Company Registration No. NI687562 (Northern Ireland)
Cowan All Purpose Glass Ltd
Unaudited accounts
for the period from 20 April 2022 to 31 March 2023
Cowan All Purpose Glass Ltd
Unaudited accounts
Contents
Cowan All Purpose Glass Ltd
Company Information
for the period from 20 April 2022 to 31 March 2023
Company Number
NI687562 (Northern Ireland)
Registered Office
200 Hatmore Park
Derry
BT48 0QJ
Northern Ireland
Accountants
Satori Accounting
11 Orchard Business Park
Pennyburn Industrial Estate
Derry
Northern Ireland
BT48 0LU
Cowan All Purpose Glass Ltd
Statement of financial position
as at 31 March 2023
Cash at bank and in hand
18,741
Creditors: amounts falling due within one year
(35,828)
Total assets less current liabilities
69,150
Creditors: amounts falling due after more than one year
(80,371)
Called up share capital
100
Profit and loss account
(11,321)
Shareholders' funds
(11,221)
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 March 2024 and were signed on its behalf by
Alan Cowan
Director
Company Registration No. NI687562
Cowan All Purpose Glass Ltd
Notes to the Accounts
for the period from 20 April 2022 to 31 March 2023
Cowan All Purpose Glass Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI687562. The registered office is 200 Hatmore Park, Derry, BT48 0QJ, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Inventories have been valued by the director at the lower of cost and estimated selling price less costs to complete and sell.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The company incurred a loss in its first trading period and there is an excess of liabilities over assets at the year-end date.
The company is supported by the director, who has injected funds by way of personal and family loans. There are no plans to withdraw these funds for the foreseeable future.
The accounts are therefore prepared on the going concern basis.
Cowan All Purpose Glass Ltd
Notes to the Accounts
for the period from 20 April 2022 to 31 March 2023
4
Tangible fixed assets
Plant & machinery
Charge for the period
2,700
Amounts falling due within one year
Accrued income and prepayments
225
6
Creditors: amounts falling due within one year
2023
Taxes and social security
416
7
Creditors: amounts falling due after more than one year
2023
Loans from directors
80,371
8
Transactions with related parties
During the first accounting period, the following tranactions arose between the company and the director:
- funds and family loans introduced = £ 90,572
- payments to director and withdrawals = £ 10,102
- shares issued = £ 100
The amount owed to the director at the year-end date was £80,371. This is included at note 7.
These loans are interest free.
Cowan All Purpose Glass Ltd
Notes to the Accounts
for the period from 20 April 2022 to 31 March 2023
9
Average number of employees
During the period the average number of employees was 5.