REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SCHOFIELDS GROUP PLC |
TRADING AS |
THAMES VALLEY WINDOW COMPANY |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SCHOFIELDS GROUP PLC |
TRADING AS |
THAMES VALLEY WINDOW COMPANY |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 14 |
SCHOFIELDS GROUP PLC |
TRADING AS THAMES VALLEY WINDOW COMPANY |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Unit 2.02 High Weald House |
Glovers End |
Bexhill |
East Sussex |
TN39 5ES |
TRADING ADDRESS: |
Longshot Lane |
Bracknell |
Berkshire |
RG12 1RL |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The company continued its principal activities throughout the current year. There have not been any significant changes in the group's principal activities in the year under review. The directors are not aware of any likely major changes in the company's principal activities in the next year. |
The results for the year are shown on the statement of comprehensive income. The profit for the year before taxation was £227,100 (2023- £445,338). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors are responsible for identifying, managing and mitigating the risks and uncertainties that can affect the company's long-term performance. The directors have identified the following principal risks to the successful operation of the business. |
Products and reputation: The company strictly follows all regulations set by its regulatory bodies and trade association and maintains a highly flexible and professional customer service team. Its Health and Safety and Environmental policies are regularly reviewed. |
Economic and market risk: The current economic climate and competitor pricing can affect the business in terms of sales and costs. The worldwide raw material price pressures driven by higher oil prices, the condition of the UK Retail and Housing sectors and changes in the Bank of England base rate affect the levels of disposable household income and affect the confidence on the entire retail market. The company's strategy to provide a broad product range from a number of manufacturers helps to minimise these risks. |
IT Systems and infrastructure: The company is reliant in its IT systems and infrastructure and has controls in place to maintain the security and efficiency of its systems. |
KEY PERFORMANCE INDICATORS |
Key Performance Indicators measure recent past performance providing information which allows management to make the appropriate decisions required to drive the business forward. |
Performance Indicators | 31.3.24 | 31.3.23 | Variance |
£ | £ | £ |
Turnover | 7,621,122 | 8,743,510 | (1,122,388) |
Gross profits | 1,661,661 | 1,747,394 | (85,733) |
Operating (loss)/profit | 195,140 | 436,876 | (241,736) |
ON BEHALF OF THE BOARD: |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the design, supply and installation of windows, doors, conservatories, orangeries and bespoke glass structures. |
DIVIDENDS |
Dividends of £190,000 (2023 - £265,000) were paid during the year. |
FUTURE DEVELOPMENTS |
The prime business objective is to deliver sustainable growth in shareholder value. This requires growth in the long term combined with strong cash generation. The strategy is to drive high quality performance in what the company does for existing and prospective customers and to further promote the organisation and its products. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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 (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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. They 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. |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SCHOFIELDS GROUP PLC |
Opinion |
We have audited the financial statements of Schofields Group Plc (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SCHOFIELDS GROUP PLC |
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 Directors. |
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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SCHOFIELDS GROUP PLC |
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have enquired with management and those charged with governance to obtain an understanding of the legal and regulatory framework applicable to the entity and, through our audit testing, our findings have confirmed that the entity's complying with the relevant frameworks. |
We have enquired with management and those charged with governance to obtain an understanding of the entity'spolicies and procedures relating to compliance with laws and regulations. Through our testing, we have reviewed all relevant documentation and confirm that there have been no instances of non- compliance. |
Through enquiry, analytical review, walk through testing and substantive testing we have obtained an understanding ofthe entity's policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud. |
We have confirmed that the engagement team collectively had the appropriate competence and capabilities to identify orrecognise non-compliance with laws and regulations and fraud. |
Listed above is the extent of procedures we have taken to detect material misstatements in respect of irregularities,including fraud, to which we have found no instances. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including thoseleading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases themore that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regardingirregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion,omission or misrepresentation. |
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 |
SCHOFIELDS GROUP PLC |
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. |
for and on behalf of |
Unit 2.02 High Weald House |
Glovers End |
Bexhill |
East Sussex |
TN39 5ES |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
227,197 | 447,297 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase or finance lease rental payments paid |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | - | (75,000 | ) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,135,815 |
Cash and cash equivalents at end of year | 2 | 867,825 | 651,292 |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Increase in warranty provision | 17,500 | - |
- | 550 |
Finance costs | 97 | 1,959 |
Finance income | (32,057 | ) | (10,421 | ) |
299,572 | 523,895 |
Increase in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 March 2024 |
31/3/24 | 1/4/23 |
£ | £ |
Cash and cash equivalents | 867,825 | 651,292 |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 651,292 | 1,135,815 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/23 | Cash flow | At 31/3/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 651,292 | 216,533 | 867,825 |
651,292 | 867,825 |
Total | 651,292 | 216,533 | 867,825 |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Schofields Group Plc is a public company, limited by shares, registered in England and Wales. The company's registered number is 01888124. The company's registered office and trading address is Unit 44, Longshot Lane, Bracknell, Berkshire, RG12 1RL. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the design, supply and installation of windows, doors, conservatories and orangeries. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARATION |
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. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
