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REGISTERED NUMBER: 02897134 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2023

for

The Sash Window Workshop Trading Limited

The Sash Window Workshop Trading Limited (Registered number: 02897134)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


The Sash Window Workshop Trading Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr R G Dollar





SECRETARY: Mr R G Dollar





REGISTERED OFFICE: 4 Kiln Lane
Bracknell
Berkshire
RG12 1NA





REGISTERED NUMBER: 02897134 (England and Wales)





AUDITORS: WP Audit Limited
Statutory Auditors
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Strategic Report
for the Year Ended 31 December 2023

The director presents his strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The company's key financial performance indicators during the period were as follows:

2023 2022
£'000s £'000s

Turnover 11,387 9,344
Gross profit margin 46.1% 47.3%
Operating profit / (loss) 1,226 1,525
EBITDA 1,476 1,711
Cash at bank 1,774 1,237


The company's operating results have performed in line with the expectations of the directors with an increase in turnover resulting from growth in volumes supported by significant capital investment to increase capacity and position the company for further growth. During the year the company managed its operational efficiency and cost control which has enabled the company to report a gross margin of 46.1% The company's key profit measure is EBITDA, which is calculated as operating profit excluding depreciation and amortisation, which in 2023 was £1,466,144. The company's operating profit reported on a statutory basis was £1,225,877 which includes depreciation and amortisation of £250,267.

The company continues to invest both in its people and fixed assets. Capital expenditure on tangible assets was £234,666 in the year as key part of continuing the growth of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
Interest risk
The company repaid their loans during the financial period which reduced any interest rate risk they faced.

Liquidity risk
The company is cash generative in a normal market. Since a large proportion of the company's costs are variable based on income the risk of liquidity challenges is considered to be low.

Credit risk
The company's principle credit risk arises from the ability of its customers to meet their contractual obligation to pay their debts as and when they fall due. The company's approach to managing this risk is to continually monitor debt collection, performing appropriate credit checks on new and existing commercial customers using third party credit reference agencies to assess creditworthiness and set appropriate credit and payment terms.

Currency risk
The company trades predominantly with UK headquartered businesses in Sterling and has minimal currency risk.

Competitive risk
The market in which the company operates is competitive. The company is passionate about customer success and being trusted to deliver exceptional services. The focus on strong customer relationships and service offerings mitigate the competitive risk.

Tax risk
All transactions undertaken by the company have a business purpose and a commercial rationale. The company does not engage in any aggressive tax planning and does not implement structures purely for tax planning purposes. In relation to tax compliance, it is the policy of the company to fully comply with all applicable tax rules, regulations and disclosure requirements. The company uses appropriately qualified external advisors to look after the company's tax affairs.

ON BEHALF OF THE BOARD:





Mr R G Dollar - Director


5 September 2024

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Report of the Director
for the Year Ended 31 December 2023

The director presents his report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacturing and installation of windows, doors and ancillary services.

DIVIDENDS
An interim dividend of £35.83 per share was paid on 31 December 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 716,666 .

DIRECTOR
Mr R G Dollar held office during the whole of the period from 1 January 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
During the year donations totalling £14,357 were made to Charity. There were no political donations made.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr R G Dollar - Director


5 September 2024

Report of the Independent Auditors to the Members of
The Sash Window Workshop Trading Limited

Opinion
We have audited the financial statements of The Sash Window Workshop Trading Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). The prior year financial statements were unaudited.

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
The Sash Window Workshop Trading Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The engagement partners ensured that the engagement team collectively had the appropriate competence, capabilities and skill to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

-we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instance of non-compliance throughout the audit.

