Saper Glass Industries Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02159815 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2022

for

Saper Glass Industries Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G M McCarthy

P J McCarthy

M G J Deeks

Mrs S A McCarthy

SECRETARY:

Mrs S A McCarthy

REGISTERED OFFICE:

Thames House

Longreach Road

Barking

Essex

IG11 0JR

REGISTERED NUMBER:

02159815 (England and Wales)

FIXED ASSETS

Tangible assets

4

381,335

450,681

Investments

5

959,793

903,293

1,341,128

1,353,974

CURRENT ASSETS

Stocks

150,200

103,994

Debtors

6

2,017,732

1,685,039

Cash at bank and in hand

230,275

519,785

2,398,207

2,308,818

CREDITORS

Amounts falling due within one year

7

1,887,481

1,611,463

NET CURRENT ASSETS

510,726

697,355

TOTAL ASSETS LESS CURRENT LIABILITIES

1,851,854

2,051,329

CREDITORS

Amounts falling due after more than one year

8

614,171

856,149

NET ASSETS

1,237,683

1,195,180

CAPITAL AND RESERVES

Called up share capital

10

10

Other reserves

932,792

876,292

Retained earnings

304,881

318,878

SHAREHOLDERS' FUNDS

1,237,683

1,195,180

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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.

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 31 March 2023 and were signed on its behalf by:

P J McCarthy - Director

1.	STATUTORY INFORMATION

Saper Glass Industries 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 as modified by the revaluation of certain assets.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Saper Glass Industries Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

TURNOVER

Turnover represents revenue due from construction contracts which is accounted for as noted under Construction contracts below.

Rental income is included in the accounts in the period in which it falls due.

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.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

15% on reducing balance

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost.

STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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.

Cash and cash equivalents

These comprise cash at bank and any short term highly liquid bank deposits with an original maturity of three month or less.

Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is evidence that the asset is impaired.

Trade creditors

Trade creditors are not interest bearing and are stated at their nominal value.

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception of the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest element. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line over the lease term.

Where they have entered into sale and leaseback transactions that results in a finance lease the sale and repurchase of the asset are not recognised in the accounts.Any difference between the sales price and the carrying amount received is amortised over the term of the lease. The related financing is accounted for as for finance leases above..

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.

CONSTRUCTION CONTRACTS

Where the outcome of a construction contract can be estimated reliably, revenue costs are recognised by reference to the stage of completion of the contract activity at he reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for the work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

EQUITY INVESTMENTS

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2021 - 59 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2021

and 30 June 2022

1,568,852

DEPRECIATION

At 1 July 2021

1,118,171

Charge for year

69,346

At 30 June 2022

1,187,517

NET BOOK VALUE

At 30 June 2022

381,335

At 30 June 2021

450,681

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

Plant and

machinery

etc

£

COST

At 1 July 2021

190,630

Transfer to ownership

(126,330

)

At 30 June 2022

64,300

DEPRECIATION

At 1 July 2021

49,948

Charge for year

7,569

Transfer to ownership

(32,558

)

At 30 June 2022

24,959

NET BOOK VALUE

At 30 June 2022

39,341

At 30 June 2021

140,682

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST OR VALUATION

At 1 July 2021

903,293

Revaluations

56,500

At 30 June 2022

959,793

NET BOOK VALUE

At 30 June 2022

959,793

At 30 June 2021

903,293

Cost or valuation at 30 June 2022 is represented by:

Shares in

group

undertakings

£

Valuation in 2022

959,792

Cost

1

959,793

The shares held in the subsidiary, which are in an unlisted investment, have been valued at he year end by the directors value at fair value in accordance with the company's accounting policy.

No deferred taxation has been provided on the fair value movement as any retained profits in the subsidiary would be paid to the company by way of dividend which would not incur a tax charge for the company.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Trade debtors

676,342

770,292

Other debtors

1,341,390

914,747

2,017,732

1,685,039

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans and overdrafts

470,884

454,669

Hire purchase contracts (see note 9)

20,255

45,423

Trade creditors

1,078,557

770,473

Amounts owed to group undertakings

127,001

140,118

Taxation and social security

93,411

172,323

Other creditors

97,373

28,457

1,887,481

1,611,463

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans

577,595

799,318

Hire purchase contracts (see note 9)

36,576

56,831

614,171

856,149

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.6.22

30.6.21

£

£

Net obligations repayable:

Within one year

20,255

45,423

Between one and five years

36,576

56,831

56,831

102,254

Non-cancellable

operating leases

30.6.22

30.6.21

£

£

Within one year

60,247

255,700

Between one and five years

-

60,247

60,247

315,947

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.22

30.6.21

£

£

Bank overdrafts

250,459

269,269

Bank loans

798,020

984,718

Hire purchase contracts

56,831

102,254

1,105,310

1,356,241

The bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

The hire purchase contracts are secured against the assets concerned.

11.	OTHER FINANCIAL COMMITMENTS

The company has a cross guarantee with Saper Longreach Limited, its subsidiary, to secure each others liabilities. At the year end, Saper Longreach Limited owed its bankers £1,158,827 (2021: £1,159,329).