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Unaudited Financial Statements |
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for the Year Ended 30 September 2021 |
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for |
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Compass Glass Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 September 2021 |
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for |
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Compass Glass Limited |
Compass Glass Limited (Registered number: 02584174) |
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Contents of the Financial Statements |
for the year ended 30 September 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 8 |
Compass Glass Limited |
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Company Information |
for the year ended 30 September 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1-2 Charterhouse Mews |
London |
EC1M 6BB |
Compass Glass Limited (Registered number: 02584174) |
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Balance Sheet |
30 September 2021 |
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2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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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 | 8 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Compass Glass Limited (Registered number: 02584174) |
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Balance Sheet - continued |
30 September 2021 |
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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 director and authorised for issue on
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Compass Glass Limited (Registered number: 02584174) |
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Notes to the Financial Statements |
for the year ended 30 September 2021 |
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1. | STATUTORY INFORMATION |
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Compass Glass Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable for goods sold and services provided, excluding value added tax and including retentions. |
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Intangible assets |
The intangible assets relate to the development of the Sunvista glazing system. The amounts capitalised represent identifiable costs of developing this system. Amortisation is charged over ten years, being the estimated useful life of the asset. Amortisation began upon the commercial launch of the system. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: |
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Plant and machinery | 25% reducing balance |
Fixtures and fittings | 25% reducing balance |
Commercial and motor vehicles | 25% reducing balance |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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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 balance sheet date. |
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Compass Glass Limited (Registered number: 02584174) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contract and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. 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. |
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Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
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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 the profit and loss account in the period to which they relate. The assets of the scheme are held separately from those of the company in an independently administered fund. |
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Long term contracts |
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. |
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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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Compass Glass Limited (Registered number: 02584174) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 October 2020 |
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Additions |
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At 30 September 2021 |
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AMORTISATION |
At 1 October 2020 |
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Charge for year |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 October 2020 |
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Additions |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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Compass Glass Limited (Registered number: 02584174) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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9. | RELATED PARTY DISCLOSURES |
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At the balance sheet date, included within other creditors is the amount of £47,503 (2020 : £69,430) due to Mr M Haines, the director of the company. |
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10. | ULTIMATE CONTROLLING PARTY |
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Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Compass Glass Limited |
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The following reproduces the text of the report prepared for the director 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 Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Compass Glass Limited for the year ended 30 September 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Compass Glass Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Compass Glass Limited and state those matters that we have agreed to state to the director of Compass Glass Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Compass Glass Limited and its director for our work or for this report. |
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It is your duty to ensure that Compass Glass 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 loss of Compass Glass Limited. You consider that Compass Glass Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Compass Glass 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. |
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1-2 Charterhouse Mews |
London |
EC1M 6BB |
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