Company Registration No. 07766455 (England and Wales)
Sheerwater Glass Ltd
Unaudited accounts
for the year ended 31 December 2023
Sheerwater Glass Ltd
Unaudited accounts
Contents
Sheerwater Glass Ltd
Company Information
for the year ended 31 December 2023
Directors
Mr G J A McCluggage
Mrs E McCluggage
Mr M P McCluggage
Company Number
07766455 (England and Wales)
Registered Office
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Sheerwater Glass Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
178,544
227,953
Cash at bank and in hand
601,047
606,925
Creditors: amounts falling due within one year
(519,526)
(496,950)
Net current assets
327,300
363,462
Total assets less current liabilities
505,844
591,415
Provisions for liabilities
Deferred tax
(18,263)
(27,179)
Other provisions
(66,041)
(74,219)
Net assets
421,540
490,017
Called up share capital
100
100
Share premium
149,998
149,998
Profit and loss account
271,442
339,919
Shareholders' funds
421,540
490,017
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by
Mr G J A McCluggage
Director
Company Registration No. 07766455
Sheerwater Glass Ltd
Notes to the Accounts
for the year ended 31 December 2023
Sheerwater Glass Ltd is a private company, limited by shares, registered in England and Wales, registration number 07766455. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and- the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Sheerwater Glass Ltd
Notes to the Accounts
for the year ended 31 December 2023
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of income and retained earnings over its useful economic life of 10 years.
Other 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 and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to ringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Fixtures & fittings
15-25%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Sheerwater Glass Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to the statement of income and retained earnings 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.
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.
Defined contribution pension plan
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 statement of income and retained earnings 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.
Interest income is recognised in the statement of income and retained earnings using the effective interest method.
All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.
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 statement of income and retained earnings 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.
Sheerwater Glass Ltd
Notes to the Accounts
for the year ended 31 December 2023
Tax is recognised in the statement of income and retained earnings, except that a chargeattributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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Intangible fixed assets
Goodwill
At 31 December 2023
289,998
At 31 December 2023
289,998
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 January 2023
137,450
23,943
177,077
26,943
11,368
376,781
Additions
-
-
7,100
121
6,107
13,328
Disposals
-
-
(53,071)
(3,647)
-
(56,718)
At 31 December 2023
137,450
23,943
131,106
23,417
17,475
333,391
At 1 January 2023
18,212
14,090
97,959
14,871
3,696
148,828
Charge for the year
13,745
1,803
31,297
3,894
4,730
55,469
On disposals
-
-
(45,803)
(3,647)
-
(49,450)
At 31 December 2023
31,957
15,893
83,453
15,118
8,426
154,847
At 31 December 2023
105,493
8,050
47,653
8,299
9,049
178,544
At 31 December 2022
119,238
9,853
79,118
12,072
7,672
227,953
Raw materials
22,324
30,869
Finished goods
48,671
48,784
Sheerwater Glass Ltd
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
63,379
65,572
Amounts due from group undertakings etc.
100,000
100,000
Accrued income and prepayments
11,405
8,262
8
Creditors: amounts falling due within one year
2023
2022
Trade creditors
163,306
121,581
Taxes and social security
203,203
229,895
Other creditors
148,596
141,363
Loans from directors
1,061
1,061
The company has guaranteed the parent company's bank loans in favour of Lloyds bank plc.
9
Provisions for liabilities
£
Decrease in existing provisions
(8,178)
At 31 December 2023
66,041
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
58,932
43,601
Later than one year and not later than five years
37,490
77,215
12
Transactions with related parties
The Company has taken the advantage of Section 33 paragraph 1A not to disclose transactions with wholly owned group members.
Sheerwater Glass Ltd
Notes to the Accounts
for the year ended 31 December 2023
The company is controlled by its parent, McWin Limited, a company incorporated in England and Wales. The registered office of the company is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
14
Average number of employees
During the year the average number of employees was 19 (2022: 20).