Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31falsetrue2017-04-01trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04596072 2017-04-01 2018-03-31 04596072 2016-04-01 2017-03-31 04596072 2018-03-31 04596072 2017-03-31 04596072 c:Director2 2017-04-01 2018-03-31 04596072 d:PlantMachinery 2017-04-01 2018-03-31 04596072 d:PlantMachinery 2018-03-31 04596072 d:PlantMachinery 2017-03-31 04596072 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 04596072 d:MotorVehicles 2017-04-01 2018-03-31 04596072 d:MotorVehicles 2018-03-31 04596072 d:MotorVehicles 2017-03-31 04596072 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 04596072 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2017-04-01 2018-03-31 04596072 d:FurnitureFittings 2017-04-01 2018-03-31 04596072 d:FurnitureFittings 2018-03-31 04596072 d:FurnitureFittings 2017-03-31 04596072 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 04596072 d:ComputerEquipment 2017-04-01 2018-03-31 04596072 d:ComputerEquipment 2018-03-31 04596072 d:ComputerEquipment 2017-03-31 04596072 d:ComputerEquipment d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 04596072 d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 04596072 d:LeasedAssetsHeldAsLessee 2017-04-01 2018-03-31 04596072 d:Goodwill 2017-04-01 2018-03-31 04596072 d:Goodwill 2018-03-31 04596072 d:Goodwill 2017-03-31 04596072 d:CurrentFinancialInstruments 2018-03-31 04596072 d:CurrentFinancialInstruments 2017-03-31 04596072 d:Non-currentFinancialInstruments 2017-03-31 04596072 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 04596072 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 04596072 d:Non-currentFinancialInstruments d:AfterOneYear 2017-03-31 04596072 d:ShareCapital 2018-03-31 04596072 d:ShareCapital 2017-03-31 04596072 d:RetainedEarningsAccumulatedLosses 2018-03-31 04596072 d:RetainedEarningsAccumulatedLosses 2017-03-31 04596072 d:AcceleratedTaxDepreciationDeferredTax 2017-03-31 04596072 d:AcceleratedTaxDepreciationDeferredTax 2018-03-31 04596072 c:OrdinaryShareClass1 2017-04-01 2018-03-31 04596072 c:OrdinaryShareClass1 2018-03-31 04596072 c:FRS102 2017-04-01 2018-03-31 04596072 c:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 04596072 c:FullAccounts 2017-04-01 2018-03-31 04596072 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04596072









GROVE WINDOWS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2018

 
GROVE WINDOWS LIMITED
REGISTERED NUMBER: 04596072

BALANCE SHEET
AS AT 31 MARCH 2018

2018
2017
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
8,000

Tangible assets
 5 
31,124
41,853

  
31,124
49,853

Current assets
  

Stocks
 6 
144,528
181,955

Debtors: amounts falling due within one year
 7 
563,356
530,280

Cash at bank and in hand
 8 
63,829
34,793

  
771,713
747,028

Creditors: amounts falling due within one year
 9 
(377,471)
(452,203)

Net current assets
  
 
 
394,242
 
 
294,825

Total assets less current liabilities
  
425,366
344,678

Creditors: amounts falling due after more than one year
 10 
-
(1,552)

Provisions for liabilities
  

Deferred tax
 12 
(3,471)
-

  
 
 
(3,471)
 
 
-

Net assets
  
421,895
343,126


Capital and reserves
  

Called up share capital 
 13 
100
100

Profit and loss account
  
421,795
343,026

  
421,895
343,126


Page 1

 
GROVE WINDOWS LIMITED
REGISTERED NUMBER: 04596072

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr N M Grove
Director

Date: 19 October 2018

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
GROVE WINDOWS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

1.


General information

Grove Windows Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is 16A Raven Road, South Woodford, London, E18 1HB. The company is not part of a group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
GROVE WINDOWS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
on the reducing balance
Motor vehicles
-
25%
on the reducing balance
Fixtures & fittings
-
25%
on the reducing balance
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
GROVE WINDOWS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

 
2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Leasing and hire purchase

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 5

 
GROVE WINDOWS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 6

 
GROVE WINDOWS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2017 - 20).

Page 7

 
GROVE WINDOWS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2017
370,000



At 31 March 2018

370,000



Amortisation


At 1 April 2017
362,000


Charge for the year
8,000



At 31 March 2018

370,000



Net book value



At 31 March 2018
-



At 31 March 2017
8,000

Page 8

 
GROVE WINDOWS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

5.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2017
138,550
98,095
35,901
22,190
294,736


Additions
528
-
183
449
1,160


Disposals
-
(13,000)
-
-
(13,000)



At 31 March 2018

139,078
85,095
36,084
22,639
282,896



Depreciation


At 1 April 2017
123,629
73,763
34,845
20,646
252,883


Charge for the year on owned assets
3,862
3,104
310
1,436
8,712


Charge for the year on financed assets
-
2,913
-
-
2,913


Disposals
-
(12,736)
-
-
(12,736)



At 31 March 2018

127,491
67,044
35,155
22,082
251,772



Net book value



At 31 March 2018
11,587
18,051
929
557
31,124



At 31 March 2017
14,921
24,332
1,056
1,544
41,853


6.


Stocks

2018
2017
£
£

Finished goods and goods for resale
144,528
181,955

144,528
181,955


Page 9

 
GROVE WINDOWS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

7.


Debtors

2018
2017
£
£


Trade debtors
394,132
305,541

Other debtors
53,729
41,696

Prepayments and accrued income
115,495
177,674

Deferred taxation
-
5,369

563,356
530,280



8.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
63,829
34,793

Less: bank overdrafts
(72,727)
(63,233)

(8,898)
(28,440)



9.


Creditors: Amounts falling due within one year

2018
2017
£
£

Bank overdrafts
72,727
63,233

Trade creditors
164,227
213,537

Corporation tax
63,679
66,751

Other taxation and social security
18,243
38,487

Obligations under finance lease and hire purchase contracts
1,552
2,521

Other creditors
30,654
48,933

Accruals and deferred income
26,389
18,741

377,471
452,203



10.


Creditors: Amounts falling due after more than one year

2018
2017
£
£

Net obligations under finance leases and hire purchase contracts
-
1,552

-
1,552


Page 10

 
GROVE WINDOWS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2018
2017
£
£

 
-
 
-


12.


Deferred taxation




2018


£






At beginning of year
5,369


Charged to profit or loss
(8,840)



At end of year
(3,471)

The deferred taxation balance is made up as follows:

2018
2017
£
£


Accelerated capital allowances
(3,471)
5,369

(3,471)
5,369


13.


Share capital

2018
2017
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100


14.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held
seperately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £18,630 (2017 - £16,905). At 31 March 2018 £89 was outstanding (2017 - £203).


Page 11