Registered number
SC270737
Cube Glass Limited
Filleted Accounts
31 October 2024
Cube Glass Limited
Registered number: SC270737
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 172,672 194,915
Current assets
Stocks 302,753 372,267
Debtors 4 209,480 355,042
Cash at bank and in hand 1,118,892 978,000
1,631,125 1,705,309
Creditors: amounts falling due within one year 5 (686,614) (828,909)
Net current assets 944,511 876,400
Total assets less current liabilities 1,117,183 1,071,315
Provisions for liabilities (38,709) (39,806)
Net assets 1,078,474 1,031,509
Capital and reserves
Called up share capital 2 2
Share premium 6,022 6,522
Profit and loss account 1,072,450 1,024,985
Shareholders' funds 1,078,474 1,031,509
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gary Thorn
Director
Approved by the board on 18 March 2025
Cube Glass Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale and fitting of glazed windows, door and partitions, mainly in the commercial sector. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold Improvements 4% Straight Line
Plant and machinery 20% Reducing Balance
Fixtures, fittings, tools and equipment 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 16
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 15,267 453,018 17,371 485,656
Additions - 5,521 15,833 21,354
Disposals - - (17,371) (17,371)
At 31 October 2024 15,267 458,539 15,833 489,639
Depreciation
At 1 November 2023 604 276,409 13,728 290,741
Charge for the year 604 36,184 3,166 39,954
On disposals - - (13,728) (13,728)
At 31 October 2024 1,208 312,593 3,166 316,967
Net book value
At 31 October 2024 14,059 145,946 12,667 172,672
At 31 October 2023 14,663 176,609 3,643 194,915
4 Debtors 2024 2023
£ £
Trade debtors 139,512 178,736
Other debtors 69,968 176,306
209,480 355,042
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 479,776 756,745
Taxation and social security costs 41,734 51,117
Other creditors 165,104 21,047
686,614 828,909
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases- due <1yr £63,460 and £207,852 falling due >1yr but less than 5 years and £45,833 due >5yrs. 317,145 380,605
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
[Director 1]
[Loan 1 provided 23 January 2024] - Interest of 6% p.a. and repaid on 13 June 2024 - 40,000 (40,000) -
- 40,000 (40,000) -
8 Related party transactions
During the year, a loan of £40,000 was provided to the Director. See note 7.
9 Other information
Cube Glass Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
1-5 Tannoch Place
Lenziemill Road
Cumbernauld
North Lanarkshire
G67 2XU
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