Company Registration No. 09772829 (England and Wales)
Specialist Glass Repairs UK Limited
Unaudited accounts
for the year ended 31 December 2023
Specialist Glass Repairs UK Limited
Unaudited accounts
Contents
Specialist Glass Repairs UK Limited
Company Information
for the year ended 31 December 2023
Directors
Phillip Wells
Stephen Wells
Company Number
09772829 (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 UK Limited
Statement of financial position
as at 31 December 2023
Intangible assets
10,396
15,595
Tangible assets
19,234
9,630
Cash at bank and in hand
15,029
23,344
Creditors: amounts falling due within one year
(148,174)
(120,304)
Net current liabilities
(99,431)
(48,881)
Total assets less current liabilities
(69,801)
(23,656)
Creditors: amounts falling due after more than one year
(24,333)
(20,383)
Provisions for liabilities
Deferred tax
(3,654)
(3,108)
Net liabilities
(97,788)
(47,147)
Called up share capital
100
100
Profit and loss account
(97,888)
(47,247)
Shareholders' funds
(97,788)
(47,147)
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. 09772829
Specialist Glass Repairs UK Limited
Notes to the Accounts
for the year ended 31 December 2023
Specialist Glass Repairs UK Limited is a private company, limited by shares, registered in England and Wales, registration number 09772829. 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 relates to franchise fees, franchise royalties and associated supplies net of VAT.
Intangible fixed assets other than goodwill
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:
Patents and licences - 10 years
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:
Motor vehicles
20% straight line
Fixtures & fittings
20% straight line
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 UK Limited
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 the 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 £97,788. 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 UK Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Other
At 31 December 2023
51,982
At 31 December 2023
41,586
At 31 December 2023
10,396
At 31 December 2022
15,595
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2023
19,000
16,288
35,288
Disposals
(19,000)
-
(19,000)
At 31 December 2023
20,000
16,288
36,288
At 1 January 2023
9,817
15,841
25,658
Charge for the year
3,533
213
3,746
On disposals
(12,350)
-
(12,350)
At 31 December 2023
1,000
16,054
17,054
At 31 December 2023
19,000
234
19,234
At 31 December 2022
9,183
447
9,630
Amounts falling due within one year
Trade debtors
21,348
36,236
Specialist Glass Repairs UK Limited
Notes to the Accounts
for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
6,532
6,532
Obligations under finance leases and hire purchase contracts
4,000
3,800
Trade creditors
14,572
11,651
Taxes and social security
4,704
2,464
Other creditors
109,044
83,441
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
15,333
5,383
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 cost charge represents contributions payable by the company to the fund and amounted to £448 (2022: £277).
Contributions totalling £179 (2022: £130) were payable to the fund at the balance sheet date and are included in other creditors.
10
Transactions with related parties
Specialist Glass Repairs Ltd is an associated company of Specialist Glass Repairs UK Ltd as both companies are controlled by the same directors and shareholders.
As at the balance sheet date, included in other debtors is an amount of £4,257 (2022: £4,257) from Specialist Glass Repairs Ltd.
As at the balance sheet date, included in other creditors is an amount of £92,709 (2022: £75,811) payable to P Wells, a director.
11
Average number of employees
During the year the average number of employees was 2 (2022: 2).