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REGISTERED NUMBER: 05060094 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 April 2024

for

Unique Window Systems Ltd

Unique Window Systems Ltd (Registered number: 05060094)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Unique Window Systems Ltd

Company Information
for the Year Ended 30 April 2024







DIRECTORS: S J Patel
A J Patel
N G Addison





REGISTERED OFFICE: 87 Parker Drive
Leicester
LE4 0JP





REGISTERED NUMBER: 05060094 (England and Wales)





AUDITORS: Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Unique Window Systems Ltd (Registered number: 05060094)

Strategic Report
for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The company's turnover for the year increased from £41m to £45m. The directors are satisfied with the results for the year in what continues to be a very challenging and competitive environment. Under the prevailing conditions much credit is due to the management and staff throughout the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider that the company has potential risks similar to those faced by other companies in the sector namely retaining loyalty of its customers, suppliers and staff. Considerable emphasis is devoted to maintaining service levels with customers and working closely with suppliers on quality and logistical issues to ensure that a high level of performance is achieved. The directors continually focus on medium and long term sustainable income generation and apply resources in developing and sourcing products to seek out additional profitable revenue streams.

Staff are encouraged to contribute fully to the business and are remunerated accordingly to mitigate this risk and encourage development.

SECTION 172(1) STATEMENT
Section 172 of The Companies Act 2006 states that a director of a company must act in the way it considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regards to:

- The likely consequences of any decision in the long term;
- The interests of the Company's employees;
- The need to foster the Company's business relationships with suppliers, customers and others;
- The impact of the company's operations on the community and the environment;
- The desirability of the Company maintaining a reputation for high standards of business conduct; and
- The need to act fairly as between members of the company

The following outlines how the directors have fulfilled their responsibilities under Section 172 during the financial year:

Decision Making
In the performance of its duty to promote the success of the company, the company reviews and considers the various stakeholders when making decisions. The company understands the potential impacts of the decisions it makes on the various stakeholders and ensures it makes the decision in the best interest of all parties including customers, suppliers, employees and the wider community; whilst focussing on decisions that support the long-term sustainability and growth of the company.

Employees
Our people are fundamental to the successful operation of the business. See section on 'Engaging with employees' within the Directors report.

Business relationships
Our approach on engagement and management of business relationships with suppliers and customers is discussed within the Directors Report.

Community and the environment
The company is dedicated to reducing our environmental impact and contributing to the community. Our goal is to operate sustainably and create a positive change for both the people and communities that we work with.

Maintaining High Standards of Business Conduct
Maintaining high standards of business conduct is crucial. We adhere to a comprehensive Code of Conduct that emphasizes integrity, fairness, and respect. Compliance with legal and regulatory requirements is monitored through regular audits and training programs to ensure all employees understand and uphold these standards.


Unique Window Systems Ltd (Registered number: 05060094)

Strategic Report
for the Year Ended 30 April 2024

FINANCIAL KEY PERFORMANCE INDICATORS
The directors consider the trading activity, specifically levels of turnover and gross profit as well as the net asset position of the company, to be the key performance indicators of the business. Turnover has greatly increased this year, with net assets remaining consistent with the prior year.

Gross profit percentage has increased from last year, demonstrating the company's increased investment in the recruitment of additional staff and the training of both new and existing employees in both the current and previous year is beginning to yield results.

Performance is measured on a monthly basis through detailed management accounts and reviews of forward order books and enquiries. The company also has in place a number of key performance indicators, managed through senior level performance objectives.

Revenue is a key measure, and this measure shows the success of the sales teams in terms of orders secured and business generated. In addition new areas for growth are explored through opening of new accounts and increasing volumes with existing customers.

Gross margin and profit percentage are important measures of performance and this is monitored to understand and control external trends in product pricing, manufacturing efficiency control and sourcing. Fixed overhead cost base is also monitored to ensure that value for money is achieved and profitability is not eroded unnecessarily.

Debtor and creditor days are monitored and close control is maintained to ensure that customer payments are received in line with agreed terms and suppliers are paid in line with contractual commitments. Cash flow and working capital is monitored as part of the monthly reporting and the company strives to be cash positive.

Investment in fixed assets is either financed through surplus working capital or specific asset funding in line with the overall working capital requirements.

ON BEHALF OF THE BOARD:





S J Patel - Director


15 October 2024

Unique Window Systems Ltd (Registered number: 05060094)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and sale of windows and doors.

