Company registration number:
Glass Bond (N.W.) Limited
for the Year Ended 29 February 2024
Glass Bond (N.W.) Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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 |
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Accountants |
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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.
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Chartered Certified Accountants
St. Helens
Merseyside
WA9 1UA
Glass Bond (N.W.) Limited
(Registration number: 01378679)
Balance Sheet as at 29 February 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Glass Bond (N.W.) Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Glass Bond (N.W.) Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Computer equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions |
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Disposals |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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Eliminated on disposal |
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- |
( |
( |
At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 March 2023 |
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Provision |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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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 |
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2023 |
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Subsidiary undertakings |
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c/o Glass Bond (NW) Ltd,
England and Wales |
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Subsidiary undertakings |
Moulding Compounds Limited The principal activity of Moulding Compounds Limited is |
Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Glass Bond (N.W.) Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Other creditors |
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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 £