EE Glass Ltd 31/12/2019 iXBRL

EE Glass Ltd 31/12/2019 iXBRL

EE GLASS LTD - Company Information

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Company registration number: 03004390
EE Glass Ltd
Unaudited filleted financial statements
31 December 2019
EE Glass Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
EE Glass Ltd
Directors and other information
Directors Mr M P Croucher
Mr N T Croucher
Secretary Mr M P Croucher
Company number 03004390
Registered office Ocean House
Dundas Lane
Portsmouth
Hants
PO3 5ND
Accountants David Bailey Chartered Accountants
28 Landport Terrace
Portsmouth
Hants
PO1 2RG
EE Glass Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of EE Glass Ltd
Year ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of EE Glass Ltd for the year ended 31 December 2019 which comprise the statement of financial position and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of EE Glass Ltd, as a body, in accordance with the terms of our engagement letter dated 13 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of EE Glass Ltd and state those matters that we have agreed to state to the board of directors of EE Glass Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EE Glass Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that EE Glass Ltd 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 EE Glass Ltd. You consider that EE Glass 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 financial statements of EE Glass 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 financial statements.
David Bailey Chartered Accountants
28 Landport Terrace
Portsmouth
Hants
PO1 2RG
11 September 2020
EE Glass Ltd
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 787,717 674,923
_______ _______
787,717 674,923
Current assets
Stocks 235,719 115,235
Debtors 6 894,703 692,893
Cash at bank and in hand 429,503 405,471
_______ _______
1,559,925 1,213,599
Creditors: amounts falling due
within one year 7 ( 567,974) ( 411,756)
_______ _______
Net current assets 991,951 801,843
_______ _______
Total assets less current liabilities 1,779,668 1,476,766
Creditors: amounts falling due
after more than one year 8 ( 59,295) ( 37,742)
Provisions for liabilities ( 141,158) ( 116,963)
_______ _______
Net assets 1,579,215 1,322,061
_______ _______
Capital and reserves
Called up share capital 105,000 105,000
Profit and loss account 1,474,215 1,217,061
_______ _______
Shareholders funds 1,579,215 1,322,061
_______ _______
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 August 2020 , and are signed on behalf of the board by:
Mr M P Croucher
Director
Company registration number: 03004390
EE Glass Ltd
Notes to the financial statements
Year ended 31 December 2019
1. General information
The Company is a private company limited by shares, registered in England & Wales. The address of the registered office is Ocean House, Dundas Lane, Portsmouth, Hants, PO3 5ND. The Company had purchased the assets and stock of another glass product producer and wholesaler in the area at the end of the previous year to increase their capacity.This led to a substantial increase in their sales and costs in the year under review.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 79 (2018: 58 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2019 812,679 68,467 303,870 1,185,016
Additions 122,432 26,904 158,903 308,239
Disposals - - ( 1,000) ( 1,000)
_______ _______ _______ _______
At 31 December 2019 935,111 95,371 461,773 1,492,255
_______ _______ _______ _______
Depreciation
At 1 January 2019 350,571 21,864 137,658 510,093
Charge for the year 102,900 13,978 78,338 195,216
Disposals - - ( 771) ( 771)
_______ _______ _______ _______
At 31 December 2019 453,471 35,842 215,225 704,538
_______ _______ _______ _______
Carrying amount
At 31 December 2019 481,640 59,529 246,548 787,717
_______ _______ _______ _______
At 31 December 2018 462,108 46,603 166,212 674,923
_______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 774,325 648,384
Other debtors 120,378 44,509
_______ _______
894,703 692,893
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 288,883 185,517
Corporation tax 37,349 70,439
Social security and other taxes 122,127 110,660
Other creditors 119,615 45,140
_______ _______
567,974 411,756
_______ _______
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 59,295 37,742
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2019 2018
£ £
The Ocean House Partnership 41,154 41,154
Starwise Property Ltd 40,000 24,000
Wray House Ltd 60,000 -
Razzamatazz Ltd 60,000 -
_______ _______
The Directors are also partners with Mrs R Croucher in the Ocean House Partnership which rents the factory unit to the Company at open market value. The Company also paid management fees to their Holding Company, Starwise Property Ltd as well as to the Directors personal companies.
10. Controlling party
The Company is a wholly owned subsidiary of Starwise Property Ltd, a company incorporated in the UK and registered at 48 Southleigh Road, Havant, Hants, PO9 2QH.