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REGISTERED NUMBER: 02640348 (England and Wales)















TOWER WINDOWS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






TOWER WINDOWS LIMITED (REGISTERED NUMBER: 02640348)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TOWER WINDOWS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: R E Miller
R D Miller
J Townsend
A E Townsend





SECRETARY: R E Miller





REGISTERED OFFICE: Pd Centre
Wrexham Road
Cefn-Y-Bedd
Nr Wrexham
Clwyd
LL12 9UL





REGISTERED NUMBER: 02640348 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN

TOWER WINDOWS LIMITED (REGISTERED NUMBER: 02640348)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 11,053 14,856

CURRENT ASSETS
Inventories 18,415 26,382
Debtors 5 71,024 117,432
Cash at bank and in hand 171,730 214,716
261,169 358,530
CREDITORS
Amounts falling due within one year 6 (234,359 ) (254,758 )
NET CURRENT ASSETS 26,810 103,772
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,863

118,628

CREDITORS
Amounts falling due after more than one
year

7

(4,167

)

(66,667

)

PROVISIONS FOR LIABILITIES (2,100 ) (2,823 )
NET ASSETS 31,596 49,138

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 30,596 48,138
31,596 49,138

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

TOWER WINDOWS LIMITED (REGISTERED NUMBER: 02640348)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


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

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 12 October 2023 and were signed on its behalf by:





A E Townsend - Director


TOWER WINDOWS LIMITED (REGISTERED NUMBER: 02640348)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Tower Windows Limited is a private company limited by shares incorporated in England and Wales. The company's registered number is 02640348 and registered office address is PD Centre, Wrexham Road, Cefn-Y-Bedd, Wrexham, Flintshire, Wales, LL12 9UL.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Making judgement based on historical experience on the level of provision required for bad debts. Further information received after the statement of financial position date may impact on the level of provision required.

Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required.

Revenue
Revenue represents the aggregate of the fair value of sale of goods and services provided, net of value added tax, rebates and discounts, plus an appropriate proportion of maintenance contract income provided during the period. Revenue is recognised as follows:-

Revenue from the sale of goods is recognised when the customer collects the goods or company has delivered and installed products to the customer and collectability of the related receivables is fairly stated.

Service revenue is recognised as those services are provided to customers. Contracted managed service revenue is recognised over the contract period on a pro-rata basis, which represents the level of completion of an individual contract. The unrecognised contracted revenue is included as provision for deferred income in the statement of financial position.

Revenue from equipment rental provided by the company is recognised on weekly/monthly basis on arrears based on the terms of the agreement.

Plant, property and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 10% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

TOWER WINDOWS LIMITED (REGISTERED NUMBER: 02640348)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Government grants
Grants are accounted for under the accruals model as permitted by FRS 102.

During the prior year the company benefitted from the Government Coronavirus Job Retention Scheme ('Furlough'). Furlough income has been recognised in "other income" in the same period as the related wage costs.

The company has not directly benefitted from any other forms of government assistance.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is estimated selling price less costs to complete and sell.

Cost includes any expenditure incurred in bringing the inventory to its present location and condition. The cost comprises of actual purchase price.

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 accounts receivable and payable, 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 income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Operating leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease.

TOWER WINDOWS LIMITED (REGISTERED NUMBER: 02640348)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

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 the income statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2022 45,747
Disposals (5,207 )
At 31 March 2023 40,540
DEPRECIATION
At 1 April 2022 30,891
Charge for year 3,803
Eliminated on disposal (5,207 )
At 31 March 2023 29,487
NET BOOK VALUE
At 31 March 2023 11,053
At 31 March 2022 14,856

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 23,310 97,760
Other debtors 47,714 19,672
71,024 117,432

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 37,500
Trade creditors 135,106 145,751
Taxation and social security 42,729 60,008
Other creditors 6,524 11,499
234,359 254,758

TOWER WINDOWS LIMITED (REGISTERED NUMBER: 02640348)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 4,167 66,667

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
J Townsend and A E Townsend
Balance outstanding at start of year 9,267 15,972
Amounts advanced 63,600 43,295
Amounts repaid (49,556 ) (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 23,311 9,267

R D Miller and R E Miller
Balance outstanding at start of year 9,267 15,972
Amounts advanced 63,600 43,295
Amounts repaid (49,557 ) (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 23,310 9,267

There were no material advances over £10,000. The highest overdrawn balances for each of the above were £15,972.

Directors' loan balances are unsecured, interest free and repayable on demand.