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Registration number: 08086196

Knowles Stained Glassworks Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Knowles Stained Glassworks Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Knowles Stained Glassworks Limited

Company Information

Director

S L F Price

Registered office

74A Station Road East
Oxted
Surrey
RH8 0PG

Accountants

Smart Accounting & Tax Solutions LLP
Chartered Accountants
74A Station Road East
Oxted
Surrey
RH8 0PG

 

Knowles Stained Glassworks Limited

(Registration number: 08086196)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

911

368

Current assets

 

Stocks

5

32,200

30,913

Debtors

6

33,495

28,289

Cash at bank and in hand

 

900

5,352

 

66,595

64,554

Creditors: Amounts falling due within one year

7

(30,746)

(20,620)

Net current assets

 

35,849

43,934

Total assets less current liabilities

 

36,760

44,302

Creditors: Amounts falling due after more than one year

7

(36,738)

(44,261)

Provisions for liabilities

(12)

-

Net assets

 

10

41

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

9

40

Shareholders' funds

 

10

41

 

Knowles Stained Glassworks Limited

(Registration number: 08086196)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 August 2024
 

.........................................
S L F Price
Director

 

Knowles Stained Glassworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
74A Station Road East
Oxted
Surrey
RH8 0PG
England

The principal place of business is:
20 Kelsey Close
Horley
Surrey
RH6 8RF

These financial statements were authorised for issue by the director on 29 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Knowles Stained Glassworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities in connetio with manufacture of stained glass windows and other glazing serives. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises Corporation Tax, based on the Company's taxable profit and chargeable gains. Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Straight line

 

Knowles Stained Glassworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Knowles Stained Glassworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Knowles Stained Glassworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

4,372

4,372

Additions

946

946

At 30 November 2023

5,318

5,318

Depreciation

At 1 December 2022

4,004

4,004

Charge for the year

403

403

At 30 November 2023

4,407

4,407

Carrying amount

At 30 November 2023

911

911

At 30 November 2022

368

368

5

Stocks

2023
£

2022
£

Work in progress

24,000

23,113

Other inventories

8,200

7,800

32,200

30,913

6

Debtors

Current

2023
£

2022
£

Trade debtors

4,114

929

Prepayments

-

500

Other debtors

29,381

26,860

 

33,495

28,289

 

Knowles Stained Glassworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

11,145

5,612

Trade creditors

 

1,147

3,024

Taxation and social security

 

14,754

10,786

Other creditors

 

3,700

1,198

 

30,746

20,620

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

36,738

44,261

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

36,738

44,261

 

Knowles Stained Glassworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

11,145

5,612

10

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

20,225

20,225

Advanced

59,096

59,096

Repaid

(57,212)

(57,212)

At end of period

22,109

22,109

2022

Key management
£

Total
£

At start of period

15,213

15,213

Advanced

43,645

43,645

Repaid

(38,633)

(38,633)

At end of period

20,225

20,225

Terms of loans to related parties

As at the year end, the Company was owed £25,509 (2022: £20,225) by the Director. The loan is interest free and repayable on demand.