabilities 29,767 259,788
Creditors: amounts falling due
after more than one year 8 ( 14,457) ( 22,470)
Provisions for liabilities ( 4,400) ( 5,118)
_______ _______
Net assets 10,910 232,200
_______ _______
Capital and reserves
Called up share capital 10 766 2,300
Capital redemption reserve 1,534 -
Profit and loss account 8,610 229,900
_______ _______
Shareholders funds 10,910 232,200
_______ _______
For the year ending 23 August 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 year 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
Mrs J M Levers
Director
Company registration number: 01379450
Gatley Glass Limited
Statement of changes in equity
Year ended 23 August 2023
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 24 August 2021 2,300 - ( 110,840) 115,040
(Loss)/profit for the year 117,160 117,160
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account 223,580 -
_______ _______ _______ _______
Total comprehensive income for the year - - 340,740 117,160
_______ _______ _______ _______
At 23 August 2022 and 24 August 2022 2,300 - 229,899 232,199
(Loss)/profit for the year ( 50,056) ( 50,056)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 50,056) ( 50,056)
Dividends paid and payable ( 3,000) ( 3,000)
Redemption of shares ( 1,534) 1,534 ( 168,233) ( 168,233)
_______ _______ _______ _______
Total investments by and distributions to owners ( 1,534) 1,534 ( 171,233) ( 171,233)
_______ _______ _______ _______
At 23 August 2023 766 1,534 8,610 10,910
_______ _______ _______ _______
Gatley Glass Limited
Notes to the financial statements
Year ended 23 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 1 and 2, 83 Ridgeway Road, Timperley, Altrincham, WA15 7HJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - No depreciation
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 33 % straight line
Motor vehicles - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
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 .
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a 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. Debt instruments are subsequently measured at amortised cost. 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 24 August 2022 5,591 60,947 66,538
Additions 1,436 - 1,436
Disposals ( 465) - ( 465)
_______ _______ _______
At 23 August 2023 6,562 60,947 67,509
_______ _______ _______
Depreciation
At 24 August 2022 4,037 35,565 39,602
Charge for the year 1,091 3,807 4,898
Disposals ( 151) - ( 151)
_______ _______ _______
At 23 August 2023 4,977 39,372 44,349
_______ _______ _______
Carrying amount
At 23 August 2023 1,585 21,575 23,160
_______ _______ _______
At 23 August 2022 1,554 25,382 26,936
_______ _______ _______
6. Debtors
23/08/23 23/08/22
£ £
Trade debtors 67,973 22,393
Other debtors 17,814 435,734
_______ _______
85,787 458,127
_______ _______
7. Creditors: amounts falling due within one year
23/08/23 23/08/22
£ £
Bank loans and overdrafts 24,492 18,538
Trade creditors 35,652 31,927
Corporation tax - 24,896
Social security and other taxes 89,352 115,177
Other creditors 31,622 49,420
_______ _______
181,118 239,958
_______ _______
8. Creditors: amounts falling due after more than one year
23/08/23 23/08/22
£ £
Other creditors 14,457 22,470
_______ _______
9. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
23/08/23 23/08/22
£ £
Later than 1 year and not later than 5 years 17,303 27,685
_______ _______
Present value of minimum lease payments 17,303 27,685
_______ _______
23/08/23 23/08/22
10. Called up share capital
Issued, called up and fully paid
23/08/23
No £
Ordinary shares shares of £ 1.00 each 766 766
_______ _______
11. Related party transactions
At 23rd August 2023 the company owed £7,193 (2022 - £24,014) to the directors. No interest has been charged to the company in respect of these loan's which are repayable on demand and classified in creditors due within one year.