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REGISTERED NUMBER:
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GLASS AFTERCARE LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 NOVEMBER 2016 TO 30 APRIL 2018 |
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REGISTERED NUMBER:
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GLASS AFTERCARE LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 NOVEMBER 2016 TO 30 APRIL 2018 |
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GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2016 TO 30 APRIL 2018 |
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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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GLASS AFTERCARE LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 1 NOVEMBER 2016 TO 30 APRIL 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
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BALANCE SHEET |
30 APRIL 2018 |
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2018 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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( |
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SHAREHOLDERS' FUNDS |
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( |
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The director acknowledges his 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. |
GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
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BALANCE SHEET - continued |
30 APRIL 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2016 TO 30 APRIL 2018 |
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1. | STATUTORY INFORMATION |
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Glass Aftercare Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These financial statements for the period ended 30 April 2018 are the first financial statements that |
comply with Section 1A "Small Entities" of Financial Reporting Standard 102. An explanation of how |
transition to FRS 102 Section 1A "Small Entities" has affected the reported financial position and |
financial performance is given in the notes. |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the period ended 30 April 2018 are the first that are prepared in |
accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance |
with UK GAAP, the date of transition to FRS 102 Section 1A is 1 November 2015. |
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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. |
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Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and |
assumptions about the carrying value of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other |
factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to |
accounting estimates are recognised in the period in which the estimates 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. |
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Turnover |
Turnover comprises revenue recognised by the company in respect of the supply and fit of |
architectural glass and maintenance services during the year, exclusive of Value Added Tax. Income |
is recognised when the right to receive that income has been earned. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
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GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2016 TO 30 APRIL 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Intangible fixed assets and amortisation |
Website development costs have been capitalised as an intangible asset of the company on the basis |
that these costs will generate future economic benefits for a period greater than twelve months. These |
costs are amortised over the estimated economic life of the website. |
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Amortisation is provided at the following rates: |
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Website - 25% straight line |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks 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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Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the |
current or past reporting periods using tax rates that have been enacted or substantively enacted by |
the reporting date. |
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Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax |
losses and other deferred tax assets are recognised only to the extent that it is probable that they will |
be recovered against future taxable profits or against the reversal of deferred tax liabilities. |
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Deferred tax relating to a non-depreciable asset that is measured using the revaluation model, or to |
investment properties measured at fair value, is measured using the tax rates and allowances that |
apply to the sale of the asset. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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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. |
GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2016 TO 30 APRIL 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Long-term contracts |
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed |
with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion |
of the work carried out at the year end, by recording turnover and related costs as contract activity |
progresses. Turnover is calculated as that proportion of total contract value which costs incurred to |
date bear to total expected costs for that contract. Revenues derived from variations on contracts are |
recognised only when they have been accepted by the customer. Full provision is made for losses on |
all contracts in the year in which they are first forseen. |
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Factored debts |
Trade debts are factored with full recourse and recorded gross within current assets after making due |
provision for charges. A corresponding liability is recognised in respect of the amounts drawn from the |
factor. |
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The interest element of the factoring charging and other factoring costs are recognised as they accrue |
and charged to the profit and loss account. |
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Going concern |
In accordance with his responsibilities as director he has considered the appropriateness of the going |
concern basis for the preparation of the financial statements. |
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The company's balance sheet shows a net asset balance and in these circumstances the company's |
trading activities are supported by its bankers, creditors, director and shareholders. |
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The financial statements have been prepared on the going concern basis, the validity of which |
depends upon the continued support of the company's bankers, creditors, director and shareholders. |
The director has no reason to believe that this support will not continue and has a reasonable |
expectation that the company has adequate resources to continue in operational existence for a period |
of one year from the date of approval of the financial statements. |
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Group Accounts |
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The company is exempt from preparing consolidated financial statements on the grounds that taken |
together with its subsidiaries, it qualifies as a small group under section 398 of the Companies Act |
2006. These financial statements therefore present information about the company as an individual |
undertaking and not about its group. |
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Debtors |
Trade and other debtors are measured at transaction price less any impairment unless the |
arrangement consitutes a financing transaction in which case the transaction is measured at the |
present value of the future receipts discounted at the prevailing market rate of interest. Loans are |
initially measured at fair value and are subsequently measured at amortised cost using the effective |
interest method less any impairment. |
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Creditors |
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a |
financing transaction in which case the transaction is measured at present value of future payments |
discounted at prevailing market rate of interest. Other financial liabilities are initially measured at |
amortised cost using the effective interest method. |
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Cash at Bank |
Cash at bank in the balance sheet comprise cash at banks and in hand and short term deposits with |
an original maturity date of three months or less. |
GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2016 TO 30 APRIL 2018 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 November 2016 |
and 30 April 2018 |
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AMORTISATION |
At 1 November 2016 |
and 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 31 October 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2016 |
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Additions |
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At 30 April 2018 |
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DEPRECIATION |
At 1 November 2016 |
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Charge for period |
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At 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 31 October 2016 |
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GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2016 TO 30 APRIL 2018 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 November 2016 |
and 30 April 2018 |
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DEPRECIATION |
At 1 November 2016 |
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Charge for period |
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At 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 31 October 2016 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2016 |
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Additions |
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Disposals | ( |
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At 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 31 October 2016 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by participating interests | 1,590 | - |
Other debtors |
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GLASS AFTERCARE LIMITED (REGISTERED NUMBER: 04929503) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2016 TO 30 APRIL 2018 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2016 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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There is a fixed and floating charge registered in the form of a debenture in favour of Team Factors |
Limited over all of the company's assets. |
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R & J Milicevic have provided personal guarantees over the balance of monies owed by the company |
to Team Factors Limited and Funding Circle Limited included within other creditors. |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2016 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the period ended 30 April 2018 and |
the year ended 31 October 2016: |
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2018 | 2016 |
£ | £ |
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Balance outstanding at start of period |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
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