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Registered Number: SC570316
Scotland

 

 

 

MADE FOR TRADE WINDOWS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 November 2022

End date: 31 October 2023
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 October 2023.
Principal activities
Principal activity of the company during the financial year was of buying and selling Upvc windows and doors.
Directors
The directors who served the company throughout the year were as follows:
James OHara
Mark Owens
Kathleen OHara
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
James OHara
Director

Date approved: 06 September 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 205,472    217,405 
205,472    217,405 
Current assets      
Stocks 4 366,207    211,440 
Debtors 5 366,805    373,880 
Cash at bank and in hand 194,507    47,050 
927,519    632,370 
Creditors: amount falling due within one year 6 (961,253)   (620,108)
Net current assets (33,734)   12,262 
 
Total assets less current liabilities 171,738    229,667 
Creditors: amount falling due after more than one year 7 (126,218)   (204,019)
Provisions for liabilities 8 (37,316)   2,287 
Net assets 8,204    27,935 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 8,104    27,835 
Shareholders' funds 8,204    27,935 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 06 September 2024 and were signed on its behalf by:


-------------------------------
James OHara
Director
2
General Information
Made For Trade Windows Ltd is a private company, limited by shares, registered in Scotland, registration number SC570316, registration address Unit 3-4 Nurseries Road, Baillieston, Glasgow, G69 6UL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Straight Line
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 33% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 24 (2022 : 12).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 November 2022 259,801    54,635    13,913    15,249    343,598 
Additions   38,699    1,842    2,012    42,553 
Disposals        
At 31 October 2023 259,801    93,334    15,755    17,261    386,151 
Depreciation
At 01 November 2022 82,686    17,131    6,320    8,494    114,631 
Charge for year 35,423    26,985    1,887    1,753    66,048 
On disposals        
At 31 October 2023 118,109    44,116    8,207    10,247    180,679 
Net book values
Closing balance as at 31 October 2023 141,692    49,218    7,548    7,014    205,472 
Opening balance as at 01 November 2022 177,115    25,942    7,593    6,755    217,405 


4.

Stocks

2023
£
  2022
£
Work in Progress 83,065    83,125 
Stocks 283,142    128,315 
366,207    211,440 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 301,460    283,641 
Prepayments & Accrued Income 47,921    90,239 
Other Debtors 1,000   
Directors' Current Accounts 16,424   
366,805    373,880 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 628,518    370,663 
Bank Loans & Overdrafts (Secured) 30,536    30,536 
Corporation Tax 34,675    9,184 
PAYE & Social Security 69,924    79,977 
Accrued Expenses 4,192    3,590 
Other Creditors   14,000 
Obligations under HP/Financial Leases 53,258    53,258 
Directors' Current Accounts   3,473 
VAT 140,150    55,427 
961,253    620,108 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 66,859    94,288 
Obligations Under HP/Financial Leases 59,359    109,731 
126,218    204,019 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 36,843    (2,287)
Pension Provisions 473   
37,316    (2,287)

3