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Registration number: 03543294

Manchester Glass Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Manchester Glass Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Manchester Glass Limited

Company Information

Director

Mr Patrick Peter Air

Company secretary

Mrs Sara Jane Air

Registered office

164 Ashton Road
Denton
Manchester
M34 3JD

Accountants

Bright Partnership Limited
26 Edward Court,
Broadheath
Altrincham
WA14 5GL

 

Manchester Glass Limited

(Registration number: 03543294)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,404

3,380

Tangible assets

5

265,814

503,663

 

269,218

507,043

Current assets

 

Stocks

148,250

161,871

Debtors

6

269,655

285,731

Cash at bank and in hand

 

84,973

112,837

 

502,878

560,439

Creditors: Amounts falling due within one year

7

(193,985)

(240,737)

Net current assets

 

308,893

319,702

Total assets less current liabilities

 

578,111

826,745

Creditors: Amounts falling due after more than one year

7

(57,597)

(135,524)

Provisions for liabilities

(37,855)

(30,612)

Net assets

 

482,659

660,609

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

482,559

660,509

Shareholders' funds

 

482,659

660,609

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 February 2025
 

 

Manchester Glass Limited

(Registration number: 03543294)
Statement of Financial Position as at 31 October 2024

.........................................
Mr Patrick Peter Air
Director

 

Manchester Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
164 Ashton Road
Denton
Manchester
M34 3JD

These financial statements were authorised for issue by the director on 20 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Manchester Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing Balance

Computer equipment

25% Reducing Balance

Freehold property

2% Straight Line

Motor vehicles

25% Reducing Balance

Furniture and fittings

25% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer Software

5% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Manchester Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Manchester Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2023 - 18).

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 November 2023

10,980

10,980

Additions acquired separately

590

590

At 31 October 2024

11,570

11,570

Amortisation

At 1 November 2023

7,599

7,599

Amortisation charge

567

567

At 31 October 2024

8,166

8,166

Carrying amount

At 31 October 2024

3,404

3,404

At 31 October 2023

3,380

3,380

 

Manchester Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

360,748

118,618

435,242

2,129

916,737

Additions

-

1,450

110,965

-

112,415

Disposals

(360,748)

-

(64,889)

-

(425,637)

At 31 October 2024

-

120,068

481,318

2,129

603,515

Depreciation

At 1 November 2023

122,654

107,217

181,083

2,120

413,074

Charge for the year

7,215

3,122

74,449

2

84,788

Eliminated on disposal

(129,869)

-

(30,292)

-

(160,161)

At 31 October 2024

-

110,339

225,240

2,122

337,701

Carrying amount

At 31 October 2024

-

9,729

256,078

7

265,814

At 31 October 2023

238,094

11,401

254,159

9

503,663

 

Manchester Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

253,959

274,985

Prepayments

15,696

9,746

Other debtors

-

1,000

 

269,655

285,731

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

68,703

51,837

Trade creditors

 

70,851

103,958

Taxation and social security

 

41,726

75,283

Accruals and deferred income

 

7,700

3,850

Other creditors

 

5,005

5,809

 

193,985

240,737

Creditors include hire purchase contracts of £58,703 (2023 - £41,837) which are secured against the fixed assets to which they relate.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

57,597

135,524

Creditors include hire purchase contracts of £50,260 (2023 - £118,120) which are secured against the fixed assets to which they relate.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100