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REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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PIPER TOUGHENED GLASS LIMITED |
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REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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PIPER TOUGHENED GLASS LIMITED |
PIPER TOUGHENED GLASS LIMITED (REGISTERED NUMBER: 01708142) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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PIPER TOUGHENED GLASS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
PIPER TOUGHENED GLASS LIMITED (REGISTERED NUMBER: 01708142) |
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ABRIDGED STATEMENT OF FINANCIAL POSITION |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
5 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
PIPER TOUGHENED GLASS LIMITED (REGISTERED NUMBER: 01708142) |
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ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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PIPER TOUGHENED GLASS LIMITED (REGISTERED NUMBER: 01708142) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Piper Toughened Glass Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures & fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
PIPER TOUGHENED GLASS LIMITED (REGISTERED NUMBER: 01708142) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties. |
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Basic financial assets, which include trade and other receivables 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 constitute a financing transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest. |
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Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of |
impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If |
an asset id impaired, the impairment loss is the difference between the carrying amount and the present value of |
the estimated cash flows discounted at the asset's original effective rate. The impairment loss is recognised in |
profit or loss. |
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If there is a decrease in impairment loss arising from the event occurring after the impairment was recognised, |
the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the |
carrying amount would have been, had the impairment not previously been recognised. The impairment reversal |
is recognised in profit or loss. |
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Financial assets are derecognised only when the contractual rights to cash flow from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity, of if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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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. |
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Basic financial liabilities, including trade and other payables and bank loans, 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 receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised costs, using the effective interest rate method. |
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Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of |
business from suppliers. Accounts 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 payables are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
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PIPER TOUGHENED GLASS LIMITED (REGISTERED NUMBER: 01708142) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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PIPER TOUGHENED GLASS LIMITED (REGISTERED NUMBER: 01708142) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2018 |
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Additions |
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Disposals | ( |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Totals |
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COST |
At 1 April 2018 | 699,753 |
Disposals | (189,893 | ) |
At 31 March 2019 | 509,860 |
DEPRECIATION |
At 1 April 2018 | 699,753 |
Eliminated on disposal | (189,893 | ) |
At 31 March 2019 | 509,860 |
NET BOOK VALUE |
At 31 March 2019 | - |
At 31 March 2018 | - |
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5. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2019 | 2018 |
£ | £ |
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Repayable by instalments |
Bank loans more 5 yr by instal | 1,273,744 | - |
PIPER TOUGHENED GLASS LIMITED (REGISTERED NUMBER: 01708142) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 44,282 | 44,282 |
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7. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Instrument Glasses Limited. |
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The parent company is Instrument Glasses Limited which holds 65% of the issued ordinary share capital of the |
company. |