DIVIDENDS
Dividends of £87,400 (2023: £87,400) were paid during the year.

FUTURE DEVELOPMENTS
The company continues to increase its production capacity through rental of additional factory capacity and investment and rental of plant and machinery. This investment will enable further efficiencies to be made into the production process and enable the company to meet current and anticipated future demand. The directors consider that the company's market place will remain very competitive for the foreseeable future. The directors believe that with its quality product and strong management team, the company is well placed to take advantage of every opportunity in the current year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

S J Patel
A J Patel
N G Addison

Other changes in directors holding office are as follows:

J W Raven - resigned 30 October 2023

FINANCIAL INSTRUMENTS
The company's financial risk management objective is broadly to seek to make neither profit nor loss on exposure to currency or interest rate risks. Its policy is to finance working capital through retained earnings and through borrowings using hire purchase and lease finance on capital expenditure at prevailing market rates.

The company is also exposed to the usual credit risk and cashflow risk associated with selling on credit and manages this through selling to credit worthy customers and strong credit control procedures.

The nature of its financial instruments means that they are not subject to significant price risk or liquidity risk and, accordingly, the directors do not consider any risks attaching to the use of financial instruments to be material to an ongoing assessment of its financial position or profit.


Unique Window Systems Ltd (Registered number: 05060094)

Report of the Directors
for the Year Ended 30 April 2024

ENGAGEMENT WITH EMPLOYEES
The company believes in promoting the full involvement and understanding of all employees in the success of the business. The arrangements for involving the employees of the company vary from informal communication to meetings. In addition, the remuneration is structured to increase employee awareness of performance and, at the same time, create a greater sense of involvement.

The company gives full consideration to applicants for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position to provide appropriate training to achieve this aim.

The company strives to ensure that everyone regardless of age, gender, background race or ethnicity, has an equal opportunity to develop and progress within our organisation. Our desire is to create a company and culture that attracts and retains the best people in our industry, and reflects the communities we are part of. It is important for us therefore to maintain a balance between male and female employees across our different functions.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Strong relationships with suppliers, customers, and other business partners are essential to our operations. We strive for fairness and collaboration in all our dealings, ensuring mutual benefits. Efforts have been made to enhance our customer service and strengthen supply chain resilience. Through focusing on customer satisfaction, supplier reliability, collaborative partnerships, stakeholder engagement, and sustainability, we aim to create lasting value and ensure the continued growth and prosperity of the company. Our commitment to these relationships is rooted in our belief that sustainable and mutually beneficial collaborations are essential to the long-term success of the company.

STREAMLINED ENERGY AND CARBON REPORTING
The company is required to report under the Streamlined Energy and Carbon Reporting (SECR) framework under the Companies and Limited Liabilities Partnerships Regulations 2018. We have followed the governments guidance on how to measure and report greenhouse gas emissions and have used the 2023 UK Government's Conversion Factors for Company Reporting.

This is the first reporting year for the company, therefore previous years data has not been utilisied to act as a comparison function. May 2023 to April 2024 will act as a baseline for future years reporting.

Greenhouse gas emissions and energy use data for the year 1 May 2023 to 30 April 2024

2024
kWh
Energy consumption
Aggregate of energy consumption in the year 3,443,868

2024
tCO2e
Scope 1 - direct emissions
Gas 62.5
Fugitive Emissions (Refrigerant Gas) 7.7
Transportation 343.0
413.0

Scope 2 - indirect emissions
Electricity 383
Total gross emissions 2,179


Unique Window Systems Ltd (Registered number: 05060094)

Report of the Directors
for the Year Ended 30 April 2024

Intensity ratio
Tonnes CO2e per £    of revenue 0.048


Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £    revenue.

Measures taken to improve energy efficiency
The company recognises that its operations have a potential direct and indirect impact on the environment. Consequently the company encourages efficiency throughout the manufacture of windows and doors in order to limit any exposure to the environment. The company promotes the reduction of energy consumption, minimising waste disposed to landfill by reducing, reusing and recycling, and reducing CO2 emissions. The company also promotes the adoption of new energy efficient technology as part or our ongoing plant and equipment and vehicle replacement programme.

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). 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.

