1 July 2022 v2024.6.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP090698182022-07-012023-06-30090698182023-06-30090698182022-06-3009069818core:WithinOneYear2023-06-3009069818core:WithinOneYear2022-06-3009069818core:ShareCapital2023-06-3009069818core:ShareCapital2022-06-3009069818core:RetainedEarningsAccumulatedLosses2023-06-3009069818core:RetainedEarningsAccumulatedLosses2022-06-3009069818bus:Director12022-07-012023-06-3009069818bus:Director22022-07-012023-06-3009069818bus:RegisteredOffice2022-07-012023-06-3009069818core:PlantMachinery2022-07-012023-06-3009069818core:OfficeEquipment2022-07-012023-06-3009069818core:MotorVehicles2022-07-012023-06-3009069818core:LandBuildings2022-07-012023-06-30090698182021-07-012022-06-3009069818core:PlantMachinery2022-07-01090698182022-07-0109069818core:LandBuildings2023-06-3009069818core:PlantMachinery2023-06-3009069818core:PlantMachinery2022-06-3009069818core:BetweenOneFiveYears2023-06-3009069818core:BetweenOneFiveYears2022-06-3009069818core:MoreThanFiveYears2023-06-3009069818core:MoreThanFiveYears2022-06-300906981812022-07-012023-06-3009069818countries:EnglandWales2022-07-012023-06-3009069818bus:AuditExemptWithAccountantsReport2022-07-012023-06-3009069818bus:PrivateLimitedCompanyLtd2022-07-012023-06-3009069818bus:SmallEntities2022-07-012023-06-3009069818bus:FullAccounts2022-07-012023-06-3009069818bus:CompanySecretary12022-07-012023-06-30
Company registration number:
09069818
Lutley Windows Ltd
Unaudited Filleted Financial Statements for the year ended
30 June 2023
Lutley Windows Ltd
Statement of Financial Position
30 June 2023
20232022
as restated
Note££
Fixed assets    
Tangible assets 5
359,147
 
39,522
 
Current assets    
Stocks
40,500
 
10,000
 
Debtors 6
556,459
 
416,676
 
Cash at bank and in hand
191,898
 
620,878
 
788,857
 
1,047,554
 
Creditors: amounts falling due within one year 7
(426,512
)
(494,392
)
Net current assets
362,345
 
553,162
 
Total assets less current liabilities 721,492   592,684  
Provisions for liabilities
(77,590
)
(7,509
)
Net assets
643,902
 
585,175
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
643,802
 
585,075
 
Shareholders funds
643,902
 
585,175
 
For the year ending
30 June 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 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.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
7 March 2024
, and are signed on behalf of the board by:
M Taylor
J Taylor
DirectorDirector
Company registration number:
09069818
Lutley Windows Ltd
Notes to the Financial Statements
Year ended
30 June 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
73 Haden Hill Road
,
Halesowen
,
B63 3NF
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% reducing balance
Office equipment
33% straight line
Motor vehicles
25% reducing balance
Land and buildings
Leasehold - 10% straight line

Impairment

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 stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4 Average number of employees

The average number of persons employed by the company during the year was
14
(2022:
6.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 July 2022
-  
54,578
 
54,578
 
Additions
62,257
 
351,129
 
413,386
 
Disposals -  
(19,595
)
(19,595
)
At
30 June 2023
62,257
 
386,112
 
448,369
 
Depreciation      
At
1 July 2022
-  
15,056
 
15,056
 
Charge
6,225
 
69,610
 
75,835
 
Disposals -  
(1,669
)
(1,669
)
At
30 June 2023
6,225
 
82,997
 
89,222
 
Carrying amount      
At
30 June 2023
56,032
 
303,115
 
359,147
 
At 30 June 2022 -  
39,522
 
39,522
 

6 Debtors

20232022
££
Trade debtors
424,915
 
385,176
 
Other debtors
131,544
 
31,500
 
556,459
 
416,676
 

7 Creditors: amounts falling due within one year

20232022
as restated
££
Trade creditors
127,877
 
135,876
 
Taxation and social security
68,770
 
238,730
 
Other creditors
229,865
 
119,786
 
426,512
 
494,392
 

8 Operating leases

The company as lessee    
20232022
££
Not later than 1 year
74,018
 
21,840
 
Later than 1 year and not later than 5 years
239,131
 
50,260
 
Later than 5 years
238,500
 
0.00
 
551,649
 
72,100