Glenn Insulation Supplies Limited
Unaudited Financial Statements
For the year ended 30 September 2024
Pages for Filing with Registrar
Company Registration No. 02674928 (England and Wales)
Glenn Insulation Supplies Limited
Company Information
Directors
A.M. Peacey
L. Peacey
Secretary
A.M. Peacey
Company number
02674928
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Glenn Insulation Supplies Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Glenn Insulation Supplies Limited
Balance Sheet
As at 30 September 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
144
192
Current assets
Stock
500
500
Debtors
4
546,293
580,686
Cash at bank and in hand
65,269
72,651
612,062
653,837
Creditors: amounts falling due within one year
5
(582,000)
(628,680)
Net current assets
30,062
25,157
Net assets
30,206
25,349
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
30,006
25,149
Total equity
30,206
25,349
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 June 2025 and are signed on its behalf by:
A.M. Peacey
L. Peacey
Director
Director
Company Registration No. 02674928
Glenn Insulation Supplies Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 2
1
Accounting policies
Company information
Glenn Insulation Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of not less than 12 months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stock
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Glenn Insulation Supplies Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 3
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2023 - 3).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 and 30 September 2024
818
Depreciation and impairment
At 1 October 2023
626
Depreciation charged in the year
48
At 30 September 2024
674
Carrying amount
At 30 September 2024
144
At 30 September 2023
192
Glenn Insulation Supplies Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 4
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
506,426
535,865
Corporation tax recoverable
10,635
17,334
Other debtors
27,659
26,528
Prepayments and accrued income
1,573
959
546,293
580,686
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
552,456
587,318
Corporation tax
16,400
24,057
Other taxation and social security
6,794
11,305
Other creditors
200
-
Accruals and deferred income
6,150
6,000
582,000
628,680
6
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
Class A Ordinary shares of £1 each
100
100
200
200
The 'A' ordinary shares shall be entitled to such dividend as the directors and ordinary shareholders resolve shall be paid. In all other respects the holders of 'A' ordinary shares have no rights whatsoever including participation in the winding up of the company.
Glenn Insulation Supplies Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 5
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
4,991
772
Between two and five years
9,567
14,558
772
8
Directors' transactions
Included within other debtors is an amount owed from the directors of £27,659 (2023: £26,528) relating to monies drawn from the company. Interest charged on the loan, at a rate of 2.25% (2023: 2.0%), was £603 (2023: £715) during the year.