Warm Glass Limited - Period Ending 2023-03-31

WARM GLASS LIMITED - Company Information

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Registration number: 05365166

Warm Glass Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

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 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 2023

	Note	2023 £	2022 £
Fixed assets
Intangible assets	4	54,202	83,244
Tangible assets	5	252,796	244,337
		306,998	327,581
Current assets
Stocks	6	597,060	944,490
Debtors	7	234,364	243,211
Cash at bank and in hand		242,932	378,227
		1,074,356	1,565,928
Creditors: Amounts falling due within one year	8	(399,692)	(726,273)
Net current assets		674,664	839,655
Total assets less current liabilities		981,662	1,167,236
Creditors: Amounts falling due after more than one year	8	(30,750)	(40,000)
Provisions for liabilities		(3,731)	(1,841)
Net assets		947,181	1,125,395
Capital and reserves
Called up share capital		100	100
Retained earnings		947,081	1,125,295
Shareholders' funds		947,181	1,125,395

For the financial year ending 31 March 2023 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 2023

Approved and authorised by the Board on 19 December 2023 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 W Tadd
Director

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 19 December 2023.

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 2023

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 the profit or loss account, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 profits.

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	10 - 33% straight line
Fixtures & equipment	10 - 25% 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 2023

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 available for use and is applied over their estimated useful life.

Intangible assets

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

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 2023

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.

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 initial 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 its 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 2023

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 31).

4	Intangible assets

	Goodwill £	Website costs £	Total £
Cost or valuation
At 1 April 2022	19,993	96,185	116,178
Additions acquired separately	-	4,575	4,575
At 31 March 2023	19,993	100,760	120,753
Amortisation
At 1 April 2022	17,000	15,934	32,934
Amortisation charge	1,000	32,617	33,617
At 31 March 2023	18,000	48,551	66,551
Carrying amount
At 31 March 2023	1,993	52,209	54,202
At 31 March 2022	2,993	80,251	83,244

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5	Tangible assets

	Freehold land & buildings £	Fixtures & equipment £	Plant & machinery £	Total £
Cost or valuation
At 1 April 2022	227,980	29,583	117,989	375,552
Additions	-	-	21,327	21,327
At 31 March 2023	227,980	29,583	139,316	396,879
Depreciation
At 1 April 2022	-	23,409	107,806	131,215
Charge for the year	-	2,133	10,735	12,868
At 31 March 2023	-	25,542	118,541	144,083
Carrying amount
At 31 March 2023	227,980	4,041	20,775	252,796
At 31 March 2022	227,980	6,174	10,183	244,337

Included within the net book value of land and buildings above is £227,980 (2022 - £227,980) in respect of freehold land and buildings.

Stocks

	2023 £	2022 £
Stocks - materials	597,060	944,490

Debtors

	2023 £	2022 £
Trade debtors	80,720	98,530
Other debtors	153,644	144,681
	234,364	243,211
Less non-current portion	(127,916)	(127,916)
Total current trade and other debtors	106,448	115,295

Details of non-current trade and other debtors

£127,916 (2022 -£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.

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Bank loans and overdrafts	9	34,471	10,000
Trade creditors	10	276,166	194,170
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	8,730	215,478
Taxation and social security		14,377	116,905
Other creditors		65,948	189,720
		399,692	726,273

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

Creditors: amounts falling due after more than one year

	Note	2023 £	2022 £
Due after one year
Loans and borrowings	9	30,750	40,000

9	Loans and borrowings

	2023 £	2022 £
Non-current loans and borrowings
Bank borrowings	30,750	40,000

	2023 £	2022 £
Current loans and borrowings
Bank borrowings	9,686	10,000
Other borrowings	24,785	-
	34,471	10,000

Warm Glass Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10	Related party transactions

2023	At 1 April 2022 £	Advances to director £	Repayments by director £	At 31 March 2023 £
No repayment terms. No interest charged	-	13,409	(6,957)	6,452

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

Transactions with the directors

At the balance sheet date, the company owed the directors £Nil (2022: £86,582). There were 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.

Summary of transactions with other related parties

During the year, the company paid rent and other expenses totalling £Nil (2022: £17,917) to a company owned by two of the directors of this company. Included in trade creditor is an amount of £2,500 (2022: £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.