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

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

PROPAK ARCHITECTURAL GLAZING LIMITED - Company Information

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REGISTERED NUMBER: 07448854 (England and Wales)















PROPAK ARCHITECTURAL GLAZING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2020





Wags LLP t/a Wagstaffs
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP








PROPAK ARCHITECTURAL GLAZING LIMITED (REGISTERED NUMBER: 07448854)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2020










Page

Company Information 1

Chartered Accountants' Report 2

Abridged Statement of Financial Position 3 to 4

Notes to the Financial Statements 5 to 7


PROPAK ARCHITECTURAL GLAZING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2020







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
Page 1
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PROPAK ARCHITECTURAL GLAZING LIMITED


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 2020 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


15th March 2021

This page does not form part of the statutory financial statements

Page 2
PROPAK ARCHITECTURAL GLAZING LIMITED (REGISTERED NUMBER: 07448854)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31ST AUGUST 2020

2020 2019
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 24,156 18,089

CURRENT ASSETS
Inventories 245,888 109,404
Debtors 810,651 845,664
Cash at bank 431,986 361,251
1,488,525 1,316,319
CREDITORS
Amounts falling due within one year (1,130,797 ) (821,649 )
NET CURRENT ASSETS 357,728 494,670
TOTAL ASSETS LESS CURRENT
LIABILITIES
381,884
512,759

PROVISIONS FOR LIABILITIES (1,218 ) (2,143 )
NET ASSETS 380,666 510,616

CAPITAL AND RESERVES
Called up share capital 5 100 100
Retained earnings 380,566 510,516
SHAREHOLDERS' FUNDS 380,666 510,616

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 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 notes form part of these financial statements

Page 3
PROPAK ARCHITECTURAL GLAZING LIMITED (REGISTERED NUMBER: 07448854)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31ST AUGUST 2020


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 Statement of Financial Position for the year ended 31st August 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 15th March 2021 and were signed on its behalf by:





L Bennett - Director


The notes form part of these financial statements

Page 4
PROPAK ARCHITECTURAL GLAZING LIMITED (REGISTERED NUMBER: 07448854)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2020


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. 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
Revenue 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 each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 33% on cost
Computer equipment - 25% on cost

Stocks
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.

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 statement of financial position date.


Page 5
PROPAK ARCHITECTURAL GLAZING LIMITED (REGISTERED NUMBER: 07448854)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2020


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2019 - 22 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
Cost
At 1st September 2019 127,721
Additions 21,515
Disposals (19,492 )
At 31st August 2020 129,744
Depreciation
At 1st September 2019 109,632
Charge for year 8,508
Eliminated on disposal (12,552 )
At 31st August 2020 105,588
Net book value
At 31st August 2020 24,156
At 31st August 2019 18,089

Page 6
PROPAK ARCHITECTURAL GLAZING LIMITED (REGISTERED NUMBER: 07448854)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2020


5. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
75 Ordinary A £1 75 75
25 Ordinary B £1 25 25
100 100

6. POST BALANCE SHEET EVENTS

The outbreak of coronavirus, also known as Covid 19 has spread across the globe and is impacting worldwide economic activity. The outbreak and the related mitigation measures may have an adverse impact on global economic conditions as well as on the Company's business activities.

The directors continue to monitor the impact of the virus on the business as more information about the pandemic emerges and have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet it's financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 7