The World of Glass Enterprises Limited - Period Ending 2019-03-31

Company registration number: 02723960

The World of Glass Enterprises Limited

Filleted Financial Statements

for the Year Ended 31 March 2019
 

Abrams Ashton Ltd
Chartered Accountants & Statutory Auditors
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

The World of Glass Enterprises Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

The World of Glass Enterprises Limited

Company Information

Directors

J C Barton R J Helsby

Company secretary

L A Blakemore

Registered office

Chalon Way East St Helens Merseyside WA10 1BX

Auditors

Abrams Ashton Ltd Chartered Accountants & Statutory Auditors 7 Waterside Court St. Helens Merseyside WA9 1UA

Page 1

The World of Glass Enterprises Limited

(Registration number: 02723960)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	4,189	2,031
Current assets
Stocks		10,869	11,017
Debtors	5	9,794	2,357
Cash at bank and in hand		6,061	5,194
		26,724	18,568
Creditors: Amounts falling due within one year	6	(38,182)	(41,221)
Net current liabilities		(11,458)	(22,653)
Net liabilities		(7,269)	(20,622)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(7,271)	(20,624)
Total equity		(7,269)	(20,622)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 December 2019 and signed on its behalf by:
 

......................................... R J Helsby Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

The World of Glass Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Chalon Way East
St Helens
Merseyside
WA10 1BX

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

Going concern

The company cannot continue to trade without the support of its charitable parent company, The World of Glass (St Helens) Limited. In assessing its funding requirements for the future, the trustees of the parent company consider it will continue to receive adequate funding for the foreseeable future. Further details of the going concern consideration can be found in the financial statements of the parent company, The World of Glass (St Helens) Limited.

The directors consider that in preparing the financial statements they have taken into account all information that could reasonably be expected to be available. On this basis they consider it is appropriate to prepare the financial statements on the going concern basis.

Page 3

The World of Glass Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Audit report

The Independent Auditor's Report was unqualified. In forming our opinion of the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 2 'Accounting policies' and note 9 ' Going concern' to the financial statements concerning the company's and the group's ability to continue as a going concern. The matter explained in note 2 'Accounting policies' and note 9 ' Going concern' to the financial statements indicates the existence of a material uncertainty, which may cast significant doubt about the company's and the group's ability to continue as a going concern.

Nevertheless, after making enquiries and considering the uncertainties described above, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, the trustees continue to adopt the going concern basis of accounting in preparing the annual financial statements.

The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. The name of the Senior Statutory Auditor who signed the audit report on 19 December 2019 was Darren Leigh FCCA, who signed for and on behalf of Abrams Ashton Ltd.

Revenue recognition

Revenue comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts. Sales of goods and services are recognised when the company has delivered the goods and services to the customer.

Tangible assets

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

Page 4

The World of Glass Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and 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.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2018 - 16).

Page 5

The World of Glass Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2018	15,025	3,188	18,213
Additions	3,781	-	3,781
Disposals	(4,138)	-	(4,138)
At 31 March 2019	14,668	3,188	17,856
Depreciation
At 1 April 2018	12,995	3,188	16,183
Charge for the year	1,622	-	1,622
Eliminated on disposal	(4,138)	-	(4,138)
At 31 March 2019	10,479	3,188	13,667
Carrying amount
At 31 March 2019	4,189	-	4,189
At 31 March 2018	2,031	-	2,031

5

Debtors

	2019 £	2018 £
Trade debtors	9,794	2,357
	9,794	2,357

6

Creditors

Creditors: amounts falling due within one year

		2019 £	2018 £
Due within one year
Trade creditors		4,627	9,112
Amounts owed to group undertakings		23,514	17,183
Taxation and social security		5,927	10,193
Accruals and deferred income		4,114	4,733
		38,182	41,221

Page 6

The World of Glass Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

7	Parent and ultimate parent undertaking

The company's immediate parent is The World of Glass (St Helens) Limited, (registered number: 02592450), incorporated in England and Wales.

 

8	Going concern

Although the financial statements show net current liabilities of £11,458 (2018 £22,653) and net liabilities of £7,269 (2018 £20,622), the directors are of the opinion that the financial statements can be prepared on the going concern basis on the grounds that the charitable parent company, The World of Glass (St Helens) Limited, will continue to provide support and the company will trade profitably in the future.

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