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Registered number: 03837587
Oswestry Glass Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Hudson LM Limited
Castle Court
Castle Street
Whittington, Oswestry
Shropshire
SY11 4DF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 03837587
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 213 213
Tangible Assets 5 163,595 208,211
Investments 1 1
163,809 208,425
CURRENT ASSETS
Stocks 6 70,000 105,000
Debtors 7 12,335 6,324
Cash at bank and in hand 118,247 139,627
200,582 250,951
Creditors: Amounts Falling Due Within One Year 8 (190,076 ) (192,998 )
NET CURRENT ASSETS (LIABILITIES) 10,506 57,953
TOTAL ASSETS LESS CURRENT LIABILITIES 174,315 266,378
Creditors: Amounts Falling Due After More Than One Year 9 (140,871 ) (170,398 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (32,660 ) (43,288 )
NET ASSETS 784 52,692
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 782 52,690
SHAREHOLDERS' FUNDS 784 52,692
Page 1
Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Carl Turner
Director
10 June 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Oswestry Glass Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03837587 . The registered office is Castle Court , Castle Street , Whittington , Shropshire , SY11 4DF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It has been fully amoritsed in the previous year.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Patents and Licences. These are not currently amortised to the profit and loss account.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15%
Motor Vehicles 25%
Fixtures & Fittings 10%
Computer Equipment 33%
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2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 11)
11 11
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4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 October 2023 44,000 213 44,213
As at 30 September 2024 44,000 213 44,213
Amortisation
As at 1 October 2023 44,000 - 44,000
As at 30 September 2024 44,000 - 44,000
Net Book Value
As at 30 September 2024 - 213 213
As at 1 October 2023 - 213 213
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2023 193,530 295,328 14,189 10,919 513,966
Additions 1,462 26,092 3,605 750 31,909
Disposals - (71,246 ) - - (71,246 )
As at 30 September 2024 194,992 250,174 17,794 11,669 474,629
Depreciation
As at 1 October 2023 109,300 179,280 8,959 8,216 305,755
Provided during the period 12,854 26,831 884 1,139 41,708
Disposals - (36,429 ) - - (36,429 )
As at 30 September 2024 122,154 169,682 9,843 9,355 311,034
Net Book Value
As at 30 September 2024 72,838 80,492 7,951 2,314 163,595
As at 1 October 2023 84,230 116,048 5,230 2,703 208,211
6. Stocks
2024 2023
£ £
Materials 15,000 15,000
Work in progress 55,000 90,000
70,000 105,000
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 6,236 6,008
Prepayments and accrued income 109 316
Director's loan account 5,990 -
12,335 6,324
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 10,478 13,473
Trade creditors 36,789 78,372
Bank loans and overdrafts 27,660 15,562
Corporation tax 14,227 11,036
VAT 52,430 61,919
Other creditors 4,132 5,164
Credit Card 2,345 3,393
Accruals and deferred income 42,015 4,075
Director's loan account - 4
190,076 192,998
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 15,844 17,362
Bank loan 125,027 153,036
140,871 170,398
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 10,478 13,473
Later than one year and not later than five years 15,844 17,362
26,322 30,835
26,322 30,835
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11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors: £5,990
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Mr Carl Turner (4 ) 79,594 73,600 - 5,990
The above loan is unsecured, interest free and repayable on demand.
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