Discount Glass (Hull) Limited 05441483 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Manufacture of other plastic products, Painting, Glazing Digita Accounts Production Advanced 6.30.9574.0 true 05441483 2023-01-01 2023-12-31 05441483 2023-12-31 05441483 core:CurrentFinancialInstruments 2023-12-31 05441483 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05441483 core:Non-currentFinancialInstruments 2023-12-31 05441483 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05441483 core:FurnitureFittingsToolsEquipment 2023-12-31 05441483 core:MotorVehicles 2023-12-31 05441483 bus:SmallEntities 2023-01-01 2023-12-31 05441483 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05441483 bus:FilletedAccounts 2023-01-01 2023-12-31 05441483 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05441483 bus:RegisteredOffice 2023-01-01 2023-12-31 05441483 bus:CompanySecretary1 2023-01-01 2023-12-31 05441483 bus:Director1 2023-01-01 2023-12-31 05441483 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05441483 core:FurnitureFittings 2023-01-01 2023-12-31 05441483 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05441483 core:MotorVehicles 2023-01-01 2023-12-31 05441483 core:PlantMachinery 2023-01-01 2023-12-31 05441483 countries:AllCountries 2023-01-01 2023-12-31 05441483 2022-12-31 05441483 core:FurnitureFittingsToolsEquipment 2022-12-31 05441483 core:MotorVehicles 2022-12-31 05441483 2022-01-01 2022-12-31 05441483 2022-12-31 05441483 core:CurrentFinancialInstruments 2022-12-31 05441483 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05441483 core:Non-currentFinancialInstruments 2022-12-31 05441483 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05441483 core:FurnitureFittingsToolsEquipment 2022-12-31 05441483 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 05441483

Discount Glass (Hull) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Discount Glass (Hull) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Discount Glass (Hull) Limited

Company Information

Director

D Welsh

Company secretary

J M Welsh

Registered office

1-3 Grosvenor Street
Wellington Lane
Beverley Road
Hull
East Yorkshire
HU3 1RU

 

Discount Glass (Hull) Limited

(Registration number: 05441483)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

25,776

32,740

Current assets

 

Stocks

5

16,500

16,500

Debtors

6

140,445

197,995

Cash at bank and in hand

 

136,084

135,266

 

293,029

349,761

Creditors: Amounts falling due within one year

7

(80,103)

(123,462)

Net current assets

 

212,926

226,299

Total assets less current liabilities

 

238,702

259,039

Creditors: Amounts falling due after more than one year

7

(11,845)

(19,957)

Provisions for liabilities

(4,897)

(6,221)

Net assets

 

221,960

232,861

Capital and reserves

 

Called up share capital

2

2

Retained earnings

221,958

232,859

Shareholders' funds

 

221,960

232,861

For the financial 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.

Director's 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 Director acknowledges his 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 Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 

.........................................
D Welsh
Director

 

Discount Glass (Hull) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 05441483.

The address of its registered office is:
1-3 Grosvenor Street
Wellington Lane
Beverley Road
Hull
East Yorkshire
HU3 1RU

These financial statements were authorised for issue by the director on 25 September 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover arises from the sale of glass and double glazed units. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the sale of goods in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is when the goods are delivered to the customer.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met of each of the companies activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

Discount Glass (Hull) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing balance and 15% On cost

Fixtures and fittings

15% Reducing balance

Motor vehicles

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of glass and double glazed units and the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Discount Glass (Hull) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 7 (2022 - 7).

 

Discount Glass (Hull) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

78,817

35,098

113,915

Additions

291

-

291

At 31 December 2023

79,108

35,098

114,206

Depreciation

At 1 January 2023

69,477

11,698

81,175

Charge for the year

1,405

5,850

7,255

At 31 December 2023

70,882

17,548

88,430

Carrying amount

At 31 December 2023

8,226

17,550

25,776

At 31 December 2022

9,340

23,400

32,740

5

Stocks

2023
£

2022
£

Work in progress

10,750

6,700

Other inventories

5,750

9,800

16,500

16,500

6

Debtors

2023
£

2022
£

Trade debtors

140,445

197,995

140,445

197,995

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

15,893

23,683

Trade creditors

 

48,526

60,776

Taxation and social security

 

11,917

35,428

Accruals and deferred income

 

3,767

3,575

 

80,103

123,462

 

Discount Glass (Hull) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

11,845

19,957

Current loans and borrowings

2023
£

2022
£

Bank borrowings

8,074

7,864

Other borrowings

7,819

15,819

15,893

23,683

Other transactions with the Director

At the year end the company owed the director £7,819 (2022: £15,819). Loans made to the company by the director are unsecured, interest free and repayable on demand.

Other borrowings include unsecured loans to directors. Bank borrowings relate to unsecured bounce back loans.