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Registration number: 05255931

Glass Blocks Direct Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Glass Blocks Direct Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Glass Blocks Direct Ltd

Company Information

Director

Mr Marc Allen Parkinson

Registered office

4 Phoenix Business Centre
Spur Road
Chichester
West Sussex
PO19 8PN

Accountants

Matthews Hanton Limited
Chartered Certified Accountants
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Glass Blocks Direct Ltd

(Registration number: 05255931)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,821

9,506

Current assets

 

Stocks

5

30,000

25,000

Debtors

6

131,591

64,204

Cash at bank and in hand

 

404,374

537,951

 

565,965

627,155

Creditors: Amounts falling due within one year

7

(167,971)

(153,923)

Net current assets

 

397,994

473,232

Total assets less current liabilities

 

402,815

482,738

Creditors: Amounts falling due after more than one year

7

(29,448)

(35,235)

Net assets

 

373,367

447,503

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

373,267

447,403

Shareholders' funds

 

373,367

447,503

For the financial year ending 30 April 2024 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 his 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 15 August 2024
 

.........................................
Mr Marc Allen Parkinson
Director

 

Glass Blocks Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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:
4 Phoenix Business Centre
Spur Road
Chichester
West Sussex
PO19 8PN

The principal place of business is:
Unit 4 Phoenix Business Park
Spur Road
Chichester
West Sussex
PO19 8PN
England

These financial statements were authorised for issue by the director on 15 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.

Going concern

The financial statements have been prepared on a going concern basis.

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. Turnover is shown net of sales/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.

 

Glass Blocks Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in 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 income 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.

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

25% reducing Balance

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.

 

Glass Blocks Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

Glass Blocks Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

19,333

11,088

30,421

Disposals

(17,300)

-

(17,300)

At 30 April 2024

2,033

11,088

13,121

Depreciation

At 1 May 2023

15,580

5,335

20,915

Charge for the year

168

1,438

1,606

Eliminated on disposal

(14,221)

-

(14,221)

At 30 April 2024

1,527

6,773

8,300

Carrying amount

At 30 April 2024

506

4,315

4,821

At 30 April 2023

3,753

5,753

9,506

5

Stocks

2024
£

2023
£

Other inventories

30,000

25,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

81,670

64,204

Other debtors

49,921

-

 

131,591

64,204

7

Creditors

Creditors: amounts falling due within one year

 

Glass Blocks Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,599

5,411

Trade creditors

 

21,876

9,763

Taxation and social security

 

86,443

79,062

Accruals and deferred income

 

8,856

17,173

Other creditors

 

45,197

42,514

 

167,971

153,923

 

Glass Blocks Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

29,448

35,235

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,448

35,235

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,599

5,411

10

Dividends

2024

2023

£

£

Interim dividend of £1,540.00 (2023 - £510.00) per ordinary share

154,000

51,000

 

 

11

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

Advanced

50,000

50,000

At end of period

50,000

50,000