Company No: 01125982 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTORS	Mr M F Thomas
	Mr P M Thomas
	Mr R G Thomas

SECRETARY

Mrs E J Thomas

REGISTERED OFFICE	10 Temple Back
	Bristol
	BS1 6FL
	United Kingdom

COMPANY NUMBER

01125982 (England and Wales)

CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	10 Temple Back
	Bristol
	BS1 6FL

	Note	31.03.2022		31.03.2021
		£		£
Fixed assets
Tangible assets	3	71,423		163,067
		71,423		163,067
Current assets
Stocks		90,995		47,844
Debtors
- due within one year	4	76,652		23,403
- due after more than one year	4	5,200		0
Cash at bank and in hand		140,388		112,929
		313,235		184,176
Creditors
Amounts falling due within one year	5	( 187,348)		( 163,480)
Net current assets		125,887		20,696
Total assets less current liabilities		197,310		183,763
Creditors
Amounts falling due after more than one year	6	( 5,031)		( 9,343)
Provisions for liabilities		( 17,674)		( 11,860)
Net assets		174,605		162,560
Capital and reserves
Called-up share capital	7	86		86
Capital redemption reserve		105		105
Profit and loss account		174,414		162,369
Total shareholder's funds		174,605		162,560

For the financial year ending 31 March 2022 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Price Glass & Glazing (Avon) Limited (registered number: 01125982) were approved and authorised for issue by the Board of Directors on 14 September 2022. They were signed on its behalf by:

Mr M F Thomas Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Price Glass & Glazing (Avon) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Vehicles	25 % reducing balance
Office equipment	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	31.03.2022		31.03.2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	10		11

3. Tangible assets

	Land and buildings		Vehicles		Office equipment		Total
	£		£		£		£
Cost
At 01 April 2021	100,016		108,478		64,924		273,418
Additions	0		28,029		674		28,703
Disposals	( 100,016)		( 12,495)		0		( 112,511)
At 31 March 2022	0		124,012		65,598		189,610
Accumulated depreciation
At 01 April 2021	0		67,123		43,228		110,351
Charge for the financial year	0		15,495		4,440		19,935
Disposals	0		( 12,099)		0		( 12,099)
At 31 March 2022	0		70,519		47,668		118,187
Net book value
At 31 March 2022	0		53,493		17,930		71,423
At 31 March 2021	100,016		41,355		21,696		163,067

4. Debtors

	31.03.2022		31.03.2021
	£		£
Debtors: amounts falling due within one year
Trade debtors	36,085		19,517
Amounts owed by Group undertakings	33,600		0
Prepayments	6,967		3,886
	76,652		23,403
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings	5,200		0

5. Creditors: amounts falling due within one year

	31.03.2022		31.03.2021
	£		£
Trade creditors	125,246		77,200
Amounts owed to directors	6,217		13,698
Other creditors	3,011		5,492
Accruals	2,429		3,255
Corporation tax	26,470		24,618
Other taxation and social security	19,663		34,905
Obligations under finance leases and hire purchase contracts (secured)	4,312		4,312
	187,348		163,480

Obligations under finance lease and hire purchase contracts are secured on the assets held under the agreements.

6. Creditors: amounts falling due after more than one year

	31.03.2022		31.03.2021
	£		£
Obligations under finance leases and hire purchase contracts (secured)	5,031		9,343

Obligations under finance lease and hire purchase contracts are secured on the assets held under the agreements.

7. Called-up share capital

	31.03.2022		31.03.2021
	£		£
Allotted, called-up and fully-paid
86 Ordinary shares of £ 1.00 each	86		86

8. Related party transactions

Transactions with the entity's directors

	31.03.2022		31.03.2021
	£		£
Amount owed to the directors	6,217		13,698

The loan is interest free and has no fixed date for repayment.

During the year the company paid dividends of £1,253,002 (2021: £53,002) to its holding company.