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West Coast Windows (SW) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

Registration number: 05391498
 

 

West Coast Windows (SW) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

West Coast Windows (SW) Limited

Company Information

Directors

Mr N C Gribble

Mrs J Boon

Registered office

52 Longbrook Street
EXETER
Devon
EX4 6AH

Accountants

Bick Accountants Ltd
Chartered Accountants
52 Longbrook Street
EXETER
Devon
EX4 6AH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
West Coast Windows (SW) Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of West Coast Windows (SW) Limited for the year ended 31 March 2024 as set out on pages 3 to 11 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of West Coast Windows (SW) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of West Coast Windows (SW) Limited and state those matters that we have agreed to state to the Board of Directors of West Coast Windows (SW) 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 West Coast Windows (SW) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that West Coast Windows (SW) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of West Coast Windows (SW) Limited. You consider that West Coast Windows (SW) 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 accounts of West Coast Windows (SW) 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 accounts.






Bick Accountants Ltd
Chartered Accountants
52 Longbrook Street
EXETER
Devon
EX4 6AH

20 August 2024

 

West Coast Windows (SW) Limited

(Registration number: 05391498)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

5

 

82,865

 

33,346

Current assets

   

 

Stocks

6

16,828

 

12,468

 

Debtors

7

332,567

 

141,541

 

Cash at bank and in hand

 

101,524

 

177,961

 

 

450,919

 

331,970

 

Creditors: Amounts falling due within one year

8

(189,782)

 

(161,703)

 

Net current assets

   

261,137

 

170,267

Total assets less current liabilities

   

344,002

 

203,613

Provisions for liabilities

 

(20,716)

 

(6,336)

Net assets

   

323,286

 

197,277

Capital and reserves

   

 

Called up share capital

9

4

 

4

 

Retained earnings

323,282

 

197,273

 

Shareholders' funds

   

323,286

 

197,277

 

West Coast Windows (SW) Limited

(Registration number: 05391498)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 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.

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 20 August 2024 and signed on its behalf by:
 

.........................................
Mr N C Gribble
Director

   
     
 

West Coast Windows (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
52 Longbrook Street
EXETER
Devon
EX4 6AH

The principal place of business is:
Unit 7, GD Units
Cofton Road
Marsh Barton
EXETER
EX2 8QW

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 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 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.

The financial statements are presented in pound sterling, the functional currency of the company, and are rounded to the nearest pound (£).

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

West Coast Windows (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

 

West Coast Windows (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

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.

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.

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.

 

West Coast Windows (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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 5 (2023 - 6).

 

West Coast Windows (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

67,000

67,000

At 31 March 2024

67,000

67,000

Amortisation

At 1 April 2023

67,000

67,000

At 31 March 2024

67,000

67,000

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

14,340

62,707

77,047

Additions

3,904

74,329

78,233

Disposals

(1,936)

(11,970)

(13,906)

At 31 March 2024

16,308

125,066

141,374

Depreciation

At 1 April 2023

11,696

32,005

43,701

Charge for the year

1,531

26,096

27,627

Eliminated on disposal

(1,498)

(11,321)

(12,819)

At 31 March 2024

11,729

46,780

58,509

Carrying amount

At 31 March 2024

4,579

78,286

82,865

At 31 March 2023

2,644

30,702

33,346

 

West Coast Windows (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Stocks

2024
£

2023
£

Raw materials and consumables

16,828

12,468

7

Debtors

Current

2024
£

2023
£

Trade debtors

284,458

135,555

Prepayments

6,589

5,986

Other debtors

41,520

-

 

332,567

141,541

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

83,815

62,679

Director's loan account

22,301

25,534

Taxation and social security

5,852

16,357

Other creditors

77,814

57,133

189,782

161,703

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

       
 

West Coast Windows (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

1,696

4,071

Later than one year and not later than five years

-

1,697

1,696

5,768

The amount of non-cancellable operating lease payments recognised as an expense during the year was £4,071 (2023 - £4,071).

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £20,000.00 per each Ordinary shares

80,000

80,000