Glassline Limited - Period Ending 2018-09-30

Glassline Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2018

Registration number: 03950094

Glassline Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Glassline Limited

Balance Sheet

30 September 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	68,810	69,294
Current assets
Stocks	5	51,014	53,902
Debtors	6	450,881	470,393
Cash at bank and in hand		193,270	99,285
		695,165	623,580
Creditors: Amounts falling due within one year	7	(325,575)	(358,784)
Net current assets		369,590	264,796
Net assets		438,400	334,090
Capital and reserves
Called up share capital		1,000	1,000
Share premium reserve		309,100	309,100
Profit and loss account		128,300	23,990
Total equity		438,400	334,090

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Glassline Limited

Balance Sheet

30 September 2018

For the financial year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 May 2019 and signed on its behalf by:
 

......................................... D French Director

Company Registration Number: 03950094

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Glassline Limited

Notes to the Financial Statements

Year Ended 30 September 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
Chaucer Industrial Estate
Dittons Road
Polegate
BN26 6JF

These financial statements were authorised for issue by the Board on 15 May 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in pound sterling and rounded to the nearest pound.

Tax

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 3

Glassline Limited

Notes to the Financial Statements

Year Ended 30 September 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balances
Fixtures and fittings	20% reducing balances
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2017 - 30).

Page 4

Glassline Limited

Notes to the Financial Statements

Year Ended 30 September 2018

4	Tangible assets

	Plant and machinery  £	Fixtures and fittings  £	Motor vehicles  £	Office equipment  £	Total £
Cost or valuation
At 1 October 2017	441,091	971	25,500	5,311	472,873
Additions	17,500	-	-	-	17,500
At 30 September 2018	458,591	971	25,500	5,311	490,373
Depreciation
At 1 October 2017	384,296	933	14,969	3,381	403,579
Charge for the year	14,860	8	2,633	483	17,984
At 30 September 2018	399,156	941	17,602	3,864	421,563
Carrying amount
At 30 September 2018	59,435	30	7,898	1,447	68,810
At 30 September 2017	56,795	38	10,531	1,930	69,294

5

Stocks

	2018 £	2017 £
Other inventories	51,014	53,902

6

Debtors

	2018  £	2017  £
Trade debtors	377,550	403,448
Other debtors	57,048	51,458
Prepayments	16,283	15,487
	450,881	470,393

Page 5

Glassline Limited

Notes to the Financial Statements

Year Ended 30 September 2018

7

Creditors

Creditors: amounts falling due within one year

	2018  £	2017  £
Due within one year
Trade creditors	234,205	301,289
Social security and other taxes	56,051	32,856
Other creditors	12,923	13,892
Accrued expenses	22,396	10,747
	325,575	358,784

Page 6