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Registration number: 09647669

Cullompton Glass & Glazing Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Cullompton Glass & Glazing Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 14

 

Cullompton Glass & Glazing Ltd

Company Information

Directors

Mr Shane Sidney Hector

Mrs Clare Hector

Registered office

Unit B
Devon Business Park, Saunders Way
Kingsmill Industrial Estate
Cullompton
Devon
EX15 1BS

Accountants

Mortimore & Co
Chartered Certified Accountants
1 Fore Street
Cullompton
Devon
EX15 1JW

 

Cullompton Glass & Glazing Ltd

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Shane Sidney Hector

Mrs Clare Hector

Principal activity

The principal activity of the company is Window supply and fitting

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

.........................................
Mr Shane Sidney Hector
Director

.........................................
Mrs Clare Hector
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cullompton Glass & Glazing Ltd
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cullompton Glass & Glazing Ltd for the year ended 31 August 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Cullompton Glass & Glazing Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cullompton Glass & Glazing Ltd and state those matters that we have agreed to state to the Board of Directors of Cullompton Glass & Glazing Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cullompton Glass & Glazing Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cullompton Glass & Glazing Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cullompton Glass & Glazing Ltd. You consider that Cullompton Glass & Glazing Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cullompton Glass & Glazing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Mortimore & Co
Chartered Certified Accountants
1 Fore Street
Cullompton
Devon
EX15 1JW

14 March 2025

 

Cullompton Glass & Glazing Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

 

819,070

851,282

Cost of sales

 

(511,845)

(503,508)

Gross profit

 

307,225

347,774

Administrative expenses

 

(122,927)

(95,175)

Operating profit

 

184,298

252,599

Other interest receivable and similar income

 

3,595

522

Interest payable and similar charges

 

(8,450)

(8,246)

 

(4,855)

(7,724)

Profit before tax

4

179,443

244,875

Taxation

 

(38,075)

(44,177)

Profit for the financial year

 

141,368

200,698

Retained earnings brought forward

 

609,537

480,840

Dividends paid

 

(83,000)

(72,000)

Retained earnings carried forward

 

667,905

609,538

 

Cullompton Glass & Glazing Ltd

(Registration number: 09647669)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

2,000

4,000

Tangible assets

6

490,450

474,833

 

492,450

478,833

Current assets

 

Stocks

7

17,061

18,863

Debtors

8

7,745

41,226

Cash at bank and in hand

 

367,607

298,699

 

392,413

358,788

Creditors: Amounts falling due within one year

9

(129,848)

(137,936)

Net current assets

 

262,565

220,852

Total assets less current liabilities

 

755,015

699,685

Creditors: Amounts falling due after more than one year

9

(87,108)

(90,145)

Net assets

 

667,907

609,540

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

667,905

609,538

Shareholders' funds

 

667,907

609,540

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

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

 

Cullompton Glass & Glazing Ltd

(Registration number: 09647669)
Balance Sheet as at 31 August 2024

.........................................
Mr Shane Sidney Hector
Director

.........................................
Mrs Clare Hector
Director

 

Cullompton Glass & Glazing Ltd

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

1

General information

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

The address of its registered office is:
Unit B
Devon Business Park, Saunders Way
Kingsmill Industrial Estate
Cullompton
Devon
EX15 1BS

These financial statements were authorised for issue by the Board on 15 January 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.

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 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.

 

Cullompton Glass & Glazing Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor vehicles

25% reducing balance

Plant and machinery

10% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

10% 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.

 

Cullompton Glass & Glazing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

4

Profit before tax

Arrived at after charging/(crediting)

 

Cullompton Glass & Glazing Ltd

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

2024
£

2023
£

Depreciation expense

38,704

31,416

Amortisation expense

2,000

2,000

 

Cullompton Glass & Glazing Ltd

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

20,000

20,000

At 31 August 2024

20,000

20,000

Amortisation

At 1 September 2023

16,000

16,000

Amortisation charge

2,000

2,000

At 31 August 2024

18,000

18,000

Carrying amount

At 31 August 2024

2,000

2,000

At 31 August 2023

4,000

4,000

6

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

360,302

46,012

143,092

549,406

Additions

-

1,803

65,656

67,459

Disposals

(5,300)

-

(18,581)

(23,881)

At 31 August 2024

355,002

47,815

190,167

592,984

Depreciation

At 1 September 2023

-

15,587

58,985

74,572

Charge for the year

-

3,223

35,481

38,704

Eliminated on disposal

-

-

(10,742)

(10,742)

At 31 August 2024

-

18,810

83,724

102,534

Carrying amount

At 31 August 2024

355,002

29,005

106,443

490,450

At 31 August 2023

360,302

30,425

84,106

474,833

Included within the net book value of land and buildings above is £355,002 (2023 - £360,302) in respect of freehold land and buildings.
 

 

Cullompton Glass & Glazing Ltd

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

7

Stocks

2024
£

2023
£

Work in progress

-

1,892

Other inventories

17,061

16,971

17,061

18,863

8

Debtors

Current

2024
£

2023
£

Trade debtors

7,034

40,332

Prepayments

711

629

Other debtors

-

265

 

7,745

41,226

 

Cullompton Glass & Glazing Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

5,900

5,900

Trade creditors

 

21,261

41,685

Taxation and social security

 

62,502

69,188

Accruals and deferred income

 

1,495

1,405

Other creditors

 

38,690

19,758

 

129,848

137,936

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

87,108

90,145

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

87,108

90,145

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,900

5,900

12

Dividends

Interim dividends paid

 

Cullompton Glass & Glazing Ltd

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

2024
£

2023
£

Interim dividend of £41,500.00 (2023 - £36,000.00) per each Ordinary share

83,000

72,000