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Registration number: 6903519

Victoria Windows and Doors Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2023

 

Victoria Windows and Doors Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Victoria Windows and Doors Ltd

Company Information

Directors

Graham Anthony

Cheryl Anthony

Daniel Anthony

Registered office

Charlton House
32 High Street
Cullompton
Devon
EX15 1AE

Accountants

Batchelor and Company Accountants Limited
Certified
Charlton House
32 High Street
Cullompton
Devon
EX15 1AE

 

Victoria Windows and Doors Ltd

(Registration number: 6903519)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

48,157

40,298

Current assets

 

Stocks

5

140,819

158,782

Debtors

6

124,955

89,482

Cash at bank and in hand

 

9,368

15,770

 

275,142

264,034

Creditors: Amounts falling due within one year

(257,346)

(215,970)

Net current assets

 

17,796

48,064

Total assets less current liabilities

 

65,953

88,362

Creditors: Amounts falling due after more than one year

(8,949)

(23,550)

Accruals and deferred income

 

(2,500)

(2,500)

Net assets

 

54,504

62,312

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

54,502

62,310

Shareholders' funds

 

54,504

62,312

For the financial year ending 31 May 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 August 2023 and signed on its behalf by:
 

 

Victoria Windows and Doors Ltd

(Registration number: 6903519)
Abridged Balance Sheet as at 31 May 2023

.........................................
Cheryl Anthony
Director

 

Victoria Windows and Doors Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

1

General information

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

The company was formerly known as South West Home Services Ltd.

The address of its registered office is:
Charlton House
32 High Street
Cullompton
Devon
EX15 1AE

The principal place of business is:
1 Four Cross Court
Mid Devon Business Park
Four Cross Avenue
Willand
Devon
EX15 2FH

These financial statements were authorised for issue by the Board on 30 August 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 abridged 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 abridged 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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Victoria Windows and Doors Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

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

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% 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.

 

Victoria Windows and Doors Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Victoria Windows and Doors Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 15).

 

Victoria Windows and Doors Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

8,178

91,551

14,821

114,550

Additions

-

31,344

-

31,344

Disposals

-

(10,673)

-

(10,673)

At 31 May 2023

8,178

112,222

14,821

135,221

Depreciation

At 1 June 2022

5,989

56,839

11,424

74,252

Charge for the year

457

14,513

510

15,480

Eliminated on disposal

-

(2,668)

-

(2,668)

At 31 May 2023

6,446

68,684

11,934

87,064

Carrying amount

At 31 May 2023

1,732

43,538

2,887

48,157

At 31 May 2022

2,189

34,712

3,397

40,298

5

Stocks

2023
£

2022
£

Work in progress

33,271

77,941

Other inventories

107,548

80,841

140,819

158,782

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share of £1 each

2

2

2

2

         
 

Victoria Windows and Doors Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

8

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £35,000.00 per each Ordinary Share

 

70,000

 

70,000

         

9

Related party transactions

 

Victoria Windows and Doors Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

57,609

57,352

Contributions paid to money purchase schemes

7,000

4,800

64,609

62,152