Registered number
01247184
Quality Glass (Stoke On Trent) Limited
Filleted Accounts
30 September 2024
Quality Glass (Stoke On Trent) Limited
Registered number: 01247184
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 624,592 685,912
Current assets
Stocks 477,573 282,183
Debtors 4 1,433,573 600,085
Cash at bank and in hand 490,255 373,727
2,401,401 1,255,995
Creditors: amounts falling due within one year 5 (1,538,708) (729,646)
Net current assets 862,693 526,349
Total assets less current liabilities 1,487,285 1,212,261
Creditors: amounts falling due after more than one year 6 (36,809) (77,768)
Provisions for liabilities (48,058) (38,478)
Net assets 1,402,418 1,096,015
Capital and reserves
Called up share capital 4,100 4,000
Revaluation reserve 7 398,224 398,224
Profit and loss account 1,000,094 693,791
Shareholders' funds 1,402,418 1,096,015
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.
Mr B F Ball
Director
Approved by the board on 10 February 2025
Quality Glass (Stoke On Trent) Limited
Notes to the Accounts
for the year ended 30 September 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 of goods and from the rendering of services. 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:
Freehold land nil per annum
Freehold property 2% per annum of cost
Machinery, equipment and fixtures 15% per annum of net book value
Contract hire assets equal installments over the period of hire
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 23 23
3 Tangible fixed assets
Land and buildings Machinery, equipment, vehicles & fixtures Contract hire assets Total
£ £ £ £
Cost
At 1 October 2023 580,000 740,615 156,051 1,476,666
Additions - 4,886 16,739 21,625
At 30 September 2024 580,000 745,501 172,790 1,498,291
Depreciation
At 1 October 2023 98,520 636,779 55,455 790,754
Charge for the year 19,704 16,308 46,933 82,945
At 30 September 2024 118,224 653,087 102,388 873,699
Net book value
At 30 September 2024 461,776 92,414 70,402 624,592
At 30 September 2023 481,480 103,836 100,596 685,912
4 Debtors 2024 2023
£ £
Trade debtors 1,278,115 474,670
Prepayments and accrued income 86,101 99,187
Other debtors 69,357 26,228
1,433,573 600,085
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 42,653 42,547
Trade creditors 1,025,152 410,605
Accruals and deferred income 114,316 114,781
Taxation and social security costs 200,587 45,009
Directors loans 146,000 106,704
1,538,708 729,646
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,500 17,500
Obligations under finance lease and hire purchase contracts 29,309 60,268
36,809 77,768
7 Revaluation reserve 2024 2023
£ £
At 1 October 2023 398,224 398,224
At 30 September 2024 398,224 398,224
8 Other information
Quality Glass (Stoke On Trent) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Leek New Road
Cobridge
Stoke On Trent
Staffordshire
ST6 2JY
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