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REGISTERED NUMBER: 05060094 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 April 2023

for

Unique Window Systems Ltd

Unique Window Systems Ltd (Registered number: 05060094)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Unique Window Systems Ltd

Company Information
for the Year Ended 30 April 2023







DIRECTORS: S J Patel
A J Patel
J W Raven
N G Addison





REGISTERED OFFICE: 87 Parker Drive
Leicester
LE4 0JP





REGISTERED NUMBER: 05060094 (England and Wales)





AUDITORS: Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Unique Window Systems Ltd (Registered number: 05060094)

Strategic Report
for the Year Ended 30 April 2023

The directors present their strategic report for the year ended 30 April 2023.

REVIEW OF BUSINESS
The company's turnover for the year increased from £30.1m to £41m. The directors are satisfied with the results for the year in what continues to be a very challenging and competitive environment. Under the prevailing conditions much credit is due to the management and staff throughout the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider that the company has potential risks similar to those faced by other companies in the sector namely retaining loyalty of its customers, suppliers and staff. Considerable emphasis is devoted to maintaining service levels with customers and working closely with suppliers on quality and logistical issues to ensure that a high level of performance is achieved. The directors continually focus on medium and long term sustainable income generation and apply resources in developing and sourcing products to seek out additional profitable revenue streams.

Staff are encouraged to contribute fully to the business and are remunerated accordingly to mitigate this risk and encourage development.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors consider the trading activity, specifically levels of turnover and gross profit as well as the net asset position of the company, to be the key performance indicators of the business. Turnover has greatly increased this year, with net assets remaining consistent with the prior year.

Gross profit percentage has increased from last year, demonstrating the company's increased investment in the recruitment of additional staff and the training of both new and existing employees in both the current and previous year is beginning to yield results.

Performance is measured on a monthly basis through detailed management accounts and reviews of forward order books and enquiries. The company also has in place a number of key performance indicators, managed through senior level performance objectives.

Revenue is a key measure, and this measure shows the success of the sales teams in terms of orders secured and business generated. In addition new areas for growth are explored through opening of new accounts and increasing volumes with existing customers.

Gross margin and profit percentage are important measures of performance and this is monitored to understand and control external trends in product pricing, manufacturing efficiency control and sourcing. Fixed overhead cost base is also monitored to ensure that value for money is achieved and profitability is not eroded unnecessarily.

Debtor and creditor days are monitored and close control is maintained to ensure that customer payments are received in line with agreed terms and suppliers are paid in line with contractual commitments. Cash flow and working capital is monitored as part of the monthly reporting and the company strives to be cash positive.

Investment in fixed assets is either financed through surplus working capital or specific asset funding in line with the overall working capital requirements.

ON BEHALF OF THE BOARD:





S J Patel - Director


18 October 2023

Unique Window Systems Ltd (Registered number: 05060094)

Report of the Directors
for the Year Ended 30 April 2023

The directors present their report with the financial statements of the company for the year ended 30 April 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and sale of windows and doors.

DIVIDENDS
Dividends of £87,400 (2022: £87,400) were paid during the year.

FUTURE DEVELOPMENTS
The company continues to increase its production capacity through rental of additional factory capacity and investment and rental of plant and machinery. This investment will enable further efficiencies to be made into the production process and enable the company to meet current and anticipated future demand. The directors consider that the company's market place will remain very competitive for the foreseeable future. The directors believe that with its quality product and strong management team, the company is well placed to take advantage of every opportunity in the current year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

S J Patel
A J Patel
J W Raven
N G Addison

Other changes in directors holding office are as follows:

S J Birkin - resigned 23 March 2023

FINANCIAL INSTRUMENTS
The company's financial risk management objective is broadly to seek to make neither profit nor loss on exposure to currency or interest rate risks. Its policy is to finance working capital through retained earnings and through borrowings using hire purchase and lease finance on capital expenditure at prevailing market rates.

The company is also exposed to the usual credit risk and cashflow risk associated with selling on credit and manages this through selling to credit worthy customers and strong credit control procedures.

The nature of its financial instruments means that they are not subject to significant price risk or liquidity risk and, accordingly, the directors do not consider any risks attaching to the use of financial instruments to be material to an ongoing assessment of its financial position or profit.

