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Saxa Glass Ltd

Annual Report and Unaudited Financial Statements

for the Period from 29 April 2023 to 27 April 2024

Registration number: 09504374

 

Saxa Glass Ltd

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Saxa Glass Ltd

(Registration number: 09504374)
Statement of financial position as at 27 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,549

3,097

Current assets

 

Stocks

5

19,250

41,695

Debtors

6

21,550

65,365

Cash at bank and in hand

 

700

-

 

41,500

107,060

Creditors: Amounts falling due within one year

7

(278,473)

(307,008)

Net current liabilities

 

(236,973)

(199,948)

Net liabilities

 

(235,424)

(196,851)

Capital and reserves

 

Called up share capital

8

30,000

30,000

Retained earnings

(265,424)

(226,851)

Shareholders' deficit

 

(235,424)

(196,851)

For the financial period ending 27 April 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 period 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 and 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 Income statement.

 

Saxa Glass Ltd

(Registration number: 09504374)
Statement of financial position as at 27 April 2024

Approved and authorised by the director on 10 April 2025
 

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

Mr D Rock
Director

 

Saxa Glass Ltd

Notes to the Unaudited Financial Statements for the Period from 29 April 2023 to 27 April 2024

1

General information

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

The address of its registered office is:
The Workshop Orchard Farm
Holtye Road
East Grinstead
West Sussex
RH19 3PP
United Kingdom

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. The company is fully supported by its director by way of a director loan.

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.

 

Saxa Glass Ltd

Notes to the Unaudited Financial Statements for the Period from 29 April 2023 to 27 April 2024

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 & Machinery

20% Straight Line

Motor Vehicles

20% 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.

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.

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 income statement 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.

 

Saxa Glass Ltd

Notes to the Unaudited Financial Statements for the Period from 29 April 2023 to 27 April 2024

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.

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 period, was 5 (2023 - 5).

 

Saxa Glass Ltd

Notes to the Unaudited Financial Statements for the Period from 29 April 2023 to 27 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 29 April 2023

11,693

3,500

15,193

At 27 April 2024

11,693

3,500

15,193

Depreciation

At 29 April 2023

8,596

3,500

12,096

Charge for the period

1,548

-

1,548

At 27 April 2024

10,144

3,500

13,644

Carrying amount

At 27 April 2024

1,549

-

1,549

At 28 April 2023

3,097

-

3,097

5

Stocks

2024
£

2023
£

Raw materials and consumables

19,250

41,695

 

Saxa Glass Ltd

Notes to the Unaudited Financial Statements for the Period from 29 April 2023 to 27 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

20,550

61,783

Other debtors

1,000

3,582

 

21,550

65,365

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

-

4,951

Trade creditors

 

7,980

18,594

Taxation and social security

 

128,175

112,741

Accruals and deferred income

 

1,730

1,500

Other creditors

 

140,588

169,222

 

278,473

307,008

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

30,000

30,000

30,000

30,000