Oxford Glass & Glazing Systems Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 06746984 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

OXFORD GLASS & GLAZING SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R Lovegrove

Mrs H K Rogers

REGISTERED OFFICE:

6 Langdale Court

Witney

Oxfordshire

OX28 6FG

REGISTERED NUMBER:

06746984 (England and Wales)

ACCOUNTANTS:

Bronsens

Chartered Certified Accountants

6 Langdale Court

Witney

Oxfordshire

OX28 6FG

FIXED ASSETS

Intangible assets

4

48,000

72,000

Tangible assets

5

11,905

14,570

59,905

86,570

CURRENT ASSETS

Stocks

20,603

35,952

Debtors

6

53,172

55,473

Cash at bank

76,396

72,793

150,171

164,218

CREDITORS

Amounts falling due within one year

7

92,410

123,726

NET CURRENT ASSETS

57,761

40,492

TOTAL ASSETS LESS CURRENT LIABILITIES

117,666

127,062

CREDITORS

Amounts falling due after more than one year

8

23,922

32,902

NET ASSETS

93,744

94,160

CAPITAL AND RESERVES

Called up share capital

11

75

75

Capital redemption reserve

12

25

25

Retained earnings

12

93,644

94,060

SHAREHOLDERS' FUNDS

93,744

94,160

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 Board of Directors on 3 April 2017 and were signed on its behalf by:

Mrs H K Rogers - Director

1.	STATUTORY INFORMATION

Oxford Glass & Glazing Systems Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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 or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that 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

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 7 (2015 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

240,000

AMORTISATION

At 1 January 2016

168,000

Amortisation for year

24,000

At 31 December 2016

192,000

NET BOOK VALUE

At 31 December 2016

48,000

At 31 December 2015

72,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2016

15,684

226

29,755

4,449

50,114

Additions

-

-

-

1,303

1,303

At 31 December 2016

15,684

226

29,755

5,752

51,417

DEPRECIATION

At 1 January 2016

13,422

195

19,275

2,652

35,544

Charge for year

565

8

2,620

775

3,968

At 31 December 2016

13,987

203

21,895

3,427

39,512

NET BOOK VALUE

At 31 December 2016

1,697

23

7,860

2,325

11,905

At 31 December 2015

2,262

31

10,480

1,797

14,570

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

42,010

49,380

Other debtors

1,181

1,654

Directors' current accounts

5,677

-

Prepayments

4,304

4,439

53,172

55,473

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

10,632

10,124

Trade creditors

30,972

43,484

One card

891

351

Tax

4,963

12,072

Social security and other taxes

5,518

7,110

Pension

159

-

VAT

14,508

16,166

Other creditors

1,500

-

Directors' current accounts

672

7,663

Customer deposits

18,945

23,668

Accruals and deferred income

3,650

3,088

92,410

123,726

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans - 2-5 years

23,922

32,902

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.16

31.12.15

£

£

Within one year

14,000

14,000

Between one and five years

42,000

56,000

56,000

70,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Bank loans

34,554

43,026

The overdraft facility and loan provided by The National Westminster Bank Plc is secured by way of a debenture

dated 22 December 2008.

The loan provided by The National Westminster Bank Plc is secured by way of a guarantee for £80,000

supported by a 2nd legal charge over the freehold properties owned by the directors.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

25

Ordinary B

£1

25

25

25

Ordinary C

£1

25

25

25

Ordinary D

£1

25

25

75

75

12.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2016

94,060

25

94,085

Profit for the year

17,584

17,584

Dividends

(18,000

)

(18,000

)

At 31 December 2016

93,644

25

93,669