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Registered number: 02009924
Billericay Glass Co Limited
Financial Statements
For The Year Ended 29 April 2024
Devonports LAS Accountants Ltd
Cumberland House
24 - 28 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02009924
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,027 8,598
4,027 8,598
CURRENT ASSETS
Stocks 5 15,000 12,000
Debtors 6 247,010 176,035
Cash at bank and in hand 18,800 17,228
280,810 205,263
Creditors: Amounts Falling Due Within One Year 7 (175,532 ) (194,953 )
NET CURRENT ASSETS (LIABILITIES) 105,278 10,310
TOTAL ASSETS LESS CURRENT LIABILITIES 109,305 18,908
Creditors: Amounts Falling Due After More Than One Year 8 (107,569 ) (36,256 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (765 ) -
NET ASSETS/(LIABILITIES) 971 (17,348 )
CAPITAL AND RESERVES
Called up share capital 9 104 104
Profit and Loss Account 867 (17,452 )
SHAREHOLDERS' FUNDS 971 (17,348)
Page 1
Page 2
For the year ending 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Wayne Morris
Director
21/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Billericay Glass Co Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02009924 . The registered office is Cumberland House, 24-28 Baxter Avenue, Southend on Sea, Essex, SS2 6HZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% straight line
Motor Vehicles 25% reducing balance
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2.4. Leasing and Hire Purchase Contracts
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.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 8)
6 8
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 30 April 2023 62,200 72,375 134,575
Additions 950 - 950
Disposals - (32,174 ) (32,174 )
As at 29 April 2024 63,150 40,201 103,351
Depreciation
As at 30 April 2023 62,200 63,777 125,977
Provided during the period 190 1,090 1,280
Disposals - (27,933 ) (27,933 )
As at 29 April 2024 62,390 36,934 99,324
Net Book Value
As at 29 April 2024 760 3,267 4,027
As at 30 April 2023 - 8,598 8,598
5. Stocks
2024 2023
£ £
Work in progress 15,000 12,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 47,614 124,774
Amounts recoverable on contracts 69,648 -
Other debtors 129,748 51,261
247,010 176,035
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 33,063 26,876
Bank loans and overdrafts 62,711 65,606
Other creditors 31,923 21,997
Taxation and social security 47,835 80,474
175,532 194,953
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 107,569 36,256
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 104 104
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 30 April 2023 Amounts advanced Amounts repaid Amounts written off As at 29 April 2024
£ £ £ £ £
Mr Wayne Morris 51,261 129,748 51,261 - 129,748
The above loan is unsecured, interest free and repayable on demand.
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