ENGAGEMENT WITH EMPLOYEES
The company believes in promoting the full involvement and understanding of all employees in the success of the business. The arrangements for involving the employees of the company vary from informal communication to meetings. In addition, the remuneration is structured to increase employee awareness of performance and, at the same time, create a greater sense of involvement.

The company gives full consideration to applicants for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position to provide appropriate training to achieve this aim.


Unique Window Systems Ltd (Registered number: 05060094)

Report of the Directors
for the Year Ended 30 April 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S J Patel - Director


18 October 2023

Report of the Independent Auditors to the Members of
Unique Window Systems Ltd

Opinion
We have audited the financial statements of Unique Window Systems Ltd (the 'company') for the year ended 30 April 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Unique Window Systems Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Unique Window Systems Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

- Understanding the nature of the industry and sector, control environment and business performance;
- Consideration of the results of our enquiries of management and those charged with governance
about their own identification and assessment of the risks of irregularities;
- Understanding the company's policies and procedures on compliance with laws and regulations and
management of fraud risk, including documentation of instances of non-compliance of laws and
regulations and instances of actual, suspected or alleged fraud;
- Consideration of matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and any potential indicators of fraud;
- Understanding the legal and regulatory frameworks that the company operates in through enquiry of
management and those charged with governance and understanding the company's industry and
sector. The key laws and regulations that were considered to have an effect on material amounts and
disclosures in the financial statements included the Companies Act and tax legislation.

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations described as having a direct effect on the financial
statement;
- Enquiring of management, those charged with governance and, where applicable, the company's
solicitors concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misstatement due to fraud;
- Reviewing minutes of meetings of those charged with governance and, where applicable,
correspondence with regulators;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness and evaluating the business rationale of significant
transactions outside the normal course of business;
- Communication of potential fraud risks to all engagement team members and remaining alert to any
indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Report of the Independent Auditors to the Members of
Unique Window Systems Ltd


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Morris (Senior Statutory Auditor)
for and on behalf of Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

19 October 2023

Unique Window Systems Ltd (Registered number: 05060094)

Income Statement
for the Year Ended 30 April 2023

30.4.23 30.4.22
Notes £    £   

TURNOVER 3 41,056,211 30,143,001

Cost of sales (32,961,774 ) (24,170,333 )
GROSS PROFIT 8,094,437 5,972,668

Distribution costs (1,354,075 ) (983,836 )
Administrative expenses (5,085,993 ) (4,484,390 )
1,654,369 504,442

Other operating income - 53,480
OPERATING PROFIT 5 1,654,369 557,922

Interest receivable and similar income 1,762 144
1,656,131 558,066

Interest payable and similar expenses 6 (137,053 ) (102,435 )
PROFIT BEFORE TAXATION 1,519,078 455,631

Tax on profit 7 (318,609 ) (195,129 )
PROFIT FOR THE FINANCIAL YEAR 1,200,469 260,502

Unique Window Systems Ltd (Registered number: 05060094)

Other Comprehensive Income
for the Year Ended 30 April 2023

30.4.23 30.4.22
Notes £    £   

PROFIT FOR THE YEAR 1,200,469 260,502


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property
Deferred tax rate adjustment - (39,123 )
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(39,123

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,200,469
Prior year adjustment 693,556
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

914,935

Unique Window Systems Ltd (Registered number: 05060094)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 5,382,984 4,936,444
Investments 11 28,653 28,653
5,411,637 4,965,097

CURRENT ASSETS
Stocks 12 4,165,073 4,472,223
Debtors 13 9,468,927 7,568,532
Cash at bank and in hand 913,515 2,331,299
14,547,515 14,372,054
CREDITORS
Amounts falling due within one year 14 (8,128,586 ) (9,514,122 )
NET CURRENT ASSETS 6,418,929 4,857,932
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,830,566

9,823,029

CREDITORS
Amounts falling due after more than one
year

15

(2,067,255

)

(1,346,858

)

