REGISTERED NUMBER: 01073034 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LANCING GLASS WORKS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M D Goldsmith

T Jefferson

SECRETARY:

M D Goldsmith

REGISTERED OFFICE:

C/O Galloways Accounting

The Mill Building

31 Chatsworth Road

Worthing

West Sussex

BN11 1LY

REGISTERED NUMBER:

01073034 (England and Wales)

ACCOUNTANTS:

Galloways Accounting (Hove) Limited

15 West Street

Brighton

East Sussex

BN1 2RL

FIXED ASSETS

Tangible assets

4

18,510

2,468

CURRENT ASSETS

Stocks

5

6,069

5,480

Debtors

6

81,317

1,320

Cash at bank

398,519

429,481

485,905

436,281

CREDITORS

Amounts falling due within one year

7

181,886

270,894

NET CURRENT ASSETS

304,019

165,387

TOTAL ASSETS LESS CURRENT LIABILITIES

322,529

167,855

PROVISIONS FOR LIABILITIES

2,807

-

NET ASSETS

319,722

167,855

CAPITAL AND RESERVES

Called up share capital

150

150

Capital redemption reserve

151

151

Retained earnings

319,421

167,554

319,722

167,855

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

M D Goldsmith - Director

1.	STATUTORY INFORMATION

Lancing Glass Works Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

129,575

1,585

131,160

Additions

18,661

-

18,661

At 31 December 2024

148,236

1,585

149,821

DEPRECIATION

At 1 January 2024

127,107

1,585

128,692

Charge for year

2,619

-

2,619

At 31 December 2024

129,726

1,585

131,311

NET BOOK VALUE

At 31 December 2024

18,510

-

18,510

At 31 December 2023

2,468

-

2,468

5.

STOCKS

2024

2023

£

£

Stocks

6,069

5,480

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

79,384

-

VAT

1,933

-

Deferred tax asset

-

1,320

81,317

1,320

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

86,173

78,643

Tax

79,491

19,264

Social security and other taxes

(5,636

)

(1,437

)

VAT

-

62,305

Other creditors

12,322

103,218

Pensions

3,806

3,826

Directors' loan accounts

3,281

2,255

Accrued expenses

2,449

2,820

181,886

270,894

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

M D Goldsmith

Balance outstanding at start of year

(2,250

)

(3,334

)

Amounts advanced

70,705

1,084

Amounts repaid

(71,732

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(3,277

)

(2,250

)

T Jefferson

Balance outstanding at start of year

(5

)

93

Amounts advanced

53,722

-

Amounts repaid

(53,721

)

(98

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(4

)

(5

)

9.	ULTIMATE CONTROLLING PARTY

The controlling party is M D Goldsmith.