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Company Registration No. NI687562 (Northern Ireland)
Cowan All Purpose Glass Ltd Unaudited accounts for the year ended 31 March 2024
Cowan All Purpose Glass Ltd Unaudited accounts Contents
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Cowan All Purpose Glass Ltd Company Information for the year ended 31 March 2024
Director
Alan Cowan
Company Number
NI687562 (Northern Ireland)
Registered Office
The Glass Works Skeoge Industrial Estate Beraghmore Road Derry BT48 8SE United Kingdom
Accountants
Satori Accounting 11 Orchard Business Park Pennyburn Industrial Estate Derry Northern Ireland BT48 0LU
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Cowan All Purpose Glass Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
13,122 
15,300 
Current assets
Inventories
19,000 
20,000 
Debtors
46,956 
50,937 
Cash at bank and in hand
17,973 
18,741 
83,929 
89,678 
Creditors: amounts falling due within one year
(33,125)
(35,828)
Net current assets
50,804 
53,850 
Total assets less current liabilities
63,926 
69,150 
Creditors: amounts falling due after more than one year
(80,966)
(80,371)
Net liabilities
(17,040)
(11,221)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(17,140)
(11,321)
Shareholders' funds
(17,040)
(11,221)
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 November 2024 and were signed on its behalf by
Alan Cowan Director Company Registration No. NI687562
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Cowan All Purpose Glass Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Cowan All Purpose Glass Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI687562. The registered office is The Glass Works, Skeoge Industrial Estate, Beraghmore Road, Derry, BT48 8SE, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Inventories
Inventories have been valued by the director at the lower of cost and estimated selling price less costs to complete and sell.
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.
Going concern
The company incurred a loss in its first trading period and there is an excess of liabilities over assets at the year-end date. The company is supported by the director, who has injected funds by way of personal and family loans. There are no plans to withdraw these funds for the foreseeable future. The accounts are therefore prepared on the going concern basis.
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Cowan All Purpose Glass Ltd Notes to the Accounts for the year ended 31 March 2024
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2023
18,000 
- 
18,000 
Additions
- 
1,446 
1,446 
At 31 March 2024
18,000 
1,446 
19,446 
Depreciation
At 1 April 2023
2,700 
- 
2,700 
Charge for the year
3,600 
24 
3,624 
At 31 March 2024
6,300 
24 
6,324 
Net book value
At 31 March 2024
11,700 
1,422 
13,122 
At 31 March 2023
15,300 
- 
15,300 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
46,219 
50,459 
Accrued income and prepayments
291 
225 
Other debtors
446 
253 
46,956 
50,937 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
20,686 
23,965 
Trade creditors
7,908 
9,132 
Taxes and social security
2,183 
416 
Other creditors
31 
- 
Accruals
2,317 
2,315 
33,125 
35,828 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Loans from directors
80,966 
80,371 
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Cowan All Purpose Glass Ltd Notes to the Accounts for the year ended 31 March 2024
8
Transactions with related parties
The following transactions arose between the company and the director during this accounting period: - payments made by director = 2,058 - repayments to director = 1,463 The amount owed to the director at the year-end date was 80,966. This is included at note 7. No interest is being charged on these loans.
9
Average number of employees
During the year the average number of employees was 7 (2023: 5).
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