Registered number
03964960
Okehampton Glass Limited
Filleted Accounts
31 December 2024
Okehampton Glass Limited
Registered number: 03964960
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 5,793 11,589
Tangible assets 4 136,104 141,514
141,897 153,103
Current assets
Stocks 55,402 99,507
Debtors 5 81,450 62,080
Cash at bank and in hand 98,565 140,802
235,417 302,389
Creditors: amounts falling due within one year 6 (96,598) (129,446)
Net current assets 138,819 172,943
Total assets less current liabilities 280,716 326,046
Creditors: amounts falling due after more than one year 7 (136,023) (212,194)
Provisions for liabilities (11,387) (11,401)
Net assets 133,306 102,451
Capital and reserves
Called up share capital 100 100
Profit and loss account 133,206 102,351
Shareholders' funds 133,306 102,451
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr AS Ewen
Director
Approved by the board on 28 August 2025
Okehampton Glass Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 4% straight line
Plant and machinery 10% straight line
Motor vehicles 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 57,957
At 31 December 2024 57,957
Amortisation
At 1 January 2024 46,368
Provided during the year 5,796
At 31 December 2024 52,164
Net book value
At 31 December 2024 5,793
At 31 December 2023 11,589
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 154,369 113,426 70,930 338,725
Additions - 2,600 12,000 14,600
At 31 December 2024 154,369 116,026 82,930 353,325
Depreciation
At 1 January 2024 44,089 99,294 53,828 197,211
Charge for the year 6,176 3,559 10,275 20,010
At 31 December 2024 50,265 102,853 64,103 217,221
Net book value
At 31 December 2024 104,104 13,173 18,827 136,104
At 31 December 2023 110,280 14,132 17,102 141,514
5 Debtors 2024 2023
£ £
Trade debtors 90,157 47,522
Other debtors (8,707) 14,558
81,450 62,080
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 23,642 26,919
Obligations under finance lease and hire purchase contracts - 3,117
Trade creditors 76,995 56,627
Corporation tax 31,799 24,434
Other taxes and social security costs 16,083 24,759
Other creditors (51,921) (6,410)
96,598 129,446
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 136,023 212,194
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 65,616 82,268
Secured bank loans 140,703 203,808
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 26,500 53,000
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr AS Ewen
Loans to director 27,221 35,880 (30,600) 32,501
27,221 35,880 (30,600) 32,501
11 Other information
Okehampton Glass Limited is a private company limited by shares and incorporated in England. Its registered office is:
Brightley Farm
Okehampton
Devon
EX20 1RP
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