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REGISTERED NUMBER: SC556267 (Scotland)















Financial Statements For The Year Ended 31 January 2024

for

AS Glass And Stainless Ltd

AS Glass And Stainless Ltd (Registered number: SC556267)






Contents of the Financial Statements
For The Year Ended 31 January 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


AS Glass And Stainless Ltd

Company Information
For The Year Ended 31 January 2024







DIRECTORS: S C Torrance
J Torrance





REGISTERED OFFICE: 52 Beechwood Drive
Glasgow
G11 7EX





REGISTERED NUMBER: SC556267 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

AS Glass And Stainless Ltd (Registered number: SC556267)

Abridged Statement of Financial Position
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,108 -
Tangible assets 5 17,078 23,186
19,186 23,186

CURRENT ASSETS
Stocks 79,670 78,680
Debtors 282,613 254,978
Cash at bank and in hand 74,423 4,615
436,706 338,273
CREDITORS
Amounts falling due within one year 367,159 295,888
NET CURRENT ASSETS 69,547 42,385
TOTAL ASSETS LESS CURRENT
LIABILITIES

88,733

65,571

CREDITORS
Amounts falling due after more than one
year

6

83,236

61,277
NET ASSETS 5,497 4,294

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 5,496 4,293
SHAREHOLDERS' FUNDS 5,497 4,294

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

AS Glass And Stainless Ltd (Registered number: SC556267)

Abridged Statement of Financial Position - continued
31 January 2024


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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





S C Torrance - Director


AS Glass And Stainless Ltd (Registered number: SC556267)

Notes to the Financial Statements
For The Year Ended 31 January 2024

1. STATUTORY INFORMATION

AS Glass And Stainless Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixed plant and equipment - 33.33% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 statement of financial position date.

AS Glass And Stainless Ltd (Registered number: SC556267)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
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.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023 1,950
Additions 2,300
At 31 January 2024 4,250
AMORTISATION
At 1 February 2023 1,950
Amortisation for year 192
At 31 January 2024 2,142
NET BOOK VALUE

At 31 January 2024 2,108
At 31 January 2023 -

AS Glass And Stainless Ltd (Registered number: SC556267)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023
and 31 January 2024 40,609
DEPRECIATION
At 1 February 2023 17,423
Charge for year 6,108
At 31 January 2024 23,531
NET BOOK VALUE
At 31 January 2024 17,078
At 31 January 2023 23,186

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 822 -

7. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 23,696 5,132
Between one and five years - 23,696
23,696 28,828

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
S C Torrance
Balance outstanding at start of year 163,919 125,734
Amounts advanced 100,795 104,980
Amounts repaid (60,000 ) (66,795 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 204,714 163,919

AS Glass And Stainless Ltd (Registered number: SC556267)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

9. RELATED PARTY DISCLOSURES

Included within trade creditors as at 31 January 2024 is an amount of £5,400 (2023: £3,600) due to Arcweld
(Property) Ltd; £131,604 (2023: £109,952) due to UK Structural Systems Ltd, companies which are owned and
controlled by close family members. These amounts are unsecured, interest free and repayable upon demand.