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 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:





S J Patel - Director


15 October 2024

Report of the Independent Auditors to the Members of
Unique Window Systems Ltd

Opinion
We have audited the financial statements of Unique Window Systems Ltd (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 April 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
Unique Window Systems Ltd


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 six, 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
Unique Window Systems Ltd


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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

- Understanding the nature of the industry and sector, control environment and business performance;
- Consideration of the results of our enquiries of management and those charged with governance
about their own identification and assessment of the risks of irregularities;
- Understanding the company's policies and procedures on compliance with laws and regulations and
management of fraud risk, including documentation of instances of non-compliance of laws and
regulations and instances of actual, suspected or alleged fraud;
- Consideration of matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and any potential indicators of fraud;
- Understanding the legal and regulatory frameworks that the company operates in through enquiry of
management and those charged with governance and understanding the company's industry and
sector. The key laws and regulations that were considered to have an effect on material amounts and
disclosures in the financial statements included the Companies Act and tax legislation.

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations described as having a direct effect on the financial
statement;
- Enquiring of management, those charged with governance and, where applicable, the company's
solicitors concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misstatement due to fraud;
- Reviewing minutes of meetings of those charged with governance and, where applicable,
correspondence with regulators;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness and evaluating the business rationale of significant
transactions outside the normal course of business;
- Communication of potential fraud risks to all engagement team members and remaining alert to any
indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more 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 regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Report of the Independent Auditors to the Members of
Unique Window Systems Ltd


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.

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.




Peter Morris (Senior Statutory Auditor)
for and on behalf of Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

18 October 2024

Unique Window Systems Ltd (Registered number: 05060094)

Statement of Comprehensive
Income
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   

TURNOVER 3 45,083,840 41,056,211

Cost of sales (35,602,644 ) (32,961,774 )
GROSS PROFIT 9,481,196 8,094,437

Distribution costs (1,365,968 ) (1,354,075 )
Administrative expenses (6,079,808 ) (5,085,993 )
OPERATING PROFIT 5 2,035,420 1,654,369

Interest receivable and similar income 9,683 1,762
2,045,103 1,656,131

Interest payable and similar expenses 6 (226,309 ) (137,053 )
PROFIT BEFORE TAXATION 1,818,794 1,519,078

Tax on profit 7 (482,651 ) (318,609 )
PROFIT FOR THE FINANCIAL YEAR 1,336,143 1,200,469

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,336,143

1,200,469

Unique Window Systems Ltd (Registered number: 05060094)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 7,145,625 5,382,984
Investments 11 28,653 28,653
7,174,278 5,411,637

CURRENT ASSETS
Stocks 12 3,904,294 4,165,073
Debtors 13 8,814,200 9,468,927
Cash at bank and in hand 3,364,382 913,515
16,082,876 14,547,515
CREDITORS
Amounts falling due within one year 14 (9,063,159 ) (8,128,586 )
NET CURRENT ASSETS 7,019,717 6,418,929
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,193,995

11,830,566

CREDITORS
Amounts falling due after more than one
year

15

(2,774,243

)

(2,067,255

)

PROVISIONS FOR LIABILITIES 19 (1,210,625 ) (802,927 )
NET ASSETS 10,209,127 8,960,384

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Revaluation reserve 21 618,841 625,778
Share option reserve 21 10,969 10,969
Retained earnings 21 9,578,317 8,322,637
SHAREHOLDERS' FUNDS 10,209,127 8,960,384

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





S J Patel - Director


Unique Window Systems Ltd (Registered number: 05060094)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up Share
share Retained Revaluation option Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 May 2022 1,000 7,202,631 632,715 10,969 7,847,315

Changes in equity
Total comprehensive income - 1,200,469 - - 1,200,469
Dividends - (87,400 ) - - (87,400 )
Transfer between reserves - 6,937 (6,937 ) - -
Balance at 30 April 2023 1,000 8,322,637 625,778 10,969 8,960,384

Changes in equity
Total comprehensive income - 1,336,143 - - 1,336,143
Dividends - (87,400 ) - - (87,400 )
Transfer between reserves - 6,937 (6,937 ) - -
Balance at 30 April 2024 1,000 9,578,317 618,841 10,969 10,209,127

Unique Window Systems Ltd (Registered number: 05060094)

Cash Flow Statement
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,698,728 (336,334 )
Interest paid (133,513 ) (71,592 )
Interest element of hire purchase
payments paid

(92,796

)

(65,461

)
Tax paid (144,538 ) (6,413 )
Net cash from operating activities 4,327,881 (479,800 )

