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Registered number: 08711778









FINE POINT GLASS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
FINE POINT GLASS LIMITED
REGISTERED NUMBER: 08711778

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
16,103
21,106

  
16,103
21,106

Current assets
  

Stocks
  
234,420
403,366

Debtors: amounts falling due within one year
 5 
147,888
102,721

Cash at bank and in hand
 6 
76,546
17,867

  
458,854
523,954

Creditors: amounts falling due within one year
 7 
(893,872)
(1,097,904)

Net current liabilities
  
 
 
(435,018)
 
 
(573,950)

Total assets less current liabilities
  
(418,915)
(552,844)

Creditors: amounts falling due after more than one year
 8 
(82,093)
(79,643)

  

Net liabilities
  
(501,008)
(632,487)


Capital and reserves
  

Called up share capital 
  
800,300
800,300

Profit and loss account
  
(1,301,308)
(1,432,787)

  
(501,008)
(632,487)


Page 1

 
FINE POINT GLASS LIMITED
REGISTERED NUMBER: 08711778
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Gajjar
Director

Date: 26 February 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FINE POINT GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Fine Point Glass Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company made a profit before tax of £131,479 and its liabilities exceed its assets by £501,008. The Director confirms after having made enquiries that balances owed to its parent company amounting to £475,118 and trade payables amounting to £265,605 owed to a company controlled by the ultimate controlling party will not be settled to the detriment of other creditors. As such the Director considers the company to be a going concern and has prepared the financial statements on a going concern basis

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
FINE POINT GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
FINE POINT GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Motor vehicles
-
25%
Fixtures and fittings
-
20%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
FINE POINT GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees




The average monthly number of employees, including directors, during the year was 10 (2023 - 12).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
49,425
38,835
19,381
27,348
134,989


Additions
-
-
-
251
251



At 31 December 2024

49,425
38,835
19,381
27,599
135,240



Depreciation


At 1 January 2024
41,807
33,907
16,243
21,926
113,883


Charge for the year on owned assets
1,524
1,232
628
1,870
5,254



At 31 December 2024

43,331
35,139
16,871
23,796
119,137



Net book value



At 31 December 2024
6,094
3,696
2,510
3,803
16,103



At 31 December 2023
7,618
4,928
3,138
5,422
21,106

Page 6

 
FINE POINT GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
59,673
33,020

Other debtors
68,786
55,238

Prepayments and accrued income
19,429
14,463

147,888
102,721



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
76,546
17,867

76,546
17,867



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
325,270
562,977

Amounts owed to group undertakings
475,118
460,115

Other taxation and social security
3,409
13,459

Other creditors
19,175
15,953

Accruals and deferred income
70,900
45,400

893,872
1,097,904



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
82,093
79,643

82,093
79,643


Page 7

 
FINE POINT GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £8,894, (2023 - £9,863). Contributions totalling £1,477 (2023 - £1,465) were payable to the fund at the balance sheet date and are included in creditors.


10.


Related party transactions

At year end the company owed £475,118 (2023: £460,115) to its parent.in respect of a loan. Interest  of £15,033 (2023: £12,661) was payable.


11.


Transactions with Director

At the year end the company owed the director £14,488 (2023: £14,488). This amount is interest free and remains outstanding at the year end.







12.


Controlling party

The immediate and ultimate parent undertaking is Arkay Contractors Limited.
The company was controlled throughout the current year by R R Radia.

 
Page 8