Company registration number 7148587 (England and Wales)
BUCKINGHAM GLASS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
BUCKINGHAM GLASS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BUCKINGHAM GLASS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,327
11,558
Current assets
Stocks
8,000
8,000
Debtors
5
5,307
3,676
Cash at bank and in hand
55,632
80,944
68,939
92,620
Creditors: amounts falling due within one year
6
(38,151)
(45,287)
Net current assets
30,788
47,333
Total assets less current liabilities
51,115
58,891
Provisions for liabilities
(72)
(99)
Net assets
51,043
58,792
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
51,041
58,790
Total equity
51,043
58,792
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 3 August 2025 and are signed on its behalf by:
Mr R Cyster
Mrs I Cyster
Director
Director
Company registration number 7148587 (England and Wales)
BUCKINGHAM GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -
1
Accounting policies
Company information
Buckingham Glass Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moreton House, 31 High Street, Buckingham, Bucks, MK18 1NU.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
1.3
Intangible fixed assets - goodwill
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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 equipment
25% Reducing balance
Computers
33% Reducing balance
Motor vehicles
15% Reducing balance
1.5
Stocks
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BUCKINGHAM GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 3 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
1.8
Leases
As lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
2
2
BUCKINGHAM GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 29 February 2024 and 28 February 2025
268,000
Amortisation and impairment
At 29 February 2024 and 28 February 2025
268,000
Carrying amount
At 28 February 2025
At 28 February 2024
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 29 February 2024
20,149
1,339
13,795
35,283
Additions
13,899
13,899
At 28 February 2025
20,149
1,339
27,694
49,182
Depreciation and impairment
At 29 February 2024
19,788
1,178
2,759
23,725
Depreciation charged in the year
90
53
4,987
5,130
At 28 February 2025
19,878
1,231
7,746
28,855
Carrying amount
At 28 February 2025
271
108
19,948
20,327
At 28 February 2024
361
161
11,036
11,558
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,435
2,021
Other debtors
261
44
Prepayments and accrued income
1,611
1,611
5,307
3,676
BUCKINGHAM GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 5 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under finance leases
14,036
9,416
Trade creditors
17,657
29,251
Corporation tax
2,105
2,832
Other taxation and social security
2,536
1,971
Other creditors
1,517
1,517
Accruals and deferred income
300
300
38,151
45,287
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
2
2
2
2