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COMPANY REGISTRATION NUMBER: 12392588
Modern Glazing Limited
Filleted Unaudited Financial Statements
31 January 2024
Modern Glazing Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Modern Glazing Limited
Balance Sheet
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
128,055
116,176
Current assets
Stocks
65,575
79,744
Debtors
7
156,576
39,422
Cash at bank and in hand
250,363
266,186
---------
---------
472,514
385,352
Creditors: amounts falling due within one year
8
( 220,752)
( 186,343)
---------
---------
Net current assets
251,762
199,009
---------
---------
Total assets less current liabilities
379,817
315,185
Creditors: amounts falling due after more than one year
9
( 39,094)
( 52,290)
Provisions
Taxation including deferred tax
( 27,379)
( 27,088)
---------
---------
Net assets
313,344
235,807
---------
---------
Modern Glazing Limited
Balance Sheet (continued)
31 January 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
313,244
235,707
---------
---------
Shareholders funds
313,344
235,807
---------
---------
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 profit and loss account has not been delivered.
For the year ending 31 January 2024 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 April 2024 , and are signed on behalf of the board by:
Mr J A Mann
Director
Company registration number: 12392588
Modern Glazing Limited
Notes to the Financial Statements
Year ended 31 January 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 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
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 and 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, stated net of discounts and of Value Added Tax. The company recognises revenue when windows and doors are delivered or installation completed on site.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Short leasehold property
-
10% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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. Other operating income
Other operating income is income received from grants.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 7 ).
6. Tangible assets
Short leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
17,488
113,918
15,918
1,233
148,557
Additions
588
15,313
34,036
779
50,716
Disposals
( 3,000)
( 3,000)
--------
---------
--------
-------
---------
At 31 January 2024
18,076
129,231
46,954
2,012
196,273
--------
---------
--------
-------
---------
Depreciation
At 1 February 2023
3,999
19,676
7,779
927
32,381
Charge for the year
1,808
30,178
4,613
457
37,056
Disposals
( 1,219)
( 1,219)
--------
---------
--------
-------
---------
At 31 January 2024
5,807
49,854
11,173
1,384
68,218
--------
---------
--------
-------
---------
Carrying amount
At 31 January 2024
12,269
79,377
35,781
628
128,055
--------
---------
--------
-------
---------
At 31 January 2023
13,489
94,242
8,139
306
116,176
--------
---------
--------
-------
---------
7. Debtors
2024
2023
£
£
Trade debtors
40,082
21,291
Other debtors
116,494
18,131
---------
--------
156,576
39,422
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
102,705
104,044
Corporation tax
24,880
16,576
Social security and other taxes
6,135
8,308
Other creditors
87,032
57,415
---------
---------
220,752
186,343
---------
---------
Included in other creditors is £13,196 (2023: £11,802) which is secured on the assets of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
39,094
52,290
--------
--------
Included in other creditors is £39,094 (2023: £52,290) which is secured on the assets of the company.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
29,004
Later than 1 year and not later than 5 years
94,263
3,500
---------
-------
123,267
3,500
---------
-------
11. Director's advances, credits and guarantees
During the year, the director had an interest-free, repayable on demand loan with the company. At the start of the year the director was owed £7,302, and at the end of the year the director was owed £7,302.
12. Related party transactions
During the year the company benefitted from a loan from James Mann Construction Limited, a company controlled by the director. At the start of the year the company owed £29,295 and at the end of the year the company owed £21,432 to James Mann Construction Limited. The loan is interest free and repayable on demand. Modern Glazing Limited made sales of £4,448 (2023: £114,474) to James Mann Construction Limited during the year. During the year the company provided a loan to M & M Commercial Properties Limited, a company a director has an interest in. At the start of the year this company was owed £0 and at the end of the year the company was owed £100,000. The loan is interest free and repayable on demand. The company has provided an omnibus guarantee and set-off agreement to its bankers to secure liabilities owed to the bank by this company, by James Mann Construction Limited and by M & M Commercial Properties Limited.