Cash flows from investing activities
Purchase of tangible fixed assets (787,660 ) (281,245 )
Sale of tangible fixed assets 132,940 109,635
Interest received 9,683 1,762
Net cash from investing activities (645,037 ) (169,848 )

Cash flows from financing activities
New loans in year 21,000 773,515
Loan repayments in year (377,853 ) (828,020 )
Capital repayments in year (787,724 ) (626,231 )
Equity dividends paid (87,400 ) (87,400 )
Net cash from financing activities (1,231,977 ) (768,136 )

Increase/(decrease) in cash and cash equivalents 2,450,867 (1,417,784 )
Cash and cash equivalents at
beginning of year

2

913,515

2,331,299

Cash and cash equivalents at end of
year

2

3,364,382

913,515

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.4.24 30.4.23
£    £   
Profit before taxation 1,818,794 1,519,078
Depreciation charges 913,864 821,693
Profit on disposal of fixed assets (27,530 ) (48,558 )
Finance costs 226,309 137,053
Finance income (9,683 ) (1,762 )
2,921,754 2,427,504
Decrease in stocks 260,779 307,150
Decrease/(increase) in trade and other debtors 654,727 (1,900,395 )
Increase/(decrease) in trade and other creditors 861,468 (1,170,593 )
Cash generated from operations 4,698,728 (336,334 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 3,364,382 913,515
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 913,515 2,331,299


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.5.23 Cash flow changes At 30.4.24
£    £    £    £   
Net cash
Cash at bank
and in hand 913,515 2,450,867 3,364,382
913,515 2,450,867 3,364,382
Debt
Finance leases (1,572,351 ) 787,724 - (2,778,882 )
Debts falling due
within 1 year (378,457 ) 147,357 - (231,100 )
Debts falling due
after 1 year (1,023,305 ) 209,495 - (813,810 )
(2,974,113 ) 1,144,576 - (3,823,792 )
Total (2,060,598 ) 3,595,443 - (459,410 )

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Unique 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 (£).


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, as modified by the revaluation of land and buildings.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing these financial statements the directors have exercised their judgement to determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are reviewed annually. They are amended when necessary to reflect current accounting estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

ii) Trade debtors

At each reporting date, trade debtors are assessed for recoverability. If there is any evidence of impairment, the carrying amount of the debtor is reduced to its recoverable amount. The impairment loss is recognised in the income statement.

iii) Stocks

In determining stock provisions, future demand and selling price is evaluated and appropriate provisions are made to reflect the risk of obsolescence and impairment in carrying value. The provisioning policy is in place to ensure that the carrying value of stock recognised in the financial statements is the lower of cost and estimated selling price less costs to complete and sell, in accordance with the stated accounting policy.

iv) Share based payment transactions

The directors are required to use an appropriate pricing model to value the issue of equity to employees or those providing similar services. Any charge to the profit and loss account is therefore a function of the chosen pricing model, which is based on a range of assumptions.

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and Valued Added Tax.

The company recognises turnover when the following criteria have been met:

i) Sale of goods

Revenue from the sale of goods is recognised when :
(a) the significant risks and rewards of ownership have been transferred to the buyer;
(b) the company retains no ongoing involvement or control over the goods;
(c) the revenue can be reliably measured;
(d) it is probable that the company will receive the consideration due under the transaction; and
(e) the costs incurred in respect of the transaction can be reliably measured.

ii) 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:
(a) the amount of revenue can be reliably measured;
(b) it is probable that the company will receive the consideration due under the contract;
(c) the stage of completion of the contract at the end of the reporting period can be measured reliably; and
(d) the costs incurred and the costs to complete the contract can be reliably measured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 10% - 20% on cost
Motor vehicles - 25% on cost

Freehold land is not depreciated.

Tangible fixed assets are initially stated at cost and subsequently measured at cost of valuation less accumulated depreciation and 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 a manner intended by management.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously reported in profit or loss.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the company, The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit or loss during the period in which they are incurred.

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

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 reporting 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 profit or loss.

Financial instruments
The company only enters into basic financial instruments 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 and loans to related parties.

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.

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 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

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 defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate.

Fixed asset investments
Fixed asset investments are included at cost less impairment.

