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COMPANY REGISTRATION NUMBER: 10055500
A14 Glass Rooms Limited
Filleted Unaudited Financial Statements
31 March 2024
A14 Glass Rooms Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
A14 Glass Rooms Limited
Officers and Professional Advisers
The board of directors
Mr J Greenaway
Mr V Guidera
Registered office
10 Canberra House
Corbygate Business Park
Corby
Northamptonshire
England
NN17 5JG
Accountants
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
A14 Glass Rooms Limited
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of A14 Glass Rooms Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A14 Glass Rooms Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of A14 Glass Rooms Limited, as a body, in accordance with the terms of our engagement letter dated 25 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of A14 Glass Rooms Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A14 Glass Rooms Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that A14 Glass Rooms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A14 Glass Rooms Limited. You consider that A14 Glass Rooms Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of A14 Glass Rooms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A Plus Accountants Limited Accountants
10 Canberra House Corbygate Business Park Corby Northants NN17 5JG
21 November 2024
A14 Glass Rooms Limited
Statement of Financial Position
31 March 2024
2024
2023
(restated)
Note
£
£
Fixed assets
Tangible assets
4
71,198
66,674
Current assets
Stocks
110,657
120,723
Debtors
5
72,788
77,353
Cash at bank and in hand
64,367
110,692
---------
---------
247,812
308,768
Creditors: amounts falling due within one year
6
324,480
301,409
---------
---------
Net current (liabilities)/assets
( 76,668)
7,359
--------
--------
Total assets less current liabilities
( 5,470)
74,033
Creditors: amounts falling due after more than one year
7
16,572
36,131
Provisions
Taxation including deferred tax
10,857
8,810
--------
--------
Net (liabilities)/assets
( 32,899)
29,092
--------
--------
Capital and reserves
Called up share capital
5
3
Profit and loss account
( 32,904)
29,089
--------
--------
Shareholders (deficit)/funds
( 32,899)
29,092
--------
--------
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 comprehensive income has not been delivered.
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.
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 .
A14 Glass Rooms Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
Mr J Greenaway
Director
Company registration number: 10055500
A14 Glass Rooms Limited
Notes to the Financial Statements
Year ended 31 March 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 10 Canberra House, Corbygate Business Park, Corby, Northamptonshire, NN17 5JG, England.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company encountered challenging trading conditions at the start of the year. However, from August onwards the building environment improved and the directors saw a significant improvement in trading conditions. This has continued into 2024 and the directors are very confident in the outlook for 2025. Therefore the directors consider the company a going concern with significant potential for profitability.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch or installation of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Short leasehold property
-
10% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% straight line
Equipment
-
25% reducing balance
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Cash and cash equivalents in the balance sheet comprise 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 statement of comprehensive income under administrative expenses. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
4. Tangible assets
Short leasehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023 (as restated)
68,783
8,184
16,855
5,164
98,986
Additions
19,500
19,500
--------
-------
--------
-------
---------
At 31 March 2024
68,783
8,184
36,355
5,164
118,486
--------
-------
--------
-------
---------
Depreciation
At 1 April 2023
9,744
4,143
15,105
3,320
32,312
Charge for the year
6,879
1,011
6,625
461
14,976
--------
-------
--------
-------
---------
At 31 March 2024
16,623
5,154
21,730
3,781
47,288
--------
-------
--------
-------
---------
Carrying amount
At 31 March 2024
52,160
3,030
14,625
1,383
71,198
--------
-------
--------
-------
---------
At 31 March 2023
59,039
4,041
1,750
1,844
66,674
--------
-------
--------
-------
---------
5. Debtors
2024
2023
(restated)
£
£
Trade debtors
62,298
66,220
Prepayments and accrued income
10,460
11,133
Other debtors
30
--------
--------
72,788
77,353
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
19,559
19,559
Trade creditors
145,391
176,600
Amounts owed to Associated Companies
111,125
73,575
Accruals and deferred income
2,421
1,455
Corporation tax
5,493
9,695
Social security and other taxes
27,226
14,525
Director loan accounts
8,765
Other creditors
4,500
6,000
---------
---------
324,480
301,409
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
16,572
36,131
--------
--------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
(restated)
£
£
Not later than 1 year
27,775
27,775
Later than 1 year and not later than 5 years
118,398
116,261
Later than 5 years
77,270
107,181
---------
---------
223,443
251,217
---------
---------
9. Related party transactions
During the year director V Guidera was also a director of A14 Building Plastics Limited . During the year, net recharges from A14 Building Plastics Limited to A14 Glass Rooms Limited amounted to £ 22,456 (2023: £ 28,883 ). In addition, A14 Glass Rooms Limited advanced A14 Building Plastics Limited £ 15,093 (2023: £ 7,884 ). At the year end the amount outstanding including within associated company balances is £ 111,125 (2023: £ 73,576 ). The amount outstanding is interest free and repayable on demand.