PROVISIONS FOR LIABILITIES 19 (802,927 ) (628,856 )
NET ASSETS 8,960,384 7,847,315

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Revaluation reserve 21 625,778 632,715
Share option reserve 21 10,969 10,969
Retained earnings 21 8,322,637 7,202,631
SHAREHOLDERS' FUNDS 8,960,384 7,847,315

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:





S J Patel - Director


Unique Window Systems Ltd (Registered number: 05060094)

Statement of Changes in Equity
for the Year Ended 30 April 2023

Called up Share
share Retained Revaluation option Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 May 2021 1,000 6,323,036 684,775 - 7,008,811
Prior year adjustment - 693,556 - - 693,556
As restated 1,000 7,016,592 684,775 - 7,702,367

Changes in equity
Total comprehensive income - 260,502 (39,123 ) - 221,379
Dividends - (87,400 ) - - (87,400 )
Fair value movement in share
options

-

-

-

10,969

10,969
Transfer between reserves - 12,937 (12,937 ) - -
Balance at 30 April 2022 1,000 7,202,631 632,715 10,969 7,847,315

Changes in equity
Total comprehensive income - 1,200,469 - - 1,200,469
Dividends - (87,400 ) - - (87,400 )
Transfer between reserves - 6,937 (6,937 ) - -
Balance at 30 April 2023 1,000 8,322,637 625,778 10,969 8,960,384

Unique Window Systems Ltd (Registered number: 05060094)

Cash Flow Statement
for the Year Ended 30 April 2023

30.4.23 30.4.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (336,334 ) 1,491,830
Interest paid (71,592 ) (47,175 )
Interest element of hire purchase
payments paid

(65,461

)

(55,260

)
Tax paid (6,413 ) (59,194 )
Net cash from operating activities (479,800 ) 1,330,201

Cash flows from investing activities
Purchase of tangible fixed assets (281,245 ) (358,139 )
Sale of tangible fixed assets 109,635 181,285
Interest received 1,762 144
Net cash from investing activities (169,848 ) (176,710 )

Cash flows from financing activities
New loans in year 773,515 -
Loan repayments in year (828,020 ) (149,099 )
Capital repayments in year (626,231 ) (677,672 )
Equity dividends paid (87,400 ) (87,400 )
Net cash from financing activities (768,136 ) (914,171 )

(Decrease)/increase in cash and cash equivalents (1,417,784 ) 239,320
Cash and cash equivalents at
beginning of year

2

2,331,299

2,091,979

Cash and cash equivalents at end of
year

2

913,515

2,331,299

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Cash Flow Statement
for the Year Ended 30 April 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30.4.23 30.4.22
£    £   
Profit before taxation 1,519,078 455,631
Depreciation charges 821,693 743,546
Profit on disposal of fixed assets (48,558 ) (53,167 )
Share options charge - 10,969
Finance costs 137,053 102,435
Finance income (1,762 ) (144 )
2,427,504 1,259,270
Decrease/(increase) in stocks 307,150 (1,273,917 )
Increase in trade and other debtors (1,900,395 ) (1,537,000 )
(Decrease)/increase in trade and other creditors (1,170,593 ) 3,043,477
Cash generated from operations (336,334 ) 1,491,830

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 913,515 2,331,299
Year ended 30 April 2022
30.4.22 1.5.21
£    £   
Cash and cash equivalents 2,331,299 2,091,979


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.5.22 Cash flow changes At 30.4.23
£    £    £    £   
Net cash
Cash at bank
and in hand 2,331,299 (1,417,784 ) 913,515
2,331,299 (1,417,784 ) 913,515
Debt
Finance leases (1,150,518 ) 626,231 (1,048,064 ) (1,572,351 )
Debts falling due
within 1 year (813,934 ) 435,477 - (378,457 )
Debts falling due
after 1 year (642,333 ) (380,972 ) - (1,023,305 )
(2,606,785 ) 680,736 (1,048,064 ) (2,974,113 )
Total (275,486 ) (737,048 ) (1,048,064 ) (2,060,598 )

