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Registered number: 07137325
The Right Window Company Limited
Financial Statements
For The Year Ended 31 January 2024
Brealey Foster & Co
Chartered Accountant
2-4 The Horsefair
Hinckley
LE10 0AN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07137325
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 37,000 37,000
Tangible Assets 5 38,291 41,055
75,291 78,055
CURRENT ASSETS
Stocks 6 38,815 62,115
Debtors 7 3,813 (3,673 )
Cash at bank and in hand 1,357 1,137
43,985 59,579
Creditors: Amounts Falling Due Within One Year 8 (120,029 ) (80,647 )
NET CURRENT ASSETS (LIABILITIES) (76,044 ) (21,068 )
TOTAL ASSETS LESS CURRENT LIABILITIES (753 ) 56,987
Creditors: Amounts Falling Due After More Than One Year 9 - (33,256 )
NET (LIABILITIES)/ASSETS (753 ) 23,731
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account (755 ) 23,729
SHAREHOLDERS' FUNDS (753) 23,731
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Angela Chesterton
Director
Mr David Chesterton
Director
14th August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Right Window Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07137325 . The registered office is Sapcote Industrial Estate, Sapcote Road, Burbage, Hinckley, Leicestershire, LE10 2AU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 25%
Leasehold 25%
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 15%
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
Manufacturing 2 2
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 37,000
As at 31 January 2024 37,000
Net Book Value
As at 31 January 2024 37,000
As at 1 February 2023 37,000
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 February 2023 30,000 250 28,066 750 59,066
As at 31 January 2024 30,000 250 28,066 750 59,066
Depreciation
As at 1 February 2023 - 250 17,011 750 18,011
Provided during the period - - 2,764 - 2,764
As at 31 January 2024 - 250 19,775 750 20,775
Net Book Value
As at 31 January 2024 30,000 - 8,291 - 38,291
As at 1 February 2023 30,000 - 11,055 - 41,055
6. Stocks
2024 2023
£ £
Materials 10,000 20,000
Work in progress 28,815 42,115
38,815 62,115
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,718 (3,768 )
Prepayments and accrued income 95 95
3,813 (3,673 )
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 26,453 24,987
Bank loans and overdrafts 37,360 37,789
Corporation tax 1 1
VAT 7,687 1,792
Accruals and deferred income 1,650 1,490
Directors' loan accounts 46,878 14,588
120,029 80,647
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account - 33,256
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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