Company Registration No. 05048296 (England and Wales)
The Window Company Limited
Unaudited accounts
for the year ended 28 February 2023
The Window Company Limited
Unaudited accounts
Contents
The Window Company Limited
Company Information
for the year ended 28 February 2023
Directors
Daniel Charles Cousins
Kirsty Susan Redfern
Company Number
05048296 (England and Wales)
Registered Office
Unit E, Liners Industrial Estate
Pitt Road, Feemantle
Southampton
SO15 3FQ
United Kingdom
The Window Company Limited
Statement of financial position
as at 28 February 2023
Tangible assets
30,224
56,060
Inventories
83,688
101,120
Cash at bank and in hand
88,407
89,274
Creditors: amounts falling due within one year
(268,335)
(290,497)
Net current assets
248,548
228,307
Total assets less current liabilities
278,772
284,367
Creditors: amounts falling due after more than one year
(23,777)
(33,777)
Provisions for liabilities
Deferred tax
(13,460)
(13,460)
Net assets
241,535
237,130
Called up share capital
2
2
Profit and loss account
241,533
237,128
Shareholders' funds
241,535
237,130
For the 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. 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by
Kirsty Susan Redfern
Director
Company Registration No. 05048296
The Window Company Limited
Notes to the Accounts
for the year ended 28 February 2023
The Window Company Limited is a private company, limited by shares, registered in England and Wales, registration number 05048296. The registered office is Unit E, Liners Industrial Estate, Pitt Road, Feemantle, Southampton, SO15 3FQ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33% on cost and 20% on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The Window Company Limited
Notes to the Accounts
for the year ended 28 February 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting polices. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's inventories and tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Determine whether leases are entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Tangible fixed assets
Plant & machinery
At 28 February 2023
209,930
Charge for the year
28,078
At 28 February 2023
179,706
At 28 February 2023
30,224
At 28 February 2022
56,060
The Window Company Limited
Notes to the Accounts
for the year ended 28 February 2023
Amounts falling due within one year
Trade debtors
230,502
243,355
Amounts due from group undertakings etc.
82,301
1,890
Accrued income and prepayments
22,465
64,229
Other debtors
9,520
18,936
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
5,534
13,018
Trade creditors
181,076
237,514
Amounts owed to group undertakings and other participating interests
4,000
-
Taxes and social security
30,995
27,000
Other creditors
22,518
4,799
7
Creditors: amounts falling due after more than one year
2023
2022
The immediate parent and controlling party of the company is The Window Company Holding Limited, a company registered in England and Wales. Its registered office address is the same as that of this company, which is shown on the company information page.
9
Average number of employees
During the year the average number of employees was 11 (2022: 12).