EE Glass Ltd 31/12/2017 iXBRL

EE Glass Ltd 31/12/2017 iXBRL

EE GLASS LTD - Company Information

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31/12/2017 2017-12-31 false false false false false false false false false false true false false true false false false false true true true false No description of principal activities is disclosed 2017-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 03004390 2017-01-01 2017-12-31 03004390 2017-12-31 03004390 2016-12-31 03004390 2016-01-01 2016-12-31 03004390 2016-12-31 03004390 core:PlantMachinery 2017-01-01 2017-12-31 03004390 core:FurnitureFittingsToolsEquipment 2017-01-01 2017-12-31 03004390 core:MotorVehicles 2017-01-01 2017-12-31 03004390 bus:RegisteredOffice 2017-01-01 2017-12-31 03004390 bus:LeadAgentIfApplicable 2017-01-01 2017-12-31 03004390 bus:Director1 2017-01-01 2017-12-31 03004390 bus:Director2 2017-01-01 2017-12-31 03004390 bus:CompanySecretary1 2017-01-01 2017-12-31 03004390 core:PlantMachinery 2016-12-31 03004390 core:FurnitureFittingsToolsEquipment 2016-12-31 03004390 core:MotorVehicles 2016-12-31 03004390 core:PlantMachinery 2017-12-31 03004390 core:FurnitureFittingsToolsEquipment 2017-12-31 03004390 core:MotorVehicles 2017-12-31 03004390 core:WithinOneYear 2017-12-31 03004390 core:WithinOneYear 2016-12-31 03004390 core:AfterOneYear 2017-12-31 03004390 core:AfterOneYear 2016-12-31 03004390 core:ShareCapital 2017-12-31 03004390 core:ShareCapital 2016-12-31 03004390 core:RetainedEarningsAccumulatedLosses 2017-12-31 03004390 core:RetainedEarningsAccumulatedLosses 2016-12-31 03004390 core:PlantMachinery 2016-12-31 03004390 core:FurnitureFittingsToolsEquipment 2016-12-31 03004390 core:MotorVehicles 2016-12-31 03004390 bus:SmallEntities 2017-01-01 2017-12-31 03004390 bus:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 03004390 bus:FullAccounts 2017-01-01 2017-12-31 03004390 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 03004390 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 03004390 core:EntitiesControlledByKeyManagementPersonnel core:RentalExpenseTransactions 2017-01-01 2017-12-31 03004390 core:EntitiesControlledByKeyManagementPersonnel core:RentalExpenseTransactions 2016-01-01 2016-12-31 03004390 core:ImmediateParent core:AdministrativeServices 2017-01-01 2017-12-31 03004390 core:ImmediateParent core:DividendsPaidTransactions 2017-01-01 2017-12-31 03004390 core:ImmediateParent core:DividendsPaidTransactions 2016-01-01 2016-12-31 03004390 core:ImmediateParent 2016-12-31
Company registration number: 03004390
EE Glass Ltd
Unaudited filleted financial statements
31 December 2017
EE Glass Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
EE Glass Ltd
Directors and other information
Directors Mr M P Croucher
Mr N T Croucher
Secretary Mr M P Croucher
Company number 03004390
Registered office Ocean House
Dundas Lane
Portsmouth
Hants
PO3 5ND
Accountants David Bailey
Chartered Accountants
28 Landport Terrace
Portsmouth
Hants
PO1 2RG
EE Glass Ltd
Statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 682,466 646,233
______ ______
682,466 646,233
Current assets
Stocks 71,249 73,168
Debtors 6 576,511 523,307
Cash at bank and in hand 393,605 179,511
______ ______
1,041,365 775,986
Creditors: amounts falling due
within one year 7 ( 546,081) ( 519,649)
______ ______
Net current assets 495,284 256,337
______ ______
Total assets less current liabilities 1,177,750 902,570
Creditors: amounts falling due
after more than one year 8 ( 45,636) ( 146,249)
Provisions for liabilities ( 115,635) ( 110,923)
______ ______
Net assets 1,016,479 645,398
______ ______
Capital and reserves
Called up share capital 105,000 105,000
Profit and loss account 911,479 540,398
______ ______
Shareholders funds 1,016,479 645,398
______ ______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 August 2018 , and are signed on behalf of the board by:
Mr M P Croucher Mr N T Croucher
Director Director
Company registration number: 03004390
EE Glass Ltd
Notes to the financial statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Ocean House, Dundas Lane, Portsmouth, Hants, PO3 5ND.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2016: 35 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2017 656,619 31,699 181,545 869,863
Additions 92,451 34,776 77,870 205,097
Disposals ( 19,217) ( 10,457) ( 12,000) ( 41,674)
______ ______ ______ ______
At 31 December 2017 729,853 56,018 247,415 1,033,286
______ ______ ______ ______
Depreciation
At 1 January 2017 144,226 9,280 70,124 223,630
Charge for the year 102,966 7,771 27,450 138,187
Disposals ( 3,094) ( 4,629) ( 3,274) ( 10,997)
______ ______ ______ ______
At 31 December 2017 244,098 12,422 94,300 350,820
______ ______ ______ ______
Carrying amount
At 31 December 2017 485,755 43,596 153,115 682,466
______ ______ ______ ______
At 31 December 2016 512,393 22,419 111,421 646,233
______ ______ ______ ______
6. Debtors
2017 2016
£ £
Trade debtors 547,807 507,152
Other debtors 28,704 16,155
______ ______
576,511 523,307
______ ______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 225,895 187,471
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 59,000
Corporation tax 82,571 48,152
Social security and other taxes 60,165 77,106
Other creditors 177,450 147,920
______ ______
546,081 519,649
______ ______
Hire Purchase capital of £121,148 (2016 £109,422) included in Other Creditors is secured against the glass furnace it purchased.
8. Creditors: amounts falling due after more than one year
2017 2016
£ £
Other creditors 45,636 146,249
______ ______
Hire Purchase capital of £109,422 in 2016 included in Other Creditors is secured against the glass furnace it purchased.
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2017 2016 2017 2016
£ £ £ £
The Ocean House Partnership 41,154 41,154 - -
Starwise Property Ltd 72,000 72,000 - ( 59,000)
______ ______ ______ ______
The Directors are also partners with Mrs R Croucher in the Ocean House Partnership which rents the factory unit to the Company at open market value. The Company pays management fees to their Holding Company in respect of the Directors services.
10. Controlling party
The Company is a wholly owned subsidiary of Starwise Property Ltd, a company incorporated in the UK and registered at 48 Southleigh Road, Havant, Hants, PO9 2QH.