Registered number
07509288
GLAZEME LIMITED
Filleted Accounts
29 February 2024
GLAZEME LIMITED
Registered number: 07509288
Balance Sheet
as at 29 February 2024
Notes 2024 2023
Fixed assets £ £
Tangible assets 3 23,747 23,386
Current assets
Debtors 4 19,744 10,981
Cash at bank and in hand 106,895 80,941
126,639 91,922
Creditors: amounts falling due within one year 5 (22,101) (9,542)
Net current assets 104,538 82,380
Total assets less current liabilities 128,285 105,766
Provisions for liabilities (1,845) (1,845)
Net assets 126,440 103,921
Capital and reserves
Called up share capital 15 15
Profit and loss account 126,425 103,906
Shareholders' funds 126,440 103,921
Average number of employees 1 1
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T H Hudson
Director
Approved by the board on 25 November 2024
GLAZEME LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% WDV
Fixtures, fittings, tools and equipment 25%WDV
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company does not operate a pension scheme
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
2 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 23,000
Additions -
At 29 February 2024 23,000
Amortisation
At 1 March 2023 23,000
Provided during the year -
At 29 February 2024 23,000
Net book value
At 29 February 2024 -
At 28 February 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
Cost £ £ £
At 1 March 2023 10,697 55,337 66,034
Additions 8,287
At 29 February 2024 18,984 55,337 74,321
Depreciation
At 1 March 2023 9,804 32,844 42,648
Charge for the year 2,301 5,625 7,926
At 29 February 2024 12,105 38,469 50,574
Net book value
At 29 February 2024 6,879 16,868 23,747
At 28 February 2023 - 1,232 7,991 9,223
5 Debtors 2024 2023
£ £
4 Trade debtors 17,744 13,851
Other debtors 2,000 2,000
19,744 15,851
5 Creditors: amounts falling due within one year 2024 2023
£ £
5
Honda Finance -
Trade creditors 9,128 19,355
Corporation tax 13,647 15,519
Taxation and social security costs 4,094 4,002
Other creditors (4,768) 2,935
22,101 41,811
8 Controlling party
6
T H Hudson
9 Other information
7
GLAZEME LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
33 Millfields
Writtle
Chelmsford
Essex
CM1 3LP
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