Preparation of the financial statements requires management to make significant judgements and estimates in order to apply the company's accounting policies. Actual results may differ from these estimates. The items in the financial statements where these judgments and estimates have been made include: |
Revenue recognition on long term contracts |
Recognition of revenue and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to the costs and value of work performed to date and to be performed in bringing contracts to completion, including satisfaction of maintenance responsibilities. The company has appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorisation. |
Useful economic lives of tangible fixed assets |
The useful economic lives used by the company in respect of tangible fixed assets are set out in the accounting policies. These estimates are based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. |
Warranty provision |
A provision is maintained to cover claims against the company in relation to products and services sold by the company. This primarily relates to guaranteed work. This is calculated with reference to the directors' experience of warranty costs actually incurred. |
Impairment of trade and other receivables |
The directors asses at each reporting date whether there is any objective evidence that the financial asset is impaired. To determine whether there is objective evidence of impairment, the directors consider factors such as the probability of insolvency or significant difficulties of the debtor and default or significant delay in payments. |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
REVENUE |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue represents net invoiced sales of goods and services, excluding trade discounts and value added tax. Revenue is measured at the fair value of the consideration received or receivable and is deferred or accrued where appropriate to recognise the proportion of work carried out.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. |
TANGIBLE FIXED ASSETS |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
STOCK |
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all direct expenditure and is calculated using on a first-in, first-out basis. |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
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. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment is discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors greater than one year are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
The financial statements are presented in Pound Sterling (£) rounded to the nearest pound. |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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 |
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. |
GOING CONCERN |
These accounts have been prepared on a going concern basis. The directors have no reason to believe that the company will not be able to continue to trade at current levels for the foreseeable future. |
3. | TURNOVER |
The turnover and profit before taxation on ordinary activities is attributable to the one activity of the company. |
No exports were made by the company during the year. |
4. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Directors | 4 | 4 |
Administration | 16 | 16 |
Service engineers and surveyors | 5 | 5 |
5. | DIRECTORS' EMOLUMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
The directors also received sales commissions of £18,384 (2023 - £15,538) during the year. The directors are considered to be the key management personnel. |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Foreign exchange differences |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Bank interest |
Leasing |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax |
CT Interest | 46 | - |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
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: |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Other tax adjustments | 7,259 | - |
Deferred tax | (14,906 | ) | 9,363 |
Total tax charge | 60,239 | 82,018 |
9. | DIVIDENDS |
The interim dividends paid during the year amounts to £190,000 (31.3.23 - £265,000). |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Motor |
leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
11. | FIXED ASSET INVESTMENTS |
Shares in | Fixed |
group | Asset |
undertakings | Investment | Totals |
£ | £ | £ |
Cost |
At 1 April 2023 |
and 31 March 2024 | 75,001 |
Net book value |
At 31 March 2024 | 75,001 |
At 31 March 2023 | 75,001 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: Unit 44 Longshot Lane, Bracknell, Berkshire, RG12 1RL |
Nature of business: |
% |
Class of shares: | holding |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Finished goods |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 129,846 | 120,273 |
Other creditors |
Staff Pension | 4,157 | 3,870 |
Accruals |
Deferred income |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | FINANCIAL INSTRUMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Financial assets |
Financial assets measured at fair value through profit or loss | 867,825 | 345,476 |
Financial assets that are measured at amortised cost | 1,307,961 | 1,271,735 |
2,168,981 | 1,617,211 |
Financial liabilities |
Financial liabilities measured at amortised cost | (1,084,214 | ) | (1,131,626 | ) |
(1,084,214 | ) | (1,131,626 | ) |
Financial assets measured at fair value through profit and loss comprise cash at bank and in hand. |
Financial assets that are debt instruments measured at amortised cost comprise accrued income, trade and other debtors as shown in the debtors note. |
Financial liabilities measured at amortised cost comprise accruals, directors' current accounts, trade and other creditors as shown in the Creditors: amounts falling due within one year note. |
17. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Warranty reserve account | 108,400 | 90,900 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year | ( |
) |
Movement |
Balance at 31 March 2024 |
SCHOFIELDS GROUP PLC (REGISTERED NUMBER: 01888124) |
TRADING AS THAMES VALLEY WINDOW COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary Class A | 10p | 25,500 | 25,500 |
Ordinary Class B | 10p | 25,500 | 25,500 |
Ordinary Class C | 10p | 9,000 | 9,000 |
60,000 | 60,000 |
All the shares rank pari passu and have one vote each. |
19. | PENSION COMMITMENTS |
Defined Contribution scheme |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost and charge represents contributions payable by the company to the fund and amounted to £22,461 (31.3.23 - £19,862). At the reporting date, £4,157 (31.3.23 - £3,870) was payable to the fund. |
20. | RELATED PARTY DISCLOSURES |
During the year, the company was charged £212,621 (31.3.23 - £228,663) in respect of sales commissions, and £55,000 (31.3.23 - £55,000) in respect of rent by entities under the control of the directors of Schofields Group PLC. |
At the balance sheet date a loan inclusive of interest totalling £234,662 - (31.3.23 - £244,575) was owed to the company by an entity controlled by the directors. The loan is payable on demand. Interest at 3% per annum was charged on these loans, which during the year totalled £14,193 (31.3.23 - £9,304). |
At the balance sheet date, the company had net creditors of £Nil (31.3.23- £926) owed to entities controlled by the directors of Schofield Group PLC. These amounts are interest free and payable on demand. |
The company is owed £27,732 (2023 - £2,160) to companies under the control of the directors of Schofield Group PLC. |