Change Glazing and Locks Limited 10616201 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is the supply and repair of glazing and locks together with plumbing services Digita Accounts Production Advanced 6.30.9574.0 true 10616201 2023-03-01 2024-02-29 10616201 2024-02-29 10616201 core:CurrentFinancialInstruments 2024-02-29 10616201 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 10616201 core:Non-currentFinancialInstruments 2024-02-29 10616201 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 10616201 core:FurnitureFittingsToolsEquipment 2024-02-29 10616201 core:MotorVehicles 2024-02-29 10616201 core:OtherPropertyPlantEquipment 2024-02-29 10616201 bus:SmallEntities 2023-03-01 2024-02-29 10616201 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 10616201 bus:FilletedAccounts 2023-03-01 2024-02-29 10616201 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 10616201 bus:RegisteredOffice 2023-03-01 2024-02-29 10616201 bus:Director1 2023-03-01 2024-02-29 10616201 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10616201 bus:Agent1 2023-03-01 2024-02-29 10616201 core:ComputerEquipment 2023-03-01 2024-02-29 10616201 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 10616201 core:MotorVehicles 2023-03-01 2024-02-29 10616201 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 10616201 core:ToolsEquipment 2023-03-01 2024-02-29 10616201 countries:England 2023-03-01 2024-02-29 10616201 2023-02-28 10616201 core:FurnitureFittingsToolsEquipment 2023-02-28 10616201 core:MotorVehicles 2023-02-28 10616201 core:OtherPropertyPlantEquipment 2023-02-28 10616201 2022-03-01 2023-02-28 10616201 2023-02-28 10616201 core:CurrentFinancialInstruments 2023-02-28 10616201 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 10616201 core:Non-currentFinancialInstruments 2023-02-28 10616201 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 10616201 core:FurnitureFittingsToolsEquipment 2023-02-28 10616201 core:MotorVehicles 2023-02-28 10616201 core:OtherPropertyPlantEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 10616201

Change Glazing and Locks Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Change Glazing and Locks Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Change Glazing and Locks Limited

Company Information

Director

JS Fearnley

Registered office

Unit 5
The Mill
29 Bury New Road
Breightmet
Bolton
BL2 6QE

Bankers

Santander
Bridle Road
Bootle
Merseyside
L30 4GB

Accountants

McKellens Ltd
Chartered Accountants
11 Riverview
The Embankment Business Park
Vale Road
Heaton Mersey
Stockport
SK4 3GN

 

Change Glazing and Locks Limited

(Registration number: 10616201)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

23,750

31,787

Current assets

 

Stocks

5

7,000

2,617

Debtors

6

52,287

38,528

Cash at bank and in hand

 

69,337

63,318

 

128,624

104,463

Creditors: Amounts falling due within one year

7

(99,565)

(83,658)

Net current assets

 

29,059

20,805

Total assets less current liabilities

 

52,809

52,592

Creditors: Amounts falling due after more than one year

7

(11,328)

(21,136)

Provisions for liabilities

(4,513)

(6,040)

Net assets

 

36,968

25,416

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

6,485

6,485

Retained earnings

30,383

18,831

Shareholders' funds

 

36,968

25,416

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 November 2024

.........................................
JS Fearnley
Director

   
     
 

Change Glazing and Locks Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 5
The Mill
29 Bury New Road
Breightmet
Bolton
BL2 6QE

These financial statements were authorised for issue by the director on 29 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Change Glazing and Locks Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on a reducing balance basis

Computer equipment

33% on a reducing balance basis

Tools and equipment

25% on a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Change Glazing and Locks Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 11).

 

Change Glazing and Locks Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

3,476

40,967

6,389

50,832

Additions

69

-

666

735

Disposals

-

(3,800)

-

(3,800)

At 29 February 2024

3,545

37,167

7,055

47,767

Depreciation

At 1 March 2023

2,539

11,683

4,823

19,045

Charge for the year

240

7,321

535

8,096

Eliminated on disposal

-

(3,124)

-

(3,124)

At 29 February 2024

2,779

15,880

5,358

24,017

Carrying amount

At 29 February 2024

766

21,287

1,697

23,750

At 28 February 2023

937

29,284

1,566

31,787

5

Stocks

2024
£

2023
£

Raw materials and consumables

7,000

2,617

6

Debtors

Current

2024
£

2023
£

Trade debtors

42,289

29,684

Prepayments

3,211

2,919

Other debtors

6,787

5,925

 

52,287

38,528

 

Change Glazing and Locks Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,614

10,849

Trade creditors

 

50,182

43,269

Taxation and social security

 

17,252

12,283

Accruals and deferred income

 

7,266

6,606

Other creditors

 

14,251

10,651

 

99,565

83,658

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

11,328

21,136

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,328

21,136

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,614

10,849