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Unique Window Systems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. the financial statements have been prepared under the historical cost convention, as modified by the revaluation of land and buildings.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing these financial statements the directors have exercised their judgement to determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are reviewed annually. They are amended when necessary to reflect current accounting estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

ii) Trade debtors

At each reporting date, trade debtors are assessed for recoverability. If there is any evidence of impairment, the carrying amount of the debtor is reduced to its recoverable amount. The impairment loss is recognised in the income statement.

iii) Stocks

In determining stock provisions, future demand and selling price is evaluated and appropriate provisions are made to reflect the risk of obsolescence and impairment in carrying value. The provisioning policy is in place to ensure that the carrying value of stock recognised in the financial statements is the lower of cost and estimated selling price less costs to complete and sell, in accordance with the stated accounting policy.

iv) Share based payment transactions

The directors are required to use an appropriate pricing model to value the issue of equity to employees or those providing similar services. Any charge to the profit and loss account is therefore a function of the chosen pricing model, which is based on a range of assumptions.

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and Valued Added Tax.

The company recognises turnover when the following criteria have been met:

i) Sale of goods

Revenue from the sale of goods is recognised when :
(a) the significant risks and rewards of ownership have been transferred to the buyer;
(b) the company retains no ongoing involvement or control over the goods;
(c) the revenue can be reliably measured;
(d) it is probable that the company will receive the consideration due under the transaction; and
(e) the costs incurred in respect of the transaction can be reliably measured.

ii) 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:
(a) the amount of revenue can be reliably measured;
(b) it is probable that the company will receive the consideration due under the contract;
(c) the stage of completion of the contract at the end of the reporting period can be measured reliably; and
(d) the costs incurred and the costs to complete the contract can be reliably measured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 10% - 20% on cost
Motor vehicles - 25% on cost

Freehold land is not depreciated.

Tangible fixed assets are initially stated at cost and subsequently measured at cost of valuation less accumulated depreciation and 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 a manner intended by management.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously reported in profit or loss.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the company, The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit or loss during the period in which they are incurred.

Government grants
Government grants receivable in relation to expenditure is recognised when the expenditure is charged to the Statement of Comprehensive Income.

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

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 out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

Financial instruments
The company only enters into basic financial instruments 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 and loans to related parties.

Financial assets that are measured at cost and 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 profit and loss account.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate.

Fixed asset investments
Fixed asset investments are included at cost less impairment.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
30.4.23 30.4.22
£    £   
Wages and salaries 7,299,287 6,484,885
Social security costs 687,957 577,058
Other pension costs 150,138 124,004
8,137,382 7,185,947

The average number of employees during the year was as follows:
30.4.23 30.4.22

Administration and directors 46 36
Sales and distribution 16 15
Production 250 234
312 285

30.4.23 30.4.22
£    £   
Directors' remuneration 259,877 326,156
Directors' pension contributions to money purchase schemes 5,321 6,642
Compensation to director for loss of office - 73,923

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 5

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
30.4.23 30.4.22
£    £   
Emoluments etc 95,000 98,656

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.23 30.4.22
£    £   
Hire of plant and machinery 1,062,167 1,032,458
Other operating leases 244,851 215,208
Depreciation - owned assets 499,566 442,787
Depreciation - assets on hire purchase contracts 322,126 300,759
Profit on disposal of fixed assets (48,558 ) (53,167 )
Auditors remuneration 20,685 14,920
Government grant income - revenue in nature - (53,480 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.23 30.4.22
£    £   
Loan interest 71,592 47,175
Hire purchase 65,461 55,260
137,053 102,435

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.23 30.4.22
£    £   
Current tax:
UK corporation tax 144,538 6,413

Deferred tax 174,071 188,716
Tax on profit 318,609 195,129

UK corporation tax has been charged at 19% (2022 - 19%).

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.23 30.4.22
£    £   
Profit before tax 1,519,078 455,631
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

288,625

86,570

Effects of:
Expenses not deductible for tax purposes 40,968 45,926
Change in tax rate used for deferred tax provision 41,777 111,803
Enhanced capital allowances (52,761 ) (49,170 )
Total tax charge 318,609 195,129

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 April 2023.

