REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ABELGLASS TRADE SUPPLIES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ABELGLASS TRADE SUPPLIES LTD |
ABELGLASS TRADE SUPPLIES LTD (REGISTERED NUMBER: 06793928) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ABELGLASS TRADE SUPPLIES LTD |
COMPANY INFORMATION |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
& Business Advisors |
Vantage House Euxton Lane |
Euxton |
Chorley |
Lancashire |
PR7 6TB |
ABELGLASS TRADE SUPPLIES LTD (REGISTERED NUMBER: 06793928) |
ABRIDGED BALANCE SHEET |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
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 |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
ABELGLASS TRADE SUPPLIES LTD (REGISTERED NUMBER: 06793928) |
ABRIDGED BALANCE SHEET - continued |
31 December 2022 |
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 |
ABELGLASS TRADE SUPPLIES LTD (REGISTERED NUMBER: 06793928) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Abelglass Trade Supplies Ltd is a |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in compliance with FRS102 Section 1A for small entities. There were no material departures from that standard. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principle accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have also been consistently applied within the same accounts. |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. |
Turnover |
Turnover is recognised when goods have been delivered to customers such that risks and regards of ownership have transferred to them. |
Goodwill |
Goodwill is capitalised and has been amortised in full over its useful life of 5 years. |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks have been valued at the lower of cost and estimated selling price, less costs to sell. In respect of work in progress and finished goods, cost included a relevant proportion of overheads according to the stage of manufacture/completion. |
ABELGLASS TRADE SUPPLIES LTD (REGISTERED NUMBER: 06793928) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans. |
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings. |
Deferred taxation |
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. |
Tax deferred or accelerated is accounted for in respect of all material timing differences. |
Hire purchase and leasing commitments |
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other intangible assets. The related obligations, net of future finance charges, are included in creditors. |
Rentals payable under operating leases are charged to the profit and loss account 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
ABELGLASS TRADE SUPPLIES LTD (REGISTERED NUMBER: 06793928) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 | 73,816 |
DEPRECIATION |
At 1 January 2022 | 55,380 |
Charge for year | 11,613 |
At 31 December 2022 | 66,993 |
NET BOOK VALUE |
At 31 December 2022 | 6,823 |
At 31 December 2021 | 18,436 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.12.22 | 31.12.21 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 4,788 |
ABELGLASS TRADE SUPPLIES LTD (REGISTERED NUMBER: 06793928) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
£ | £ |
Hire purchase contracts | 2,229 | 8,349 |
Hire purchases liability's are secured on the assets to which they relate. |
9. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £63,250 were paid to the directors . |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is D P Kaye. |