Granada Architectural Glazing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09492927 (England and Wales)

GRANADA ARCHITECTURAL GLAZING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M K White

SECRETARY:

Mrs N White

REGISTERED OFFICE:

Quantum House

Campbell Way

Dinnington

Sheffield

South Yorkshire

S25 3QD

REGISTERED NUMBER:

09492927 (England and Wales)

AUDITORS:

APC Accountants Limited

Chartered Accountants

and Statutory Auditors

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

BANKERS:

Barclays

Leicestershire

LE87 2BB

CURRENT ASSETS

Stocks

-

22,879

Debtors

4

1,141,812

417,411

Cash at bank

137,321

198,103

1,279,133

638,393

CREDITORS

Amounts falling due within one year

5

1,762,380

1,267,946

NET CURRENT LIABILITIES

(483,247

)

(629,553

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(483,247

)

(629,553

)

CAPITAL AND RESERVES

Called up share capital

205,001

205,001

Retained earnings

(688,248

)

(834,554

)

(483,247

)

(629,553

)

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 Income Statement has not been delivered.

The financial statements were approved by the director on 31 July 2018 and were signed by:

Mr M K White - Director

1.	STATUTORY INFORMATION

Granada Architectural Glazing 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.

At the balance sheet date, the company had net liabilities of £483,247. The company is reliant on the continued

support of the group, and it has expressed its intention to support the company. On that basis the financial

statements have been prepared on a going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In applying the Company's accounting policies, the directors are required to make judgements, estimates and

assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates

and assumptions are based on the best and most reliable evidence available at the time when applicable. Do to

the inherent subjectivity involved in making such judgements, estimates and assumptions the actual results and

outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting policies

are recognised in the period in which the estimate is revised. If the revision affects only that period, or in the

period of the revision and future periods if the revision affects both current and future periods.

Critical judgments in applying the company's accounting policies

The critical judgements that the directors have made in the process of applying the company's accounting

policies that have the most significant effect on the amounts recognised in the statutory financial statements are

discussed below.

Assessing indicators of impairment

In assessing whether there have been any indicators of impaired assets, the directors have considered both

external and internal sources of information such as market conditions, counterpart credit ratings and experience

of recoverability.

Key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty that have a

significant risk of causing a material adjustments to the carrying amounts of assets and liabilities within the next

financial year are discussed below.

- Recoverability of receivables

The company establishes a provision for receivables that are estimated not to be recoverable. When assessing

the recoverability the directors consider factors such as the aging of receivables, past experience of

recoverability and the credit profile of individual or groups of customers.

- Determining the stock provision

The company provides stock provisions on slow moving and obsolete stock and Work In Progress. Management

undertake an assessment of which stocks are no longer economically feasible, based on seasonal and

consumer performance, before allocating the necessary provisions to bring the stock valuation in line with the

accounting policy stated above.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and

the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or

receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also

be met before turnover is recognised

Sales of goods

Turnover from the sale of goods is recognised when all of the following considerations are satisfied;

- the Company has transferred the significant risks and rewards of ownership to the buyer;

- the Company retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold;

- the amount of turnover can be measured reliably

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transactions can be reliably measured

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract when al of the following conditions are satisfied:

- the amount of turnover can be measured reliably

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to

complete and sell. Cost is based on the purchase price on a first in, first out basis. Work in progress and finished

goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is

reduced to its selling price less costs to compete and sell. The impairment loss is recognised immediately in

profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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.

Financial instruments

Financial instruments and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets

of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar

debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented

as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the

income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding

liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability

then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are

debited direct to equity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2017 - 16 ) .

4.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Trade debtors

741,545

411,313

Amounts recoverable on contract

272,818

-

Other debtors

57,303

6,098

1,071,666

417,411

Amounts falling due after more than one year:

Trade debtors

70,146

-

Aggregate amounts

1,141,812

417,411

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

109,969

248,150

Amounts owed to group undertakings

1,552,775

939,989

Taxation and social security

17,100

36,279

Other creditors

82,536

43,528

1,762,380

1,267,946

The group loan is secured by way of fixed and floating charge on the assets of the company.

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Pincott (Senior Statutory Auditor)

for and on behalf of APC Accountants Limited

7.	RELATED PARTY DISCLOSURES

During the year the company wrote off £362,000 (2017: nil) relating to a loan from Glass Umbrella limited a

company incorporated in England and Wales, registration number 10617905 is 100% owned by Mr M K White,

who remains the ultimate controlling party.

The company paid wages and salaries (including pension contributions) to key management persons to the sum

of £108,498 (2017: £101,000). Key management persons are paid through other companies in the group.

8.	ULTIMATE CONTROLLING PARTY

Granada Glazing Glazing Limited is a wholly owned subsidiary of Glass Umbrella Limited. Glass Umbrella

limited a company incorporated in England and Wales, registration number 10617905 is 100% owned by Mr M K

White, who remains the ultimate controlling party.