| Everton Glass Works Limited |
|
| Report to the director on the preparation of the unaudited abbreviated accounts of Everton Glass Works Limited for the year ended 31 March 2014 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Everton Glass Works Limited for the year ended 31 March 2014 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/ |
| Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. |
|
| KBH Accountants Ltd |
| Chartered Certified Accountants |
| 255 Poulton Road |
| Wallasey |
| Wirral |
| CH44 4BT |
|
| 16 December 2014 |
|
| Everton Glass Works Limited |
| Registered number: |
00826257 |
| Abbreviated Balance Sheet |
| as at 31 March 2014 |
|
| Notes |
|
|
2014 |
|
|
2013 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
581,488 |
|
|
576,752 |
|
| Current assets |
| Stocks |
|
|
453,202 |
|
|
530,366 |
| Debtors |
|
|
318,345 |
|
|
298,586 |
| Cash at bank and in hand |
|
|
63,593 |
|
|
25,031 |
|
|
|
835,140 |
|
|
853,983 |
|
| Creditors: amounts falling due within one year |
|
|
(367,703) |
|
|
(420,337) |
|
| Net current assets |
|
|
|
467,437 |
|
|
433,646 |
|
| Total assets less current liabilities |
|
|
|
1,048,925 |
|
|
1,010,398 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(101,497) |
|
|
(97,504) |
|
|
|
| Net assets |
|
|
|
947,428 |
|
|
912,894 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
4 |
|
|
600 |
|
|
600 |
| Capital redemption reserve |
|
|
|
400 |
|
|
400 |
| Profit and loss account |
|
|
|
946,428 |
|
|
911,894 |
|
| Shareholders' funds |
|
|
|
947,428 |
|
|
912,894 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| Mr S G Richards |
| Director |
| Approved by the board on 16 December 2014 |
|
| Everton Glass Works Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 March 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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 |
|
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. |
|
|
Depreciation |
|
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 |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. Cost is the average purchase price. |
|
|
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. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 April 2013 |
754,828 |
|
Additions |
62,732 |
|
Disposals |
(57,948) |
|
At 31 March 2014 |
759,612 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2013 |
178,076 |
|
Charge for the year |
17,569 |
|
On disposals |
(17,521) |
|
At 31 March 2014 |
178,124 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2014 |
581,488 |
|
At 31 March 2013 |
576,752 |
|
|
|
|
|
|
|
|
| 3 |
Loans |
2014 |
|
2013 |
| £ |
£ |
|
Creditors include: |
|
Amounts falling due for payment after more than five years |
57,840 |
|
64,823 |
|
Secured bank loans |
99,154 |
|
105,337 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
600 |
|
600 |
|
600 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
Mr S G Richards |
|
Loan |
58,031 |
|
- |
|
(6,183) |
|
51,848 |
|
|
|
58,031 |
|
- |
|
(6,183) |
|
51,848 |
|
|
|
|
|
|
|
|
|
|
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. |