3. TURNOVER

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

4. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 8,086,413 7,299,287
Social security costs 764,351 687,957
Other pension costs 166,896 150,138
9,017,660 8,137,382

The average number of employees during the year was as follows:
30.4.24 30.4.23

Administration and directors 51 46
Sales and distribution 16 16
Production 245 250
312 312

30.4.24 30.4.23
£    £   
Directors' remuneration 184,671 259,877
Directors' pension contributions to money purchase schemes 2,443 5,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. OPERATING PROFIT

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

30.4.24 30.4.23
£    £   
Hire of plant and machinery 1,204,480 1,062,167
Other operating leases 596,364 244,851
Depreciation - owned assets 478,091 499,566
Depreciation - assets on hire purchase contracts 435,773 322,126
Profit on disposal of fixed assets (27,530 ) (48,558 )
Auditors remuneration 15,200 20,685

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Bank interest 270 -
Loan interest 133,243 71,592
Hire purchase interest 92,796 65,461
226,309 137,053

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax 74,952 144,538

Deferred tax 407,699 174,071
Tax on profit 482,651 318,609

UK corporation tax has been charged at 25% (2023 - 19%).

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:

30.4.24 30.4.23
£    £   
Profit before tax 1,818,794 1,519,078
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

454,699

288,625

Effects of:
Expenses not deductible for tax purposes 76,900 40,968
Adjustments to tax charge in respect of previous periods (48,948 ) -
Change in tax rate used for deferred tax provision - 41,777
Enhanced capital allowances - (52,761 )
Total tax charge 482,651 318,609

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. DIVIDENDS
30.4.24 30.4.23
£    £   
Ordinary shares of £1 each
Final 87,400 87,400

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 16,325
AMORTISATION
At 1 May 2023
and 30 April 2024 16,325
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 May 2023 2,000,000 3,643,379 1,437,894 1,737,097 8,818,370
Additions - 1,951,558 483,912 346,445 2,781,915
Disposals - (108,952 ) - (376,940 ) (485,892 )
At 30 April 2024 2,000,000 5,485,985 1,921,806 1,706,602 11,114,393
DEPRECIATION
At 1 May 2023 77,994 1,735,853 695,013 926,526 3,435,386
Charge for year 32,249 406,592 175,507 299,516 913,864
Eliminated on disposal - (87,042 ) - (293,440 ) (380,482 )
At 30 April 2024 110,243 2,055,403 870,520 932,602 3,968,768
NET BOOK VALUE
At 30 April 2024 1,889,757 3,430,582 1,051,286 774,000 7,145,625
At 30 April 2023 1,922,006 1,907,526 742,881 810,571 5,382,984

Included in cost or valuation of land and buildings is freehold land of £ 612,400 (2023 - £ 612,400 ) which is not depreciated.

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 April 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2021 734,457 - - - 734,457
Cost 1,265,543 5,485,985 1,921,806 1,706,602 10,379,936
2,000,000 5,485,985 1,921,806 1,706,602 11,114,393

If freehold property had not been revalued they would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 1,265,543 1,265,543
Aggregate depreciation 166,421 141,109

Value of land in freehold land and buildings 387,554 387,554

Freehold land and buildings were valued on an open market value basis on 31 October 2020 by Innes England .

The net book value of assets held under finance lease or hire purchase contracts, included above, are as follows:

30.4.2430.4.23
££
Plant and machinery2,497,1021,008,846
Motor vehicles772,379805,559
3,269,4811,814,405

11. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
30.4.24 30.4.23
£    £   
Other investments 28,653 28,653

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

12. STOCKS
30.4.24 30.4.23
£    £   
Raw materials 2,900,932 3,336,519
Work-in-progress 191,330 329,408
Finished goods 812,032 499,146
3,904,294 4,165,073

Stock recognised in cost of sales during the year as an expense was £22,614,812 (2023: £22,162,752).

13. DEBTORS
30.4.24 30.4.23
£    £   
Amounts falling due within one year:
Trade debtors 7,114,604 7,462,652
Other debtors 349,822 936,391
VAT 112,777 57,691
Prepayments and accrued income 355,864 251,358
7,933,067 8,708,092

Amounts falling due after more than one year:
Trade debtors 881,133 760,835

Aggregate amounts 8,814,200 9,468,927

The impairment loss recognised as an expense for the year in respect of bad and doubtful debts was £136,576 (2023: £167).

