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COMPANY REGISTRATION NUMBER: 05705672
ULTIMATE GLASS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 February 2024
ULTIMATE GLASS LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
17,258
11,268
CURRENT ASSETS
Stocks
30,500
40,250
Debtors
7
59,083
62,390
Cash at bank and in hand
9,326
16,097
--------
---------
98,909
118,737
CREDITORS: amounts falling due within one year
8
( 82,472)
( 97,835)
--------
---------
NET CURRENT ASSETS
16,437
20,902
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
33,695
32,170
CREDITORS: amounts falling due after more than one year
9
( 5,333)
( 9,333)
--------
--------
NET ASSETS
28,362
22,837
--------
--------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
28,262
22,737
--------
--------
SHAREHOLDERS FUNDS
28,362
22,837
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ULTIMATE GLASS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
A Ryan
Director
Company registration number: 05705672
ULTIMATE GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 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 Bradford Road, Tingley, Wakefield, WF3 1JZ, England.
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 . The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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:
Fixtures, fittings and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% 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.
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 and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit .
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. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 7 (2023: 9 ).
5. TAX ON PROFIT/(LOSS)
Major components of tax income
2024
2023
£
£
Current tax:
Corporation tax refund
( 6,036)
----
-------
Tax on profit/(loss)
( 6,036)
----
-------
6. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2023
32,566
9,995
2,239
44,800
Additions
12,000
12,000
Disposals
( 9,995)
( 9,995)
--------
--------
-------
--------
At 28 February 2024
32,566
12,000
2,239
46,805
--------
--------
-------
--------
Depreciation
At 1 March 2023
23,162
8,661
1,709
33,532
Charge for the year
1,411
3,000
265
4,676
Disposals
( 8,661)
( 8,661)
--------
--------
-------
--------
At 28 February 2024
24,573
3,000
1,974
29,547
--------
--------
-------
--------
Carrying amount
At 28 February 2024
7,993
9,000
265
17,258
--------
--------
-------
--------
At 28 February 2023
9,404
1,334
530
11,268
--------
--------
-------
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
54,271
56,354
Other debtors
4,812
6,036
--------
--------
59,083
62,390
--------
--------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,000
4,000
Trade creditors
59,568
81,763
Social security and other taxes
14,071
9,955
Other creditors
4,833
2,117
--------
--------
82,472
97,835
--------
--------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,333
9,333
-------
-------