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Company registration number: 12400593
Commercial Glazing Projects Ltd
Unaudited filleted financial statements
31 January 2024
Commercial Glazing Projects Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Commercial Glazing Projects Ltd
Directors and other information
Directors Mr Matthew Farley
Mr Daniel Martin O'Donnell
Company number 12400593
Registered office 117 Wingfield View
Clay Cross
Chesterfield
Derbyshire
S45 9JW
Accountants Dey & Co.
Brookdale
41 Clarence Road
Chesterfield
Derbyshire
S40 1LH
Commercial Glazing Projects Ltd
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 19,271 2,018
_______ _______
19,271 2,018
Current assets
Debtors 6 118,419 309,620
Cash at bank and in hand 116,291 158,881
_______ _______
234,710 468,501
Creditors: amounts falling due
within one year 7 ( 121,848) ( 331,548)
_______ _______
Net current assets 112,862 136,953
_______ _______
Total assets less current liabilities 132,133 138,971
Creditors: amounts falling due
after more than one year 8 ( 34,407) ( 39,526)
Provisions for liabilities ( 4,818) ( 505)
_______ _______
Net assets 92,908 98,940
_______ _______
Capital and reserves
Called up share capital 4 4
Capital redemption reserve 2 2
Profit and loss account 92,902 98,934
_______ _______
Shareholders funds 92,908 98,940
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr Matthew Farley
Director
Company registration number: 12400593
Commercial Glazing Projects Ltd
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 117 Wingfield View, Clay Cross, Chesterfield, Derbyshire, S45 9JW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 February 2023 3,500 - 3,500
Additions - 19,400 19,400
_______ _______ _______
At 31 January 2024 3,500 19,400 22,900
_______ _______ _______
Depreciation
At 1 February 2023 1,481 - 1,481
Charge for the year 875 1,273 2,148
_______ _______ _______
At 31 January 2024 2,356 1,273 3,629
_______ _______ _______
Carrying amount
At 31 January 2024 1,144 18,127 19,271
_______ _______ _______
At 31 January 2023 2,019 - 2,019
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 107,017 179,973
Other debtors 11,402 129,647
_______ _______
118,419 309,620
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 12,494 11,557
Trade creditors 39,306 275,030
Corporation tax 35,426 26,179
Social security and other taxes 1,447 6,611
Other creditors 33,175 12,171
_______ _______
121,848 331,548
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 34,407 39,526
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 13,290 (2023 £ 18,409 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The company has a bank loan, payable in monthly installments, over ten years at an annual interest rate of 2.5%.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Matthew Farley ( 1,997) - ( 1,997)
Mr Daniel Martin O'Donnell ( 1,997) - ( 1,997)
_______ _______ _______
( 3,994) - ( 3,994)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Matthew Farley - ( 1,997) ( 1,997)
Mr Daniel Martin O'Donnell - ( 1,997) ( 1,997)
_______ _______ _______
- ( 3,994) ( 3,994)
_______ _______ _______
10. Related party transactions
The company has taken advantage of the exemption provided by Paragraph 33.1A of FRS 102 that says disclosures need not be given of transactions that have taken place between group members.
11. Controlling party
The holding company, which is the ultimate parent company, is CGP Group Holdings Limited, a company registered in England & Wales and whose registered office is Unit 117 Coney Green Business Centre, Wingfield View, Clay Cross, Chesterfield, S45 9JW. The company is controlled by Matthew Farley and Daniel Martin O'Donnell as a result of their controlling interest in the holding company.