Company Registration No. 08372695 (England and Wales)
BETWEEN GLASS BLINDS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
BETWEEN GLASS BLINDS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BETWEEN GLASS BLINDS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
55,386
45,197
Current assets
Stocks
19,839
21,655
Debtors
4
200,551
160,226
Cash at bank and in hand
590,540
587,624
810,930
769,505
Creditors: amounts falling due within one year
5
(400,972)
(393,388)
Net current assets
409,958
376,117
Total assets less current liabilities
465,344
421,314
Provisions for liabilities
(10,523)
(8,588)
Net assets
454,821
412,726
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
454,721
412,626
Total equity
454,821
412,726
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BETWEEN GLASS BLINDS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2018
30 September 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 May 2019 and are signed on its behalf by:
J Nerden
Director
Company Registration No. 08372695
BETWEEN GLASS BLINDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 3 -
1
Accounting policies
Company information
Between Glass Blinds Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
51-55 Fowler Road, Hainault Industrial Estate, Ilford, Essex, IG6 3XE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT, other sales related taxes and trade discounts.
Revenue from the sale of goods is recognised when goods are delivered and legal title has passed. Revenue from the provision of services is recognised when those services have been performed.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% Reducing Balance
Fixtures, fittings & equipment
25% Reducing Balance
Computer equipment
33.33% Straight Line
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered a material impairment loss. If a material impairment loss arises then it is recognised in the profit and loss account or against the revaluation reserve if the asset has been revalued.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials in bringing the stocks to their present location and condition.
BETWEEN GLASS BLINDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
1.9
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2017 - 9).
BETWEEN GLASS BLINDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 5 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2017
34,599
8,114
-
55,456
98,169
Additions
25,670
1,000
2,226
-
28,896
At 30 September 2018
60,269
9,114
2,226
55,456
127,065
Depreciation and impairment
At 1 October 2017
22,216
4,062
-
26,694
52,972
Depreciation charged in the year
9,513
1,263
741
7,190
18,707
At 30 September 2018
31,729
5,325
741
33,884
71,679
Carrying amount
At 30 September 2018
28,540
3,789
1,485
21,572
55,386
At 30 September 2017
12,383
4,052
-
28,762
45,197
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
184,041
134,350
Other debtors
16,510
25,876
200,551
160,226
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
303,066
280,300
Corporation tax
66,951
68,619
Other taxation and social security
26,795
40,218
Other creditors
4,160
4,251
400,972
393,388
BETWEEN GLASS BLINDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 6 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and not fully paid
100 Ordinary shares of £1 each
100
100
100
100