Company registration number 03503856 (England and Wales)
COACH GLASS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
COACH GLASS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
COACH GLASS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
275,665
175,872
Current assets
Stocks
4,500
3,500
Debtors
4
282,808
162,954
Cash at bank and in hand
147,183
156,080
434,491
322,534
Creditors: amounts falling due within one year
5
(253,981)
(238,139)
Net current assets
180,510
84,395
Total assets less current liabilities
456,175
260,267
Creditors: amounts falling due after more than one year
6
(59,734)
(79,354)
Provisions for liabilities
(63,043)
(34,211)
Net assets
333,398
146,702
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
333,298
146,602
Total equity
333,398
146,702

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

COACH GLASS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Mr G L Poole
Director
Company registration number 03503856 (England and Wales)
COACH GLASS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
65,059
65,159
Year ended 31 December 2022:
Profit and total comprehensive income
-
81,543
81,543
Balance at 31 December 2022
100
146,602
146,702
Year ended 31 December 2023:
Profit and total comprehensive income
-
186,696
186,696
Balance at 31 December 2023
100
333,298
333,398
COACH GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Coach Glass Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit C3, Llanelli Gate, Dafen, Llanelli, SA14 8LQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

COACH GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

COACH GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

 

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

COACH GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
14
15
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
14,174
48,853
12,751
262,584
338,362
Additions
-
0
11,750
416
159,591
171,757
Disposals
-
0
-
0
-
0
(34,908)
(34,908)
At 31 December 2023
14,174
60,603
13,167
387,267
475,211
Depreciation and impairment
At 1 January 2023
12,266
30,690
8,485
111,049
162,490
Depreciation charged in the year
1,326
4,618
1,066
51,188
58,198
Eliminated in respect of disposals
-
0
-
0
-
0
(21,142)
(21,142)
At 31 December 2023
13,592
35,308
9,551
141,095
199,546
Carrying amount
At 31 December 2023
582
25,295
3,616
246,172
275,665
At 31 December 2022
1,909
18,163
4,265
151,535
175,872
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
252,602
143,362
Corporation tax recoverable
169
169
Other debtors
30,037
19,423
282,808
162,954
COACH GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
30,288
29,700
Trade creditors
72,257
60,333
Corporation tax
33,331
1,655
Other taxation and social security
47,063
36,578
Other creditors
71,042
109,873
253,981
238,139

Included in other creditors is an amount payable on hire purchase contracts of £42,307 (2022: £Nil). This amount is secured on the asset on which the contract relates to.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
49,066
79,354
Other creditors
10,668
-
0
59,734
79,354

Included in other creditors is an amount payable on hire purchase contracts of £10,668 (2022: £Nil). This amount is secured on the asset on which the contract relates to.

7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr G L Poole -
-
-
1,749
-
1,749
Mr G S Poole -
-
-
7,950
-
7,950
Miss Catrin Poole -
-
4,900
8,400
(4,900)
8,400
Mr Dafydd Poole -
-
4,900
8,400
(4,900)
8,400
9,800
26,499
(9,800)
26,499

The loans to the directors are repayable on demand. Interest was charged at the official rate.

2023-12-312023-01-01false13 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr G L PooleMrs B PooleMr G S PooleMiss Catrin PooleMr Dafydd PooleMrs B Poolefalsefalse035038562023-01-012023-12-31035038562023-12-31035038562022-12-3103503856core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3103503856core:PlantMachinery2023-12-3103503856core:FurnitureFittings2023-12-3103503856core:MotorVehicles2023-12-3103503856core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3103503856core:PlantMachinery2022-12-3103503856core:FurnitureFittings2022-12-3103503856core:MotorVehicles2022-12-3103503856core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103503856core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103503856core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103503856core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103503856core:CurrentFinancialInstruments2023-12-3103503856core:CurrentFinancialInstruments2022-12-3103503856core:Non-currentFinancialInstruments2023-12-3103503856core:Non-currentFinancialInstruments2022-12-3103503856core:ShareCapital2023-12-3103503856core:ShareCapital2022-12-3103503856core:RetainedEarningsAccumulatedLosses2023-12-3103503856core:RetainedEarningsAccumulatedLosses2022-12-3103503856core:ShareCapital2021-12-3103503856core:RetainedEarningsAccumulatedLosses2021-12-3103503856bus:Director12023-01-012023-12-3103503856core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31035038562022-01-012022-12-3103503856core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103503856core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3103503856core:PlantMachinery2023-01-012023-12-3103503856core:FurnitureFittings2023-01-012023-12-3103503856core:MotorVehicles2023-01-012023-12-3103503856core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3103503856core:PlantMachinery2022-12-3103503856core:FurnitureFittings2022-12-3103503856core:MotorVehicles2022-12-31035038562022-12-3103503856core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3103503856core:WithinOneYear2023-12-3103503856core:WithinOneYear2022-12-3103503856bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103503856bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103503856bus:FRS1022023-01-012023-12-3103503856bus:AuditExemptWithAccountantsReport2023-01-012023-12-3103503856bus:Director22023-01-012023-12-3103503856bus:Director32023-01-012023-12-3103503856bus:Director42023-01-012023-12-3103503856bus:Director52023-01-012023-12-3103503856bus:CompanySecretary12023-01-012023-12-3103503856bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP