Company registration number 05367399 (England and Wales)
DIAMOND WINDOWS (DROITWICH) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DIAMOND WINDOWS (DROITWICH) LIMITED
COMPANY INFORMATION
Director
Mr M J Simmonds
Company number
05367399
Registered office
22 North Street Industrial Estate
Droitwich
Worcestershire
WR9 8JB
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
11 Victoria Square
Droitwich
Worcestershire
WR9 8DH
DIAMOND WINDOWS (DROITWICH) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
DIAMOND WINDOWS (DROITWICH) LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DIAMOND WINDOWS (DROITWICH) LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Diamond Windows (Droitwich) Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Diamond Windows (Droitwich) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Diamond Windows (Droitwich) Limited and state those matters that we have agreed to state to the board of directors of Diamond Windows (Droitwich) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Diamond Windows (Droitwich) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Diamond Windows (Droitwich) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Diamond Windows (Droitwich) Limited. You consider that Diamond Windows (Droitwich) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Diamond Windows (Droitwich) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
24 July 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
DIAMOND WINDOWS (DROITWICH) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
99,477
102,013
Current assets
Stocks
41,722
114,441
Debtors
4
213,701
351,809
Cash at bank and in hand
452,086
355,196
707,509
821,446
Creditors: amounts falling due within one year
5
(487,730)
(593,031)
Net current assets
219,779
228,415
Total assets less current liabilities
319,256
330,428
Creditors: amounts falling due after more than one year
6
(13,091)
(23,274)
Provisions for liabilities
8
(10,516)
(12,007)
Net assets
295,649
295,147
Capital and reserves
Called up share capital
9
10
10
Profit and loss reserves
295,639
295,137
Total equity
295,649
295,147
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 March 2024 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 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.
DIAMOND WINDOWS (DROITWICH) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 24 July 2024
Mr M J Simmonds
Director
Company registration number 05367399 (England and Wales)
DIAMOND WINDOWS (DROITWICH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Diamond Windows (Droitwich) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 North Street Industrial Estate, Droitwich, Worcestershire, WR9 8JB.
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 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
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:
Freehold land and buildings
Not provided
Improvements to property
10% on cost
Plant and machinery
25% on reducing balance
Office fixtures, fittings and equipment
10% on reducing balance
Motor vehicles
25% on reducing balance
No depreciation is provided on freehold property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the director, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
DIAMOND WINDOWS (DROITWICH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
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.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
12
DIAMOND WINDOWS (DROITWICH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Improvements to property
Plant and machinery
Office fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
6,289
177,844
3,861
26,372
132,644
347,010
Additions
1,790
29,198
30,988
Disposals
(20,995)
(20,995)
At 31 March 2024
6,289
177,844
3,861
28,162
140,847
357,003
Depreciation and impairment
At 1 April 2023
131,125
3,626
15,093
95,153
244,997
Depreciation charged in the year
17,512
59
1,312
5,784
24,667
Eliminated in respect of disposals
(12,138)
(12,138)
At 31 March 2024
148,637
3,685
16,405
88,799
257,526
Carrying amount
At 31 March 2024
6,289
29,207
176
11,757
52,048
99,477
At 31 March 2023
6,289
46,719
235
11,279
37,491
102,013
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
172,412
330,026
Other debtors
41,289
21,783
213,701
351,809
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,183
9,932
Trade creditors
213,918
243,514
Amounts owed to group undertakings
38,027
49,600
Taxation and social security
113,504
102,779
Other creditors
112,098
187,206
487,730
593,031
DIAMOND WINDOWS (DROITWICH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,091
23,274
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
23,274
33,206
Bank loans are secured by way of a government-backed guarantee.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10,516
12,007
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
10
10
10
10
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Control
Ultimate parent company
The ultimate parent company is Diamond Windows Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr M J Simmonds, by virtue of his controlling interest in the ultimate parent company.