-We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

-understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, we;

-performed analytical procedures to identify unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations; we designed procedures which included, but were not limited to;-

agreeing financial statement disclosures to underlying supporting documentation;

-enquiring of management as to actual and potential litigation and claims; and

-reviewing correspondence with HMRC, relevant regulators and company's legal advisors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
The Sash Window Workshop Trading Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Philippa Duckworth BSc FCCA (Senior Statutory Auditor)
for and on behalf of WP Audit Limited
Statutory Auditors
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

12 September 2024

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 11,386,986 9,344,200

Cost of sales (6,141,892 ) (4,921,167 )
GROSS PROFIT 5,245,094 4,423,033

Administrative expenses (4,019,217 ) (3,192,724 )
1,225,877 1,230,309

Other operating income - 294,086
OPERATING PROFIT 5 1,225,877 1,524,395

Interest receivable and similar income 67,262 8,989
1,293,139 1,533,384

Interest payable and similar expenses 6 (38,757 ) (104,529 )
PROFIT BEFORE TAXATION 1,254,382 1,428,855

Tax on profit 7 (416,634 ) (338,327 )
PROFIT FOR THE FINANCIAL YEAR 837,748 1,090,528

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 837,748 1,090,528


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 837,748 1,090,528

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 9 6,957 26,655
Tangible assets 10 1,608,629 1,604,531
Investments 11 - -
1,615,586 1,631,186

CURRENT ASSETS
Stocks 12 818,583 1,079,949
Debtors 13 1,764,681 1,475,754
Cash at bank and in hand 1,773,785 1,237,322
4,357,049 3,793,025
CREDITORS
Amounts falling due within one year 14 (3,511,748 ) (3,055,984 )
NET CURRENT ASSETS 845,301 737,041
TOTAL ASSETS LESS CURRENT LIABILITIES 2,460,887 2,368,227

CREDITORS
Amounts falling due after more than one year 15 (247,040 ) (394,624 )

PROVISIONS FOR LIABILITIES 20 (1,111,397 ) (992,235 )
NET ASSETS 1,102,450 981,368

CAPITAL AND RESERVES
Called up share capital 21 200 200
Retained earnings 22 1,102,250 981,168
SHAREHOLDERS' FUNDS 1,102,450 981,368

The financial statements were approved by the director and authorised for issue on 5 September 2024 and were signed by:





Mr R G Dollar - Director


The Sash Window Workshop Trading Limited (Registered number: 02897134)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 200 421,201 421,401

Changes in equity
Dividends - (530,561 ) (530,561 )
Total comprehensive income - 1,090,528 1,090,528
Balance at 31 December 2022 200 981,168 981,368

Changes in equity
Dividends - (716,666 ) (716,666 )
Total comprehensive income - 837,748 837,748
Balance at 31 December 2023 200 1,102,250 1,102,450

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

The Sash Window Workshop Trading Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Included in provisions is an estimate of £232,579 (2022: £205,579) for dilapidations with regard to the company's buildings and an estimate of £482,654 (2021: £454,334) for remedial work required under warranties given.

Dilapidations:
The company recognises a provision for dilapidations when there is a present obligation due to past events, a probable outflow of resources, and a reliable estimate of the expenditure required to settle the obligation.

This provision is measured based on the best estimate of costs to restore leased properties to their original condition as specified in lease agreements and is reviewed annually for adjustments.

Bad debt:
The company recognises a provision for bad debts to account for the estimated losses resulting from the inability to collect outstanding receivables. This provision is determined based on a regular review of all outstanding amounts, considering factors such as the age of the receivable, historical collection rates, and specific customer creditworthiness.

Adjustments to the provision are made as needed to reflect changes in the credit risk of receivables. The bad debt provision is presented as a deduction from trade receivables on the balance sheet, ensuring that the financial statements accurately reflect the expected realisable value of the receivables.

Remedial provision:
The company recognises a provision for remedial costs to cover the estimated expenses required to rectify any identified deficiencies or regulatory non-compliance issues. This provision is recorded when a present obligation exists as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the expenditure can be made. The provision is measured at the best estimate of the costs necessary to settle the obligation at the reporting date, taking into account any relevant regulatory requirements and the specific circumstances of the deficiency. Adjustments to the provision are made as necessary to reflect changes in the estimated costs. The remedial costs provision is presented as a liability in the financial statements, ensuring accurate reporting of the company's obligations.

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets
Computer software is being amortised evenly over its estimated useful life of 3 and 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Other fixed assets - at varying rates on cost
Plant and machinery - at varying rates on cost
Motor vehicles - at varying rates on cost
Computer equipment - at varying rates on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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.

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(i) Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

(ii) Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
In the company balance sheet, investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

(iii) Equity instruments

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructiveobligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 11,386,986 9,344,200
11,386,986 9,344,200

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 4,007,201 3,302,556
Social security costs 430,109 376,440
Other pension costs 372,270 62,057
4,809,580 3,741,053

The average number of employees during the year was as follows:
31.12.23 31.12.22

Management 6 5
Admin 11 10
Sales 8 7
Production 67 56
92 78

31.12.23 31.12.22
£    £   
Director's remuneration 16,391 13,145
Director's pension contributions to money purchase schemes 122,381 -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Other operating leases 383,704 333,724
Depreciation - owned assets 157,603 90,665
Depreciation - assets on hire purchase contracts 72,965 71,696
Computer software amortisation 19,698 29,229
Auditors' remuneration 12,150 -
Foreign exchange differences 3,636 (4,844 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest 7,893 83,984
Credit card charges 30,864 20,545
38,757 104,529

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 352,792 176,005

Deferred tax 63,842 162,322
Tax on profit 416,634 338,327

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 1,254,382 1,428,855
Profit multiplied by the standard rate of corporation tax in the UK of 23.521%
(2022 - 19%)

295,043

271,482

Effects of:
Expenses not deductible for tax purposes 45,475 (53,374 )
Tax rate timing differences 3,778 38,957
Timing differences on assets 72,338 81,262
Total tax charge 416,634 338,327

8. DIVIDENDS

31.12.2331.12.22
££

Ordinary A shares of £0.010 each281,316174,524
Ordinary B shares of £0.010 each319,986153,805
Ordinary C shares of £0.010 each81,576149,632
Ordinary D shares of £0.010 each33,78852,560
Ordinary E shares of £0.010 each-
716,666530,561

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023
and 31 December 2023 204,110
AMORTISATION
At 1 January 2023 177,455
Amortisation for year 19,698
At 31 December 2023 197,153
NET BOOK VALUE
At 31 December 2023 6,957
At 31 December 2022 26,655

10. TANGIBLE FIXED ASSETS
Other
fixed Plant and Motor Computer
assets machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 1,055,220 1,749,697 26,744 196,012 3,027,673
Additions 67,851 143,672 - 23,143 234,666
Disposals (12,951 ) (95,712 ) - (75,364 ) (184,027 )
At 31 December 2023 1,110,120 1,797,657 26,744 143,791 3,078,312
DEPRECIATION
At 1 January 2023 409,068 846,159 14,807 153,108 1,423,142
Charge for year 64,947 127,309 4,428 33,884 230,568
Eliminated on disposal (12,951 ) (95,712 ) - (75,364 ) (184,027 )
At 31 December 2023 461,064 877,756 19,235 111,628 1,469,683
NET BOOK VALUE
At 31 December 2023 649,056 919,901 7,509 32,163 1,608,629
At 31 December 2022 646,152 903,538 11,937 42,904 1,604,531

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 676,905
DEPRECIATION
At 1 January 2023 79,477
Charge for year 72,965
At 31 December 2023 152,442
NET BOOK VALUE
At 31 December 2023 524,463
At 31 December 2022 597,428

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 200
Disposals (200 )
At 31 December 2023 -
PROVISIONS
At 1 January 2023 200

Eliminated on disposal (200 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

12. STOCKS
31.12.23 31.12.22
£    £   
Stocks 818,583 1,079,949

Stock consists of raw materials and consumables. Within this, the provision for the year is £Nil (2022: £Nil)

