REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2022 |
|
FOR |
|
INSTRUMENT GLASSES LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2022 |
|
FOR |
|
INSTRUMENT GLASSES LIMITED |
INSTRUMENT GLASSES LIMITED (REGISTERED NUMBER: 00743609) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Abridged Statement of Financial Position | 2 |
|
Notes to the Financial Statements | 4 |
|
INSTRUMENT GLASSES LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
INSTRUMENT GLASSES LIMITED (REGISTERED NUMBER: 00743609) |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
31 MARCH 2022 |
|
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 7 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
|
|
INSTRUMENT GLASSES LIMITED (REGISTERED NUMBER: 00743609) |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2022 |
|
2022 | 2021 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 12 |
|
|
Fair value reserve | 13 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
INSTRUMENT GLASSES LIMITED (REGISTERED NUMBER: 00743609) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
1. | STATUTORY INFORMATION |
|
Instrument Glasses Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Preparation of consolidated financial statements |
The financial statements contain information about Instrument Glasses Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
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 |
|
Freehold property | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
Website costs | - |
|
|
The company's properties are held for long term investment and are included in the Balance Sheet at their open market values. The surplus or deficit on annual revaluation of such properties are transferred to the revaluation reserve. Depreciation is not provided in respect of land and building. Leasehold properties are not amortised where the unexpired term is over twenty years. |
|
The policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the accounts may give a true and fair view because current values and changes in current values are prime importance rather than the calculation of systematic annual depreciation. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. |
INSTRUMENT GLASSES LIMITED (REGISTERED NUMBER: 00743609) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
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 statement of financial position date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
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. |
|
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. |
INSTRUMENT GLASSES LIMITED (REGISTERED NUMBER: 00743609) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
|
AMORTISATION |
At 1 April 2021 |
and 31 March 2022 |
|
NET BOOK VALUE |
|
At 31 March 2022 |
|
At 31 March 2021 |
|
|
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 April 2021 |
|
Additions |
|
Disposals | ( |
) |
At 31 March 2022 |
|
DEPRECIATION |
At 1 April 2021 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
At 31 March 2022 |
|
NET BOOK VALUE |
At 31 March 2022 |
|
At 31 March 2021 |
|
INSTRUMENT GLASSES LIMITED (REGISTERED NUMBER: 00743609) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
5. | TANGIBLE FIXED ASSETS - continued |
|
Cost or valuation at 31 March 2022 is represented by: |
|
Totals |
£ |
Valuation in 2004 | 130,256 |
Valuation in 2006 | 31,752 |
Valuation in 2018 | 428,229 |
Cost | 4,984,323 |
5,574,560 |
|
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
|
2022 | 2021 |
£ | £ |
Cost | 759,763 | 759,763 |
|
Value of land in freehold land and buildings | 1,350,000 | 1,350,000 |
|
Freehold land and buildings were valued on an open market basis on 31 March 2018 by the directors . |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
|
Totals |
£ |
COST OR VALUATION |
At 1 April 2021 |
and 31 March 2022 | 726,751 |
DEPRECIATION |
At 1 April 2021 | 556,053 |
Charge for year | 37,850 |
At 31 March 2022 | 593,903 |
NET BOOK VALUE |
At 31 March 2022 | 132,848 |
At 31 March 2021 | 170,698 |
INSTRUMENT GLASSES LIMITED (REGISTERED NUMBER: 00743609) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
6. | FIXED ASSET INVESTMENTS |
|
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 | 34,158 |
NET BOOK VALUE |
At 31 March 2022 | 34,158 |
At 31 March 2021 | 34,158 |
|
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
|
|
Registered office: United Kingdom |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
7. |
DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
|
|
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2022 | 2021 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 169,779 | 238,773 |
|
9. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
( |
) |
Bank loans |
|
|
|
( |
) |
INSTRUMENT GLASSES LIMITED (REGISTERED NUMBER: 00743609) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
9. | LOANS - continued |
2022 | 2021 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 169,779 | 238,773 |
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2022 | 2021 |
£ | £ |
Bank loans |
|
|
|
11. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
Deferred tax | 113,766 | 113,766 |
204,862 | 203,970 |
|
Deferred |
tax |
£ |
Balance at 1 April 2021 |
|
Provided during year |
|
Movement in the year |
On revaluation reserve |
Balance at 31 March 2022 |
|
|
12. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
|
Ordinary | £1 | 3,500 | 3,500 |
INSTRUMENT GLASSES LIMITED (REGISTERED NUMBER: 00743609) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
13. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2021 |
and 31 March 2022 |
|
|
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021: |
|
2022 | 2021 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts repaid | ( |
) |
|
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
The loan account balance £52,000 due from the director, Mr S Joiner, has been fully repaid on 20 July 2021. |
|
15. | ULTIMATE CONTROLLING PARTY |
|
There is no overall control of the company due to the share structure of the company. |