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REGISTERED NUMBER: 02769278 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Prentice Glass Limited

Prentice Glass Limited (Registered number: 02769278)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prentice Glass Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R Mannell
Mrs J Mannell





SECRETARY: Mrs J Mannell





REGISTERED OFFICE: Unit B
10 Waterside Way
London
SW17 OHB





REGISTERED NUMBER: 02769278 (England and Wales)





ACCOUNTANTS: Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

Prentice Glass Limited (Registered number: 02769278)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 220,830 138,125

CURRENT ASSETS
Stocks 29,172 78,145
Debtors 5 390,861 525,401
Cash at bank and in hand 136,891 122,990
556,924 726,536
CREDITORS
Amounts falling due within one year 6 244,856 392,851
NET CURRENT ASSETS 312,068 333,685
TOTAL ASSETS LESS CURRENT
LIABILITIES

532,898

471,810

CREDITORS
Amounts falling due after more than one year 7 (163,715 ) (117,363 )

PROVISIONS FOR LIABILITIES 9 (55,208 ) (34,532 )
NET ASSETS 313,975 319,915

CAPITAL AND RESERVES
Called up share capital 10 100,100 100,100
Retained earnings 11 213,875 219,815
SHAREHOLDERS' FUNDS 313,975 319,915

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Prentice Glass Limited (Registered number: 02769278)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





R Mannell - Director


Prentice Glass Limited (Registered number: 02769278)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Prentice Glass Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 10% on cost, 10% and 33% on cost and Straight line over 5 years

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Prentice Glass Limited (Registered number: 02769278)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 18 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 553,386
Additions 139,306
Disposals (43,446 )
At 31 March 2024 649,246
DEPRECIATION
At 1 April 2023 415,261
Charge for year 55,102
Eliminated on disposal (41,947 )
At 31 March 2024 428,416
NET BOOK VALUE
At 31 March 2024 220,830
At 31 March 2023 138,125

Prentice Glass Limited (Registered number: 02769278)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 262,024
Additions 131,173
Disposals (43,446 )
At 31 March 2024 349,751
DEPRECIATION
At 1 April 2023 75,262
Charge for year 38,264
Eliminated on disposal (41,947 )
At 31 March 2024 71,579
NET BOOK VALUE
At 31 March 2024 278,172
At 31 March 2023 186,762

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 155,733 239,516
Amounts owed by group undertakings 223,253 272,340
Other debtors 11,875 13,545
390,861 525,401

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

The invoice discounting liabilities amounting to £61,546 (2023: £145,374) are included in other creditors and the bank loan and overdraft are secured by a fixed and floating charge over the assets of the company and its holding company, RA Prentice & Company Limited.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£    £   
Bank loans 36,060 66,970
Hire purchase contracts (see note 8) 127,655 50,393
163,715 117,363

Prentice Glass Limited (Registered number: 02769278)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31/3/24 31/3/23
£    £   
Net obligations repayable:
Within one year 37,068 15,284
Between one and five years 127,655 50,393
164,723 65,677

9. PROVISIONS FOR LIABILITIES
31/3/24 31/3/23
£    £   
Deferred tax 55,208 34,532

Deferred
tax
£   
Balance at 1 April 2023 34,532
Charge to Income Statement during year 20,676
Balance at 31 March 2024 55,208

10. CALLED UP SHARE CAPITAL

The preference shares have no voting rights and are redeemable solely at the option of the company.

11. RESERVES
Retained
earnings
£   

At 1 April 2023 219,815
Deficit for the year (5,940 )
At 31 March 2024 213,875

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party and parent company is RA Prentice & Company Limited, a company registered in England and Wales.