Company registration number 05265194 (England and Wales)
Advanced Glazing Systems Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
Advanced Glazing Systems Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Advanced Glazing Systems Limited
Statement Of Financial Position
as at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
68,298
93,482
Current assets
Stocks
35,899
34,275
Debtors
4
25,546
32,545
Cash at bank and in hand
292,463
248,506
353,908
315,326
Creditors: amounts falling due within one year
5
(221,632)
(171,959)
Net current assets
132,276
143,367
Total assets less current liabilities
200,574
236,849
Creditors: amounts falling due after more than one year
6
(30,502)
(35,122)
Provisions for liabilities
7
(17,057)
(23,371)
Net assets
153,015
178,356
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
152,915
178,256
Total equity
153,015
178,356
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Advanced Glazing Systems Limited
Statement Of Financial Position (continued)
as at 31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
A L Barnett
Director
Company registration number 05265194 (England and Wales)
Advanced Glazing Systems Limited
Notes to the financial statements
for the year ended 31 March 2024
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon the provision of goods and services. Where payments are received from customers in advance of services provided these amounts are recorded as deferred income and included in creditors due within one year.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% reducing balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax is recognised on all timing differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. 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 then settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the end of the reporting period.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Advanced Glazing Systems Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 4 -
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
6
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023 and 31 March 2024
119,467
Depreciation and impairment
At 1 April 2023
25,985
Depreciation charged in the year
25,184
At 31 March 2024
51,169
Carrying amount
At 31 March 2024
68,298
At 31 March 2023
93,482
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,860
14,698
Other debtors
5,413
14,262
Prepayments and accrued income
1,273
3,585
25,546
32,545
Advanced Glazing Systems Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,000
5,380
Trade creditors
105,341
92,516
Corporation tax
35,208
29,421
Other taxation and social security
39,903
31,642
Accruals and deferred income
36,180
13,000
221,632
171,959
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
30,502
35,122
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
17,057
23,371
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Company information
Advanced Glazing Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4A, Folkes Farm, Folkes Lane, Upminster, Essex, RM14 1TH.