Company Registration No. 08818950 (England and Wales)
Specialist Glass Repairs Ltd
Unaudited accounts
for the year ended 31 December 2023
Specialist Glass Repairs Ltd
Unaudited accounts
Contents
Specialist Glass Repairs Ltd
Company Information
for the year ended 31 December 2023
Directors
Stephen Wells
Phillip Wells
Company Number
08818950 (England and Wales)
Registered Office
63 Amberley Gardens
Epsom
KT19 0NQ
England
Accountants
BPS Accountancy
Barnfield
Penshurst Road
Speldhurst
Kent
TN3 0PH
Specialist Glass Repairs Ltd
Statement of financial position
as at 31 December 2023
Intangible assets
6,750
8,822
Tangible assets
27,455
32,296
Cash at bank and in hand
375
506
Creditors: amounts falling due within one year
(126,721)
(119,615)
Net current liabilities
(102,353)
(90,411)
Total assets less current liabilities
(68,148)
(49,293)
Creditors: amounts falling due after more than one year
(8,217)
(14,017)
Provisions for liabilities
Deferred tax
(5,216)
(6,136)
Net liabilities
(81,581)
(69,446)
Called up share capital
100
100
Profit and loss account
(81,681)
(69,546)
Shareholders' funds
(81,581)
(69,446)
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 12 September 2024 and were signed on its behalf by
Phillip Wells
Director
Company Registration No. 08818950
Specialist Glass Repairs Ltd
Notes to the Accounts
for the year ended 31 December 2023
Specialist Glass Repairs Ltd is a private company, limited by shares, registered in England and Wales, registration number 08818950. The registered office is 63 Amberley Gardens, Epsom, KT19 0NQ, England.
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 accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Franchise - 10 years
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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 .
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Motor vehicles
20% on cost
Fixtures & fittings
20% on cost
Computer equipment
20% on cost
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Specialist Glass Repairs Ltd
Notes to the Accounts
for the year ended 31 December 2023
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
The tax expense represents the sum of the tax currently payable and deferred 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 is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contribution 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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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.
The accounts are prepared on the basis that the directors of the company have agreed they will not withdraw funds until the company has the available profits and cash flow and continue to support the company for the foreseeable future.
At the balance sheet date, liabilities exceed assets by £81,581 (2022: £69,446). However the financial statements have been prepared on a going concern basis as the company has the continuing support from its directors, P Wells and S Wells. The directors are therefore satisfied that the financial statements have been correctly prepared on the going concern basis.
Specialist Glass Repairs Ltd
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Other
At 31 December 2023
20,717
At 31 December 2023
13,967
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
49,545
9,540
1,585
60,670
At 31 December 2023
55,545
9,540
1,585
66,670
At 1 January 2023
17,365
9,540
1,469
28,374
Charge for the year
10,809
-
32
10,841
At 31 December 2023
28,174
9,540
1,501
39,215
At 31 December 2023
27,371
-
84
27,455
At 31 December 2022
32,180
-
116
32,296
Amounts falling due within one year
Trade debtors
23,993
28,698
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
16,989
13,751
Trade creditors
9,147
15,131
Taxes and social security
2,469
2,131
Other creditors
86,376
77,822
Specialist Glass Repairs Ltd
Notes to the Accounts
for the year ended 31 December 2023
8
Creditors: amounts falling due after more than one year
2023
2022
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £2,677 (2022: £2,914).
Contributions totalling £460 (2022: £435) were payable to fund at the balance sheet date and are included in other creditors.
10
Transactions with related parties
Specialist Glass Repairs UK Ltd is an associated company of Specialist Glass Repairs Ltd as both companies are controlled by the same directors and shareholders.
As at the balance sheet date, other creditors include an amount due to Specialist Glass Repairs UK Ltd of £4,257 (2022: £4,257).
As at the balance sheet date, other creditors include an amount of £80,060 (2022: £71,530) payable to P Wells, a director of the company.
11
Average number of employees
During the year the average number of employees was 5 (2022: 5).