Registered number
10666253
Glass Canvas Group Limited
Report and Accounts
31 March 2024
Glass Canvas Group Limited
Registered number: 10666253
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 37,062 15,069
Investments 4 1,298 1,298
38,360 16,367
Current assets
Debtors 5 121,234 83,535
Cash at bank and in hand 14,734 43,661
135,968 127,196
Creditors: amounts falling due within one year 6 (169,137) (106,724)
Net current (liabilities)/assets (33,169) 20,472
Net assets 5,191 36,839
Capital and reserves
Called up share capital 1,292 1,292
Profit and loss account 3,899 35,547
Shareholders' funds 5,191 36,839
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G Austin
Director
Approved by the board on 13 September 2024
Glass Canvas Group Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Fixtures and fittings 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 10
3 Tangible fixed assets
Fixtures and fittings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 33,933 68,668 102,601
Additions 22,910 8,795 31,705
At 31 March 2024 56,843 77,463 134,306
Depreciation
At 1 April 2023 30,604 56,928 87,532
Charge for the year 4,434 5,278 9,712
At 31 March 2024 35,038 62,206 97,244
Net book value
At 31 March 2024 21,805 15,257 37,062
At 31 March 2023 3,329 11,740 15,069
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 1,298
At 31 March 2024 1,298
5 Debtors 2024 2023
£ £
Trade debtors 57,750 36,935
Amounts owed by group undertakings and undertakings in which the company has a participating interest 48,596 41,800
Rent deposits and prepayments 14,888 4,800
121,234 83,535
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 59,399 -
Trade creditors 19,966 2,190
Amounts owed to group undertakings and undertakings in which the company has a participating interest 13,950 21,030
Taxation and social security costs 61,014 58,890
Other creditors 14,808 24,614
169,137 106,724
7 Related party transactions
During the year the company entered into the following transactions with relates parties:
Glass Canvas (Sheffield) Limited:
A company in which Mr A Goodeve, Mr W Nuttall and Mr G Austin are Directors. At the Balance Sheet date the company owed £13,950 (2023: £21,030) to Glass Canvas (Sheffield) Limited.
Glass Canvas Productions Limited:
A company in which Mr A Goodeve and Mr W Nuttall are Directors. At the Balance Sheet date the company was owed £48,596 (2023: £41,800) from Glass Canvas Productions Limited.
8 Other information
Glass Canvas Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 16 Spectrum House
Gordon House Road
London
NW5 1LP
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