Indeglas Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC212827 (Scotland)

INDEGLAS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29TH FEBRUARY 2020

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

J B MacIntyre

D D Johnston

I D McAlpine

SECRETARY:

J B MacIntyre

REGISTERED OFFICE:

7 Duncan McIntosh Road

Wardpark North

Cumbernauld

G68 0HH

REGISTERED NUMBER:

SC212827 (Scotland)

ACCOUNTANTS:

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Indeglas Limited for the year ended 29th February 2020 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Indeglas Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Indeglas Limited and state those matters that we have agreed to state to the Board of Directors of Indeglas Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Indeglas Limited 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 Indeglas Limited. You consider that Indeglas Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Indeglas Limited. 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.

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

25th June 2020

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

107,516

121,500

107,516

121,500

CURRENT ASSETS

Stocks

135,375

93,558

Debtors

6

1,096,071

702,643

Cash at bank

163,309

28,826

1,394,755

825,027

CREDITORS

Amounts falling due within one year

7

1,171,531

727,910

NET CURRENT ASSETS

223,224

97,117

TOTAL ASSETS LESS CURRENT LIABILITIES

330,740

218,617

CREDITORS

Amounts falling due after more than one year

8

(3,103

)

(5,350

)

PROVISIONS FOR LIABILITIES

(17,104

)

(19,379

)

NET ASSETS

310,533

193,888

CAPITAL AND RESERVES

Called up share capital

11

3

3

Retained earnings

310,530

193,885

SHAREHOLDERS' FUNDS

310,533

193,888

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th June 2020 and were signed on its behalf by:

J B MacIntyre - Director

1.	STATUTORY INFORMATION

Indeglas Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents the sales value of work carried out during

the year on long term and other contracts, exclusive of Value Added Tax.

Goodwill

Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the

consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and

written off on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

- 10 years straight line

Plant and machinery

- 33% straight line

Fixtures and fittings

- 20 % straight line

Motor vehicles

- 25% straight line

Computer equipment

- 33% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Cost is purchase price on a first-in first-out basis.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is

any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of

the lease.

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.

Long term contracts

The company classifies as long term those contracts where the contract activity extends over more than

one accounting period.

The amount recognised as turnover represents the value of work carried out during the year. Where the

outcome of a contract can be assessed with reasonable certainty attributable profit is recognised in

proportion to the amount of turnover recognised in the financial statements. Full provision is made for

any foreseeable losses and these are included in accruals under creditors due within one year.

Where the amount recognised as turnover exceeds the payments on account received and receivable in

respect of that contract, the balance is included in debtors as amounts recoverable on contracts.

Retentions and payments on account receivable are included in trade debtors. Payments on account

received in excess of the value of work done are included in creditors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2019 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st March 2019

and 29th February 2020

7,000

AMORTISATION

At 1st March 2019

and 29th February 2020

7,000

NET BOOK VALUE

At 29th February 2020

-

At 28th February 2019

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st March 2019

139,036

2,277

23,163

Additions

5,192

1,450

-

At 29th February 2020

144,228

3,727

23,163

DEPRECIATION

At 1st March 2019

46,099

1,241

7,917

Charge for year

10,561

1,030

4,252

At 29th February 2020

56,660

2,271

12,169

NET BOOK VALUE

At 29th February 2020

87,568

1,456

10,994

At 28th February 2019

92,937

1,036

15,246

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st March 2019

17,036

33,308

214,820

Additions

-

3,261

9,903

At 29th February 2020

17,036

36,569

224,723

DEPRECIATION

At 1st March 2019

15,871

22,192

93,320

Charge for year

500

7,544

23,887

At 29th February 2020

16,371

29,736

117,207

NET BOOK VALUE

At 29th February 2020

665

6,833

107,516

At 28th February 2019

1,165

11,116

121,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Trade debtors

903,673

565,817

Amounts owed by group undertakings

-

22,950

Amounts recoverable on contracts

162,407

88,195

Other debtors

29,991

25,681

1,096,071

702,643

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Payments on account

115,018

35,857

Trade creditors

705,974

541,545

Amounts owed to group undertakings

62,050

-

Taxation and social security

195,087

117,385

Other creditors

93,402

33,123

1,171,531

727,910

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29.2.20

28.2.19

£

£

Other creditors

3,103

5,350

9.

LOANS

An analysis of the maturity of loans is given below:

29.2.20

28.2.19

£

£

Amounts falling due within one year or on demand:

Other loans

2,247

3,677

Amounts falling due between one and two years:

Other loans - 1-2 years

1,284

2,247

Amounts falling due between two and five years:

Other loans - 2-5 years

1,819

3,103

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

29.2.20

28.2.19

£

£

Between one and five years

40,777

60,150

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29.2.20

28.2.19

value:

£

£

3

Ordinary

£1

3

3

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29th February 2020

and 28th February 2019:

29.2.20

28.2.19

£

£

J B MacIntyre

Balance outstanding at start of year

-

-

Amounts advanced

8,659

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

8,659

-

13.	ULTIMATE CONTROLLING PARTY