Propak Architectural Glazing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07448854 (England and Wales)

PROPAK ARCHITECTURAL GLAZING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2018

Page

Company Information

1

Accountants' Report

2

Abridged Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

7

DIRECTORS:

L Bennett

M Bennett

R Trevett

REGISTERED OFFICE:

Unit 1

Gunnels Wood Industrial Estate

Gunnels Wood Road

Stevenge

Hertfordshire

SG1 2BH

REGISTERED NUMBER:

07448854 (England and Wales)

ACCOUNTANTS:

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and

certain other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Propak Architectural Glazing Limited for the year ended

31st August 2018 which comprise the Income Statement, Abridged Statement of Financial Position,

Statement of Changes in Equity and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Propak Architectural Glazing Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Propak Architectural Glazing Limited and state those matters that we have agreed to state to the Board of Directors of Propak Architectural Glazing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Propak Architectural Glazing Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Propak Architectural Glazing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Propak Architectural Glazing Limited. You consider that Propak Architectural Glazing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Propak Architectural Glazing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

29th May 2019

FIXED ASSETS

Property, plant and equipment

5

2,302

22,230

CURRENT ASSETS

Inventories

125,267

231,604

Debtors

455,978

374,157

Cash at bank

476,029

201,096

1,057,274

806,857

CREDITORS

Amounts falling due within one year

(608,886

)

(462,455

)

NET CURRENT ASSETS

448,388

344,402

TOTAL ASSETS LESS CURRENT LIABILITIES

450,690

366,632

PROVISIONS FOR LIABILITIES

-

(2,708

)

NET ASSETS

450,690

363,924

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

450,590

363,824

SHAREHOLDERS' FUNDS

450,690

363,924

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31st August 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 28th May 2019 and were signed on its behalf by:

L Bennett - Director

1.	STATUTORY INFORMATION

Propak Architectural Glazing 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis and under the historical cost

convention.

Significant judgements and estimates

No significant judgements or estimates have had to be made by the directors in preparing these

financial statements.

Turnover

Turnover represents the total invoice value, excluding value added tax, trade discounts and all other

taxes of sales made during the year.

Income recognition

Income is recognised when goods have been delivered and services supplied to customers such that

risks and rewards of ownership have transferred to them.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its

estimated useful life.

Plant and machinery etc. - 20% on cost

Inventories

Inventories and work in progress are valued at the lower of cost and net realisable value, after

making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and

handling costs in bringing inventories to their present location and condition.

Tax

Tax 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 tax 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not

reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2017 - 22 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

Cost

At 1st September 2017

and 31st August 2018

111,139

Depreciation

At 1st September 2017

88,909

Charge for year

19,928

At 31st August 2018

108,837

Net book value

At 31st August 2018

2,302

At 31st August 2017

22,230

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

869

3,474

Between one and five years

-

869

869

4,343

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

NIL

-

-

75

Ordinary A

£1

75

75

25

Ordinary B

£1

25

25

100

100