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REGISTERED NUMBER: 08716713 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

CHIGWELL WINDOW CENTRE LTD

CHIGWELL WINDOW CENTRE LTD (REGISTERED NUMBER: 08716713)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 JANUARY 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


CHIGWELL WINDOW CENTRE LTD (REGISTERED NUMBER: 08716713)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,522,018 1,072,566

CURRENT ASSETS
Stocks 1,114,921 431,100
Debtors 5 2,626,228 2,080,806
Cash at bank and in hand 232,243 271,949
3,973,392 2,783,855
CREDITORS
Amounts falling due within one year 6 2,470,205 1,405,100
NET CURRENT ASSETS 1,503,187 1,378,755
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,025,205

2,451,321

CREDITORS
Amounts falling due after more than one
year

7

282,230

414,631
NET ASSETS 2,742,975 2,036,690

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 30,000 30,000
Retained earnings 2,712,875 2,006,590
2,742,975 2,036,690

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

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 16 November 2023 and were signed on its behalf by:





Mr D A Floyd - Director


CHIGWELL WINDOW CENTRE LTD (REGISTERED NUMBER: 08716713)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 JANUARY 2023

1. STATUTORY INFORMATION

Chigwell Window Centre Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08716713

Registered office: Aaron House Forest Road
Hainault Business Park
Ilford
Essex
IG6 3JP

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" 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 director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Property. plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicle - 25% on reducing balance
Leasehold improvements - 5% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

CHIGWELL WINDOW CENTRE LTD (REGISTERED NUMBER: 08716713)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JANUARY 2023

2. ACCOUNTING POLICIES - continued

Inventory
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised.

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 material 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.

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 a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 36 ) .

CHIGWELL WINDOW CENTRE LTD (REGISTERED NUMBER: 08716713)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JANUARY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2022 148,561 1,323,650 255,814 316,619 2,044,644
Additions 115,043 14,449 280,089 289,249 698,830
Disposals - - - (111,502 ) (111,502 )
At 31 January 2023 263,604 1,338,099 535,903 494,366 2,631,972
DEPRECIATION
At 1 February 2022 7,428 670,514 127,534 166,602 972,078
Charge for year 7,057 130,627 19,242 32,263 189,189
Eliminated on disposal - - - (51,313 ) (51,313 )
At 31 January 2023 14,485 801,141 146,776 147,552 1,109,954
NET BOOK VALUE
At 31 January 2023 249,119 536,958 389,127 346,814 1,522,018
At 31 January 2022 141,133 653,136 128,280 150,017 1,072,566

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,148,319 1,150,245
Other debtors 1,477,909 930,561
2,626,228 2,080,806

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 55,556 55,556
Hire purchase contracts 256,788 256,788
Trade creditors 1,433,766 882,721
Taxation and social security 91,686 106,419
Other creditors 632,409 103,616
2,470,205 1,405,100

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 74,074 117,127
Hire purchase contracts 208,156 297,504
282,230 414,631

CHIGWELL WINDOW CENTRE LTD (REGISTERED NUMBER: 08716713)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JANUARY 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 129,630 172,683

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

9. RELATED PARTY DISCLOSURES

Included in other debtors is an amount of £1,196,915 (2022: £638,580) due from the connected companies and included in other creditors is an amount of £195,000 (2022: £10,200) due to the connected companies, all under common directorship.The loans are interest-free and repayable on demand.