D & C Glass & Glazing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06714424 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

D & C GLASS & GLAZING LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J E Linkson

Mr C J Rolle

Mr D A Walker

REGISTERED OFFICE:

Unit 4 Gateway 25

Weston Avenue

West Thurrock

Grays

Essex

RM20 3ZD

REGISTERED NUMBER:

06714424 (England and Wales)

ACCOUNTANTS:

Raffingers LLP

Chartered Certified Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Tangible assets

4

144,039

191,336

CURRENT ASSETS

Stocks

176,590

149,057

Debtors

988,869

851,239

Cash at bank and in hand

43,303

259,971

1,208,762

1,260,267

CREDITORS

Amounts falling due within one year

649,113

606,966

NET CURRENT ASSETS

559,649

653,301

TOTAL ASSETS LESS CURRENT LIABILITIES

703,688

844,637

CREDITORS

Amounts falling due after more than one year

5

(188,209

)

(245,678

)

PROVISIONS FOR LIABILITIES

(25,954

)

(33,797

)

NET ASSETS

489,525

565,162

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

489,425

565,062

SHAREHOLDERS' FUNDS

489,525

565,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 31 October 2021 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 22 July 2022 and were signed on its behalf by:

Mr C J Rolle - Director

1.	STATUTORY INFORMATION

D & C Glass & 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.

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

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 represents the amount derived from the provision of goods and services which fall within the company's ordinary activities stated net of value added tax.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Government grants

Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:

(a) the entity will comply with the conditions attaching to them; and

(b) the grants will be received.

Stocks

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

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow Group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2020 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2020

669,636

Additions

1,366

At 31 October 2021

671,002

DEPRECIATION

At 1 November 2020

478,300

Charge for year

48,663

At 31 October 2021

526,963

NET BOOK VALUE

At 31 October 2021

144,039

At 31 October 2020

191,336

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

Totals

£

COST

At 1 November 2020

294,870

Transfer to ownership

(203,095

)

At 31 October 2021

91,775

DEPRECIATION

At 1 November 2020

163,853

Charge for year

11,828

Transfer to ownership

(119,394

)

At 31 October 2021

56,287

NET BOOK VALUE

At 31 October 2021

35,488

At 31 October 2020

131,017

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable by instalments

Bank loans

-

37,500

6.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

238,209

250,000

Hire purchase contracts

8,168

62,322

246,377

312,322

HP contracts are secured over the assets to which they relate.

The bank loans are secured by way of a fixed and floating charge over the undertaking and all property and assets present and future.

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2021 and 31 October 2020:

2021

2020

£

£

Mr C J Rolle

Balance outstanding at start of year

4,560

31,306

Amounts advanced

-

4,754

Amounts repaid

(4,560

)

(31,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

4,560

8.	RELATED PARTY DISCLOSURES

At the balance sheet, the company owed £1,440 to Mr C J Rolle, a director.