Company registration number 03256245 (England and Wales)
OXTED WINDOW SYSTEMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
OXTED WINDOW SYSTEMS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
OXTED WINDOW SYSTEMS LTD (REGISTERED NUMBER: 03256245)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
49,310
Current assets
Stocks
-
7,500
Debtors
4
222,398
377,544
Cash at bank and in hand
34,596
384,864
256,994
769,908
Creditors: amounts falling due within one year
5
(162,241)
(599,200)
Net current assets
94,753
170,708
Total assets less current liabilities
94,753
220,018
Creditors: amounts falling due after more than one year
6
(48,750)
(93,750)
Provisions for liabilities
-
0
(10,097)
Net assets
46,003
116,171
Capital and reserves
Called up share capital
190
190
Profit and loss reserves
45,813
115,981
Total equity
46,003
116,171

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 March 2024 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.

- 1 -
OXTED WINDOW SYSTEMS LTD (REGISTERED NUMBER: 03256245)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
Mr M Potter
Director
- 2 -
OXTED WINDOW SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
Company information

Oxted Window Systems Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 34a Hobbs Industrial Estate, Eastbourne Road, Newchapel, Lingfield, Surrey, RH7 6HN.

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 £1.

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
Over the lease term
Plant and equipment
25% reducing balance and 10% on cost
Fixtures and fittings
25% reducing balance and 15% reducing balance
Computers
33% reducing balance
Motor vehicles
25% reducing balance

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
- 3 -

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.

OXTED WINDOW SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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
Retirement benefits

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

1.7
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.

 

OXTED WINDOW SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Employees

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

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
1,450
136,122
10,599
13,952
19,895
182,018
Disposals
-
0
(136,122)
(10,599)
(13,952)
(19,895)
(180,568)
At 31 March 2024
1,450
-
0
-
0
-
0
-
0
1,450
Depreciation and impairment
At 1 April 2023
1,450
101,128
8,243
9,034
12,853
132,708
Depreciation charged in the year
-
0
8,975
374
1,059
1,174
11,582
Eliminated in respect of disposals
-
0
(110,103)
(8,617)
(10,093)
(14,027)
(142,840)
At 31 March 2024
1,450
-
0
-
0
-
0
-
0
1,450
Carrying amount
At 31 March 2024
-
0
-
0
-
0
-
0
-
0
-
0
At 31 March 2023
-
0
34,994
2,356
4,918
7,042
49,310
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,283
246,393
Amounts owed by group undertakings
57,755
-
0
Other debtors
130,566
100,357
191,604
346,750
- 5 -
OXTED WINDOW SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Debtors
(Continued)
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
30,794
30,794
Total debtors
222,398
377,544
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
45,000
45,000
Trade creditors
82,929
111,948
Taxation and social security
15,723
92,550
Other creditors
18,589
349,702
162,241
599,200
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
48,750
93,750

 

7
Loans and overdrafts
2024
2023
£
£
Bank loans
93,750
138,750
Payable within one year
45,000
45,000
Payable after one year
48,750
93,750

The bank overdraft is secured by a mortgage debenture given by the company, by second mortgages on the properties of the directors and by personal guarantees given by the directors in total of £155,000.

 

- 6 -
OXTED WINDOW SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
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:

2024
2023
£
£
-
0
9,973
9
Parent company

The ultimate controlling party is OWS Group Limited.

- 7 -
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