Company registration number 06993683 (England and Wales)
ADS WINDOWS AND DOORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ADS WINDOWS AND DOORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
ADS WINDOWS AND DOORS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
300,036
274,549
Current assets
Stocks
101,066
133,811
Debtors
4
671,054
595,378
Cash at bank and in hand
515,076
329,915
1,287,196
1,059,104
Creditors: amounts falling due within one year
5
(805,341)
(725,145)
Net current assets
481,855
333,959
Total assets less current liabilities
781,891
608,508
Creditors: amounts falling due after more than one year
6
(58,556)
(81,798)
Provisions for liabilities
(73,174)
(50,499)
Net assets
650,161
476,211
Capital and reserves
Called up share capital
999
999
Profit and loss reserves
649,162
475,212
Total equity
650,161
476,211

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

ADS WINDOWS AND DOORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 July 2024
Mr D P Royle
Director
Company registration number 06993683 (England and Wales)
ADS WINDOWS AND DOORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
999
385,420
386,419
Year ended 31 December 2022:
Profit and total comprehensive income
-
89,792
89,792
Balance at 31 December 2022
999
475,212
476,211
Year ended 31 December 2023:
Profit and total comprehensive income
-
173,950
173,950
Balance at 31 December 2023
999
649,162
650,161
ADS WINDOWS AND DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

ADS Windows and Doors Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.

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:

Plant and equipment
20% per annum on net book value
Fixtures and fittings
20% per annum on net book value
Motor vehicles
25% per annum on net book value
Website
33% straight line

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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

ADS WINDOWS AND DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
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.

ADS WINDOWS AND DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
21
13
3
Tangible fixed assets
Plant and machinery etc
Website
Total
£
£
£
Cost
At 1 January 2023
363,422
13,138
376,560
Additions
110,397
4,055
114,452
Disposals
(32,950)
-
0
(32,950)
At 31 December 2023
440,869
17,193
458,062
Depreciation and impairment
At 1 January 2023
95,117
6,894
102,011
Depreciation charged in the year
66,345
3,542
69,887
Eliminated in respect of disposals
(13,872)
-
0
(13,872)
At 31 December 2023
147,590
10,436
158,026
Carrying amount
At 31 December 2023
293,279
6,757
300,036
At 31 December 2022
268,305
6,244
274,549
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
640,087
529,462
Other debtors
30,967
65,916
671,054
595,378
ADS WINDOWS AND DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
23,496
23,151
Trade creditors
236,972
232,978
Taxation and social security
123,636
43,777
Other creditors
421,237
425,239
805,341
725,145

Bank loans include a balance of £23,496 (2022 - £23,151) which is secured by fixed and floating charges on the assets of the business.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
58,556
81,798

Bank loans include a balance of £58,556 (2022 - £81,798) which is secured by fixed and floating charges on the assets of the business.

7
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
£
£
141,911
178,090
ADS WINDOWS AND DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Deferred income restatement
-
104,282
Corporation tax liability
-
(3,422)
Deferred tax provision
-
(16,455)
Total adjustments
-
84,405
Equity as previously reported
386,419
391,806
Equity as adjusted
386,419
476,211
Analysis of the effect upon equity
Profit and loss reserves
-
84,405
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Deferred income restatement
104,282
Corporation tax liability
(3,422)
Deferred tax provision
(16,455)
Total adjustments
84,405
Profit as previously reported
5,387
Profit as adjusted
89,792
Notes to reconciliation
Deferred income restatement

The directors have identified an error in the calculation of deferred income in the prior period. Deferred income, relating to invoices raised in advance of the commencement of project work, was overstated in the 31 December 2022 period by £104,282.

 

A prior period adjustment has been made to restate the previous year comparatives to provide a more accurate representation of trading in the two periods.

 

The tax impact of the correction amounts to an increase in corporation tax liability of £3,422 and the deferred tax provision of £16,455. The net effect on reserves brought forward is an increase of £84,405.

ADS WINDOWS AND DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Loans from connected company
254,999
204,999

Loans from connected company

During the year the company received loans totalling £50,000 from a UK registered company with directors and shareholders in common. The balance outstanding at the period end was £254,999 (2022 - £204,999). Amounts outstanding are unsecured, interest free and deemed repayable on demand.

10
Parent company

The parent company of ADS Windows and Doors Limited is Adswand Limited, a company incorporated in England and Wales, which holds 100% of the issued share capital of this company. The parent company registered office address is Michael House, Castle Street, Exeter EX4 3LQ.

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