IRIS Accounts Production v24.2.0.383 05685790 director 1.3.23 29.2.24 29.2.24 26/7/2024 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh056857902023-02-28056857902024-02-29056857902023-03-012024-02-29056857902022-02-28056857902022-03-012023-02-28056857902023-02-2805685790ns15:EnglandWales2023-03-012024-02-2905685790ns14:PoundSterling2023-03-012024-02-2905685790ns10:Director12023-03-012024-02-2905685790ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2905685790ns10:SmallEntities2023-03-012024-02-2905685790ns10:Audited2023-03-012024-02-2905685790ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2905685790ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2905685790ns10:FullAccounts2023-03-012024-02-290568579012023-03-012024-02-2905685790ns10:CompanySecretary12023-03-012024-02-2905685790ns10:RegisteredOffice2023-03-012024-02-2905685790ns5:CurrentFinancialInstruments2024-02-2905685790ns5:CurrentFinancialInstruments2023-02-2805685790ns5:Non-currentFinancialInstruments2024-02-2905685790ns5:Non-currentFinancialInstruments2023-02-2805685790ns5:ShareCapital2024-02-2905685790ns5:ShareCapital2023-02-2805685790ns5:CapitalRedemptionReserve2024-02-2905685790ns5:CapitalRedemptionReserve2023-02-2805685790ns5:RetainedEarningsAccumulatedLosses2024-02-2905685790ns5:RetainedEarningsAccumulatedLosses2023-02-2805685790ns5:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2905685790ns5:PlantMachinery2023-03-012024-02-2905685790ns5:FurnitureFittings2023-03-012024-02-2905685790ns5:MotorVehicles2023-03-012024-02-2905685790ns5:NetGoodwill2023-02-2805685790ns5:NetGoodwill2024-02-2905685790ns5:NetGoodwill2023-02-2805685790ns5:PlantMachinery2023-02-2805685790ns5:FurnitureFittings2023-02-2805685790ns5:MotorVehicles2023-02-2805685790ns5:PlantMachinery2024-02-2905685790ns5:FurnitureFittings2024-02-2905685790ns5:MotorVehicles2024-02-2905685790ns5:PlantMachinery2023-02-2805685790ns5:FurnitureFittings2023-02-2805685790ns5:MotorVehicles2023-02-2805685790ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2905685790ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2805685790ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-02-2905685790ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-02-2805685790ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2905685790ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2805685790ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-02-2905685790ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-02-2805685790ns5:HirePurchaseContracts2024-02-2905685790ns5:HirePurchaseContracts2023-02-2805685790ns5:Secured2024-02-2905685790ns5:Secured2023-02-2805685790ns5:DeferredTaxation2023-02-2805685790ns5:DeferredTaxation2023-03-012024-02-2905685790ns5:DeferredTaxation2024-02-29
REGISTERED NUMBER: 05685790 (England and Wales)















Financial Statements for the Year Ended 29 February 2024

for

C T Glass Limited

C T Glass Limited (Registered number: 05685790)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


C T Glass Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: G Thirkell



SECRETARY: G Thirkell



REGISTERED OFFICE: Lower Lane
Off Wakefield Road
Bradford
West Yorkshire
BD4 8QR



REGISTERED NUMBER: 05685790 (England and Wales)



AUDITORS: HW Leeds Limited
Chartered Accountants &
Statutory Auditor
3rd Floor
56 Wellington Street
Leeds
LS1 2EE



BANKERS: The Cooperative Bank
41 Vicar Lane
Leeds
West Yorkshire
LS1 4HJ

C T Glass Limited (Registered number: 05685790)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 1,582,260 1,845,895
1,582,260 1,845,895

CURRENT ASSETS
Stocks 745,700 744,503
Debtors 7 1,699,779 1,483,452
Cash at bank and in hand 268,421 266,626
2,713,900 2,494,581
CREDITORS
Amounts falling due within one year 8 1,413,267 1,366,194
NET CURRENT ASSETS 1,300,633 1,128,387
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,882,893

2,974,282

CREDITORS
Amounts falling due after more than one
year

9

(1,050,934

)

(1,317,467

)

PROVISIONS FOR LIABILITIES 12 (361,070 ) (220,287 )
NET ASSETS 1,470,889 1,436,528

CAPITAL AND RESERVES
Called up share capital 100 100
Capital redemption reserve 100,000 100,000
Retained earnings 1,370,789 1,336,428
1,470,889 1,436,528

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 director and authorised for issue on 4 July 2024 and were signed by:





G Thirkell - Director


C T Glass Limited (Registered number: 05685790)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. GENERAL INFORMATION

C T Glass Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis. The Director has reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current uncertain wider economic conditions, and the current resources available, the Director has concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the point of delivery to the customer of the final product.

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% straight line
Fixtures and fittings - 33% straight line
Motor vehicles - 20% - 25% straight line

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


C T Glass Limited (Registered number: 05685790)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued
Taxation
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Presentational currency
The Company's functional and presentational currency is GBP (£).

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

Operating leases
Rentals paid under operating leases are charged to the profit or loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds

C T Glass Limited (Registered number: 05685790)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

Finance costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

Employee benefits
Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.

Leased assets
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 66 (2023 - 65 ) .

C T Glass Limited (Registered number: 05685790)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 19,917
AMORTISATION
At 1 March 2023
and 29 February 2024 19,917
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 4,606,502 221,373 852,377 5,680,252
Additions 87,186 9,123 130,970 227,279
Disposals - - (88,891 ) (88,891 )
At 29 February 2024 4,693,688 230,496 894,456 5,818,640
DEPRECIATION
At 1 March 2023 3,137,769 198,436 498,152 3,834,357
Charge for year 302,099 21,895 134,317 458,311
Eliminated on disposal - - (56,288 ) (56,288 )
At 29 February 2024 3,439,868 220,331 576,181 4,236,380
NET BOOK VALUE
At 29 February 2024 1,253,820 10,165 318,275 1,582,260
At 28 February 2023 1,468,733 22,937 354,225 1,845,895

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,392,549 1,339,119
Amounts owed by group undertakings 64,660 64,660
Other debtors 21,510 20,582
Tax 23,889 28,398
VAT - 28,419
Prepayments and accrued income 197,171 2,274
1,699,779 1,483,452

C T Glass Limited (Registered number: 05685790)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 39,231 187,736
Hire purchase contracts (see note 10) 399,826 427,989
Trade creditors 413,932 607,472
Social security and other taxes 25,462 21,655
VAT 128,557 -
Other creditors 324,766 25,265
Accruals and deferred income 81,493 96,077
1,413,267 1,366,194

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans 169,069 179,093
Hire purchase contracts (see note 10) 881,865 1,138,374
1,050,934 1,317,467

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 399,826 427,989
Between one and five years 881,865 1,138,374
1,281,691 1,566,363

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 208,300 366,829
Hire purchase contracts 1,281,691 1,566,363
1,489,991 1,933,192

The loan and hire purchase balances are secured against the assets of the company,

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 361,070 220,287

C T Glass Limited (Registered number: 05685790)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 March 2023 220,287
Charge to Statement of Income and Retained Earnings during year 140,783
Balance at 29 February 2024 361,070

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of HW Leeds Limited

The audit report was signed on 26 July 2024.

14. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £79,314 (2023: £76,759). Contributions totalling £13,353 (2023: £12,139) were payable to the fund at the balance sheet date and are included in creditors.

15. RELATED PARTY DISCLOSURES

No transactions with related parties were undertaken such as required to be disclosed under Section 1A of FRS 102.