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 2016

EVERTON GLASS WORKS LIMITED Registered Number 00826257

Abbreviated Balance Sheet as at 31 March 2016

	Notes	2016	2015
		£	£
Fixed assets
Tangible assets	2	584,077	580,598
		584,077	580,598
Current assets
Stocks		596,234	502,777
Debtors		306,914	300,018
Cash at bank and in hand		61,925	72,792
		965,073	875,587
Creditors: amounts falling due within one year	3	(422,195)	(365,054)
Net current assets (liabilities)		542,878	510,533
Total assets less current liabilities		1,126,955	1,091,131
Creditors: amounts falling due after more than one year	3	(84,393)	(99,788)
Total net assets (liabilities)		1,042,562	991,343
Capital and reserves
Called up share capital	4	600	600
Other reserves		400	400
Profit and loss account		1,041,562	990,343
Shareholders' funds		1,042,562	991,343

For the year ending 31 March 2016 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 29 April 2016

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 2016

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
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 2015	779,612
Additions	22,737
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2016	802,349
Depreciation
At 1 April 2015	199,014
Charge for the year	19,258
On disposals	-
At 31 March 2016	218,272
Net book values
At 31 March 2016	584,077
At 31 March 2015	580,598

3Creditors

	2016 £	2015 £
Secured Debts	125,002	91,642
Instalment debts due after 5 years	45,441	52,477

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

	2016 £	2015 £
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 2015:	£ 45,665
Advances or credits made:	-
Advances or credits repaid:	£ 8,124
Balance at 31 March 2016:	£ 37,541

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.