30.4.22
Gross Tax Net
£    £    £   
Revaluation of freehold property
Deferred tax rate adjustment (39,123 ) - (39,123 )
(39,123 ) - (39,123 )

The Finance Bill 2021 provided for an increase in the mainstream corporation tax rate to 25% from 1 April 2023. This law was substantively enacted on 14th May 2021. Deferred taxes at the balance sheet date have been measured using these enacted rates and reflected in these financial statements. Deferred tax has been calculated at 25%.

8. DIVIDENDS
30.4.23 30.4.22
£    £   
Ordinary shares of £1 each
Final 87,400 87,400

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 16,325
AMORTISATION
At 1 May 2022
and 30 April 2023 16,325
NET BOOK VALUE
At 30 April 2023 -
At 30 April 2022 -

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 May 2022 2,000,000 3,193,214 1,541,739 1,979,547 8,714,500
Additions - 459,254 214,250 655,805 1,329,309
Disposals - (9,089 ) (318,095 ) (898,255 ) (1,225,439 )
At 30 April 2023 2,000,000 3,643,379 1,437,894 1,737,097 8,818,370
DEPRECIATION
At 1 May 2022 45,746 1,408,484 846,707 1,477,119 3,778,056
Charge for year 32,248 336,458 166,401 286,585 821,692
Eliminated on disposal - (9,089 ) (318,095 ) (837,178 ) (1,164,362 )
At 30 April 2023 77,994 1,735,853 695,013 926,526 3,435,386
NET BOOK VALUE
At 30 April 2023 1,922,006 1,907,526 742,881 810,571 5,382,984
At 30 April 2022 1,954,254 1,784,730 695,032 502,428 4,936,444

Included in cost or valuation of land and buildings is freehold land of £ 612,400 (2022 - £ 612,400 ) which is not depreciated.

Cost or valuation at 30 April 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2021 734,457 - - - 734,457
Cost 1,265,543 3,643,379 1,437,894 1,737,097 8,083,913
2,000,000 3,643,379 1,437,894 1,737,097 8,818,370

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

10. TANGIBLE FIXED ASSETS - continued

If freehold property had not been revalued they would have been included at the following historical cost:

30.4.23 30.4.22
£    £   
Cost 1,265,543 1,265,543
Aggregate depreciation 141,109 115,798

Value of land in freehold land and buildings 387,554 387,554

Freehold land and buildings were valued on an open market value basis on 31 October 2020 by Innes England .

The net book value of assets held under finance lease or hire purchase contracts, included above, are as follows:

30.4.2330.4.22
££
Plant and machinery1,008,846818,509
Motor vehicles805,559480,585
1,814,4051,299,094

11. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
30.4.23 30.4.22
£    £   
Other investments 28,653 28,653

12. STOCKS
30.4.23 30.4.22
£    £   
Raw materials 3,336,519 3,090,730
Work-in-progress 329,408 239,294
Finished goods 499,146 1,142,199
4,165,073 4,472,223

Stock recognised in cost of sales during the year as an expense was £22,162,752 (2022: £16,084,749).

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

13. DEBTORS
30.4.23 30.4.22
£    £   
Amounts falling due within one year:
Trade debtors 7,462,652 5,629,204
Other debtors 936,391 743,518
VAT 57,691 66,819
Prepayments and accrued income 251,358 408,536
8,708,092 6,848,077

Amounts falling due after more than one year:
Trade debtors 760,835 720,455

Aggregate amounts 9,468,927 7,568,532

The impairment loss recognised as an expense for the year in respect of bad and doubtful debts was £81,783 (2022: £60,243). During the current year, bad debts of £nil (2022: £20,940) have been recovered.

The trade debtors for the prior year have been adjusted to reflect the split of amounts due greater than one year.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts (see note 16) 213,457 813,934
Other loans (see note 16) 165,000 -
Hire purchase contracts (see note 17) 528,401 445,993
Trade creditors 6,030,219 7,365,417
Corporation tax 144,536 6,411
Social security and other taxes 194,907 196,812
Other creditors 486,781 414,128
Accruals and deferred income 365,285 271,427
8,128,586 9,514,122

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Bank loans (see note 16) 1,023,305 642,333
Hire purchase contracts (see note 17) 1,043,950 704,525
2,067,255 1,346,858

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

16. LOANS

An analysis of the maturity of loans is given below:

30.4.23 30.4.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 213,457 813,934
Other loans 165,000 -
378,457 813,934

Amounts falling due between one and two years:
Bank loans - 1-2 years 230,788 188,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 343,142 454,333

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 449,375 -

A 5 year bank loan is repayable monthly until its maturity in September 2026. Interest is charged at a rate of 4.96% over the Bank of England base rate per annum.

