Abbreviated Company Accounts - GLASS MACHINERY SOLUTIONS LIMITED

GLASS MACHINERY SOLUTIONS LIMITED - Company Information

07418112 GLASS MACHINERY SOLUTIONS LIMITED 2013-10-31 false 2012-11-01 2013-10-31 true 07418112 2012-11-01 2013-10-31 07418112 2013-10-31 07418112 2012-10-31 07418112 uk-gaap-cd-bus:Director1 2012-11-01 2013-10-31 07418112 uk-gaap-cd-bus:Director2 2012-11-01 2013-10-31 uk-gaap-cd-bus:OrdinaryShareClass1 2012-11-01 2013-10-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-10-31 uk-gaap-cd-bus:OrdinaryShareClass1 2012-10-31 uk-gaap-cd-bus:OrdinaryShareClass2 2012-11-01 2013-10-31 uk-gaap-cd-bus:OrdinaryShareClass2 2013-10-31 uk-gaap-cd-bus:OrdinaryShareClass2 2012-10-31 iso4217:GBP shares

Registered Number 07418112

GLASS MACHINERY SOLUTIONS LIMITED

Abbreviated Accounts

31 October 2013

GLASS MACHINERY SOLUTIONS LIMITED Registered Number 07418112

Abbreviated Balance Sheet as at 31 October 2013

	Notes	2013	2012
		£	£
Fixed assets
Tangible assets	2	12,893	17,328
		12,893	17,328
Current assets
Stocks		31,685	51,287
Debtors		533,484	319,809
Cash at bank and in hand		11,728	22,470
		576,897	393,566
Creditors: amounts falling due within one year		(438,398)	(327,501)
Net current assets (liabilities)		138,499	66,065
Total assets less current liabilities		151,392	83,393
Creditors: amounts falling due after more than one year		(9,259)	(13,319)
Total net assets (liabilities)		142,133	70,074
Capital and reserves
Called up share capital	3	200	100
Profit and loss account		141,933	69,974
Shareholders' funds		142,133	70,074

For the year ending 31 October 2013 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 15 February 2014

And signed on their behalf by:
P Goodman, Director
R Gerrard, Director

GLASS MACHINERY SOLUTIONS LIMITED Registered Number 07418112

Notes to the Abbreviated Accounts for the period ended 31 October 2013

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.

Fixtures and fittings 15% reducing balance
Motor vehicles 25% reducing balance
Computer equipment 20% straight line
Website development 20% straight line

Other accounting policies
Stocks
Stock is valued at the lower of cost and net realisable value.

Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

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."

2Tangible fixed assets

	£
Cost
At 1 November 2012	26,049
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 October 2013	26,049
Depreciation
At 1 November 2012	8,721
Charge for the year	4,435
On disposals	-
At 31 October 2013	13,156
Net book values
At 31 October 2013	12,893
At 31 October 2012	17,328

3Called Up Share Capital
Allotted, called up and fully paid:

	2013 £	2012 £
100 Ordinary shares of £1 each	100	100
100 B Ordinary shares of £1 each	100	100