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GLASSFIBRE PRODUCTION LIMITED

Registered Number
SC610311
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

GLASSFIBRE PRODUCTION LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

Robert Dryburgh

Registered Address

The Barn 67a Leven Road
Lundin Links
Leven
KY8 6AL

Registered Number

SC610311 (Scotland)
GLASSFIBRE PRODUCTION LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets325,02330,359
25,02330,359
Current assets
Stocks3,3001,450
Debtors411,24415,056
Cash at bank and on hand4,3579,301
18,90125,807
Creditors amounts falling due within one year5(35,912)(46,103)
Net current assets (liabilities)(17,011)(20,296)
Total assets less current liabilities8,01210,063
Provisions for liabilities(4,754)(5,768)
Net assets3,2584,295
Capital and reserves
Called up share capital1010
Profit and loss account3,2484,285
Shareholders' funds3,2584,295
The financial statements were approved and authorised for issue by the Director on 12 August 2024, and are signed on its behalf by:
Robert Dryburgh
Director
Registered Company No. SC610311
GLASSFIBRE PRODUCTION LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
Glassfibre Production Limited is a private company, limited by shares, registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
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. The financial statements have been prepared under the historical cost convention.
Going concern
The financial statements have been prepared on the going concern basis. The director finds it appropriate for the financial statements to be prepared on this basis despite the net current liability position of the company. The company is reliant upon the continued support of the director who has confirmed he will not withdraw his directors loan account to the detriment of other creditors.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company and employees pension scheme are charged to profit or loss in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting 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 period 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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Finance leases and hire purchase contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
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.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 April 233,63052,75156,381
Additions3,000-3,000
Disposals(850)-(850)
At 31 March 245,78052,75158,531
Depreciation and impairment
At 01 April 231,78424,23826,022
Charge for year7327,0537,785
On disposals(299)-(299)
At 31 March 242,21731,29133,508
Net book value
At 31 March 243,56321,46025,023
At 31 March 231,84628,51330,359
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables8,36912,289
Other debtors1,6261,626
Prepayments and accrued income1,2491,141
Total11,24415,056
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,007-
Taxation and social security5,7937,383
Other creditors26,90237,467
Accrued liabilities and deferred income1,2101,253
Total35,91246,103