Modern Glazing Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12392588

Modern Glazing Limited

Filleted Unaudited Financial Statements

31 January 2025

Modern Glazing Limited

Financial Statements

Year ended 31 January 2025

Contents	Page

Balance sheet	1

Notes to the financial statements	3

Modern Glazing Limited

Balance Sheet

31 January 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	5		94,048		128,055

Current assets

Stocks		17,560	65,575
Debtors	6	330,427	156,576
Cash at bank and in hand		245,118	250,363
		---------	---------
		593,105	472,514

Creditors: amounts falling due within one year	7	241,613		220,752
		---------		---------
Net current assets			351,492		251,762
			---------		---------
Total assets less current liabilities			445,540		379,817

Creditors: amounts falling due after more than one year	8		24,502		39,094

Provisions

Taxation including deferred tax	18,638	27,379
	---------	---------
Net assets	402,400	313,344
	---------	---------

Modern Glazing Limited

Balance Sheet (continued)

31 January 2025

	2025		2024
Note	£	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	402,300	313,244
	---------	---------
Shareholders funds	402,400	313,344
	---------	---------

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 profit and loss account has not been delivered.

For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 19 June 2025 , and are signed on behalf of the board by:

Mr J A Mann
Director

Company registration number: 12392588

Modern Glazing Limited

Notes to the Financial Statements

Year ended 31 January 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when windows and doors are delivered or installation completed on site.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Short leasehold property	-	10% straight line
Plant and machinery	-	25% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	25% straight line

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2024: 9 ).

5. Tangible assets

	Short leasehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 February 2024	18,076	129,231	46,954	2,012	196,273
Additions	3,634	4,082	–	1,629	9,345
	--------	---------	--------	-------	---------
At 31 January 2025	21,710	133,313	46,954	3,641	205,618
	--------	---------	--------	-------	---------
Depreciation
At 1 February 2024	5,807	49,854	11,173	1,384	68,218
Charge for the year	1,929	32,014	8,946	463	43,352
	--------	---------	--------	-------	---------
At 31 January 2025	7,736	81,868	20,119	1,847	111,570
	--------	---------	--------	-------	---------
Carrying amount
At 31 January 2025	13,974	51,445	26,835	1,794	94,048
	--------	---------	--------	-------	---------
At 31 January 2024	12,269	79,377	35,781	628	128,055
	--------	---------	--------	-------	---------

6. Debtors

	2025	2024
	£	£
Trade debtors	56,996	40,082
Other debtors	273,431	116,494
	---------	---------
	330,427	156,576
	---------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	82,459	102,705
Corporation tax	38,741	24,880
Social security and other taxes	24,304	6,135
Other creditors	96,109	87,032
	---------	---------
	241,613	220,752
	---------	---------

Included in other creditors is £14,591 (2024: £13,196) which is secured on the assets of the company.

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

	2025	2024
	£	£
Other creditors	24,502	39,094
	--------	--------

Included in other creditors is £24,502 (2024: £39,094) which is secured on the assets of the company.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	59,004	29,004
Later than 1 year and not later than 5 years	65,259	94,263
	---------	---------
	124,263	123,267
	---------	---------

10. Director's advances, credits and guarantees

During the year, the director had an interest-free, repayable on demand loan with the company. At the start of the year the director was owed £7,302, and at the end of the year the director was owed £6,952.

11. Related party transactions

During the year the company benefitted from a loan from James Mann Construction Limited, a company controlled by the director. At the start of the year the company owed £21,432 and at the end of the year the company owed £13,569 to James Mann Construction Limited. The loan is interest free and repayable on demand. Modern Glazing Limited made sales of £32,384 (2024: £4,448) to James Mann Construction Limited during the year. During the year the company provided a loan to M & M Commercial Properties Limited, a company a director has an interest in. At the start of the year this company was owed £100,000 and at the end of the year the company was owed £100,000. The loan is interest free and repayable on demand. During the year the company provided a loan to Need the Loo Toilet Hire Limited a company a director has an interest in. At the end of the year the company was owed £150,000. The loan is interest free and repayable on demand. The company has provided an omnibus guarantee and set-off agreement to its bankers to secure liabilities owed to the bank by this company, by James Mann Construction Limited and by M & M Commercial Properties Limited.