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Company registration number: 01378679

Glass Bond (N.W.) Limited

Filleted Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Glass Bond (N.W.) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Glass Bond (N.W.) Limited

Company Information

Directors

Mr P J Randell

Mr R J Randell

Mr D J Randell

Mr M E Cordell

Company secretary

Mrs D Randell

Registered office

West Side
Jackson Street
St Helens
Merseyside
WA9 3AT

Accountants

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Glass Bond (N.W.) Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Glass Bond (N.W.) Limited for the year ended 29 February 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Glass Bond (N.W.) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Glass Bond (N.W.) Limited and state those matters that we have agreed to state to the Board of Directors of Glass Bond (N.W.) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glass Bond (N.W.) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Glass Bond (N.W.) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Glass Bond (N.W.) Limited. You consider that Glass Bond (N.W.) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Glass Bond (N.W.) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

25 September 2024

 

Glass Bond (N.W.) Limited

(Registration number: 01378679)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

144,071

123,331

Investments

5

3,168

3,168

 

147,239

126,499

Current assets

 

Stocks

172,947

207,031

Debtors

6

255,197

162,892

Cash at bank and in hand

 

382,666

663,537

 

810,810

1,033,460

Creditors: Amounts falling due within one year

7

(188,974)

(135,304)

Net current assets

 

621,836

898,156

Net assets

 

769,075

1,024,655

Capital and reserves

 

Called up share capital

2,436

2,561

Capital redemption reserve

1,228

1,103

Retained earnings

765,411

1,020,991

Shareholders' funds

 

769,075

1,024,655

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Glass Bond (N.W.) Limited

(Registration number: 01378679)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr M E Cordell
Director

   
     
 

Glass Bond (N.W.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
West Side
Jackson Street
St Helens
Merseyside
WA9 3AT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover comprises the fair value of the sale of goods and services net of value added tax, returns, rebates and discounts. Sales of goods are recognised when the goods leave the company premises.

Government grants

Grants are accounted for on a receivable basis. Grants related to revenue are recognised as income over the periods in which the related costs for which the grant is intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Exchange differences are taken into account in arriving at the operating profit.

 

Glass Bond (N.W.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

20% reducing balance

Fixtures, fittings & equipment

20% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

Research and development costs

Research and development expenditure is written off in the period in which it is incurred.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks

Stock comprises raw materials, packaging and finished goods. Raw materials and packaging are stated at the lower of cost and estimated selling price. Finished goods are calculated at selling price and reduced by appropriate margins to the lower of cost and net realisable value.

Leases

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

 

Glass Bond (N.W.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 21).

 

Glass Bond (N.W.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

66,655

254,572

25,551

125,763

472,541

Additions

14,651

16,025

4,182

59,397

94,255

Disposals

-

(18,363)

-

(55,750)

(74,113)

At 29 February 2024

81,306

252,234

29,733

129,410

492,683

Depreciation

At 1 March 2023

56,838

218,381

24,618

49,373

349,210

Charge for the year

4,895

7,621

1,929

26,098

40,543

Eliminated on disposal

-

(16,785)

-

(24,356)

(41,141)

At 29 February 2024

61,733

209,217

26,547

51,115

348,612

Carrying amount

At 29 February 2024

19,573

43,017

3,186

78,295

144,071

At 28 February 2023

9,817

36,191

933

76,390

123,331

5

Investments

2024
£

2023
£

Investments in subsidiaries

3,168

3,168

Subsidiaries

£

Cost or valuation

At 1 March 2023

3,168

Provision

Carrying amount

At 29 February 2024

3,168

At 28 February 2023

3,168

 

Glass Bond (N.W.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Moulding Compounds Limited

c/o Glass Bond (NW) Ltd,
West Side Industrial Estate
Jackson Street
St Helens
Merseyside
WA9 3AT

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Moulding Compounds Limited

The principal activity of Moulding Compounds Limited is the manufacture of moulding compounds.

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

112,314

83,976

Amounts owed by group undertakings

126,064

32,415

Other debtors

 

16,819

46,501

 

255,197

162,892

 

Glass Bond (N.W.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

113,279

67,731

Other creditors

75,695

67,573

188,974

135,304

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £326,183 (2023 - £49,653). These commitments represent the minimum amounts payable by the company under non-cancellable operating leases.