North Lakes Glass & Glazing Ltd

NORTH LAKES GLASS & GLAZING LTD - Company Information

2021-08-012022-07-312022-07-31false04493032North Lakes Glass & Glazing Ltd2023-03-1543342iso4217:GBPxbrli:pure044930322021-08-01044930322022-07-31044930322021-08-012022-07-31044930322020-08-01044930322021-07-31044930322020-08-012021-07-3104493032bus:SmallEntities2021-08-012022-07-3104493032bus:AuditExempt-NoAccountantsReport2021-08-012022-07-3104493032bus:FullAccounts2021-08-012022-07-3104493032bus:PrivateLimitedCompanyLtd2021-08-012022-07-3104493032core:WithinOneYear2022-07-3104493032core:AfterOneYear2022-07-3104493032core:WithinOneYear2021-07-3104493032core:AfterOneYear2021-07-3104493032core:ShareCapital2022-07-3104493032core:SharePremium2022-07-3104493032core:RevaluationReserve2022-07-3104493032core:OtherReservesSubtotal2022-07-3104493032core:RetainedEarningsAccumulatedLosses2022-07-3104493032core:ShareCapital2021-07-3104493032core:SharePremium2021-07-3104493032core:RevaluationReserve2021-07-3104493032core:OtherReservesSubtotal2021-07-3104493032core:RetainedEarningsAccumulatedLosses2021-07-3104493032core:LandBuildings2022-07-3104493032core:PlantMachinery2022-07-3104493032core:Vehicles2022-07-3104493032core:FurnitureFittings2022-07-3104493032core:OfficeEquipment2022-07-3104493032core:NetGoodwill2022-07-3104493032core:IntangibleAssetsOtherThanGoodwill2022-07-3104493032core:ListedExchangeTraded2022-07-3104493032core:UnlistedNon-exchangeTraded2022-07-3104493032core:LandBuildings2021-07-3104493032core:PlantMachinery2021-07-3104493032core:Vehicles2021-07-3104493032core:FurnitureFittings2021-07-3104493032core:OfficeEquipment2021-07-3104493032core:NetGoodwill2021-07-3104493032core:IntangibleAssetsOtherThanGoodwill2021-07-3104493032core:ListedExchangeTraded2021-07-3104493032core:UnlistedNon-exchangeTraded2021-07-3104493032core:LandBuildings2021-08-012022-07-3104493032core:PlantMachinery2021-08-012022-07-3104493032core:Vehicles2021-08-012022-07-3104493032core:FurnitureFittings2021-08-012022-07-3104493032core:OfficeEquipment2021-08-012022-07-3104493032core:NetGoodwill2021-08-012022-07-3104493032core:IntangibleAssetsOtherThanGoodwill2021-08-012022-07-3104493032core:ListedExchangeTraded2021-08-012022-07-3104493032core:UnlistedNon-exchangeTraded2021-08-012022-07-3104493032core:MoreThanFiveYears2021-08-012022-07-3104493032core:Non-currentFinancialInstruments2022-07-3104493032core:Non-currentFinancialInstruments2021-07-3104493032dpl:CostSales2021-08-012022-07-3104493032dpl:DistributionCosts2021-08-012022-07-3104493032dpl:AdministrativeExpenses2021-08-012022-07-3104493032core:LandBuildings2021-08-012022-07-3104493032core:PlantMachinery2021-08-012022-07-3104493032core:Vehicles2021-08-012022-07-3104493032core:FurnitureFittings2021-08-012022-07-3104493032core:OfficeEquipment2021-08-012022-07-3104493032core:NetGoodwill2021-08-012022-07-3104493032core:IntangibleAssetsOtherThanGoodwill2021-08-012022-07-3104493032dpl:GroupUndertakings2021-08-012022-07-3104493032dpl:ParticipatingInterests2021-08-012022-07-3104493032dpl:GroupUndertakingscore:ListedExchangeTraded2021-08-012022-07-3104493032core:ListedExchangeTraded2021-08-012022-07-3104493032dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-08-012022-07-3104493032core:UnlistedNon-exchangeTraded2021-08-012022-07-3104493032dpl:CostSales2020-08-012021-07-3104493032dpl:DistributionCosts2020-08-012021-07-3104493032dpl:AdministrativeExpenses2020-08-012021-07-3104493032core:LandBuildings2020-08-012021-07-3104493032core:PlantMachinery2020-08-012021-07-3104493032core:Vehicles2020-08-012021-07-3104493032core:FurnitureFittings2020-08-012021-07-3104493032core:OfficeEquipment2020-08-012021-07-3104493032core:NetGoodwill2020-08-012021-07-3104493032core:IntangibleAssetsOtherThanGoodwill2020-08-012021-07-3104493032dpl:GroupUndertakings2020-08-012021-07-3104493032dpl:ParticipatingInterests2020-08-012021-07-3104493032dpl:GroupUndertakingscore:ListedExchangeTraded2020-08-012021-07-3104493032core:ListedExchangeTraded2020-08-012021-07-3104493032dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2020-08-012021-07-3104493032core:UnlistedNon-exchangeTraded2020-08-012021-07-3104493032core:NetGoodwill2022-07-3104493032core:IntangibleAssetsOtherThanGoodwill2022-07-3104493032core:LandBuildings2022-07-3104493032core:PlantMachinery2022-07-3104493032core:Vehicles2022-07-3104493032core:FurnitureFittings2022-07-3104493032core:OfficeEquipment2022-07-3104493032core:AfterOneYear2022-07-3104493032core:WithinOneYear2022-07-3104493032core:ListedExchangeTraded2022-07-3104493032core:UnlistedNon-exchangeTraded2022-07-3104493032core:ShareCapital2022-07-3104493032core:SharePremium2022-07-3104493032core:RevaluationReserve2022-07-3104493032core:OtherReservesSubtotal2022-07-3104493032core:RetainedEarningsAccumulatedLosses2022-07-3104493032core:NetGoodwill2021-07-3104493032core:IntangibleAssetsOtherThanGoodwill2021-07-3104493032core:LandBuildings2021-07-3104493032core:PlantMachinery2021-07-3104493032core:Vehicles2021-07-3104493032core:FurnitureFittings2021-07-3104493032core:OfficeEquipment2021-07-3104493032core:AfterOneYear2021-07-3104493032core:WithinOneYear2021-07-3104493032core:ListedExchangeTraded2021-07-3104493032core:UnlistedNon-exchangeTraded2021-07-3104493032core:ShareCapital2021-07-3104493032core:SharePremium2021-07-3104493032core:RevaluationReserve2021-07-3104493032core:OtherReservesSubtotal2021-07-3104493032core:RetainedEarningsAccumulatedLosses2021-07-3104493032core:NetGoodwill2020-08-0104493032core:IntangibleAssetsOtherThanGoodwill2020-08-0104493032core:LandBuildings2020-08-0104493032core:PlantMachinery2020-08-0104493032core:Vehicles2020-08-0104493032core:FurnitureFittings2020-08-0104493032core:OfficeEquipment2020-08-0104493032core:AfterOneYear2020-08-0104493032core:WithinOneYear2020-08-0104493032core:ListedExchangeTraded2020-08-0104493032core:UnlistedNon-exchangeTraded2020-08-0104493032core:ShareCapital2020-08-0104493032core:SharePremium2020-08-0104493032core:RevaluationReserve2020-08-0104493032core:OtherReservesSubtotal2020-08-0104493032core:RetainedEarningsAccumulatedLosses2020-08-0104493032core:AfterOneYear2021-08-012022-07-3104493032core:WithinOneYear2021-08-012022-07-3104493032core:Non-currentFinancialInstrumentscore:CostValuation2021-08-012022-07-3104493032core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2021-08-012022-07-3104493032core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2021-08-012022-07-3104493032core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2021-08-012022-07-3104493032core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2021-08-012022-07-3104493032core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2021-08-012022-07-3104493032core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2021-08-012022-07-3104493032core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2021-08-012022-07-3104493032core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2021-08-012022-07-3104493032core:Non-currentFinancialInstrumentscore:CostValuation2022-07-3104493032core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-07-3104493032core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-07-3104493032core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-07-3104493032core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-07-3104493032core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-07-3104493032core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-07-3104493032core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-07-3104493032core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-07-3104493032core:Non-currentFinancialInstrumentscore:CostValuation2021-07-3104493032core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2021-07-3104493032core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2021-07-3104493032core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2021-07-3104493032core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2021-07-3104493032core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2021-07-3104493032core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2021-07-3104493032core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2021-07-3104493032core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2021-07-3104493032bus:Director12021-08-012022-07-3104493032bus:Director22021-08-012022-07-31

