K B Glass Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07698858 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 AUGUST 2021 TO 31 JANUARY 2023

FOR

K B GLASS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Trewin

REGISTERED OFFICE:

Railview Lofts

19c Commercial Road

Eastbourne

East Sussex

BN21 3XE

REGISTERED NUMBER:

07698858 (England and Wales)

ACCOUNTANTS:

LMDB Accountants

Chartered Certified Accountants

Railview Lofts

19c Commercial Road

Eastbourne

East Sussex

BN21 3XE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

69,871

82,233

69,871

82,233

CURRENT ASSETS

Stocks

47,855

43,500

Debtors

6

415,669

741,930

Cash at bank and in hand

28,438

28,178

491,962

813,608

CREDITORS

Amounts falling due within one year

7

869,677

797,318

NET CURRENT (LIABILITIES)/ASSETS

(377,715

)

16,290

TOTAL ASSETS LESS CURRENT LIABILITIES

(307,844

)

98,523

CREDITORS

Amounts falling due after more than one year

8

(69,188

)

(69,675

)

PROVISIONS FOR LIABILITIES

-

(16,778

)

NET (LIABILITIES)/ASSETS

(377,032

)

12,070

CAPITAL AND RESERVES

Called up share capital

10

600

600

Retained earnings

(377,632

)

11,470

SHAREHOLDERS' FUNDS

(377,032

)

12,070

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 31 October 2023 and were signed by:

M Trewin - Director

1.	STATUTORY INFORMATION

K B Glass Limited is a private company, limited by shares , registered in England and Wales. 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

Going concern

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.

These accounts have been prepared on the basis the company will continue to be a going concern. This is dependent on the ability of the company to meet its ongoing working capital requirements through future profitability or additional funding.

During the 18 month period to 31 January 2023 increases in material prices and labour costs had a significant impact on the company's gross profit margin.The company had made commitments to provide products and services and in some situations was unable to recover the increased costs from its customers. In addition, the company incurred significant bad debts of £119,902.

The directors have reviewed the regular management information and are taking steps to control costs to increase profitability.They are confident that the company will generate sufficient working capital to secure the future of the company and to provide the base for future success.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover represents revenue recognised by the company in respect of the sale of window glazing supplies and the installation of related services, exclusive of value added tax and trade discounts.

Revenue is recognised to the extent that is is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 15% on reducing balance

Stocks

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

Amounts recoverable on contracts

Amounts recoverable on contract debtors include the unbilled amount for contract work performed

to date (excluding VAT). They are measured as a percentage of the total contract price to date less

progress billings and provisions for any foreseeable losses.

Taxation

Taxation for the period 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 period 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are initially measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash at bank and short-term bank deposits with an original maturity of three months or less which are an integral part of the company's cash management.

Financial liabilities issued by the company are classified in accordance with the substance of the contractual arrangements entered into and meet the definitions of a financial liability.

Financial assets are de-recognised when:

- the contractual rights to the cash flows from the financial asset expire or are settled; or

- the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset; or

- the company, despite having retained some but not all significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are de-recognised only when the obligation specified in the contract is discharged, cancelled or expires.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 9 (2021 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2021

and 31 January 2023

1,500

AMORTISATION

At 1 August 2021

and 31 January 2023

1,500

NET BOOK VALUE

At 31 January 2023

-

At 31 July 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2021

124,790

Additions

24,000

Disposals

(9,490

)

At 31 January 2023

139,300

DEPRECIATION

At 1 August 2021

42,557

Charge for period

32,562

Eliminated on disposal

(5,690

)

At 31 January 2023

69,429

NET BOOK VALUE

At 31 January 2023

69,871

At 31 July 2021

82,233

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 August 2021

and 31 January 2023

59,492

DEPRECIATION

At 1 August 2021

12,220

Charge for period

16,250

At 31 January 2023

28,470

NET BOOK VALUE

At 31 January 2023

31,022

At 31 July 2021

47,272

6.

DEBTORS

2023

2021

£

£

Amounts falling due within one year:

Trade debtors

95,020

164,665

Amounts recoverable on contract

148,952

385,679

Other debtors

145,077

150,534

389,049

700,878

Amounts falling due after more than one year:

Other debtors

26,620

41,052

Aggregate amounts

415,669

741,930

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2021

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

16,499

13,624

Trade creditors

334,710

473,031

Taxation and social security

417,172

244,036

Other creditors

91,296

56,627

869,677

797,318

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2021

£

£

Bank loans

24,167

39,168

Hire purchase contracts

20,021

30,507

Other creditors

25,000

-

69,188

69,675

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2021

£

£

Hire purchase contracts

36,520

44,131

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2021

value:

£

£

100

"A" Ordinary Shares

£1

100

100

300

"B" Ordinary Shares

£1

300

300

100

"C" Ordinary Shares

£1

100

100

100

"D" Ordinary Shares

£1

100

100

600

600

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 January 2023 and the year ended 31 July 2021:

2023

2021

£

£

M Trewin

Balance outstanding at start of period

149,905

147,504

Amounts advanced

25,169

2,401

Amounts repaid

(82,896

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

92,178

149,905

The above loan is unsecured and has no fixed repayment term. Interest of £3,139 was charged at a rate of 2.00%.