5 31 March 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 65,956 2,069 68,025 48,856 1,627 50,483 17,542 17,100 xbrli:pure xbrli:shares iso4217:GBP 06973153 2023-05-01 2024-04-30 06973153 2024-04-30 06973153 2023-04-30 06973153 2022-05-01 2023-04-30 06973153 2023-04-30 06973153 2022-04-30 06973153 core:FurnitureFittings 2023-05-01 2024-04-30 06973153 bus:Director1 2023-05-01 2024-04-30 06973153 core:FurnitureFittings 2023-04-30 06973153 core:FurnitureFittings 2024-04-30 06973153 core:WithinOneYear 2024-04-30 06973153 core:WithinOneYear 2023-04-30 06973153 core:UKTax 2023-05-01 2024-04-30 06973153 core:UKTax 2022-05-01 2023-04-30 06973153 core:ShareCapital 2024-04-30 06973153 core:ShareCapital 2023-04-30 06973153 core:RetainedEarningsAccumulatedLosses 2024-04-30 06973153 core:RetainedEarningsAccumulatedLosses 2023-04-30 06973153 core:FurnitureFittings 2023-04-30 06973153 bus:SmallEntities 2023-05-01 2024-04-30 06973153 bus:Audited 2023-05-01 2024-04-30 06973153 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 06973153 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06973153 bus:FullAccounts 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 06973153
EUROPEAN GLASS INSTALLATIONS LIMITED
FILLETED FINANCIAL STATEMENTS
30 April 2024
EUROPEAN GLASS INSTALLATIONS LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
17,542
17,100
Current assets
Stocks
360,290
397,644
Debtors
7
1,518,217
996,609
Cash at bank and in hand
556,152
771,169
-------------
-------------
2,434,659
2,165,422
Creditors: amounts falling due within one year
8
996,971
767,409
-------------
-------------
Net current assets
1,437,688
1,398,013
-------------
-------------
Total assets less current liabilities
1,455,230
1,415,113
Provisions
Taxation including deferred tax
1,237
1,018
-------------
-------------
Net assets
1,453,993
1,414,095
-------------
-------------
Capital and reserves
Called up share capital
850
850
Profit and loss account
1,453,143
1,413,245
-------------
-------------
Shareholders funds
1,453,993
1,414,095
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 31 March 2025 , and are signed on behalf of the board by:
M S Johal
Director
Company registration number: 06973153
EUROPEAN GLASS INSTALLATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, BN3 2DL, East Sussex.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
26,416
97,412
Deferred tax:
Origination and reversal of timing differences
219
134
---------
---------
Tax on profit
26,635
97,546
---------
---------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 May 2023
65,956
65,956
Additions
2,069
2,069
---------
---------
At 30 April 2024
68,025
68,025
---------
---------
Depreciation
At 1 May 2023
48,856
48,856
Charge for the year
1,627
1,627
---------
---------
At 30 April 2024
50,483
50,483
---------
---------
Carrying amount
At 30 April 2024
17,542
17,542
---------
---------
At 30 April 2023
17,100
17,100
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
415,888
705,007
Amounts due from related parties
1,000,000
200,000
Other debtors
102,329
91,602
-------------
----------
1,518,217
996,609
-------------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
324,839
324,454
Corporation tax
26,416
97,412
Social security and other taxes
14,672
17,133
Amounts owed to related parties
116,225
206,589
Other creditors
514,819
121,821
----------
----------
996,971
767,409
----------
----------
9. Summary audit opinion
The auditor's report dated 31 March 2025 was unqualified .
The senior statutory auditor was David Guest FCA , for and on behalf of UHY Hacker Young (S.E.) Limited .
10. Related party transactions
The company had the following related party transactions: At 30 April 2024, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £116,225 (2023: £206,589), in respect of loans from companies under comon control. These loans are interest free, unsecured and repayable on demand. At 30 April 2024, debtors included amounts due from related parties amounting to £1,000,000 (2023: £200,000), in respect of loans to companies under common control . These loans are interest free, unsecured and repayable on demand. During the year, the company purchased goods and services to the value of £1,14,660 (2023: £818,338), from related parties under common control.