Addison Glass & Windscreens Ltd

Addison Glass & Windscreens Ltd

ADDISON GLASS & WINDSCREENS LTD - Company Information

Print Friendly Version

1 April 2020 false No description of principal activity Taxfiler 2021.10 01206705business:PrivateLimitedCompanyLtd2020-04-012021-03-31 012067052020-03-31 012067052020-04-012021-03-31 01206705business:AuditExempt-NoAccountantsReport2020-04-012021-03-31 01206705business:FullAccounts2020-04-012021-03-31 012067052021-03-31 01206705business:Director12020-04-012021-03-31 01206705business:Director22020-04-012021-03-31 01206705business:RegisteredOffice2020-04-012021-03-31 012067052020-03-31 01206705core:WithinOneYear2021-03-31 01206705core:WithinOneYear2020-03-31 01206705core:ShareCapital2021-03-31 01206705core:ShareCapital2020-03-31 01206705core:CapitalRedemptionReserve2021-03-31 01206705core:CapitalRedemptionReserve2020-03-31 01206705core:RetainedEarningsAccumulatedLosses2021-03-31 01206705core:RetainedEarningsAccumulatedLosses2020-03-31 01206705business:SmallEntities2020-04-012021-03-31 01206705countries:EnglandWales2020-04-012021-03-31 01206705core:PlantMachinery2020-04-012021-03-31 01206705core:MotorVehicles2020-04-012021-03-31 01206705core:FurnitureFittings2020-04-012021-03-31 01206705core:LandBuildings2020-03-31 01206705core:PlantMachinery2020-03-31 01206705core:LandBuildings2020-04-012021-03-31 01206705core:LandBuildings2021-03-31 01206705core:PlantMachinery2021-03-31 012067052019-04-012020-03-31 iso4217:GBP xbrli:pure
Company Registration No. 01206705 (England and Wales)
Addison Glass & Windscreens Ltd Unaudited accounts for the year ended 31 March 2021
Addison Glass & Windscreens Ltd Unaudited accounts Contents
Page
- 2 -
Addison Glass & Windscreens Ltd Company Information for the year ended 31 March 2021
Directors
Julia Michelle Nixon Christopher Lee Pogson
Company Number
01206705 (England and Wales)
Registered Office
Walnut Tree Close Guildford Surrey GU1 4TX UK
- 3 -
Addison Glass & Windscreens Ltd Statement of financial position as at 31 March 2021
2021 
2020 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
508,608 
508,882 
Current assets
Inventories
5,000 
5,000 
Debtors
5
36,347 
66,837 
Cash at bank and in hand
358,990 
10,065 
400,337 
81,902 
Creditors: amounts falling due within one year
6
(159,253)
(37,472)
Net current assets
241,084 
44,430 
Total assets less current liabilities
749,692 
553,312 
Provisions for liabilities
Deferred tax
(64,048)
(64,048)
Net assets
685,644 
489,264 
Capital and reserves
Called up share capital
15,775 
15,775 
Capital redemption reserve
3,025 
3,025 
Profit and loss account
666,844 
470,464 
Shareholders' funds
685,644 
489,264 
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2021 and were signed on its behalf by
Christopher Lee Pogson Director Company Registration No. 01206705
- 4 -
Addison Glass & Windscreens Ltd Notes to the Accounts for the year ended 31 March 2021
1
Statutory information
Addison Glass & Windscreens Ltd is a private company, limited by shares, registered in England and Wales, registration number 01206705. The registered office is Walnut Tree Close, Guildford, Surrey, GU1 4TX, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 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 financial instruments at fair value. The principal accounting policies adopted are set out below.
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. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant & machinery
10% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
20% reducing balance / 3 year straight line
- 5 -
Addison Glass & Windscreens Ltd Notes to the Accounts for the year ended 31 March 2021
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Cash and cash equivalents
Cash at bank and in hand 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 current liabilities.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 6 -
Addison Glass & Windscreens Ltd Notes to the Accounts for the year ended 31 March 2021
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 à residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred taxation
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
- 7 -
Addison Glass & Windscreens Ltd Notes to the Accounts for the year ended 31 March 2021
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2020
520,917 
89,160 
610,077 
Additions
- 
682 
682 
At 31 March 2021
520,917 
89,842 
610,759 
Depreciation
At 1 April 2020
20,917 
80,278 
101,195 
Charge for the year
- 
956 
956 
At 31 March 2021
20,917 
81,234 
102,151 
Net book value
At 31 March 2021
500,000 
8,608 
508,608 
At 31 March 2020
500,000 
8,882 
508,882 
5
Debtors: amounts falling due within one year
2021 
2020 
£ 
£ 
Trade debtors
21,310 
47,457 
Accrued income and prepayments
10,424 
11,033 
Other debtors
4,613 
8,347 
36,347 
66,837 
- 8 -
Addison Glass & Windscreens Ltd Notes to the Accounts for the year ended 31 March 2021
6
Creditors: amounts falling due within one year
2021 
2020 
£ 
£ 
Bank loans and overdrafts
50,000 
- 
VAT
23,699 
11,236 
Trade creditors
49,732 
24,836 
Taxes and social security
30,929 
- 
Other creditors
1,063 
- 
Loans from directors
2,116 
- 
Accruals
1,714 
1,400 
159,253 
37,472 
7
Average number of employees
During the year the average number of employees was 10 (2020: 10).
- 9 -