REGISTERED NUMBER:
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More Glazing Ltd |
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Report of the Director and |
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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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REGISTERED NUMBER:
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More Glazing Ltd |
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Report of the Director and |
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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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More Glazing Ltd (Registered number: 07882741) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Report of the Director | 2 |
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Chartered Accountants' Report | 3 |
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Statement of Income and Retained Earnings | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 6 |
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More Glazing Ltd |
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Company Information |
for the Year Ended 31 December 2019 |
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Director: |
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Registered office: |
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Registered number: |
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Accountants: |
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Summerdale |
Head Dyke Lane |
Pilling |
Preston |
Lancashire |
PR3 6SJ |
More Glazing Ltd (Registered number: 07882741) |
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Report of the Director |
for the Year Ended 31 December 2019 |
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The director presents his report with the financial statements of the company for the year ended 31 December 2019. |
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Principal activity |
The principal activity of the company in the year under review was that of the replacement of defective glazing units. |
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Director |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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On behalf of the board: |
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Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
More Glazing Ltd |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of More Glazing Ltd for the year ended 31 December 2019 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of More Glazing Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of More Glazing Ltd and state those matters that we have agreed to state to the director of More Glazing Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than More Glazing Ltd and its director for our work or for this report. |
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It is your duty to ensure that More Glazing Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of More Glazing Ltd. You consider that More Glazing Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of More Glazing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Summerdale |
Head Dyke Lane |
Pilling |
Preston |
Lancashire |
PR3 6SJ |
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More Glazing Ltd (Registered number: 07882741) |
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Statement of Income and Retained Earnings |
for the Year Ended 31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
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Turnover |
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Cost of sales |
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Gross profit |
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Administrative expenses |
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Operating profit | 4 |
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Interest payable and similar expenses |
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Profit before taxation |
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Tax on profit | 5 |
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Profit for the financial year |
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Retained earnings at beginning of year |
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Dividends | 6 | ( |
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Retained earnings at end of year |
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More Glazing Ltd (Registered number: 07882741) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 7 |
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Tangible assets | 8 |
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Current assets |
Stocks |
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Debtors | 9 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 10 |
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Net current liabilities | ( |
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Total assets less current liabilities |
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Provisions for liabilities |
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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 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. |
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The financial statements were approved by the director and authorised for issue on
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More Glazing Ltd (Registered number: 07882741) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | Statutory information |
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More Glazing Ltd is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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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 |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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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 |
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. |
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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. |
More Glazing Ltd (Registered number: 07882741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | Accounting policies - continued |
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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. | Operating profit |
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The operating profit is stated after charging: |
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2019 | 2018 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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5. | Taxation |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
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Tax on profit |
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UK corporation tax has been charged at 19% (2018 - 19%). |
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6. | Dividends |
2019 | 2018 |
£ | £ |
Dividends paid |
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7. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 January 2019 |
and 31 December 2019 |
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Amortisation |
At 1 January 2019 |
and 31 December 2019 |
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Net book value |
At 31 December 2019 |
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At 31 December 2018 |
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More Glazing Ltd (Registered number: 07882741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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8. | Tangible fixed assets |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 January 2019 |
and 31 December 2019 |
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Depreciation |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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Net book value |
At 31 December 2019 |
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At 31 December 2018 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
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Cost |
At 1 January 2019 |
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Transfer to ownership | (538 | ) | (5,350 | ) | (5,888 | ) |
At 31 December 2019 |
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Depreciation |
At 1 January 2019 |
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Transfer to ownership | (81 | ) | (3,093 | ) | (3,174 | ) |
At 31 December 2019 |
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Net book value |
At 31 December 2019 |
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At 31 December 2018 |
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9. | Debtors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade debtors |
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10. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Taxation and social security |
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Other creditors |
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More Glazing Ltd (Registered number: 07882741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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11. | Secured debts |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | - | 1,578 |
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Net obligations under finance leases are secured over the assets to which they relate. |
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12. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |