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Registered number: 10537153
IRC (Windows & Doors) Ltd
Financial Statements
For The Year Ended 31 March 2024
Gravitate Accounting
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10537153
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 19,556 22,000
Tangible Assets 5 89,667 86,442
109,223 108,442
CURRENT ASSETS
Stocks 6 158,070 161,977
Debtors 7 52,332 39,151
Cash at bank and in hand 40 18,128
210,442 219,256
Creditors: Amounts Falling Due Within One Year 8 (868,542 ) (791,369 )
NET CURRENT ASSETS (LIABILITIES) (658,100 ) (572,113 )
TOTAL ASSETS LESS CURRENT LIABILITIES (548,877 ) (463,671 )
Creditors: Amounts Falling Due After More Than One Year 9 (105,411 ) (103,955 )
NET LIABILITIES (654,288 ) (567,626 )
CAPITAL AND RESERVES
Called up share capital 11 99 99
Profit and Loss Account (654,387 ) (567,725 )
SHAREHOLDERS' FUNDS (654,288) (567,626)
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Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Ian Chester
Director
10/09/2024
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
IRC (Windows & Doors) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10537153 . The registered office is Unit 2 Forge Way, Parkgate, Rotherham, S60 1SD.
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. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
When assessing the adequacy of going concern treatment, the Directors’ have taken into accounting post year-end trading results.
2.3. 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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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.
2.4. 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 10 years.
2.5. 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:
Leasehold 10% Straight Line
Plant & Machinery 20% Straight Line
Motor Vehicles 20% Straight Line
Fixtures & Fittings 20% Straight Line
Computer Equipment 20% Straight Line
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 11)
13 11
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 25,000
As at 31 March 2024 25,000
Amortisation
As at 1 April 2023 3,000
Provided during the period 2,444
As at 31 March 2024 5,444
Net Book Value
As at 31 March 2024 19,556
As at 1 April 2023 22,000
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 17,187 110,709 33,238 1,714 162,848
Additions 291 34,370 - - 34,661
As at 31 March 2024 17,478 145,079 33,238 1,714 197,509
Depreciation
As at 1 April 2023 1,421 42,337 32,372 276 76,406
Provided during the period 1,785 28,443 866 342 31,436
As at 31 March 2024 3,206 70,780 33,238 618 107,842
Net Book Value
As at 31 March 2024 14,272 74,299 - 1,096 89,667
As at 1 April 2023 15,766 68,372 866 1,438 86,442
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
Assets held under hire purchase contracts are secured on the relevant fixed assets.
2024 2023
£ £
Motor Vehicles 85,447 76,215
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6. Stocks
2024 2023
£ £
Stock 19,570 23,477
Work in progress 138,500 138,500
158,070 161,977
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 20,928 16,076
Prepayments and accrued income 31,404 18,996
Other debtors - 4,079
52,332 39,151
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 25,566 18,767
Trade creditors 305,072 272,322
Bank loans and overdrafts 23,776 46,948
Other taxes and social security 97,428 39,544
VAT 225,619 158,206
Other creditors 119,227 114,649
Credit cards 12,477 22,057
Pension Liability 125 79
Accruals and deferred income 33,892 88,064
Director's loan account 25,360 30,733
868,542 791,369
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 59,882 78,699
Bank loans 45,529 25,256
105,411 103,955
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 25,566 18,767
Later than one year and not later than five years 59,882 78,699
85,448 97,466
85,448 97,466
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11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 99 99
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