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COMPANY REGISTRATION NUMBER: 01736888
Radley Windows Limited
Filleted Unaudited Financial Statements
31 December 2022
Radley Windows Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
6
7,212
4,341
Current assets
Stocks
22,856
18,911
Debtors
7
14,416
23,826
Cash at bank and in hand
69,186
91,236
---------
---------
106,458
133,973
Creditors: amounts falling due within one year
8
80,393
93,657
---------
---------
Net current assets
26,065
40,316
--------
--------
Total assets less current liabilities
33,277
44,657
Creditors: amounts falling due after more than one year
9
25,143
35,520
--------
--------
Net assets
8,134
9,137
--------
--------
Capital and reserves
Called up share capital
8,000
8,000
Profit and loss account
134
1,137
-------
-------
Shareholders funds
8,134
9,137
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Radley Windows Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:
Mr M Morse
Director
Company registration number: 01736888
Radley Windows Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 3, Bignell Park Barns, Chesterton, Nr. Bicester, Oxon, OX26 1TD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
25% reducing balance
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
3,605
-------
Amortisation
At 1 January 2022 and 31 December 2022
3,605
-------
Carrying amount
At 31 December 2022
-------
At 31 December 2021
-------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2022
4,360
17,695
14,459
36,514
Additions
3,255
1,316
4,571
-------
--------
--------
--------
At 31 December 2022
7,615
17,695
15,775
41,085
-------
--------
--------
--------
Depreciation
At 1 January 2022
4,360
15,197
12,616
32,173
Charge for the year
533
623
544
1,700
-------
--------
--------
--------
At 31 December 2022
4,893
15,820
13,160
33,873
-------
--------
--------
--------
Carrying amount
At 31 December 2022
2,722
1,875
2,615
7,212
-------
--------
--------
--------
At 31 December 2021
2,498
1,843
4,341
-------
--------
--------
--------
7. Debtors
2022
2021
£
£
Trade debtors
1,509
7,050
Other debtors
12,907
16,776
--------
--------
14,416
23,826
--------
--------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
8,962
8,962
Trade creditors
26,948
29,122
Corporation tax
17,535
26,523
Social security and other taxes
24,451
26,820
Other creditors
2,497
2,230
--------
--------
80,393
93,657
--------
--------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
25,143
35,520
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
K Christian and M Morse
16,776
( 9,210)
5,341
12,907
--------
-------
-------
--------
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
K Christian and M Morse
19,105
( 19,014)
16,685
16,776
--------
--------
--------
--------