Abbreviated Company Accounts - EVERTON GLASS WORKS LIMITED

EVERTON GLASS WORKS LIMITED - Company Information

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Registered Number 00826257

EVERTON GLASS WORKS LIMITED

Abbreviated Accounts

31 March 2015

EVERTON GLASS WORKS LIMITED Registered Number 00826257

Abbreviated Balance Sheet as at 31 March 2015

	Notes	2015	2014
		£	£
Called up share capital not paid		-	-
Fixed assets
Tangible assets	2	580,598	581,488
		580,598	581,488
Current assets
Stocks		502,777	453,202
Debtors		300,018	318,345
Cash at bank and in hand		72,792	63,593
		875,587	835,140
Creditors: amounts falling due within one year	3	(365,054)	(367,703)
Net current assets (liabilities)		510,533	467,437
Total assets less current liabilities		1,091,131	1,048,925
Creditors: amounts falling due after more than one year	3	(99,788)	(101,497)
Total net assets (liabilities)		991,343	947,428
Capital and reserves
Called up share capital	4	600	600
Other reserves		400	400
Profit and loss account		990,343	946,428
Shareholders' funds		991,343	947,428

For the year ending 31 March 2015 the company was entitled to exemption 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.

Approved by the Board on 31 March 2015

And signed on their behalf by:
Mr S G Richards, Director

EVERTON GLASS WORKS LIMITED Registered Number 00826257

Notes to the Abbreviated Accounts for the period ended 31 March 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Land and buildings leasehold 1% straight line
Plant and machinery 15% - 25% reducing balance
Motor vehicles 25% reducing balance

Valuation information and policy
Stocks
Stock is valued at the lower of cost and net realisable value. Cost is the average purchase price.

Other accounting policies
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2Tangible fixed assets

	£
Cost
At 1 April 2014	759,612
Additions	60,678
Disposals	(40,678)
Revaluations	-
Transfers	-
At 31 March 2015	779,612
Depreciation
At 1 April 2014	178,124
Charge for the year	20,890
On disposals	-
At 31 March 2015	199,014
Net book values
At 31 March 2015	580,598
At 31 March 2014	581,488

3Creditors

	2015 £	2014 £
Secured Debts	91,642	99,154
Instalment debts due after 5 years	52,477	57,840

4Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
600 Ordinary shares of £1 each	600	600

5Transactions with directors

Name of director receiving advance or credit:	Mr S G Richards
Description of the transaction:	Loan
Balance at 1 April 2014:	£ 51,848
Advances or credits made:	-
Advances or credits repaid:	£ 6,183
Balance at 31 March 2015:	£ 45,665

Everton Glass Works Ltd took out a loan which was advanced to Mr Richards and his daughter in 2011. The repayments including the interest are being met in full by Mr Richards and his daughter.