Wise Choice Glazing Limited


FINANCIAL STATEMENTS


for the year ended 31st March 2024



Wise Choice Glazing Limited

CONTENTS

for the year ended 31st March 2024







The Accounts are comprised of the following:

Statement of Financial Position

Notes to the Accounts



Please note that the Accounts comprise of HTML and iXBRL source code and that this is a printed or visual representation of that source code some of which will not be displayed or printed.

Wise Choice Glazing Limited

Company No. 10175927

STATEMENT OF FINANCIAL POSITION

as at 31st March 2024

20242023
Note£££
FIXED ASSETS
Property, plant and equipment45390454745
5390454745
CURRENT ASSETS
Stocks5849515465
Debtors68623376023
Cash at bank and in hand30418982
95032110470
CURRENT LIABILITIES
Creditors: amounts falling due
within one year76954677530
NET CURRENT ASSETS2548632940
TOTAL ASSETS LESS CURRENT LIABILITIES7939087685
 
Creditors: amounts falling due
after more than one year83397542733
 
NET ASSETS4541544952
 
CAPITAL AND RESERVES
Called up share capital100100
Retained earnings4531544852
SHAREHOLDERS FUNDS4541544952

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies which are subject to the small companies' regime. The Income Statement has not been delivered to the Registrar of Companies.

For the year ended 31st March 2024 the Company is entitled to the exemption from the requirement to obtain an audit conferred by section 477 of the Companies Act 2006 and the members have not required the company to obtain an audit in accordance with section 476 of the Act.

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

Approved by the Board on 14 January 2025


WISE, Kevin

Director

Company Number 10175927 (England)

Wise Choice Glazing Limited

NOTES TO THE ACCOUNTS

for the year ended 31st March 2024


1   Statutory information

Wise Choice Glazing Limited is a private company limited by shares and registered under company number 10175927 in England. Its registered office address is F4 Ash House Business Centre, New Ash Green, Longfield, Kent, England, DA3 8JD.

These financial statements are presented in Sterling, which is the functional currency of the company.

2   Accounting policies

Basis of preparation of financial statements

The accounts have been prepared under the historical cost convention in accordance with the accounting policies set out below, and in accordance with Financial Reporting Standard 102 Section 1A and the Companies Act 2006.

Income Recognition

Revenue is measured at the fair value of the consideration received or receivable. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is possible that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Depreciation

Depreciation is provided on all property, plant and equipment, 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, machinery and vehicles20% reducing balance

Stocks

Stocks are valued at the lower of cost and expected selling price less any costs to sell.

Leasing

Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

Leasing and hire purchase commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the Company, are capitalised in the Statement of Financial Position and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the Statement of Financial Position as a liability.

The interest element of the rental obligations is charged to the Income Statement over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pensions

The Company operates a defined contribution pension scheme. Contributions are charged to the Income Statement as they become payable in accordance with the rules of the scheme.

3   Employee information

The average number of employees during the accounting period was 3 (2023 - 3).

4   Property, plant and equipment
 
Plant
Motorand
VehiclesMachineryTotal
£££
Cost
At 1st April 2023 6939740379109776
Additions-58405840
At 31st March 20246939746219115616
 
Depreciation
At 1st April 2023 5474928255031
Charge for year366230196681
At 31st March 202458411330161712
 
Net Book Value
At 31st March 2024109864291853904
At 31st March 2023146484009754745
 
Net book value of assets included above held
 under finance leases and hire purchase contracts
 
At 31st March 202428450-28450
At 31st March 202337933-37933

5   Stocks20242023
££
 
Work in progress849515465
849515465

The difference between purchase price or production cost of stocks and their replacement cost is not material.


6   Debtors20242023
££
 
Trade Debtors3250444696
Amounts owed by group undertakings and undertakings in which the
  Company has a participating interest26000-
Other debtors2772931327
8623376023

7   Creditors: amounts falling due within one year20242023
££
 
Loans and Overdrafts99059382
Obligations under finance lease and hire purchase contracts83219884
Trade Creditors2957849443
Corporation tax94886927
Taxes and social security costs10112423
Other creditors21421471
6954677530

8   Creditors: amounts falling due after one year20242023
££
 
Loans and Overdrafts-6000
Obligations under finance lease and hire purchase contracts3397536733
3397542733

9   Loans20242023
££
Analysis of maturity of debt:
 
Within one year64889324
Between one and five years-6000
648815324

10   Transactions with Directors

There were no transactions with Directors except as reflected in the Director's loan account for each Director. The closing balances of each account are as detailed below. Credit balances are shown without brackets. These balances are included in the figure for "Creditors and Accruals" in the accounts. Overdrawn balances are included in the figure for "Other Debtors".

20242023
££
 
POWELL, Aaren9491471
9491471

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