A 15 year mortgage was taken out during the year which is repayable monthly until its maturity. Interest is charged at 2.1% over Bank of England base rate per annum.

An other loan was taken out during the year which is repayable monthly until its maturity in January 2024.. Interest is charged at 4% over the length of the loan.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.23 30.4.22
£    £   
Net obligations repayable:
Within one year 528,401 445,993
Between one and five years 1,043,950 704,525
1,572,351 1,150,518

Non-cancellable operating leases
30.4.23 30.4.22
£    £   
Within one year 101,217 148,915
Between one and five years 207,984 272,222
In more than five years - 36,920
309,201 458,057

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

18. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Bank loans 1,236,762 1,456,267
Hire purchase contracts 1,572,351 1,150,518
2,809,113 2,606,785

Bank loans and overdrafts are secured by way of a fixed charge over the freehold property of the company, including any fixtures and fittings attached, any rents receivable out of that land, all plant and machinery, goodwill, stocks, shares and other securities.

Finance lease and hire purchase creditors are secured on the assets concerned.

19. PROVISIONS FOR LIABILITIES
30.4.23 30.4.22
£    £   
Deferred tax
Accelerated capital allowances 802,927 465,841
Other timing differences - 163,015
802,927 628,856

Deferred
tax
£   
Balance at 1 May 2022 628,856
Charge to Income Statement during year 174,071
Arising on revaluation reserve
Balance at 30 April 2023 802,927

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

21. RESERVES

Called up share capital
This represents the nominal value of shares that have been issued.

Retained earnings
Retained earnings represents cumulative profits or losses, net of dividends paid and other
adjustments.

Revaluation reserve
This reserve recognises all gains arising from the revaluation of freehold property.

Share option reserve
This reserve represents the fair value of share options granted but not exercised at the balance sheet date.

22. CAPITAL COMMITMENTS
30.4.23 30.4.22
£    £   
Contracted but not provided for in the
financial statements 1,865,768 228,532

23. RELATED PARTY DISCLOSURES

Other related parties

During the year a charge of £966,840 (2022: £966,840) was incurred in respect of plant and machinery rented from Glass Innovators Limited, a company under common control. Further loan advances of £134,233 (200: repayments of £35,948) were made to this company during the same period.

At the year end the amount due from this company was £429,849 (2022: £293,816).

During the year the company made rental payments of £163,800 (2022: £163,800) to The Unique Pension Trust, a trust in which A J Patel and S J Patel, directors, are also trustees. At the year end the amount due to the trust was £149,121 (2022: £147,420).

During the year the company incurred consultancy expenses of £409,000 (2022: £403,200) from Tech Fenster Ltd, a company under the control of the children of A J Patel, a director. At the year end amounts due by the company was £6,000 (2022: £Nil).

Key management personnel are considered to be the directors of the company. Their remuneration is stated in Note 3.

24. ULTIMATE CONTROLLING PARTY

The controlling party is A J Patel and S J Patel.

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

25. SHARE-BASED PAYMENT TRANSACTIONS

106 equity settled share options were granted on 3 December 2019 to 3 employees and 1 director with an exercise price of £1,086 per share.

The vesting period ends on the earlier of the date on which an Exit event occurs or the date which is 9 years and 10 months after the Grant Date, subject to the conditions of the options being met.

51 of the share options remaining are exercisable if the recipients are still in employment at the end of the vesting period with no further conditions attached.

The remaining 55 share options are subject to remaining in employment until the end of the vesting period and an Exit event occurring with Exit proceeds achieving a certain value. Exit proceeds within different ranges affect the number of options exercisable.

An expense of £nil (2022 - £10,969) has been recognised in the Income Statement in relation to the movement in the fair value of the share options granted but not exercised at the balance sheet date.