Warm Glass Limited - Period Ending 2022-03-31

Warm Glass Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 12

Warm Glass Limited

Company Information

Directors

Mr S T Gue Mrs P R Bluck Miss D Moss Mr J H Hullah Mr J W Tadd

Company secretary

Mr S T Gue

Registered office

Unit 5 Havyatt Park Havyatt Road Wrington Bristol BS40 5PA

Accountants

Harbour Key Limited Midway House Herrick Way Staverton Cheltenham GL51 6TQ

Warm Glass Limited

(Registration number: 05365166)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Intangible assets	4	83,244	4,000
Tangible assets	5	244,337	256,132
		327,581	260,132
Current assets
Stocks	6	944,490	1,089,280
Debtors	7	243,211	229,793
Cash at bank and in hand		378,227	891,788
		1,565,928	2,210,861
Creditors: Amounts falling due within one year	8	(726,273)	(787,793)
Net current assets		839,655	1,423,068
Total assets less current liabilities		1,167,236	1,683,200
Creditors: Amounts falling due after more than one year	8	(40,000)	(50,000)
Provisions for liabilities		(1,841)	(3,556)
Net assets		1,125,395	1,629,644
Capital and reserves
Called up share capital		100	100
Retained earnings		1,125,295	1,629,544
Shareholders' funds		1,125,395	1,629,644

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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Warm Glass Limited

(Registration number: 05365166)
Balance Sheet as at 31 March 2022

Approved and authorised by the Board on 22 December 2022 and signed on its behalf by:
 

......................................... Mr S T Gue Company secretary and director

......................................... Mrs P R Bluck Director

......................................... Miss D Moss Director

......................................... Mr J H Hullah Director

......................................... Mr J W Tadd Director

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
Unit 5 Havyatt Park
Havyatt Road
Wrington
Bristol
BS40 5PA
United Kingdom

These financial statements were authorised for issue by the Board on 22 December 2022.

The principal place of business is the same as the registered office.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accruals model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or assets. Grants relating to revenue are recognised as 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.

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold land & buildings	Not depreciated
Plant & machinery	25 - 33% straight line
Fixtures & equipment	10% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Website development costs

Website development costs are expenses in the period in which they are incurred, unless they meet the criteria of internally generated intangible assets. Website development costs which have met the criteria of internally generated intangible assets have been capitalised and are amortised to the profit and loss account. Amortisation starts when the assets are availiable for use and is applied over their estimated useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20 years straight line basis
Website costs	3 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the Balance Sheet. The corresponding dividends relating to the liability component are charges as interest in the Profit and Loss Account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction value (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financial transaction. If an arrangement constitutes a financial transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market value of interest for a similar debt instrument.

 Impairment
Asset, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after intial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and it value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ("CGUs") of which the goodwill is a part. Any impairment in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2021 - 29).

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4	Intangible assets

	Goodwill  £	Website costs £	Total £
Cost or valuation
At 1 April 2021	20,000	-	20,000
Additions acquired separately	-	96,185	96,185
Disposals	(7)	-	(7)
At 31 March 2022	19,993	96,185	116,178
Amortisation
At 1 April 2021	16,000	-	16,000
Amortisation charge	1,000	15,934	16,934
At 31 March 2022	17,000	15,934	32,934
Carrying amount
At 31 March 2022	2,993	80,251	83,244
At 31 March 2021	4,000	-	4,000

5	Tangible assets

	Freehold land & buildings £	Fixtures & equipment £	Plant & machinery £	Total £
Cost or valuation
At 1 April 2021	227,980	29,583	120,502	378,065
Additions	-	-	2,787	2,787
Disposals	-	-	(5,300)	(5,300)
At 31 March 2022	227,980	29,583	117,989	375,552
Depreciation
At 1 April 2021	-	21,133	100,800	121,933
Charge for the year	-	2,276	7,006	9,282
At 31 March 2022	-	23,409	107,806	131,215
Carrying amount
At 31 March 2022	227,980	6,174	10,183	244,337
At 31 March 2021	227,980	8,450	19,702	256,132

Included within the net book value of land and buildings above is £227,980 (2021 - £227,980) in respect of freehold land and buildings.
 

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Stocks

	2022 £	2021 £
Stocks - materials	944,490	1,089,280

7

Debtors

	2022 £	2021 £
Trade debtors	98,530	85,124
Other debtors	144,681	144,669
	243,211	229,793
Less non-current portion	(127,916)	(127,916)
Total current trade and other debtors	115,295	101,877

Details of non-current trade and other debtors

£127,916 (2021 -£127,916) is an interest free loan to a company which is owned by two of the directors of this company, repayable within ten years of the advances in 2018, is classified as non current.

8

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Bank loans and overdrafts	9	10,000	-
Trade creditors	10	194,170	354,521
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	215,478	-
Taxation and social security		116,905	139,406
Other creditors		189,720	293,866
		726,273	787,793

The bank has a fixed and floating charge over all the company's assets.

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	9	40,000	50,000

	2022 £	2021 £
Due after more than five years
After more than five years by instalments	-	10,000

	-	-

9	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	40,000	50,000

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	10,000	-

10	Related party transactions

2022	At 1 April 2021 £	Repayments by director £	At 31 March 2022 £
No repayment terms. No interest charged	7,170	(7,170)	-

2021	At 1 April 2020 £	Repayments by director £	At 31 March 2021 £
No repayment terms. No interest charged	7,590	(420)	7,170

Transactions with the directors

At the balance sheet date, the company owed the directors £86,582 (2021: £nil). There are no repayment terms or interest charged on the outstanding amount.

Summary of transactions with group companies

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the Group under section 33.1A of FRS 102.

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Summary of transactions with other related parties

During the year, the company paid rent and other income totalling £17,917 (2021: £34,583) to a company owned by two of the directors of this company. Included in trade creditor is an amount of £2,500 (2021: £2,500) outstanding in respect of these transactions.

11	Controlling party

The company is controlled by its parent Creative Revolution Group Limited, incorporated in England and Wales. The ultimate controlling party is Creative Revolution Group Employee Ownership Trust.