The World of Glass Enterprises Limited - Period Ending 2020-03-31

The World of Glass Enterprises Limited

Contents

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

The World of Glass Enterprises Limited

Company Information

Directors

J C Barton R J Helsby

Company secretary

R I Tully

Registered office

Chalon Way East St Helens Merseyside WA10 1BX

Auditors

Abrams Ashton Ltd Chartered Accountants & Statutory Auditors 7 Waterside Court St. Helens Merseyside WA9 1UA

The World of Glass Enterprises Limited

(Registration number: 02723960)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	2,567	4,189
Current assets
Stocks		9,120	10,869
Debtors	5	7,871	9,794
Cash at bank and in hand		1,437	6,061
		18,428	26,724
Creditors: Amounts falling due within one year	6	(36,812)	(38,182)
Net current liabilities		(18,384)	(11,458)
Net liabilities		(15,817)	(7,269)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(15,819)	(7,271)
Shareholders' deficit		(15,817)	(7,269)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 March 2021 and signed on its behalf by:
 

......................................... R J Helsby Director

The World of Glass Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

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:
Chalon Way East
St Helens
Merseyside
WA10 1BX

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

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company cannot continue to trade without the support of its charitable parent company, The World of Glass (St Helens) Limited. In assessing its funding requirements for the future, the trustees of the parent company consider it will continue to receive adequate funding for the foreseeable future. Further details of the going concern consideration can be found in the financial statements of the parent company, The World of Glass (St Helens) Limited.

The directors consider it appropriate to prepare the financial statements on a going concern basis, in spite of the ongoing impact of the Covid-19 virus on the business. In common with many companies, the Covid-19 virus and the economic lockdown has had a detrimental effect on the company's business operations. The directors are aware of the issues that the business faces at this time and has taken advantage of some of the national and local government backed support for which the company is eligible.

The directors consider that in preparing the financial statements they have taken into account all information that could reasonably be expected to be available. On this basis they consider it is appropriate to prepare the financial statements on the going concern basis.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 March 2021 was Darren Leigh FCCA, who signed for and on behalf of Abrams Ashton Ltd.

The World of Glass Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

Revenue recognition

Revenue comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts. Sales of goods and services are recognised when the company has delivered the goods and services to the customer.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	25 % Straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2019 - 18).

The World of Glass Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2019	14,668	3,188	17,856
At 31 March 2020	14,668	3,188	17,856
Depreciation
At 1 April 2019	10,479	3,188	13,667
Charge for the year	1,622	-	1,622
At 31 March 2020	12,101	3,188	15,289
Carrying amount
At 31 March 2020	2,567	-	2,567
At 31 March 2019	4,189	-	4,189

5

Debtors

	2020 £	2019 £
Trade debtors	5,834	9,794
Other debtors	2,037	-
	7,871	9,794

6

Creditors

Creditors: amounts falling due within one year

		2020 £	2019 £
Due within one year
Trade creditors		3,045	4,627
Amounts owed to group undertakings		21,571	23,514
Taxation and social security		8,686	5,927
Accruals and deferred income		3,510	4,114
		36,812	38,182

The World of Glass Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

7	Parent and ultimate parent undertaking

The company's immediate parent is The World of Glass (St Helens) Limited, (registered number: 02592450), incorporated in England and Wales.

 

8	Non adjusting events after the financial period

Since the company's year-end, the country and indeed the rest of the world has been affected by the Covid-19 pandemic. The directors have taken steps to deal with the financial impact of this, including the furloughing of staff and financial support. Whilst there is uncertainty around the length of time the Covid-19 pandemic will last and the full impact on the economy, the directors believe it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.

9	Going concern

Although the financial statements show net current liabilities of £18,384 (2019 £11,458) and net liabilities of £15,817 (2019 £7,269), the directors are of the opinion that the financial statements can be prepared on the going concern basis on the grounds that the charitable parent company, The World of Glass (St Helens) Limited, will continue to provide support and the company will trade profitably in the future.