REGISTERED NUMBER: |
GLASS AFTERCARE LIMITED |
Unaudited Financial Statements |
for the Year Ended 31 October 2024 |
REGISTERED NUMBER: |
GLASS AFTERCARE LIMITED |
Unaudited Financial Statements |
for the Year Ended 31 October 2024 |
GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
Contents of the Financial Statements |
for the Year Ended 31 October 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GLASS AFTERCARE LIMITED |
Company Information |
for the Year Ended 31 October 2024 |
Director: |
Registered office: |
Registered number: |
Accountants: |
NP-105, iCentre |
Howard Way |
Newport Pagnell |
Milton Keynes |
Buckinghamshire |
MK16 9PY |
GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
Balance Sheet |
31 October 2024 |
31/10/24 | 31/10/23 |
as restated |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank | 6 |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
Provisions for liabilities | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings | 521,661 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
Notes to the Financial Statements |
for the Year Ended 31 October 2024 |
1. | Statutory information |
Glass Aftercare Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
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. |
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contact value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
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 equipment 25% on reducing balance |
Fixtures and fittings 25% on reducing balance |
Motor vehicles 25% on reducing balance |
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. |
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. |
GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Research and development |
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development |
expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The directors will continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 November 2023 |
Additions |
At 31 October 2024 |
Depreciation |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
Net book value |
At 31 October 2024 |
At 31 October 2023 |
5. | Debtors: amounts falling due within one year |
31/10/24 | 31/10/23 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 138,952 | 112,342 |
Prepayments and accrued income |
R&D Tax Credit receivable |
GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
6. | Cash at bank |
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. |
7. | Creditors: amounts falling due within one year |
31/10/24 | 31/10/23 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
CIS & PAYE Control Account |
VAT | 1,154 | - |
Barclaycard - Company ref: 547 | 6,023 | 5,427 |
TEAM FACTORS | 302,523 | 110,213 |
Pension Control Account | 8,952 | 10,988 |
Bank Loan Account | 75,951 | 22,616 |
Accrued expenses |
8. | Creditors: amounts falling due after more than one year |
31/10/24 | 31/10/23 |
as restated |
£ | £ |
Bank loans and overdrafts > 1 |
9. | Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
10. | Ultimate controlling party |
The controlling party is Integrasol Limited. |
11. | Factored debts |
Trade debts are factored with full recourse and recorded gross within current assets after making due provision for changes. A corresponding liability is recognised in respect of the amounts drawn from the factor. |
The interest element of the factoring charging and other factoring costs are recognised as they accrue and charged to the profit and loss account. |