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts (see note 16) 210,100 213,457
Other loans (see note 16) 21,000 165,000
Hire purchase contracts (see note 17) 818,449 528,401
Trade creditors 6,373,947 6,030,219
Corporation tax 74,950 144,536
Social security and other taxes 165,321 194,907
Other creditors 600,527 486,781
Accruals and deferred income 798,865 365,285
9,063,159 8,128,586

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans (see note 16) 813,810 1,023,305
Hire purchase contracts (see note 17) 1,960,433 1,043,950
2,774,243 2,067,255

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

16. LOANS

An analysis of the maturity of loans is given below:

30.4.24 30.4.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 210,100 213,457
Other loans 21,000 165,000
231,100 378,457

Amounts falling due between one and two years:
Bank loans - 1-2 years 215,566 230,788

Amounts falling due between two and five years:
Bank loans - 2-5 years 174,168 343,142

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 424,076 449,375

A 5 year bank loan is repayable monthly until its maturity in September 2026. Interest is charged at a rate of 4.96% over the Bank of England base rate per annum.

A 15 year mortgage is repayable monthly until its maturity in November 2037. Interest is charged at 2.1% over Bank of England base rate per annum.

An other loan was taken out during the prior year which was repayable monthly until its maturity in January 2024. Interest was charged at 4% over the Bank of England base rate per annum.

A short term other loan of £21,000 was taken out in April 2024 which is repayable in July 2024. Interest is charged at 4% over the Bank of England base rate per annum.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 818,449 528,401
Between one and five years 1,960,433 1,043,950
2,778,882 1,572,351

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year 544,977 101,217
Between one and five years 1,593,496 207,984
In more than five years 1,546,875 -
3,685,348 309,201

18. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans 1,023,910 1,236,762
Hire purchase contracts 2,778,882 1,572,351
3,802,792 2,809,113

Bank loans and overdrafts are secured by way of a fixed charge over the freehold property of the company, including any fixtures and fittings attached, any rents receivable out of that land, all plant and machinery, goodwill, stocks, shares and other securities.

Finance lease and hire purchase creditors are secured on the assets concerned.

19. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax
Accelerated capital allowances 1,047,610 639,912
Other timing differences 163,015 163,015
1,210,625 802,927

Deferred
tax
£   
Balance at 1 May 2023 802,927
Provided during year 407,698
Arising on revaluation reserve
Balance at 30 April 2024 1,210,625

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

21. RESERVES

Called up share capital
This represents the nominal value of shares that have been issued.

Retained earnings
Retained earnings represents cumulative profits or losses, net of dividends paid and other
adjustments.

Revaluation reserve
This reserve recognises all gains arising from the revaluation of freehold property.

Share option reserve
This reserve represents the fair value of share options granted but not exercised at the balance sheet date.

22. CAPITAL COMMITMENTS
30.4.24 30.4.23
£    £   
Contracted but not provided for in the
financial statements 948,532 1,865,768

23. RELATED PARTY DISCLOSURES

Other related parties

During the year a charge of £966,840 (2023: £966,840) was incurred in respect of plant and machinery rented from Glass Innovators Limited, a company under common control. Loan repayments of £356,382 (2023: loan advances of £134,233) were made by this company during the same period.

At the year end the amount due from this company was £48,783 (2023: £405,165).

During the year the company made rental payments of £166,200 (2023: £163,800) to The Unique Pension Trust, a trust in which A J Patel and S J Patel, directors, are also trustees. At the year end the amount due to the trust was £49,860 (2023: £149,121).

During the year the company incurred consultancy expenses of £442,000 (2023: £341,000) from Tech Fenster Ltd, a company under the control of the children of A J Patel, a director. At the year end amounts due by the company was £Nil (2023: £6,000).

Key management personnel are considered to be the directors of the company. Their remuneration is stated in Note 4.

24. ULTIMATE CONTROLLING PARTY

The controlling party is A J Patel and S J Patel.

Unique Window Systems Ltd (Registered number: 05060094)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

25. SHARE-BASED PAYMENT TRANSACTIONS

106 equity settled share options were granted on 3 December 2019 to 3 employees and 1 director with an exercise price of £1,086 per share.

The vesting period ends on the earlier of the date on which an Exit event occurs or the date which is 9 years and 10 months after the Grant Date, subject to the conditions of the options being met.

51 of the share options were relinquished during the year ended 30 April 2024.

The remaining 55 share options are subject to remaining in employment until the end of the vesting period and an Exit event occurring with Exit proceeds achieving a certain value. Exit proceeds within different ranges affect the number of options exercisable.

An expense of £nil (2023 - £nil) has been recognised in the Income Statement in relation to the movement in the fair value of the share options granted but not exercised at the balance sheet date.