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REGISTERED NUMBER: 03042266 (England and Wales)



















ABBEY GLASS (DERBY) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






ABBEY GLASS (DERBY) LIMITED (REGISTERED NUMBER: 03042266)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


ABBEY GLASS (DERBY) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr J N Osborne
Mr M R Osborne
Mr G Batchelor
Mr S G Law



SECRETARY: Mr M R Osborne



REGISTERED OFFICE: Wetherby Road
Ascot Drive
DERBY
Derbyshire
DE24 8HL



REGISTERED NUMBER: 03042266 (England and Wales)



ACCOUNTANTS: Johnson Tidsall Limited
Chartered Accountants
81 Burton Road
Derby
Derbyshire
DE1 1TJ



BANKERS: Barclays Bank Plc
P O Box 493
Corporate Business Centre
Sir Frank Whittle Road
Derby
Derbyshire
DE1 9UU

ABBEY GLASS (DERBY) LIMITED (REGISTERED NUMBER: 03042266)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 664,597 759,957
Investments 5 26,000 26,000
690,597 785,957

CURRENT ASSETS
Stocks 6 287,542 352,404
Debtors 7 660,470 834,844
Cash at bank and in hand 607,841 323,655
1,555,853 1,510,903
CREDITORS
Amounts falling due within one year 8 968,280 971,557
NET CURRENT ASSETS 587,573 539,346
TOTAL ASSETS LESS CURRENT LIABILITIES 1,278,170 1,325,303

CREDITORS
Amounts falling due after more than one year 9 (146,490 ) (271,643 )

PROVISIONS FOR LIABILITIES (75,096 ) (96,563 )
NET ASSETS 1,056,584 957,097

CAPITAL AND RESERVES
Called up share capital 11 43,434 43,434
Share premium 644 644
Revaluation reserve 12 191,869 195,503
Capital redemption reserve 59,782 59,782
Retained earnings 760,855 657,734
SHAREHOLDERS' FUNDS 1,056,584 957,097

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

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

ABBEY GLASS (DERBY) LIMITED (REGISTERED NUMBER: 03042266)

BALANCE SHEET - continued
31 MAY 2024


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

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 1 November 2024 and were signed on its behalf by:





Mr J N Osborne - Director


ABBEY GLASS (DERBY) LIMITED (REGISTERED NUMBER: 03042266)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Abbey Glass (Derby) Limited is a private company, limited by shares , registered in England and Wales. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost or deemed cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.


ABBEY GLASS (DERBY) LIMITED (REGISTERED NUMBER: 03042266)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 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 balance sheet 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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2023 - 56 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 June 2023 535,195 550,614 165,289
Additions - 25,822 -
At 31 May 2024 535,195 576,436 165,289
DEPRECIATION
At 1 June 2023 150,395 374,211 121,840
Charge for year 9,620 48,348 5,747
At 31 May 2024 160,015 422,559 127,587
NET BOOK VALUE
At 31 May 2024 375,180 153,877 37,702
At 31 May 2023 384,800 176,403 43,449

ABBEY GLASS (DERBY) LIMITED (REGISTERED NUMBER: 03042266)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 322,815 99,269 1,673,182
Additions - - 25,822
At 31 May 2024 322,815 99,269 1,699,004
DEPRECIATION
At 1 June 2023 171,852 94,927 913,225
Charge for year 53,340 4,127 121,182
At 31 May 2024 225,192 99,054 1,034,407
NET BOOK VALUE
At 31 May 2024 97,623 215 664,597
At 31 May 2023 150,963 4,342 759,957

If the leasehold property had not been revalued it would have been included at the following historical cost:

20242023
£ £
Cost335,195335,195
Aggregate depreciation151,884145,898


Leasehold property was valued on an open market basis on 31 May 2024 by the directors.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 26,000
NET BOOK VALUE
At 31 May 2024 26,000
At 31 May 2023 26,000

ABBEY GLASS (DERBY) LIMITED (REGISTERED NUMBER: 03042266)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. STOCKS
2024 2023
£    £   
Stocks 287,542 352,404

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 631,233 799,312
Other debtors 2,444 196
Prepayments and accrued income 26,793 35,336
660,470 834,844

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,000 57,000
Hire purchase contracts 82,153 86,474
Trade creditors 549,599 598,557
Amounts owed to group undertakings 26,000 26,000
Corporation tax 62,483 -
Social security and other taxes 57,225 46,362
VAT 61,940 60,462
Other creditors 14,718 22,650
Accruals and deferred income 64,162 74,052
968,280 971,557

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 58,408 60,000
Bank loans - 2-5 years - 41,408
Hire purchase contracts 88,082 170,235
146,490 271,643

ABBEY GLASS (DERBY) LIMITED (REGISTERED NUMBER: 03042266)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 108,408 158,408
Hire purchase contracts 170,235 256,709
278,643 415,117

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
43,434 Ordinary £1 43,434 43,434

12. RESERVES
Revaluation
reserve
£   
At 1 June 2023 195,503
Transfer (3,634 )

At 31 May 2024 191,869