IRIS Accounts Production v24.2.0.383 07055859 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 4.4.24 false true false false false true false Auditors Opinion Ordinary A 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070558592022-12-31070558592023-12-31070558592023-01-012023-12-31070558592021-12-31070558592022-01-012022-12-31070558592022-12-3107055859ns15:EnglandWales2023-01-012023-12-3107055859ns14:PoundSterling2023-01-012023-12-3107055859ns10:Director12023-01-012023-12-3107055859ns10:Director22023-01-012023-12-3107055859ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107055859ns10:SmallEntities2023-01-012023-12-3107055859ns10:Audited2023-01-012023-12-3107055859ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3107055859ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107055859ns10:FullAccounts2023-01-012023-12-310705585912023-01-012023-12-3107055859ns10:OrdinaryShareClass12023-01-012023-12-3107055859ns10:RegisteredOffice2023-01-012023-12-3107055859ns5:CurrentFinancialInstruments2023-12-3107055859ns5:CurrentFinancialInstruments2022-12-3107055859ns5:Non-currentFinancialInstruments2023-12-3107055859ns5:Non-currentFinancialInstruments2022-12-3107055859ns5:ShareCapital2023-12-3107055859ns5:ShareCapital2022-12-3107055859ns5:RetainedEarningsAccumulatedLosses2023-12-3107055859ns5:RetainedEarningsAccumulatedLosses2022-12-3107055859ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3107055859ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3107055859ns5:PlantMachinery2023-01-012023-12-3107055859ns5:FurnitureFittings2023-01-012023-12-3107055859ns5:ComputerEquipment2023-01-012023-12-3107055859ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3107055859ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3107055859ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3107055859ns5:LandBuildings2022-12-3107055859ns5:PlantMachinery2022-12-3107055859ns5:LandBuildings2023-01-012023-12-3107055859ns5:LandBuildings2023-12-3107055859ns5:PlantMachinery2023-12-3107055859ns5:LandBuildings2022-12-3107055859ns5:PlantMachinery2022-12-3107055859ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107055859ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3107055859ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3107055859ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3107055859ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3107055859ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3107055859ns5:WithinOneYear2023-12-3107055859ns5:WithinOneYear2022-12-3107055859ns5:BetweenOneFiveYears2023-12-3107055859ns5:BetweenOneFiveYears2022-12-3107055859ns5:MoreThanFiveYears2023-12-3107055859ns5:MoreThanFiveYears2022-12-3107055859ns5:AllPeriods2023-12-3107055859ns5:AllPeriods2022-12-3107055859ns5:DeferredTaxation2022-12-3107055859ns5:DeferredTaxation2023-01-012023-12-3107055859ns5:DeferredTaxation2023-12-3107055859ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 07055859 (England and Wales)











Financial Statements

for the Year Ended 31 December 2023

for

Westcoast Window Systems Ltd

Westcoast Window Systems Ltd (Registered number: 07055859)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Westcoast Window Systems Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A Mills
M C Nixon





REGISTERED OFFICE: Unit 8, Brickfields Business Park
Old Stowmarket Road
Woolpit
Bury St Edmunds
Suffolk
IP30 9QS





REGISTERED NUMBER: 07055859 (England and Wales)





AUDITORS: Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Westcoast Window Systems Ltd (Registered number: 07055859)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 6 3,967 6,065
Tangible assets 7 19,152 21,090
23,119 27,155

CURRENT ASSETS
Debtors 8 563,590 1,206,315
Cash at bank 280,219 391,481
843,809 1,597,796
CREDITORS
Amounts falling due within one year 9 529,648 1,069,873
NET CURRENT ASSETS 314,161 527,923
TOTAL ASSETS LESS CURRENT LIABILITIES 337,280 555,078

CREDITORS
Amounts falling due after more than one
year

10

(20,753

)

(30,737

)

PROVISIONS FOR LIABILITIES 13 (4,395 ) (3,642 )
NET ASSETS 312,132 520,699

CAPITAL AND RESERVES
Called up share capital 14 168,100 168,100
Retained earnings 144,032 352,599
SHAREHOLDERS' FUNDS 312,132 520,699

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:




A Mills - Director



M C Nixon - Director


Westcoast Window Systems Ltd (Registered number: 07055859)

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

1. STATUTORY INFORMATION

Westcoast Window Systems Ltd 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 (£).


The accounts have been rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Where a project has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Provisions for amounts recoverable on contracts are included, which although recoverable may not have been invoiced at the balance sheet date.

Intangible assets
Intangible assets are recognised when expenditure is considered to give future economic benefits over a period greater than 1 year and are amortised over the expected period that this financial benefit will arise.

The directors consider the intangible assets recognised have an expected financial benefit period of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 3 years straight line
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance


Westcoast Window Systems Ltd (Registered number: 07055859)

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

3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
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 pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable on contracts
Revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Westcoast Window Systems Ltd (Registered number: 07055859)

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

3. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment loss was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

5. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

11,500

11,500

Westcoast Window Systems Ltd (Registered number: 07055859)

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

6. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 34,495
AMORTISATION
At 1 January 2023 28,430
Amortisation for year 2,098
At 31 December 2023 30,528
NET BOOK VALUE
At 31 December 2023 3,967
At 31 December 2022 6,065

7. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 4,858 51,698 56,556
Additions - 3,899 3,899
At 31 December 2023 4,858 55,597 60,455
DEPRECIATION
At 1 January 2023 4,858 30,608 35,466
Charge for year - 5,837 5,837
At 31 December 2023 4,858 36,445 41,303
NET BOOK VALUE
At 31 December 2023 - 19,152 19,152
At 31 December 2022 - 21,090 21,090

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts recoverable on contract 460,460 1,132,599
Other debtors 103,130 73,716
563,590 1,206,315

Westcoast Window Systems Ltd (Registered number: 07055859)

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

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 11) 8,879 9,747
Payments on account 42,465 -
Trade creditors 86,009 153,179
Amounts owed to group undertakings 362,522 808,276
Taxation and social security 17,712 82,674
Other creditors 12,061 15,997
529,648 1,069,873

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 11) 20,753 30,737

11. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 8,879 9,747

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,247 9,994

Amounts falling due between two and five years:
Bank loans - 2-5 years 10,506 20,743

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 30,522 25,515
Between one and five years 95,801 79,732
In more than five years 26,917 43,917
153,240 149,164

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 4,395 3,642

Westcoast Window Systems Ltd (Registered number: 07055859)

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

13. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 3,642
Provided during year 753
Balance at 31 December 2023 4,395

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
168,100 Ordinary A £1 168,100 168,100

15. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Knights BSc ACA (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited

16. PARENT UNDERTAKING

The parent company is Westcoast Windows AB is a company incorporated in Sweden. Their registered office and principal place of business is Kardanvagen 42 Trollhattan, 461 38, Sweden.

The ultimate controlling party is Inwido AB, a company incorporated in Sweden. Their registered office is Engelbrektsgatan 15, 211 33 Malmö, Sweden.