London Architectural Glass Ltd - Period Ending 2017-04-30

Registration number: 08810065

London Architectural Glass Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2017

Sterling Grove Accountants Limited
Chartered Certified Accountants
Thames House
Bourne End Business Park
Cores End Road
Bourne End
Buckinghamshire
SL8 5AS

London Architectural Glass Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

London Architectural Glass Ltd

Company Information

Directors

Ms Tina May Thorne Mr Dariusz Kapala Mr Graham Thompson Mr Christopher Greehy

Registered office

Unit 5 Arkwright Road Colnbrook Slough SL3 0HJ

Accountants

Sterling Grove Accountants Limited Chartered Certified Accountants Thames House Bourne End Business Park Cores End Road Bourne End Buckinghamshire SL8 5AS

Page 1

London Architectural Glass Ltd

(Registration number: 08810065)
Balance Sheet as at 30 April 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	331,156	427,359
Current assets
Stocks	5	3,250	9,450
Debtors	6	1,766,540	703,948
Cash at bank and in hand		173,600	431,272
		1,943,390	1,144,670
Creditors: Amounts falling due within one year	7	(651,871)	(443,100)
Net current assets		1,291,519	701,570
Total assets less current liabilities		1,622,675	1,128,929
Provisions for liabilities		(210,000)	(220,200)
Net assets		1,412,675	908,729
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		1,411,675	907,729
Total equity		1,412,675	908,729

For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

London Architectural Glass Ltd

(Registration number: 08810065)
Balance Sheet as at 30 April 2017

Approved and authorised by the Board on 21 November 2017 and signed on its behalf by:
 

.........................................

Mr Graham Thompson

Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

London Architectural Glass Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Unit 5
Arkwright Road
Colnbrook
Slough
SL3 0HJ
United Kingdom

These financial statements were authorised for issue by the Board on 21 November 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	25% reducing balance
Plant and machinery	25% reducing balance
Motor vehicles	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

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London Architectural Glass Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2016 - 5).

Page 5

London Architectural Glass Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 May 2016	15,856	56,889	411,104	483,849
Additions	1,484	-	10,495	11,979
At 30 April 2017	17,340	56,889	421,599	495,828
Depreciation
At 1 May 2016	5,339	10,547	40,604	56,490
Charge for the year	2,707	11,586	93,889	108,182
At 30 April 2017	8,046	22,133	134,493	164,672
Carrying amount
At 30 April 2017	9,294	34,756	287,106	331,156
At 30 April 2016	10,517	46,342	370,500	427,359

5

Stocks

	2017 £	2016 £
Stock and work in progress	3,250	9,450

6

Debtors

	Note	2017 £	2016 £
Trade debtors		624,628	386,036
Amounts due from related parties	8	1,111,753	277,744
Other debtors		5,066	14,021
Prepayments		25,093	26,147
Total current trade and other debtors		1,766,540	703,948

Page 6

London Architectural Glass Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		159,206	129,622
Amounts due to related parties	8	-	3,047
Taxation and social security		150,011	55,581
Other creditors		34,791	14,850
Accrued expenses		14,863	4,500
Corporation tax		293,000	235,500
		651,871	443,100

8	Related party transactions

Summary of transactions with other related parties

During the year dividends of £473,419 (2016: £352,000) were paid to the directors.

T Thorne
(Director)
During the year T Thorne provided consultancy services totalling £36,000 (2016: £35,000).

D Kapla
(Director and shareholder)
During the year D Kapla provided consultancy services totalling £nil (2016: £102,750).

DM Glazing Limited
(A company controlled by director and shareholder D Kapla and/or spouse).
During the year DM Glazing Limited provided consultancy services totalling £119,062 (2016: £nil).

Greehy Consultants Limited
(A company controlled by director and shareholder C Greehy and/or spouse).
During the year Greehy Consultants Limited provided consultancy services totalling £194,260 (2016: £150,750).
 

Loans to related parties

Page 7

London Architectural Glass Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

2017	Other related parties £
At start of period	277,744
Advanced	834,009
At end of period	1,111,753

2016	Other related parties £
At start of period	172,134
Advanced	105,610
At end of period	277,744

Loans from related parties

2017	Other related parties £
At start of period	3,047
Repaid	(3,047)
At end of period	-

2016	Other related parties £
At start of period	92,185
Repaid	(89,138)
At end of period	3,047

9	Transition to FRS 102

The company has adopted FRS102 for the first time for the year ended 30 April 2017. The company’s date of transition to FRS102 is 1 May 2015. The transition to FRS102 has resulted in only a small number of changes in accounting policies compared to those used previously. The transition did not require restatement of comparative prior year amounts.

Page 8