WINDOW WARE LIMITED

Company Registration Number:
14196745 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2022

Period of accounts

Start date: 27 June 2022

End date: 31 December 2022

WINDOW WARE LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Balance sheet
Notes

WINDOW WARE LIMITED

Balance sheet

As at 31 December 2022


Notes

6 months to 31 December 2022


£
Called up share capital not paid: 0
Fixed assets
Intangible assets: 3 1,616
Tangible assets: 4 168,416
Total fixed assets: 170,032
Current assets
Stocks: 3,258,390
Debtors:   4,514,876
Cash at bank and in hand: 652,544
Total current assets: 8,425,810
Creditors: amounts falling due within one year: 5 (6,287,337)
Net current assets (liabilities): 2,138,473
Total assets less current liabilities: 2,308,505
Creditors: amounts falling due after more than one year: 6 (2,006,250)
Provision for liabilities: (150,000)
Total net assets (liabilities): 152,255
Capital and reserves
Called up share capital: 100
Profit and loss account: 152,155
Shareholders funds: 152,255

The notes form part of these financial statements

WINDOW WARE LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 07 November 2023
and signed on behalf of the board by:

Name: Ms Samantha Nuckey
Status: Director

The notes form part of these financial statements

WINDOW WARE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.

Tangible fixed assets and depreciation policy

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 basis:Leasehold improvements - Over 3 to 5 yearsPlant and equipment - Over 3 to 5 yearsComputers - Over 3 to 5 yearsThe 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.

Intangible fixed assets and amortisation policy

Intangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of amortisation and any impairment losses.Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:Patents, trade marks and brands - Over 10 yearsThe 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.

Other accounting policies

Company informationWindow Ware Limited is a private company limited by shares incorporated in England and Wales The registered office is Telford Way, Cross Park, Bedford, MK42 0PQ.Accounting conventionThe 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 in the notes to the financial statements.The directors have chosen to not file a copy of the company’s profit and loss account which related to the commencement of trading on 3rd November 2023 up to and including 31st December 2023.Going concern and fundingThe Company is funded by cash generated from operating activities and various financing facilities.The Directors of the Company regularly forecast expected future trading performance taking in to consideration a wide range of factors and sources of information including but not limited to, economic, environmental and political influences.The Directors of the Company reviewed the likely future performance of the company at the balance sheet date and satisfied themselves that the business was very likely to continue to trade strongly and therefore, it would be able to continue to meet its liabilities as they fall due.StocksStocks 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.Stocks held for distribution at no or nominal consideration are measured at the lower of historical cost and replacement cost, adjusted where applicable for any loss of service potential.At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss.Cash and cash equivalentsCash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.Foreign currency translationThe company's functional and presentational currency is GBP.Foreign currency transactions are translated at the prevailing spot rate on the date of the transactions.Future balances owed and payable in foreign currency are revalued at each month end position based on the prevailing spot rate on the last calendar day.All gains and losses in respect of foreign currency transactions and revaluations are taken to the Income Statement.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortisation cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.Classification of financial liabilitiesFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.Interest-bearing borrowings classified as basic financial instrumentsInterest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest or the agreed level of loan/facility interest. Subsequent to initial recognition, all borrowings are meticulously reconciled to the lenders bank/debt statements to ensure all outstanding balances are correct and finance costs are recognised accurately.TaxationThe tax expense represents the sum of the currrent tax payable and deferred tax.Current taxThe 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 taxDeferred 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.The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.LeasesRentals 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.Provisions for liabilitiesProvisions for liabilities are measured at a level that the Directors deem reasonable to release the company from the cost of a future project. The valuation level of the provision is reviewed regularly and any adjustment, whether it be a gain or a loss, is taken to the Income Statement at the point it is deemed to have occurred.

WINDOW WARE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

2. Employees

6 months to 31 December 2022
Average number of employees during the period 46

WINDOW WARE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Intangible Assets

Total
Cost £
Transfers 3,344
At 31 December 2022 3,344
Amortisation
Charge for year 56
Other adjustments 1,672
At 31 December 2022 1,728
Net book value
At 31 December 2022 1,616

WINDOW WARE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Tangible Assets

Total
Cost £
Additions 13,957
Transfers 1,144,854
At 31 December 2022 1,158,811
Depreciation
Charge for year 14,653
Other adjustments 975,742
At 31 December 2022 990,395
Net book value
At 31 December 2022 168,416

WINDOW WARE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Creditors: amounts falling due within one year note

Creditors - amounts falling due within one year relates to trade creditors and other liabilities, primarily of a statutory nature, where the expected payment is likely to be within 12 months of the date of the balance sheet.

WINDOW WARE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Creditors: amounts falling due after more than one year note

Creditors - amounts falling due after more one year relate to financing arrangements where the expected payment is likely to be more than 12 months after the date of the balance sheet.

WINDOW WARE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

7. Related party transactions

During the year, the company leant money to the ultimate parent company by way of an inter-company loan. The ultimate parent company is liable to the company for a normal market rate of interest cost and service charge in respect of this loan. The ultimate parent company is jointly and severally liable to the original lender in respect of the repayment of all funds advanced. The balance outstanding at the reporting date was £1,660,862. Interest costs and service charges made from the company to the ultimate parent company are deemed to be of immaterial value for the reporting period in question.