Company registration number 06993683 (England and Wales)
ADS WINDOWS AND DOORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ADS WINDOWS AND DOORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ADS WINDOWS AND DOORS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
185,466
27,964
Current assets
Stocks
63,728
12,379
Debtors
4
643,544
128,430
Cash at bank and in hand
352,548
219,220
1,059,820
360,029
Creditors: amounts falling due within one year
5
(713,486)
(222,557)
Net current assets
346,334
137,472
Total assets less current liabilities
531,800
165,436
Creditors: amounts falling due after more than one year
6
(110,514)
(45,600)
Provisions for liabilities
(34,867)
(5,313)
Net assets
386,419
114,523
Capital and reserves
Called up share capital
999
999
Profit and loss reserves
385,420
113,524
Total equity
386,419
114,523
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
ADS WINDOWS AND DOORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 August 2022
Mr D P Royle
Director
Company Registration No. 06993683
ADS WINDOWS AND DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
ADS Windows and Doors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Michael House, Castle Street, Exeter, Devon, EX4 3LQ.
1.1
Reporting period
In the comparative year, the company extended its accounting period to 31 December 2020 for commercial reasons. This resulted in a reporting period of 16 months. The current 12 month period will therefore not be directly comparable to the prior period.
1.2
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 equipment
20% per annum on net book value
Fixtures and fittings
20% per annum on net book value
Computers
20% per annum on net book value
Motor vehicles
25% per annum on net book value
Website
33% straight line
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ADS WINDOWS AND DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.7
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 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 generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
11
7
ADS WINDOWS AND DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Tangible fixed assets
Plant and machinery etc
Website
Total
£
£
£
Cost
At 1 January 2021
68,713
6,125
74,838
Additions
186,059
186,059
At 31 December 2021
254,772
6,125
260,897
Depreciation and impairment
At 1 January 2021
44,152
2,722
46,874
Depreciation charged in the year
26,535
2,022
28,557
At 31 December 2021
70,687
4,744
75,431
Carrying amount
At 31 December 2021
184,085
1,381
185,466
At 31 December 2020
24,561
3,403
27,964
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
624,743
104,799
Other debtors
18,801
23,631
643,544
128,430
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
9,486
4,400
Trade creditors
169,164
133,961
Taxation and social security
123,697
74,129
Other creditors
411,139
10,067
713,486
222,557
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
110,514
45,600
ADS WINDOWS AND DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Bank loans include a balance of £70,000 (2020 - £Nil) which is secured by fixed and floating charges on the assets of the business.
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
14,714
-
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
34,867
5,313
2021
Movements in the year:
£
Liability at 1 January 2021
5,313
Charge to profit or loss
29,554
Liability at 31 December 2021
34,867
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
12,783
19,250
9
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Loans from connected company
155,000
-
ADS WINDOWS AND DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
9
Related party transactions
(Continued)
- 7 -
Loans from connected company
During the year the company received loans totalling £155,000 from a UK registered company with directors and shareholders in common. The balance outstanding at the period end was £155,000. Amounts outstanding are unsecured, interest free and deemed repayable on demand.
10
Parent company
The parent company of ADS Windows and Doors Limited is Adswand Limited, a company incorporated in England and Wales, which holds 100% of the issued share capital of this company. The parent company registered office address is Michael House, Castle Street, Exeter EX4 3LQ.