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Registration number: 03904285

Degema Trade Windows Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Degema Trade Windows Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Degema Trade Windows Limited

Company Information

Director

Mr Paul Leary

Company secretary

Mr Paul Cowley

Registered office

Unit 1
Mulberry Road
Charfleets Industrial Estate
Canvey Island
Essex
SS8 0PR

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Degema Trade Windows Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Degema Trade Windows Limited for the year ended 28 February 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Degema Trade Windows Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Degema Trade Windows Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the Company. You consider that Degema Trade Windows Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of the Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

9 November 2023

 

Degema Trade Windows Limited

(Registration number: 03904285)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

26,947

16,686

Current assets

 

Stocks

5

171,060

96,995

Debtors

6

10,551

88,047

Cash at bank and in hand

 

61,055

94,438

 

242,666

279,480

Creditors: Amounts falling due within one year

7

(100,230)

(140,549)

Net current assets

 

142,436

138,931

Net assets

 

169,383

155,617

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

169,381

155,615

Shareholders' funds

 

169,383

155,617

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 November 2023
 

.........................................
Mr Paul Leary
Director

 

Degema Trade Windows Limited

Statement of Changes in Equity for the Year Ended 28 February 2023

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

2

155,615

155,617

Profit for the year

-

13,766

13,766

At 28 February 2023

2

169,381

169,383

Share capital
£

Retained earnings
£

Total
£

At 1 March 2021

2

154,221

154,223

Profit for the year

-

1,394

1,394

At 28 February 2022

2

155,615

155,617

 

Degema Trade Windows Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1
Mulberry Road
Charfleets Industrial Estate
Canvey Island
Essex
SS8 0PR

These financial statements were authorised for issue by the director on 9 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Degema Trade Windows Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on reducing balance

Motor vehicle

20% on reducing balance

Furniture and fittings

20% on reducing balance

Office equipment

20% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Degema Trade Windows Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2022 - 21).

 

Degema Trade Windows Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

6,984

25,305

133,673

165,962

Additions

-

17,000

-

17,000

At 28 February 2023

6,984

42,305

133,673

182,962

Depreciation

At 1 March 2022

6,901

24,369

118,006

149,276

Charge for the year

17

3,587

3,135

6,739

At 28 February 2023

6,918

27,956

121,141

156,015

Carrying amount

At 28 February 2023

66

14,349

12,532

26,947

At 28 February 2022

83

936

15,667

16,686

5

Stocks

2023
£

2022
£

Work in progress

105,805

48,245

Other inventories

65,255

48,750

171,060

96,995

6

Debtors

Current

2023
£

2022
£

Trade debtors

5,080

86,565

Prepayments

1,483

1,482

Other debtors

3,988

-

 

10,551

88,047

7

Creditors

Creditors: amounts falling due within one year

 

Degema Trade Windows Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Due within one year

Trade creditors

84,122

102,155

Taxation and social security

4,001

24,578

Other creditors

12,107

13,816

100,230

140,549

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Dividends