The Glass Shop (Orkney) Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC228460 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 April 2021

for

The Glass Shop (Orkney) Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Farquhar

S T Tulloch

T Kinghorn

SECRETARY:

G Farquhar

REGISTERED OFFICE:

Unit 8

Garden Street

Kirkwall

KW15 1JA

REGISTERED NUMBER:

SC228460 (Scotland)

ACCOUNTANTS:

Foubister & Bain

4 Broad Street

Kirkwall

Orkney

KW15 1NX

FIXED ASSETS

-

Intangible assets

4

-

45,785

Tangible assets

5

34,253

75

Investments

6

75

45,860

34,328

CURRENT ASSETS

30,000

Stocks

44,800

30,859

Debtors

7

48,509

4,337

Cash at bank and in hand

83,189

65,196

176,498

CREDITORS

93,170

Amounts falling due within one year

8

100,452

(27,974

)

NET CURRENT ASSETS/(LIABILITIES)

76,046

17,886

TOTAL ASSETS LESS CURRENT LIABILITIES

110,374

CREDITORS

-

Amounts falling due after more than one year

9

(50,000

)

(5,936

)

PROVISIONS FOR LIABILITIES

(4,438

)

11,950

NET ASSETS

55,936

CAPITAL AND RESERVES

12

Called up share capital

12

11,938

Retained earnings

55,924

11,950

SHAREHOLDERS' FUNDS

55,936

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 20 January 2022 and were signed on its behalf by:

G Farquhar - Director

1.	STATUTORY INFORMATION

The Glass Shop (Orkney) Ltd. 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.

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Depreciation is provided as follows:

Motor Vehicles 25% Reducing Balance Method

Plant & Equipment 25% Reducing Balance Method

Office Equipment 25% Reducing Balance Method

Tenants Improvements These are not depreciated

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2020

and 30 April 2021

4,845

AMORTISATION

At 1 May 2020

and 30 April 2021

4,845

NET BOOK VALUE

At 30 April 2021

-

At 30 April 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2020

108,476

Additions

907

Disposals

(22,700

)

At 30 April 2021

86,683

DEPRECIATION

At 1 May 2020

62,691

Charge for year

9,432

Eliminated on disposal

(19,693

)

At 30 April 2021

52,430

NET BOOK VALUE

At 30 April 2021

34,253

At 30 April 2020

45,785

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 May 2020

and 30 April 2021

75

NET BOOK VALUE

At 30 April 2021

75

At 30 April 2020

75

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

48,289

12,230

Other debtors

220

18,629

48,509

30,859

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

18,938

Hire purchase contracts

16,155

21,857

Trade creditors

53,113

43,273

Taxation

30,016

8,784

Other creditors

1,168

318

100,452

93,170

Other creditors include loans from the directors totalling £310 (2020 - £310)

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

50,000

-

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £56,400 were paid to the directors .

At the year ended 30 April 2021 The Glass Shop Limited had loans from the directors totalling £310 (2020 - £310).

The Loans are interest free with no set repayment terms.