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 470,665 208,906
Amounts owed by group undertakings 743,002 770,694
Other debtors 99,588 23,072
Directors' loan accounts 38,082 25,903
Tax 8,742 8,742
Prepayments 191,956 171,574
1,552,035 1,208,891

Amounts falling due after more than one year:
Other debtors 212,646 266,863

Aggregate amounts 1,764,681 1,475,754

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 16) - 89,856
Hire purchase contracts (see note 17) 128,277 128,277
Trade creditors 199,751 265,744
Amounts owed to group undertakings 226,901 36,400
Tax 352,790 184,745
Social security and other taxes 191,903 135,308
VAT 343,662 301,898
Other creditors 179,527 468,568
Accruals and deferred income 1,888,937 1,445,188
3,511,748 3,055,984

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 17) 247,040 394,624

16. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans - 89,856

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 128,277 128,277
Between one and five years 247,040 394,624
375,317 522,901

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 475,460 474,545
Between one and five years 1,266,391 905,910
In more than five years 875,000 1,180,000
2,616,851 2,560,455

18. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans - 89,856
Hire purchase contracts 375,317 522,901
375,317 612,757

19. FINANCIAL INSTRUMENTS

2023 2022
£    £   
FINANCIAL ASSETS
Financial assets measured at fair value through profit and loss 1,538,580 1,475,754
Financial assets that are debt instruments measured at amortised cost 1,773,785 1,237,322
3,312,365 2,713,076
FINANCIAL LIABILITIES
Financial liabilities measured at amortised cost (3,521,939 ) (3,450,608 )

Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors and accrued income.

Financial liabilities measured at amortised cost comprise bank and other loans (including finance leases), overdrafts, trade creditors, other creditors and accruals.

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

20. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 396,164 332,322
Other provisions 715,233 659,913
1,111,397 992,235

Deferred Other
tax provisions
£    £   
Balance at 1 January 2023 332,322 659,913
Provided during year 63,842 55,320
Balance at 31 December 2023 396,164 715,233

Included within other provisions is a dilapidation provision £232,579 (2022: £205,579) and a remedial provision of £482,654 (2022: £454,335).

21. CALLED UP SHARE CAPITAL

31.12.23 31.12.22
£ £
Allotted, called up and fully paid
10,200 Ordinary A shares of £0.010 each 102 102
5,600 Ordinary B shares of £0.010 each 56 56
2,600 Ordinary C shares of £0.010 each 26 26
800 Ordinary D shares of £0.010 each 8 8
800 Ordinary E shares of £0.010 each 8 8
200 200
The shares constitute a A, B, C, D and E classes of shares with the same rights in respect of voting, but different rights in respect of capital and income

22. RESERVES
Retained
earnings
£   

At 1 January 2023 981,168
Profit for the year 837,748
Dividends (716,666 )
At 31 December 2023 1,102,250

23. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund.

Contributions totalling £16,330 (2022: £16,106) were payable to the fund at the balance sheet date and are included in creditors.

The Sash Window Workshop Trading Limited (Registered number: 02897134)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

24. SECURED DEBTS

The assets of the Company are secured by a fixed and floating charge against bank loans to the parent company, TSWW Holdings Limited.

25. CAPITAL COMMITMENTS
31.12.23 31.12.22
£    £   
Contracted but not provided for in the
financial statements 114,800 -

26. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Mr R G Dollar
Balance outstanding at start of year 25,902 24,560
Amounts advanced 12,180 6,742
Amounts repaid - (5,400 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 38,082 25,902

27. RELATED PARTY DISCLOSURES

Included within other debtors due after more than one year is an amount of £281,979 (2022: £261,811) due from a company controlled by R G Dollar, a director of the company.

During the year, a total of key management personnel compensation of £ 628,195 (2022 - £ 409,634 ) was paid.

28. ULTIMATE CONTROLLING PARTY

The controlling party is Mr R G Dollar.

The Company's immediate parent company is The Sash Window Workshop Limited.

The Company's ultimate parent company is TSWW Holdings Ltd.