Glassjacks Ltd - Period Ending 2020-03-31

Glassjacks Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 9

Glassjacks Ltd

Company Information

 

Director

Andrew Paul Lewis

 

Registered office

29 Field View Chandlers Ford Eastleigh Hampshire SO53 4LJ

Accountants

Magenta Accounts Limited 2a Poles Copse, Poles Lane Otterbourne Winchester Hampshire SO21 2DZ

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Glassjacks Ltd
for the Year Ended 31 March 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glassjacks Ltd for the year ended 31 March 2020 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Glassjacks Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Glassjacks Ltd and state those matters that we have agreed to state to the Board of Directors of Glassjacks Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glassjacks Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Glassjacks Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Glassjacks Ltd. You consider that Glassjacks Ltd 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 accounts of Glassjacks Ltd. 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 accounts.

......................................

Magenta Accounts Limited
2a Poles Copse, Poles Lane
Otterbourne
Winchester
Hampshire
SO21 2DZ

 

19 June 2020

Glassjacks Ltd

(Registration number: 07576849)
Balance Sheet as at 31 March 2020

	Note	2020		2019
		£	£	£	£
Fixed assets
Tangible assets	4		2,553		3,405
Current assets
Stocks	5	57,200		51,619
Debtors	6	2,059		16,838
Cash at bank and in hand		52,463		54,614
		111,722		123,071
Creditors: Amounts falling due within one year	7	(22,216)		(27,221)
Net current assets			89,506		95,850
Total assets less current liabilities			92,059		99,255
Creditors: Amounts falling due after more than one year	7		(57,152)		(51,116)
Net assets			34,907		48,139
Capital and reserves
Called up share capital	8	10		10
Profit and loss account		34,897		48,129
Total equity			34,907		48,139

Glassjacks Ltd

(Registration number: 07576849)
Balance Sheet as at 31 March 2020

For the financial year ending 31 March 2020 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director on 19 June 2020
 

.........................................

Andrew Paul Lewis
Director

Glassjacks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

1	General information

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

The address of its registered office is:
29 Field View
Chandlers Ford
Eastleigh
Hampshire
SO53 4LJ

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

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

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

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Glassjacks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% on reducing balance

Stocks

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2019 - 3).

Glassjacks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

4	Tangible assets

	Plant and machinery etc  £
Cost or valuation
At 1 April 2019	7,299
At 31 March 2020	7,299
Depreciation
At 1 April 2019	3,894
Charge for the year	852
At 31 March 2020	4,746
Carrying amount
At 31 March 2020	2,553
At 31 March 2019	3,405

5

Stocks

	2020 £	2019 £
Finished goods and goods for resale	57,200	51,619

6

Debtors

	2020 £	2019 £
Trade debtors	824	5,983
Prepayments	-	10,855
Other debtors	1,235	-
	2,059	16,838

Glassjacks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

7

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	9,941	-
Taxation and social security	7,612	15,363
Accruals and deferred income	3,953	11,448
Other creditors	710	410
	22,216	27,221

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Directors loan accounts		57,152	51,116

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	10	10	10	10

Glassjacks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,333 (2019 - £20,533).

10	Related party transactions

Other transactions with directors

Mr A Lewis provided a loan to the company for working captial. Interest accrues at a rate of 2.5% on the balance. The amount due as at the balance sheet date was £57,152 (2019 - £51,116).