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COMPANY REGISTRATION NUMBER: 05940644
Van Glass Limited
Filleted Unaudited Financial Statements
31 December 2024
Van Glass Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
152,653
140,636
Current assets
Stocks
390,941
268,959
Debtors
6
74,578
121,132
Cash at bank and in hand
195,762
177,041
---------
---------
661,281
567,132
Creditors: amounts falling due within one year
7
125,449
71,568
---------
---------
Net current assets
535,832
495,564
---------
---------
Total assets less current liabilities
688,485
636,200
Creditors: amounts falling due after more than one year
8
5,212
15,449
Provisions
Taxation including deferred tax
10,094
7,183
---------
---------
Net assets
673,179
613,568
---------
---------
Capital and reserves
Called up share capital
5
5
Profit and loss account
673,174
613,563
---------
---------
Shareholders funds
673,179
613,568
---------
---------
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.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Van Glass Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
Mr A A Teasdale
Miss L Teasdale
Director
Director
Company registration number: 05940644
Van Glass Limited
Notes to the Financial Statements
Year ended 31 December 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 Suite 1 Telford House, Warwick Road, Carlisle, Cumbria, CA1 2BT.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
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.
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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
111,904
205
29,986
31,919
6,570
180,584
Additions
1,790
30,366
32,156
Disposals
( 205)
( 3,156)
( 3,250)
( 6,611)
---------
----
--------
--------
--------
---------
At 31 Dec 2024
111,904
28,620
28,669
36,936
206,129
---------
----
--------
--------
--------
---------
Depreciation
At 1 Jan 2024
140
19,071
18,547
2,190
39,948
Charge for the year
2,843
3,262
12,312
18,417
Disposals
( 140)
( 1,824)
( 2,925)
( 4,889)
---------
----
--------
--------
--------
---------
At 31 Dec 2024
20,090
18,884
14,502
53,476
---------
----
--------
--------
--------
---------
Carrying amount
At 31 Dec 2024
111,904
8,530
9,785
22,434
152,653
---------
----
--------
--------
--------
---------
At 31 Dec 2023
111,904
65
10,915
13,372
4,380
140,636
---------
----
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
31,143
85,167
Other debtors
43,435
35,965
--------
---------
74,578
121,132
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,424
10,299
Trade creditors
53,406
4,710
Corporation tax
53,770
55,477
Social security and other taxes
1,447
1,082
Other creditors
6,402
---------
--------
125,449
71,568
---------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,212
15,449
-------
--------
9. Related party transactions
The company was under the control of Mr A A Teasdale & Miss L Teasdale throughout the current and previous year. Mr & Miss Teasdale are the only directors and shareholders. During the year residential property was occupied by a family member of Mr & Miss Teasdale. A rental charge of £ 6,300 (2023 - £6,300) representing open market value was paid regarding this property. During the year dividends of £ 112,782 (2023 - £158,589) were paid to Mr & Miss Teasdale. On the balance sheet date the company owed Mr & Miss Teasdale £ 6,402 (2023 - £Nil) and this is included in Other creditors.