Oxford Glass & Glazing Systems Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06746984 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

OXFORD GLASS & GLAZING SYSTEMS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs H K Rogers

SECRETARY:

Mr C Rogers

REGISTERED OFFICE:

Eden House

Two Rivers Business Park

Witney

Oxfordshire

OX28 4BL

REGISTERED NUMBER:

06746984 (England and Wales)

ACCOUNTANTS:

Bronsens

Chartered Certified Accountants

Eden House

Two Rivers Business Park

Witney

Oxfordshire

OX28 4BL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

76,965

22,681

76,965

22,681

CURRENT ASSETS

Stocks

9,878

10,775

Debtors

6

76,813

53,633

Cash at bank

229,451

274,081

316,142

338,489

CREDITORS

Amounts falling due within one year

7

158,621

160,316

NET CURRENT ASSETS

157,521

178,173

TOTAL ASSETS LESS CURRENT LIABILITIES

234,486

200,854

CREDITORS

Amounts falling due after more than one year

8

(61,247

)

-

PROVISIONS FOR LIABILITIES

9

(11,620

)

(647

)

NET ASSETS

161,619

200,207

CAPITAL AND RESERVES

Called up share capital

10

75

75

Capital redemption reserve

25

25

Retained earnings

161,519

200,107

SHAREHOLDERS' FUNDS

161,619

200,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 June 2024 and were signed by:

Mrs H K Rogers - Director

1.	STATUTORY INFORMATION

Oxford Glass & Glazing Systems Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2023

and 31 December 2023

240,000

AMORTISATION

At 1 January 2023

and 31 December 2023

240,000

NET BOOK VALUE

At 31 December 2023

-

At 31 December 2022

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2023

34,022

226

28,000

6,745

68,993

Additions

-

-

79,940

-

79,940

At 31 December 2023

34,022

226

107,940

6,745

148,933

DEPRECIATION

At 1 January 2023

30,406

221

9,531

6,154

46,312

Charge for year

904

1

24,603

148

25,656

At 31 December 2023

31,310

222

34,134

6,302

71,968

NET BOOK VALUE

At 31 December 2023

2,712

4

73,806

443

76,965

At 31 December 2022

3,616

5

18,469

591

22,681

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

Motor

vehicles

£

COST

Additions

79,940

At 31 December 2023

79,940

DEPRECIATION

Charge for year

19,985

At 31 December 2023

19,985

NET BOOK VALUE

At 31 December 2023

59,955

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade debtors

73,253

50,132

Other debtors

60

1

Prepayments

3,500

3,500

76,813

53,633

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Hire purchase contracts

9,878

-

Trade creditors

29,797

28,353

Credit card

18,554

27,968

Tax

617

27,660

Social security and other taxes

2,389

2,453

VAT

35,567

25,320

Proposed dividends

1,000

2,000

Other creditors

451

608

Directors' current accounts

5,271

5,829

Accruals and deferred income

55,097

40,125

158,621

160,316

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.23

31.12.22

£

£

Hire purchase contracts

61,247

-

9.	PROVISIONS FOR LIABILITIES

31.12.23

31.12.22

£

£

Deferred tax

Accelerated capital allowances

11,620

647

Deferred

tax

£

Balance at 1 January 2023

647

Provided during year

10,973

Balance at 31 December 2023

11,620

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.23

31.12.22

value:

£

£

25

Ordinary B

£1

25

25

25

Ordinary C

£1

25

25

25

Ordinary D

£1

25

25

75

75

11.	OTHER FINANCIAL COMMITMENTS

The company is committed to pay lease rentals on property of £14,000 per annum until 2024.