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

REGISTERED NUMBER: SC212827 (Scotland)

INDEGLAS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2018

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 28th February 2018 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

29th November 2018

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

128,212

60,053

128,212

60,053

CURRENT ASSETS

Stocks

74,973

48,399

Debtors

6

1,078,994

600,926

Cash at bank

188,594

29,406

1,342,561

678,731

CREDITORS

Amounts falling due within one year

7

1,265,097

564,728

NET CURRENT ASSETS

77,464

114,003

TOTAL ASSETS LESS CURRENT LIABILITIES

205,676

174,056

CREDITORS

Amounts falling due after more than one year

8

(9,027

)

-

PROVISIONS FOR LIABILITIES

(20,999

)

(9,667

)

NET ASSETS

175,650

164,389

CAPITAL AND RESERVES

Called up share capital

11

3

3

Retained earnings

175,647

164,386

SHAREHOLDERS' FUNDS

175,650

164,389

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29th November 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

- 3 to 10 years straight line

Plant and machinery

- 10 to 33% straight line

Fixtures and fittings

- 10 to 20 % straight line

Motor vehicles

- 25 - 65% 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 11 (2017 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st March 2017

and 28th February 2018

7,000

AMORTISATION

At 1st March 2017

and 28th February 2018

7,000

NET BOOK VALUE

At 28th February 2018

-

At 28th February 2017

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st March 2017

78,767

1,497

11,964

Additions

51,688

-

7,980

At 28th February 2018

130,455

1,497

19,944

DEPRECIATION

At 1st March 2017

30,743

1,038

4,310

Charge for year

5,492

68

1,317

Eliminated on disposal

-

-

-

At 28th February 2018

36,235

1,106

5,627

NET BOOK VALUE

At 28th February 2018

94,220

391

14,317

At 28th February 2017

48,024

459

7,654

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st March 2017

38,771

11,753

142,752

Additions

4,000

19,987

83,655

Disposals

(25,735

)

-

(25,735

)

At 28th February 2018

17,036

31,740

200,672

DEPRECIATION

At 1st March 2017

35,510

11,098

82,699

Charge for year

4,461

4,158

15,496

Eliminated on disposal

(25,735

)

-

(25,735

)

At 28th February 2018

14,236

15,256

72,460

NET BOOK VALUE

At 28th February 2018

2,800

16,484

128,212

At 28th February 2017

3,261

655

60,053

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.18

28.2.17

£

£

Trade debtors

920,495

-

Amounts owed by group undertakings

56,200

65,000

Amounts recoverable on contracts

74,455

514,743

Other debtors

27,844

21,183

1,078,994

600,926

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.18

28.2.17

£

£

Payments on account

330,842

76,263

Trade creditors

661,058

311,548

Taxation and social security

154,573

72,649

Other creditors

118,624

104,268

1,265,097

564,728

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.18

28.2.17

£

£

Other creditors

9,027

-

9.

LOANS

An analysis of the maturity of loans is given below:

28.2.18

28.2.17

£

£

Amounts falling due within one year or on demand:

Other loans

2,890

-

Amounts falling due between one and two years:

Other loans - 1-2 years

2,890

-

Amounts falling due between two and five years:

Other loans - 2-5 years

6,137

-

10.	LEASING AGREEMENTS

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

28.2.18

28.2.17

£

£

Within one year

21,805

19,311

Between one and five years

37,577

15,114

59,382

34,425

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.18

28.2.17

value:

£

£

3

Ordinary

£1

3

3

12.	ULTIMATE CONTROLLING PARTY