Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr M F Thomas Mr P M Thomas 01/10/2019 Mr R G Thomas 01/10/2019 09 September 2024 The principal activities of the Company are that of glass/glazing sales and window/conservatory installations. 01125982 2024-03-31 01125982 bus:Director2 2024-03-31 01125982 bus:Director3 2024-03-31 01125982 2023-03-31 01125982 core:CurrentFinancialInstruments 2024-03-31 01125982 core:CurrentFinancialInstruments 2023-03-31 01125982 core:Non-currentFinancialInstruments 2024-03-31 01125982 core:Non-currentFinancialInstruments 2023-03-31 01125982 core:ShareCapital 2024-03-31 01125982 core:ShareCapital 2023-03-31 01125982 core:CapitalRedemptionReserve 2024-03-31 01125982 core:CapitalRedemptionReserve 2023-03-31 01125982 core:RetainedEarningsAccumulatedLosses 2024-03-31 01125982 core:RetainedEarningsAccumulatedLosses 2023-03-31 01125982 core:Vehicles 2023-03-31 01125982 core:OfficeEquipment 2023-03-31 01125982 core:Vehicles 2024-03-31 01125982 core:OfficeEquipment 2024-03-31 01125982 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2024-03-31 01125982 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-03-31 01125982 bus:OrdinaryShareClass1 2024-03-31 01125982 2023-04-01 2024-03-31 01125982 bus:FilletedAccounts 2023-04-01 2024-03-31 01125982 bus:SmallEntities 2023-04-01 2024-03-31 01125982 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01125982 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01125982 bus:Director1 2023-04-01 2024-03-31 01125982 bus:Director2 2023-04-01 2024-03-31 01125982 bus:Director3 2023-04-01 2024-03-31 01125982 core:Vehicles 2023-04-01 2024-03-31 01125982 core:OfficeEquipment 2023-04-01 2024-03-31 01125982 2022-04-01 2023-03-31 01125982 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 01125982 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 01125982 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01125982 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01125982 (England and Wales)

PRICE GLASS & GLAZING (AVON) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

PRICE GLASS & GLAZING (AVON) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PRICE GLASS & GLAZING (AVON) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
PRICE GLASS & GLAZING (AVON) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 74,879 98,884
74,879 98,884
Current assets
Stocks 39,730 46,299
Debtors 4 18,517 28,372
Cash at bank and in hand 170,352 146,819
228,599 221,490
Creditors: amounts falling due within one year 5 ( 141,686) ( 171,077)
Net current assets 86,913 50,413
Total assets less current liabilities 161,792 149,297
Creditors: amounts falling due after more than one year 6 0 ( 719)
Provision for liabilities ( 18,519) ( 24,520)
Net assets 143,273 124,058
Capital and reserves
Called-up share capital 7 86 86
Capital redemption reserve 105 105
Profit and loss account 143,082 123,867
Total shareholder's funds 143,273 124,058

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Price Glass & Glazing (Avon) Limited (registered number: 01125982) were approved and authorised for issue by the Board of Directors on 09 September 2024. They were signed on its behalf by:

Mr M F Thomas
Director
PRICE GLASS & GLAZING (AVON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PRICE GLASS & GLAZING (AVON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Price Glass & Glazing (Avon) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is 4-6 Ashley Down Road, Bristol, BS7 9JW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 12

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 April 2023 156,882 65,598 222,480
At 31 March 2024 156,882 65,598 222,480
Accumulated depreciation
At 01 April 2023 72,343 51,253 123,596
Charge for the financial year 21,135 2,870 24,005
At 31 March 2024 93,478 54,123 147,601
Net book value
At 31 March 2024 63,404 11,475 74,879
At 31 March 2023 84,539 14,345 98,884

4. Debtors

2024 2023
£ £
Trade debtors 8,450 20,134
Amounts owed by Group undertakings 0 5,200
Prepayments 10,067 3,038
18,517 28,372

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 46,779 84,243
Amounts owed to own subsidiaries 23,285 0
Amounts owed to directors 3,108 7,047
Accruals 2,691 2,291
Corporation tax 30,028 0
Other taxation and social security 32,593 36,271
Obligations under finance leases and hire purchase contracts (secured) 0 4,312
Other creditors 3,202 36,913
141,686 171,077

Obligations under finance lease and hire purchase contracts are secured on the assets held under the agreements. These were fully repaid in the year.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 0 719

Obligations under finance lease and hire purchase contracts are secured on the assets held under the agreements. These were fully repaid in the year.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
86 Ordinary shares of £ 1.00 each 86 86

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amount owed to the directors 3,108 7,047

The loan is interest free and has no fixed date for repayment.

During the year the company paid dividends of £53,002 (2023: £53,002) to its holding company.