Registered number
02820711
Glass Products Limited
Filleted Accounts
31 May 2024
Glass Products Limited
Registered number: 02820711
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 27,671 24,897
Current assets
Stocks 17,290 7,126
Debtors 4 35,830 132,363
Cash at bank and in hand 190,300 128,801
243,420 268,290
Creditors: amounts falling due within one year 5 (97,259) (151,167)
Net current assets 146,161 117,123
Net assets 173,832 142,020
Capital and reserves
Called up share capital 1,030 1,030
Profit and loss account 172,802 140,990
Shareholders' funds 173,832 142,020
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Paul
Director
Approved by the board on 10 January 2025
Glass Products Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation isprovided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful liveson the following bases:
Plant and machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 33% on reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 15
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 92,112 74,340 166,452
Additions 12,124 - 12,124
Disposals (26,135) - (26,135)
At 31 May 2024 78,101 74,340 152,441
Depreciation
At 1 June 2023 86,324 55,231 141,555
Charge for the year 4,501 4,777 9,278
On disposals (26,063) - (26,063)
At 31 May 2024 64,762 60,008 124,770
Net book value
At 31 May 2024 13,339 14,332 27,671
At 31 May 2023 5,788 19,109 24,897
4 Debtors 2024 2023
£ £
Trade debtors 16,389 100,017
Work in progress 14,500 24,510
Prepayments 4,941 5,362
Other debtors - 2,474
35,830 132,363
5 Creditors: amounts falling due within one year 2024 2023
£ £
Pension Control 563 -
PAYE and NI control 8,484 7,156
VAT control 24,894 18,567
Director's account 816 192
Accruals 19,000 35,588
Trade creditors 13,657 66,496
Taxation and social security costs 29,845 23,168
97,259 151,167
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Julien Derrick Paul
Directors Loan Account 96 312 - 408
Peter Vernon Gash
Directors Loan Account 96 312 - 408
192 624 - 816
7 Other information
Glass Products Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Manor Park Industrial,
Estate Station Road South Totton,
Southampton,
Hampshire,
SO40 9HP
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