Glass & Framing Solutions Limited 31/03/2025 iXBRL

Company registration number: 04142059

Glass & Framing Solutions Limited

Unaudited filleted financial statements

31 March 2025

Glass & Framing Solutions Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Glass & Framing Solutions Limited

Directors and other information


Directors	T Waudby
	C Loft	(Resigned 28 January 2025)


Company number	04142059


Registered office	Marvel Street
	Hull
	East Yorkshire
	HU9 1DS


Business address	Marvel Street
	Hull
	HU9 1DS




	Bankers	HSBC Bank Plc
		55 Victoria Street
		Grimsby
		North East Lincolnshire
		DN31 1UX

Glass & Framing Solutions Limited

Statement of financial position

31 March 2025

		31/03/25		31/01/24
	Note	£	£	£	£

Fixed assets
Tangible assets	5	222,222		384,323
		_______		_______
			222,222		384,323

Current assets
Stocks	6	96,912		58,298
Debtors	7	1,953,642		1,911,048
Cash at bank and in hand		1,105,995		1,446,956
		_______		_______
		3,156,549		3,416,302
Creditors: amounts falling due
within one year	8	( 1,576,067)		( 1,771,654)
		_______		_______
Net current assets			1,580,482		1,644,648
			_______		_______
Total assets less current liabilities			1,802,704		2,028,971

Creditors: amounts falling due
after more than one year	9		( 75,464)		( 57,836)

Provisions for liabilities			( 53,129)		( 72,444)

			_______		_______
Net assets			1,674,111		1,898,691
			_______		_______

Capital and reserves
Called up share capital			2,502		2,502
Profit and loss account			1,671,609		1,896,189
			_______		_______
Shareholders funds			1,674,111		1,898,691
			_______		_______

For the period ending 31 March 2025 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 period 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.

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 income statement has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 08 September 2025 , and are signed on behalf of the board by:

T Waudby

Director

Company registration number: 04142059

Glass & Framing Solutions Limited

Notes to the financial statements

Period ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Marvel Street, Hull, East Yorkshire, HU9 1DS.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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	-	15 %	reducing balance
Office equipment	-	20 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their present location and condition.

Grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 in finance costs 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 period amounted to 58 (2024: 55 ).

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 February 2024	421,518	47,030	257,867	726,415
Additions	149,228	7,667	31,889	188,784
Disposals	( 454,986)	( 50,048)	( 48,327)	( 553,361)
	_______	_______	_______	_______
At 31 March 2025	115,760	4,649	241,429	361,838
	_______	_______	_______	_______
Depreciation
At 1 February 2024	191,951	35,967	114,174	342,092
Charge for the year	26,896	1,812	48,159	76,867
Disposals	( 206,843)	( 37,314)	( 35,186)	( 279,343)
	_______	_______	_______	_______
At 31 March 2025	12,004	465	127,147	139,616
	_______	_______	_______	_______
Carrying amount
At 31 March 2025	103,756	4,184	114,282	222,222
	_______	_______	_______	_______
At 31 January 2024	229,567	11,063	143,693	384,323
	_______	_______	_______	_______

6. Stocks

	31/03/25	31/01/24
	£	£
Raw materials and consumables	43,000	58,298
Work in progress	53,912	-
	_______	_______
	96,912	58,298
	_______	_______

7. Debtors

	31/03/25	31/01/24
	£	£
Trade debtors	1,182,459	1,507,957
Other debtors	771,183	403,091
	_______	_______
	1,953,642	1,911,048
	_______	_______

8. Creditors: amounts falling due within one year

	31/03/25	31/01/24
	£	£
Bank loans and overdrafts	13,615	13,634
Trade creditors	1,085,082	1,019,914
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7,957	-
Corporation tax	267,082	298,576
Social security and other taxes	43,833	43,280
Other creditors	158,498	396,250
	_______	_______
	1,576,067	1,771,654
	_______	_______

9. Creditors: amounts falling due after more than one year

	31/03/25	31/01/24
	£	£
Bank loans and overdrafts	4,410	16,515
Other creditors	71,054	41,321
	_______	_______
	75,464	57,836
	_______	_______

The bank loan is a business bounce back loan repayable over 6 years at an interest rate of 2.5%.

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	31/03/25	31/01/24
	£	£
Included in provisions (note )	53,129	72,444
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	31/03/25	31/01/24
	£	£
Accelerated capital allowances	( 19,315)	22,588
	_______	_______

11. Directors advances, credits and guarantees

	During the period the directors entered into the following advances and credits with the company:

Period ended 31/03/25
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	T Waudby	( 7,148)	53,962	( 50,010)	( 3,196)
		_______	_______	_______	_______

Year ended 31/01/24
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	T Waudby	( 7,519)	141,622	( 141,251)	( 7,148)
		_______	_______	_______	_______

During the year T Waudby , a director, provided the company with an interest free loan. The loan is repayable on demand. The balance at the year end was £3,196 (2024 £7,148).

12. Related party transactions

During the period the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	Period	Year	Period	Year
	ended	ended	ended	ended
	31/03/25	31/01/24	31/03/25	31/01/24
	£	£	£	£
Express Direct Finance Limited	260,744	-	7,957	56,247
	_______	_______	_______	_______

During the year the company sold assets to Express Direct Finance Limited, the parent company for the value of £260,744. During the year the company received a capital grant of £7,957 for assets owned by the parent company. The grant was fully transferred to the parent comany after the year end.During the year the company paid dividends of £1,465,000 to Express Direct Finance Limited.The balance owed to the parent company at the year end was £7,957.

13. Controlling party

The director controls the company by virtue of the fact that they (with their associates) own 100% (2024 100%) of the issued ordinary share capital of the parent company.

14. Principal activity of the business

The principal activity of the company during the year was window manufacture and installation.