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Unaudited Financial Statements for the Year Ended 30 June 2021 |
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L. & M. GLAZING LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 June 2021 |
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for |
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L. & M. GLAZING LIMITED |
L. & M. GLAZING LIMITED (REGISTERED NUMBER: 02505265) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 30 JUNE 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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L. & M. GLAZING LIMITED |
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Company Information |
FOR THE YEAR ENDED 30 JUNE 2021 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
10 Stadium Business Court |
Millennium Way |
Pride Park |
Derby |
DE24 8HP |
L. & M. GLAZING LIMITED (REGISTERED NUMBER: 02505265) |
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Balance Sheet |
30 JUNE 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 7 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
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8 |
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Provisions for liabilities | 11 | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 12 |
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Retained earnings |
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Shareholders' funds |
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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. |
L. & M. GLAZING LIMITED (REGISTERED NUMBER: 02505265) |
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Balance Sheet - continued |
30 JUNE 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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L. & M. GLAZING LIMITED (REGISTERED NUMBER: 02505265) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 30 JUNE 2021 |
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1. | STATUTORY INFORMATION |
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L. & M. Glazing Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions os 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. |
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The directors have confirmed the company has the continued support of the bank and access to sufficient overdraft facilities to enable the company to meet it's liabilities for the foreseeable future as they fall due. These financial statements have therefore been prepared on a going concern basis and therefore do not contain any adjustments that may be necessary should funding be withdrawn. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Goodwill |
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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All fixed assets are initially recorded at cost. |
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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. |
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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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
L. & M. GLAZING LIMITED (REGISTERED NUMBER: 02505265) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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Cost |
At 1 July 2020 |
and 30 June 2021 |
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Net book value |
At 30 June 2021 |
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At 30 June 2020 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Plant and | and | Motor |
improvements | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 July 2020 |
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Additions |
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At 30 June 2021 |
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Depreciation |
At 1 July 2020 |
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Charge for year |
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At 30 June 2021 |
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Net book value |
At 30 June 2021 |
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At 30 June 2020 |
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Included within the net book value of £134,712 is £35,787 (2020- £9,554) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £11,839 (2020 - £2,555) |
L. & M. GLAZING LIMITED (REGISTERED NUMBER: 02505265) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' loan accounts |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts and finance leases (see note 9) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accruals |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Hire purchase contracts and finance leases (see note 9) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 41,667 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts | Finance leases |
2021 | 2020 | 2021 | 2020 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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L. & M. GLAZING LIMITED (REGISTERED NUMBER: 02505265) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts and finance leases |
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Debentures |
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The bank holds a debenture providing a fixed and floating charge against the assets and book debts of the company. The debenture covers all liabilities of the company, present and future to the bank. |
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11. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax |
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Deferred tax |
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Balance at 1 July 2020 |
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Unused amounts reversed during year |
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Balance at 30 June 2021 |
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The provision for deferred tax consists of the effect of timing differences in respect of excess of taxation allowances over depreciation on fixed assets of £23,794 (2020 - £20,707). |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 30 June 2021 and 30 June 2020: |
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2021 | 2020 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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L. & M. GLAZING LIMITED (REGISTERED NUMBER: 02505265) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The maximum amount outstanding at any point during the year to V Leivers was £30,190 (2020: £39,106) and A J Leivers was £99,949 (2020:£42,618) respectively. |
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It is company policy to charge interest on all overdrawn loan accounts at HMRC's official rate of interest. The amount at the year end in respect of the above loans was £1,044 (2020: £1026). |
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The bank hold a floating charge over two properties owned by V Leivers personally. |
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14. | RELATED PARTY TRANSACTIONS |
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The company is under the joint control of V Leivers and A J Leivers. |
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The property from which the company operates is owned by V Leivers. Rent of £nil was charged during the year (2020: £nil ). |