Company Registration No. 09978869 (England and Wales)
Glass Outlet Limited
Unaudited accounts
for the year ended 28 February 2025
Glass Outlet Limited
Unaudited accounts
Contents
Glass Outlet Limited
Company Information
for the year ended 28 February 2025
Directors
Amit Mawji Patel
Marian Pintilie
Company Number
09978869 (England and Wales)
Registered Office
21 Brook Road
Neasden
London
NW2 7BJ
England
Glass Outlet Limited
Statement of financial position
as at 28 February 2025
Tangible assets
103,460
104,687
Cash at bank and in hand
128,197
122,128
Creditors: amounts falling due within one year
(176,945)
(148,490)
Net current liabilities
(20,691)
(7,497)
Total assets less current liabilities
82,769
97,190
Creditors: amounts falling due after more than one year
(5,303)
(18,030)
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
76,736
78,250
Shareholders' funds
76,836
78,350
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2025 and were signed on its behalf by
Amit Mawji Patel
Director
Company Registration No. 09978869
Glass Outlet Limited
Notes to the Accounts
for the year ended 28 February 2025
Glass Outlet Limited is a private company, limited by shares, registered in England and Wales, registration number 09978869. The registered office is 21 Brook Road, Neasden, London, NW2 7BJ, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% Straightline
Plant & machinery
20% reducing balance
Motor vehicles
25% reducing balance
Stock 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.
Glass Outlet Limited
Notes to the Accounts
for the year ended 28 February 2025
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax currently payable, relating to UK corporation tax is calculated on the basis of the tax rates and laws that have been enacted or
substantively enacted as at the reporting date.
Deferred tax is recognised on all timing differences that have originated but not reversed at the reporting date transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in future give rise to a deferred tax liability or asset.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expense in the assessments in periods different from those in which they are recognised in the financial statements.
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 differences. The tax expense is recognised in the same component or comprehensive income or equity as the transaction or other event that resulted in the tax expense.
Deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it is deemed probable that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the
recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2024
101,444
5,398
11,500
118,342
At 28 February 2025
101,444
5,398
11,500
118,342
At 1 March 2024
-
3,578
10,077
13,655
Charge for the year
507
364
356
1,227
At 28 February 2025
507
3,942
10,433
14,882
At 28 February 2025
100,937
1,456
1,067
103,460
At 29 February 2024
101,444
1,820
1,423
104,687
Glass Outlet Limited
Notes to the Accounts
for the year ended 28 February 2025
Amounts falling due within one year
Trade debtors
23,825
13,834
Accrued income and prepayments
2,202
2,004
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Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
12,727
12,727
Trade creditors
18,126
15,587
Taxes and social security
26,632
13,459
Loans from directors
114,112
99,658
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Creditors: amounts falling due after more than one year
2025
2024
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Average number of employees
During the year the average number of employees was 4 (2024: 4).