Bloomsbury Glass Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05122119 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2020

FOR

BLOOMSBURY GLASS LIMITED

Page

Company Information

1

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr S S Rama

Mr J S Rama

SECRETARY:

Mr J S Rama

REGISTERED OFFICE:

c/o Michael Heaven & Associates Limited

47 Calthorpe Road

Edgbaston

BIRMINGHAM

West Midlands

B15 1TH

BUSINESS ADDRESS:

Unit 3

Kelvin Way

WEST BROMWICH

B70 7LH

REGISTERED NUMBER:

05122119 (England and Wales)

ACCOUNTANTS:

Michael Heaven & Associates Limited

Chartered Certified Accountants

47 Calthorpe Road

Edgbaston

BIRMINGHAM

B15 1TH

BANKERS:

NatWest Bank PLC

1 St Philips Place

Birmingham

B3 2PT

INCORPORATED:

7th May 2004

FIXED ASSETS

Tangible assets

4

1,572,906

1,609,241

CURRENT ASSETS

Stocks

100,682

96,264

Debtors

375,992

522,466

Cash at bank and in hand

27,154

14,911

503,828

633,641

CREDITORS

Amounts falling due within one year

1,662,430

1,757,896

NET CURRENT LIABILITIES

(1,158,602

)

(1,124,255

)

TOTAL ASSETS LESS CURRENT LIABILITIES

414,304

484,986

CREDITORS

Amounts falling due after more than one year

5

(176,537

)

(296,076

)

PROVISIONS FOR LIABILITIES

8

(113,409

)

(79,826

)

NET ASSETS

124,358

109,084

CAPITAL AND RESERVES

Called up share capital

9

200,004

200,004

Retained earnings

(75,646

)

(90,920

)

SHAREHOLDERS' FUNDS

124,358

109,084

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2020 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st May 2020 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 and authorised for issue on 7th December 2020 and were signed on its behalf by:

Mr S S Rama - Director

Mr J S Rama - Director

1.	STATUTORY INFORMATION

Bloomsbury Glass 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 15 years straight line (35% residual value)

Fixtures and fittings - 15% reducing balance

Motor vehicles - 25% reducing balance (35% residual value)

Government grants

Government grants are accounted for under the accruals model. Grants under the accruals model in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. Grants recognised during the year were as follows:

- Job retention scheme - £121,468

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties.

Taxation

Taxation 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 taxation 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

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.

Foreign currency transactions

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2019 - 51 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st June 2019

2,439,309

Additions

54,599

At 31st May 2020

2,493,908

DEPRECIATION

At 1st June 2019

830,068

Charge for year

90,934

At 31st May 2020

921,002

NET BOOK VALUE

At 31st May 2020

1,572,906

At 31st May 2019

1,609,241

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1st June 2019

909,001

Additions

50,250

At 31st May 2020

959,251

DEPRECIATION

At 1st June 2019

119,515

Charge for year

48,495

At 31st May 2020

168,010

NET BOOK VALUE

At 31st May 2020

791,241

At 31st May 2019

789,486

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2020

2019

£

£

Repayable by instalments

Hire purchase

599

2,357

6.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2020

2019

£

£

Net obligations repayable:

Within one year

157,209

146,350

Between one and five years

175,938

293,719

In more than five years

599

2,357

333,746

442,426

7.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

150,431

207,236

There is an all monies fixed and floating debenture given to the bank over all assets of the company. This is to cover the overdraft arrangement of the company.

8.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

113,409

79,826

Deferred

tax

£

Balance at 1st June 2019

79,826

Movement

33,583

Balance at 31st May 2020

113,409

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months is recognised. The provision is measured at the salary cost payable for the period of absence.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

50,001

Ordinary A

£1

50,001

50,001

50,001

Ordinary B

£1

50,001

50,001

50,001

Ordinary C

£1

50,001

50,001

50,001

Ordinary D

£1

50,001

50,001

200,004

200,004

10.	RELATED PARTY DISCLOSURES

As at the year end the amount due to individuals related to the directors' of the company totalled £220,830 (2019 - £210,830). The loan was interest free and repayable upon demand.