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Registered number: 06552903










SOLIHULL TRADE FRAMES LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SOLIHULL TRADE FRAMES LIMITED
REGISTERED NUMBER: 06552903

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
150,069
149,830

  
150,069
149,830

Current assets
  

Stocks
 5 
8,168
59,102

Debtors: amounts falling due within one year
 6 
252,309
294,501

Cash at bank and in hand
  
14,605
351,562

  
275,082
705,165

Creditors: amounts falling due within one year
 7 
(88,810)
(423,959)

Net current assets
  
 
 
186,272
 
 
281,206

Total assets less current liabilities
  
336,341
431,036

Creditors: amounts falling due after more than one year
 8 
(14,167)
(24,167)

  

Net assets
  
322,174
406,869


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
322,074
406,769

  
322,174
406,869


Page 1

 
SOLIHULL TRADE FRAMES LIMITED
REGISTERED NUMBER: 06552903
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The Company's financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The Company's financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P D Firmager
Director

Date: 18 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SOLIHULL TRADE FRAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Solihull Trade Frames Limited is a private company, limited by shares, domiciled in England and Wales,
registration number 06552903. The registered office is 91 Lincoln Road North, Acocks Green, Birmingham, West Midlands, B27 6RT.
The principal activity of the Company during the period continued to be the supply of uPVC windows and
doors to the trade.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is British Pound Sterling (£).
The comparative figures were for a period of 8 months for the period ended 31 December 2022. This years figures are for the year ended 31 December 2023. The comparative figures are not directly comparable.

 
2.2

Going concern

Truframe Limited, a fellow group subsidiary, has confirmed their intention to support Solihull Trade Frames Limited for a period of at least 12 months from the signing of the financial statements. Based on this support and the continued profitability and working capital of Truframe Limited, the directors consider that the Company has the ability to continue as a going concern for at least the next 12 months and therefore these financial statements are prepared on a going concern basis.

Page 3

 
SOLIHULL TRADE FRAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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

Revenue 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 revenue 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.

 
2.4

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

Page 4

 
SOLIHULL TRADE FRAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

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 the Profit and Loss Account when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in the Profit and Loss Account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
SOLIHULL TRADE FRAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Computer equipment
-
50%
straight line
Assets Under Construction
-
Not depreciated

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 the Profit and Loss Account.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Profit and Loss Account.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
SOLIHULL TRADE FRAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (period ended 31 December 2022 - 11).

Page 7

 


 
SOLIHULL TRADE FRAMES LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


4.


Tangible fixed assets






Freehold property
Plant and machinery
Motor vehicles
Computer equipment
Assets under construction
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
163,919
10,471
34,010
915
-
209,315


Additions
-
-
-
-
14,220
14,220


Disposals
-
-
(34,010)
-
-
(34,010)



At 31 December 2023

163,919
10,471
-
915
14,220
189,525



Depreciation


At 1 January 2023
25,135
10,471
23,765
114
-
59,485


Charge for the period
3,278
-
-
458
-
3,736


Disposals
-
-
(23,765)
-
-
(23,765)



At 31 December 2023

28,413
10,471
-
572
-
39,456



Net book value



At 31 December 2023
135,506
-
-
343
14,220
150,069



At 31 December 2022
138,784
-
10,245
801
-
149,830

Page 8

 
SOLIHULL TRADE FRAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

2023
2022
£
£

Stock
8,168
59,102

8,168
59,102




6.


Debtors

2023
2022
£
£


Trade debtors
110,397
260,093

Amounts owed by group undertakings
141,305
28,550

Other debtors
-
3,129

Prepayments and accrued income
607
2,729

252,309
294,501



7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
42,774
239,256

Corporation tax
-
78,354

Other taxation and social security
14,136
68,780

Other creditors
8,178
12,204

Accruals and deferred income
13,722
15,365

88,810
423,959



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,167
24,167

14,167
24,167


Page 9

 
SOLIHULL TRADE FRAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
14,167
10,000


14,167
10,000

Amounts falling due 2-5 years

Bank loans
-
14,167


-
14,167


24,167
34,167



10.


Prior year adjustment

The financial statements have been restated to incorporate the correct treatment of administrative expense accruals in 31 December 2022. The change has resulted in the profit in the financial statements at 31 December 2022 decreasing by £14,475, from £104,518 to £90,043. Accruals have increased by £14,475 which has resulted in creditors increasing from £409,484 to £423,959 and net assets decreasing from £421,344 to £406,869.


11.


Related party transactions

The wholly owned subsidiaries of the Group are exempt from the requirements of Financial Reporting Standard 102, 1AC.35, to disclose transactions with other members of the Group.
All transactions are considered to be at arms length.
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102, 1AC.35.

Page 10

 
SOLIHULL TRADE FRAMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Controlling party

The ultimate parent undertaking of the Company became Aether Holdings Limited. The immediate parent company became Stamford Holdings Limited, a company incorporated in England and Wales. The registered office for which is Unit 3 J,K,L,M, Hudson Road, Saxby Road Industrial Estate, Melton Mowbray, Leicestershire, LE13 1BS. The parent preparing the consolidated financial statements for the smallest group of which the Company is a member is Aether Holdings Limited. The registered office for which is Unit 3 J,K,L,M, Hudson Road, Saxby Road Industrial Estate, Melton Mowbray, Leicestershire, LE13 1BS.
The ultimate controlling party was P D Firmager by virtue of his directorship and majority shareholding of the ultimate parent company.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 18 September 2024 by Shelley Harvey FCCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 11