Company Registration No. 02747652 (England and Wales)
THE ISAACS GLASS COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
THE ISAACS GLASS COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE ISAACS GLASS COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr H A Isaacs
Mr A L Baldock
Mr A C Waterman
Secretary
Mr H A Isaacs
Company number
02747652
Registered office
43 - 45 Dorset Street
London
W1U 7NA
Accountants
Fisher, Sassoon & Marks
43 - 45 Dorset Street
London
W1U 7NA
Business address
Unit 14
Anchorage Point
90 Anchor & Hope Lane
London
SE7 7SQ
Bankers
National Westminster Bank plc
Beckton Branch
15 Mary Rose Mall
Frobisher Road
London
E6 4LU
THE ISAACS GLASS COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,553
7,105
Current assets
Stock and work in progress
14,002
22,963
Debtors
4
77,676
155,310
Cash at bank and in hand
173,662
249,059
265,340
427,332
Creditors: amounts falling due within one year
5
(21,946)
(81,255)
Net current assets
243,394
346,077
Total assets less current liabilities
246,947
353,182
Provisions for liabilities
(660)
(1,332)
Net assets
246,287
351,850
Capital and reserves
Called up share capital
6
2,838
2,838
Capital redemption reserve
2,162
2,162
Profit and loss reserves
241,287
346,850
Total equity
246,287
351,850
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 June 2020 and are signed on its behalf by:
Mr H A Isaacs
Mr A L Baldock
Director
Director
Company Registration No. 02747652
THE ISAACS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
The Isaacs Glass Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
43 - 45 Dorset Street, London, W1U 7NA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company presents financial statements for a period of 18 months and therefore,
the comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the lease term
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
15% and 33 1/3% Reducing balance
Motor vehicles
33 1/3% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
THE ISAACS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
2018
Number
Number
Total
8
8
THE ISAACS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2018
7,701
54,582
62,283
Disposals
-
(2,243)
(2,243)
At 31 March 2020
7,701
52,339
60,040
Depreciation and impairment
At 1 October 2018
7,701
47,477
55,178
Depreciation charged in the period
-
3,552
3,552
Eliminated in respect of disposals
-
(2,243)
(2,243)
At 31 March 2020
7,701
48,786
56,487
Carrying amount
At 31 March 2020
-
3,553
3,553
At 30 September 2018
-
7,105
7,105
4
Debtors
2020
2018
Amounts falling due within one year:
£
£
Trade debtors
46,241
144,597
Corporation tax recoverable
10,969
-
Other debtors
20,466
10,713
77,676
155,310
5
Creditors: amounts falling due within one year
2020
2018
£
£
Trade creditors
6,765
34,934
Corporation tax
-
16,462
Other taxation and social security
6,838
20,998
Other creditors
8,343
8,861
21,946
81,255
THE ISAACS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 5 -
6
Called up share capital
2020
2018
£
£
Ordinary share capital
Issued and fully paid
2,838 Ordinary shares of £1 each
2,838
2,838
7
Controlling party
The directors do not consider there to be one ultimate controlling party as none of the shareholders hold a
majority of the issued share capital of the company.