Company registration number SC304831 (Scotland)
INTERNATIONAL DOORS AND WINDOWS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
INTERNATIONAL DOORS AND WINDOWS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
INTERNATIONAL DOORS AND WINDOWS LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
93,109
14,116
Investments
4
1,300
1,300
94,409
15,416
Current assets
Stocks
231,397
196,354
Debtors
5
1,170,925
1,009,995
Cash at bank and in hand
370,995
450,590
1,773,317
1,656,939
Creditors: amounts falling due within one year
6
(1,433,898)
(1,298,090)
Net current assets
339,419
358,849
Total assets less current liabilities
433,828
374,265
Creditors: amounts falling due after more than one year
7
(58,725)
Provisions for liabilities
(22,069)
(3,529)
Net assets
353,034
370,736
Capital and reserves
Called up share capital
8
101
101
Share premium account
20,000
20,000
Profit and loss reserves
332,933
350,635
Total equity
353,034
370,736
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INTERNATIONAL DOORS AND WINDOWS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 March 2024 and are signed on its behalf by:
Mr G Davidson
Director
Company Registration No. SC304831
INTERNATIONAL DOORS AND WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
International Doors and Windows Limited is a private company limited by shares incorporated in Scotland. The registered office is 9 Kirkhill Place, Dyce, Aberdeen, AB21 0GU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% on cost
Leasehold improvements
20% on cost
Plant and equipment
33% on cost
Fixtures and fittings
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
INTERNATIONAL DOORS AND WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
INTERNATIONAL DOORS AND WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
14
3
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 August 2022
13,284
18,689
80,535
112,508
Additions
5,375
2,320
86,705
5,372
99,772
At 31 July 2023
5,375
15,604
105,394
85,907
212,280
Depreciation and impairment
At 1 August 2022
10,217
13,909
74,266
98,392
Depreciation charged in the year
542
1,049
16,906
2,282
20,779
At 31 July 2023
542
11,266
30,815
76,548
119,171
Carrying amount
At 31 July 2023
4,833
4,338
74,579
9,359
93,109
At 31 July 2022
3,067
4,780
6,269
14,116
Clydesdale Bank Public Limited Company, has a floating charge over all the company's properties and assets.
Garry Davidson, Scott Paterson, Raeburn Christie Trustees Limited and Andrew Robertson have a floating charge covering all the property or undertaking of the company.
INTERNATIONAL DOORS AND WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,300
1,300
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
872,102
765,403
Amounts owed by group undertakings
49,239
90,585
Other debtors
249,584
154,007
1,170,925
1,009,995
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
858,675
677,505
Taxation and social security
158,761
197,885
Other creditors
416,462
422,700
1,433,898
1,298,090
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
58,725
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary Shares of 1p each
100
100
100 Ordinary D Shares of 1p each
1
1
101
101
INTERNATIONAL DOORS AND WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
8
Called up share capital
(Continued)
- 7 -
The following shares are in issue:
Number: Class: Nominal: 2022 2021
10,000 Ordinary A Shares 0.01 100.00 100.00
2 Ordinary B Shares 0.10 0.20 0.20
5 Ordinary C Shares 0.05 0.25 0.25
100 Ordinary D Shares 0.01 1.00 1.00
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
797,220
98,428
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2023
2022
£
£
Amounts owed from related parties
49,239
90,585
Key management personnel
554
47,495
Loans due to/from related parties are unsecured, interest free and have no fixed terms of repayment.