REGISTERED NUMBER: |
GLASSPRINT LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
REGISTERED NUMBER: |
GLASSPRINT LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
GLASSPRINT LIMITED (REGISTERED NUMBER: 11099442) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 | to | 5 |
GLASSPRINT LIMITED (REGISTERED NUMBER: 11099442) |
BALANCE SHEET |
31ST AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
GLASSPRINT LIMITED (REGISTERED NUMBER: 11099442) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
1. | STATUTORY INFORMATION |
Glassprint Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
At the time of signing these accounts, having considered the economic climate, the directors expectations and intentions for the next 12 months, and the availability of working capital, the directors are of the opinion that the company will remain viable for the foreseeable future and accordingly these financial statements have been prepared on the going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of goods. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Plant & machinery etc | -25% on cost |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
GLASSPRINT LIMITED (REGISTERED NUMBER: 11099442) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument. |
Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised. |
Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised. |
Financial assets and liabilities are offset, with the net amount reported 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. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
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. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GLASSPRINT LIMITED (REGISTERED NUMBER: 11099442) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st September 2023 |
Disposals | ( |
) |
Transfer to group undertaking | (886,828 | ) |
At 31st August 2024 |
DEPRECIATION |
At 1st September 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to group undertaking | (878,947 | ) |
At 31st August 2024 |
NET BOOK VALUE |
At 31st August 2024 |
At 31st August 2023 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
GLASSPRINT LIMITED (REGISTERED NUMBER: 11099442) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The ultimate parent undertaking, Nicky Story Holdings Limited, held a loan of £2,205,291 at 31st August 2024 (2023:£2,476,339) of which the security is in the form a fixed and floating charge over the assets of of all group undertakings. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | RELATED PARTY DISCLOSURES |
Fixtures and fittings with a net book value of £5,997, plant and machinery with a net book value of £1,404 and computer equipment with a net book value of £481 was transferred from Glassprint Limited to Nicky Story Holdings Limited, its parent company during the year. |
At 31st August 2024 included in Other debtors there was a balance owing to Glassprint Limited from a company in which Nicky Story is a director of totalling £12,552 (2023: £2,844). |
At 31st August 2024 included in Other creditors there was a balance owing from Glassprint Limited to a company in which Nicky Story is a director of totalling £nil (2023: £1,871). |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate parent undertaking is Nicky Story Holdings Limited and the controlling party is Nicky Story. |
The company is exempt from preparing consolidated financial statements under Section 400 of the Companies Act 2006. Nicky Story Holdings Limited consolidates the financial statements. Copies of the Nicky Story Holdings Limited financial statements are publicly available and can be obtained from Companies House or from the Nicky Story Holdings Limited registered office Unit E, Swinton Bridge Industrial Estate Whitelee Road, Swinton, Mexborough, South Yorkshire, England, S64 8BH. |