ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

GLASS UK LIMITED - Company Information

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04284453 2013-04-01 false true 2014-03-312014-03-31Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life. 10% straight line 04284453 2013-04-01 2014-03-31 04284453 2014-03-31 04284453 2013-03-31 04284453 c:MotorVehicles 2013-04-01 2014-03-31 04284453 c:FixturesFittingsToolsEquipment 2013-04-01 2014-03-31 04284453 d:OrdinaryShareClass1 2014-03-31 04284453 d:OrdinaryShareClass1 2013-03-31 04284453 d:OrdinaryShareClass1 2013-04-01 2014-03-31 04284453 d:OrdinaryShareClass2 2014-03-31 04284453 d:OrdinaryShareClass2 2013-03-31 04284453 d:OrdinaryShareClass2 2013-04-01 2014-03-31 04284453 d:OrdinaryShareClass3 2014-03-31 04284453 d:OrdinaryShareClass3 2013-03-31 04284453 d:OrdinaryShareClass3 2013-04-01 2014-03-31 04284453 d:Director1 2013-04-01 2014-03-31 04284453 c:PlantMachinery 2013-04-01 2014-03-31 04284453 c:NetGoodwill 2013-04-01 2014-03-31 04284453 c:PatentsCopyrightsTrademarksSimilar 2013-04-01 2014-03-31 xbrli:shares iso4217:GBP

Registered number: 04284453









GLASS UK LIMITED







UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014
 
GLASS UK LIMITED
REGISTERED NUMBER: 04284453

ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2014

2014
2013
Note
£
£
£
£
 
FIXED ASSETS





 
Intangible assets
 
2
53,352

66,335
 
Tangible assets
 
3
56,597
72,938







109,949

139,273
 
CURRENT ASSETS





 
Stocks
38,000
37,843

 
Debtors
244,901
451,593

 
Cash at bank and in hand

107,753
322







 
390,654
489,758
 
CREDITORS: amounts falling due within one year
(1,812,039)
(1,334,897)
 
NET CURRENT LIABILITIES


(1,421,385)

(845,139)
 
TOTAL ASSETS LESS CURRENT LIABILITIES
(1,311,436)
(705,866)
 
CREDITORS: amounts falling due after more than one year
-

(9,324)

NET LIABILITIES




 (1,311,436)


 (715,190)
  
CAPITAL AND RESERVES

 
Called up share capital
4
170
170
 
Profit and loss account
(1,311,606)
(715,360)
 
SHAREHOLDERS' DEFICIT
 

 (1,311,436)

 (715,190)


The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. 

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2014 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Page 1
 
GLASS UK LIMITED
 
    
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 MARCH 2014

The abbreviated accounts, which 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, were approved and authorised for issue by the board and were signed on its behalf on 24 December 2014.




W S Evans
Director

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

Page 2
 
GLASS UK LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014

1.ACCOUNTING POLICIES

1.1
BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2
GOING CONCERN
The company has made significant losses in the year and the balance sheet is materially in a net liability position. The company entered a Company Voluntary Arrangement (CVA) on 8 May 2013. Based on the financial information, budgets and projections prepared as necessary for the CVA the directors believe that the company can continue to trade and meet the conditions of the CVA. Under the provisions agreed in the CVA by the company's creditors the directors believe that the company will be able to meet its debts as agreed under the CVA and meet all of its current debts as they fall due. Therefore, it is the director's' opinion that it is appropriate to prepare the accounts on a going concern basis. 

1.3
TURNOVER

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

1.4
INTANGIBLE FIXED ASSETS AND AMORTISATION

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.
Intangible fixed assets are stated at cost less depreciation.  Amortisation is provided at a rate calculated to write off the cost of the fixed asset on the following basis:

Amortisation is provided at the following rates:
 
Goodwill
-
10% straight line
Trademarks
-
5% straight line

1.5
TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance

Page 3
 
GLASS UK LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014

1.ACCOUNTING POLICIES (continued)

1.6
LEASING AND HIRE PURCHASE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.7
STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.8
DEFERRED TAXATION

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

Page 4
 
GLASS UK LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014

2.INTANGIBLE FIXED ASSETS



£


COST



At 1 April 2013 and 31 March 2014

131,255

AMORTISATION


At 1 April 2013
64,920

Charge for the year
12,983


At 31 March 2014

77,903




NET BOOK VALUE


At 31 March 2014
 53,352


At 31 March 2013

 66,335




3.TANGIBLE FIXED ASSETS



£


COST 


At 1 April 2013
221,649

Additions
1,426


At 31 March 2014

223,075



DEPRECIATION


At 1 April 2013
148,711

Charge for the year
17,767


At 31 March 2014

166,478




NET BOOK VALUE


At 31 March 2014
 56,597


At 31 March 2013

 72,938

Page 5
 
GLASS UK LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014

4.SHARE CAPITAL

        2014
        2013
        £

        £

ALLOTTED, CALLED UP AND FULLY PAID



168 Ordinary shares of £1 each
168
168
1 Ordinary "A" share of £1
1
1
1 Ordinary "B" share of £1
1
1

 170

 170

Page 6