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COMPANY REGISTRATION NUMBER: 08363517
LEADBITTER GLASS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
LEADBITTER GLASS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
5,715
7,904
CURRENT ASSETS
Stocks
4,078
4,535
Debtors
7
2,858
608
Cash at bank and in hand
37,261
64,953
--------
--------
44,197
70,096
CREDITORS: amounts falling due within one year
8
38,291
46,422
--------
--------
NET CURRENT ASSETS
5,906
23,674
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
11,621
31,578
CREDITORS: amounts falling due after more than one year
9
12,921
22,978
--------
--------
NET (LIABILITIES)/ASSETS
( 1,300)
8,600
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
1
1
Profit and loss account
( 1,301)
8,599
-------
-------
SHAREHOLDERS (DEFICIT)/FUNDS
( 1,300)
8,600
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LEADBITTER GLASS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
Mr F E Leadbitter
Director
Company registration number: 08363517
LEADBITTER GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Alexander Court Flemming Road, Earlstrees Industrial Estate, Corby, Northamptonshire, NN17 4SW.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Is fully depreciated
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
20% reducing balance
Office equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
20,000
--------
Amortisation
At 1 April 2023 and 31 March 2024
20,000
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
6. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
21,154
15,000
2,415
38,569
--------
--------
-------
--------
Depreciation
At 1 April 2023
15,804
13,584
1,277
30,665
Charge for the year
1,337
283
569
2,189
--------
--------
-------
--------
At 31 March 2024
17,141
13,867
1,846
32,854
--------
--------
-------
--------
Carrying amount
At 31 March 2024
4,013
1,133
569
5,715
--------
--------
-------
--------
At 31 March 2023
5,350
1,416
1,138
7,904
--------
--------
-------
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
2,858
608
-------
----
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,337
10,213
Trade creditors
2,274
5,126
Corporation tax
5,269
11,213
Social security and other taxes
8,083
8,370
Other creditors
12,328
11,500
--------
--------
38,291
46,422
--------
--------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,921
22,978
--------
--------
10. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: The director has advanced monies to the company. At 31 March 2024 the amount due from the company was £10,728 (2023 - £10,000).