Company registration number 02076659 (England and Wales)
GLIDEROL GARAGE & INDUSTRIAL DOORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
GLIDEROL GARAGE & INDUSTRIAL DOORS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GLIDEROL GARAGE & INDUSTRIAL DOORS LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
172,747
226,911
Current assets
Stocks
507,587
552,267
Debtors
5
754,254
895,060
Cash at bank and in hand
66,851
103,213
1,328,692
1,550,540
Creditors: amounts falling due within one year
6
(698,711)
(857,871)
Net current assets
629,981
692,669
Total assets less current liabilities
802,728
919,580
Creditors: amounts falling due after more than one year
7
(39,957)
(58,158)
Provisions for liabilities
(39,322)
(50,837)
Net assets
723,449
810,585
Capital and reserves
Called up share capital
1,099
1,099
Revaluation reserve
8
56,196
84,294
Profit and loss reserves
666,154
725,192
Total equity
723,449
810,585
GLIDEROL GARAGE & INDUSTRIAL DOORS LTD
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
D Summerfield
R Sinclair
Director
Director
Company registration number 02076659 (England and Wales)
GLIDEROL GARAGE & INDUSTRIAL DOORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Gliderol Garage & Industrial Doors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kitching Road, North West Industrial Estate, Peterlee, County Durham, SR8 2HP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the

revaluation of freehold properties and to include investment properties and certain financial instruments at fair

value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services

provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair

value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is

the present value of the future receipts. The difference between the fair value of the consideration and the

nominal amount received is recognised as interest income.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the

goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured

reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the

costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of

completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The

stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff

rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue

is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% on cost
Fixtures, fittings & equipment
33% on cost, 15% on cost and 10% on cost
Motor vehicles
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

GLIDEROL GARAGE & INDUSTRIAL DOORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost

comprises direct materials and, where applicable, direct labour costs and those overheads that have been

incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement

cost, adjusted where applicable for any loss of service potential.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks

over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or

loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion

of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GLIDEROL GARAGE & INDUSTRIAL DOORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Government grants

Government grants are treated as deferred credits and credited to the profit and loss account over the estimated useful life of the relevant fixed assets. Government grants relating to employment are written off over the period of the project.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average number of employees during the year was 30.

2024
2023
Number
Number
Total
30
30
3
Intangible fixed assets
Patents
£
Cost
At 1 May 2023 and 30 April 2024
3,454
Amortisation and impairment
At 1 May 2023 and 30 April 2024
3,454
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
GLIDEROL GARAGE & INDUSTRIAL DOORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 May 2023 and 30 April 2024
452,646
64,251
58,335
575,232
Depreciation and impairment
At 1 May 2023
296,362
31,075
20,884
348,321
Depreciation charged in the year
40,356
4,445
9,363
54,164
At 30 April 2024
336,718
35,520
30,247
402,485
Carrying amount
At 30 April 2024
115,928
28,731
28,088
172,747
At 30 April 2023
156,284
33,176
37,451
226,911

Plant & machinery was valued on open market basis on 20 September 2016 by Richmond Asset Advisory Limited and its carrying value at the year end is £56,196 (2023 - £84,570).

 

If plant and machinery were stated on a historic costs basis rather than a fair value basis amounts would be included as follows:

 

 

Plant and Machinery
2024
2023
£
£
Cost
46,163
46,163
Accumulated depreciation
(46,163)
(45,887)
Carrying value
-
276
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
463,117
584,635
Amounts owed by group undertakings
269,646
277,441
Other debtors
-
0
15,000
Prepayments and accrued income
21,491
17,984
754,254
895,060
GLIDEROL GARAGE & INDUSTRIAL DOORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,167
9,167
Obligations under finance leases
4,801
6,069
Trade creditors
253,196
438,476
Corporation tax
52,647
41,879
Other taxation and social security
88,523
37,420
Government grants
2,964
2,964
Other creditors
126,328
297,104
Accruals and deferred income
161,085
24,792
698,711
857,871

Obligations under finance leases of £4,801 (2023 - £6,069) are secured against the asset which they relate.

 

Included within other creditors are amounts due to Aldermore Bank PLC of £89,140 (2023 - £235,253) under an invoice discounting agreement, this is secured on trade debtor balances.

7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13,333
23,333
Obligations under finance leases
14,738
19,975
Government grants
11,886
14,850
39,957
58,158

Obligations under finance leases of £14,738 (2023 - £19,975) are secured against the asset which they relate.

8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
84,294
112,392
Revaluation surplus arising in the year
(28,098)
(28,098)
At the end of the year
56,196
84,294
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