Registered Number
04493032
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2022

North Lakes Glass & Glazing Ltd

Company Information
for the year from 1 August 2021 to 31 July 2022


Directors	Mrs L J Smith
	Mr M J Smith


Registered Address	Fenestra House Hartness Road
	Gilwilly Industrial Estate
	Penrith
	CA11 9BD


Registered Number	04493032 (England and Wales)

North Lakes Glass & Glazing Ltd

Statement of Financial Position
31 July 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Tangible assets	6		612,510		606,710
			612,510		606,710
Current assets
Stocks	9	64,544		56,446
Debtors	10	283,328		312,472
Cash at bank and on hand		612,142		510,325
		960,014		879,243
Creditors amounts falling due within one year	11	(628,441)		(628,296)
Net current assets (liabilities)			331,573		250,947
Total assets less current liabilities			944,083		857,657
Creditors amounts falling due after one year	12		(48,719)		(106,520)
Provisions for liabilities	14		(17,000)		(18,114)
Net assets			878,364		733,023
Capital and reserves
Called up share capital			100		100
Profit and loss account			878,264		732,923
Shareholders' funds			878,364		733,023

The company was entitled to exemption from audit for this reporting period 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 in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 15 March 2023, and are signed on its behalf by:

Mr M J Smith
Director

Mrs L J Smith
Director

Registered Company No. 04493032

North Lakes Glass & Glazing Ltd

Notes to the Financial Statements
for the year ended 31 July 2022

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Basis of measurement used in financial statements
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

3.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Property, plant and equipment policy

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Plant and machinery	25
	Vehicles	25
	Office Equipment	25

	Intangible assets policy
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

	Stocks policy
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.

	Taxation policy
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Government grants and other government assistance policy
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants and other government assistance policy

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

	Leases policy
	Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Leases policy

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease.

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Employee benefits policy
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits policy

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation.

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Valuation of financial instruments policy
	The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

4.	Employee information


		2022		2021
	Average number of employees during the year	30		26

5.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 August 21	75,000	75,000
At 31 July 22	75,000	75,000
Amortisation and impairment
At 01 August 21	75,000	75,000
At 31 July 22	75,000	75,000
Net book value
At 31 July 22	-	-
At 31 July 21	-	-

6.	Property, plant and equipment

	Land & buildings	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 August 21	550,645	18,968	145,273	32,848	747,734
Additions	-	-	19,750	24,181	43,931
Disposals	-	-	(29,150)	-	(29,150)
At 31 July 22	550,645	18,968	135,873	57,029	762,515
Depreciation and impairment
At 01 August 21	21,610	15,100	79,658	24,656	141,024
Charge for year	11,013	967	16,287	4,170	32,437
On disposals	-	-	(23,456)	-	(23,456)
At 31 July 22	32,623	16,067	72,489	28,826	150,005
Net book value
At 31 July 22	518,022	2,901	63,384	28,203	612,510
At 31 July 21	529,035	3,868	65,615	8,192	606,710

7.	Off balance sheet pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £48,991 (2021 - £121,631).

8.	Description of nature of transactions and balances with related parties
	On 1 August 2021 the company owed the directors £71,350. During the period the company advanced the directors a further £66,108 and the company repaid the directors £51,527. At 31 July 2022 the company owed the directors £85,931. No interest was charged on this loan and the loan is repayable on demand.

9.	Stocks

	2022	2021
	£	£
Finished goods	64,544	56,446
Total	64,544	56,446

10.	Debtors

	2022	2021
	£	£
Trade debtors / trade receivables	283,328	312,472
Total	283,328	312,472


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

11.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	427,307	412,153
Bank borrowings and overdrafts	9,747	14,199
Taxation and social security	87,680	110,923
Finance lease and HP contracts	12,053	11,158
Other creditors	89,549	75,379
Accrued liabilities and deferred income	2,105	4,484
Total	628,441	628,296


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts are secured on the assets to which they relate.

12.	Creditors after one year

	2022	2021
	£	£
Bank borrowings and overdrafts	30,746	95,770
Other creditors	17,973	10,750
Total	48,719	106,520


	Finance lease and HP contracts equal to £17,973 (2021 - £10,750) are included within other creditors and are secured against the assets to which they relate. Bank borrowings and overdrafts equal to £30,746 (2021 - £95,770) are unsecured.

13.	Finance lease and HP contracts after one year

		2022		2021
		£		£
	Finance lease and HP contracts	17,973		10,750

14.	Provisions for liabilities
	Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax is in respect of accelerated capital allowances.

	2022	2021
	£	£
Net deferred tax liability (asset)	17,000	18,114
Total	17,000	18,114