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
Cowan All Purpose Glass Ltd
Company Information
for the year ended 31 March 2024
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
Cowan All Purpose Glass Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
13,122
15,300
Cash at bank and in hand
17,973
18,741
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)
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
Cowan All Purpose Glass Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 have been valued by the director at the lower of cost and estimated selling price less costs to complete and sell.
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.
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.
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
At 31 March 2024
18,000
1,446
19,446
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
At 31 March 2024
11,700
1,422
13,122
At 31 March 2023
15,300
-
15,300
Amounts falling due within one year
Trade debtors
46,219
50,459
Accrued income and prepayments
291
225
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
7,908
9,132
Taxes and social security
2,183
416
7
Creditors: amounts falling due after more than one year
2024
2023
Loans from directors
80,966
80,371
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).