Company registration number 01983401 (England and Wales)
A PLUS WINDOWS & DOORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
A PLUS WINDOWS & DOORS LIMITED
COMPANY INFORMATION
Directors
S Warr
J Palethorpe
Secretary
S Warr
Company number
01983401
Registered office
Units 14-18
Moor Park Industrial Centre
Tolpits Lane
Watford
Herts
WD18 9EZ
Auditor
Barcant Beardon Limited
Chartered Accountants
8 Blackstock Mews
Islington
London
N4 2BT
Business address
Units 14-18
Moor Park Industrial Centre
Tolpits Lane
Watford
Herts
WD18 9EZ
A PLUS WINDOWS & DOORS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
A PLUS WINDOWS & DOORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
The directors present the strategic report for the year ended 31 January 2024.
Principal activities
The principal activity of the company continued to be the manufacture and supply of aluminium windows and doors.
Review of the business
The company provides fabricated aluminium fenestration products, offered on a supply only basis to installers in both the residential and projects segments.
The business invests each year in staff development, business development, infrastructure improvements and customer and supplier relationships. Performance is monitored through relevant KPi’s. Principle measures are revenue and margin.
In the financial year ending January 2024, the company recorded a consistent revenue, marginally ahead by 1.7% of that of same period 2023, consolidating the growth previously achieved.
Gross Profit reduced by around 3%, driven principally by higher material input costs on long term projects with an element of fixed pricing, although the company mitigated a potentially larger reduction by reacting swiftly in previous year to cost fluctuations.
Strong control on administration and overhead costs resulted in a 11% overhead reduction ensuring the business remained in a profitable position despite constrained margins.
Principal risks and uncertainties
Directors regularly review risks across the business with the Management Team, and agree actions to mitigate any identified risks, principally:
- Health and Safety: Regular external support is provided to ensure H&S is under constant review.
- Liquidity: The company maintains funds to ensure payment obligations are met. Strong accounting and Management information processes are in place to assist.
- Credit Risk: The company insures its trade debt, and where cover is not available, cash positive terms are agreed in advance.
- Revenue and Margin: The company has a strong annual forecasting and budget process in place which anticipates market movements and makes relevant budgetary amendments for the Management Team to implement
S Warr
Director
29 October 2024
A PLUS WINDOWS & DOORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 January 2024.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S Warr
J Palethorpe
Auditor
The auditor, Barcant Beardon Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
S Warr
Director
29 October 2024
A PLUS WINDOWS & DOORS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
The directors are responsible for preparing the annual report 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;
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.
A PLUS WINDOWS & DOORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A PLUS WINDOWS & DOORS LIMITED
- 4 -
Opinion
We have audited the financial statements of A Plus Windows & Doors Limited (the 'company') for the year ended 31 January 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 January 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
We draw attention to the fact that the financial statements for the year ended 31 January 2023 were unaudited. Consequently, our audit of the current year's financial statements does not extend to the figures and disclosures related to the previous year. However, we have obtained sufficient appropriate audit evidence that the opening balances do not contain misstatements that materially affect the current period’s financial statements, and the accounting policies reflected in the opening balances have been consistently applied in the current period’s financial statements. Hence, it does not affect our audit opinion.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
A PLUS WINDOWS & DOORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A PLUS WINDOWS & DOORS LIMITED (CONTINUED)
- 5 -
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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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.
- the engagement partner ensured that the audit team had the appropriate competence, capability and skill to identify and recognise any non-compliance with regulations;
- we identified such laws and regulations applicable from our discussions with directors and from our commercial knowledge and experience of manufacturing businesses;
- we focused on specific laws and regulations which we considered may have a direct material effect on the on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation;
- we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
To address the risk of fraud through management bias and override of controls, we;
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
A PLUS WINDOWS & DOORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A PLUS WINDOWS & DOORS LIMITED (CONTINUED)
- 6 -
In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but were not limited to;
- agreeing financial statement disclosure to underlying and supporting documentation;
- reading the minutes of those charged with governance; and
- enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events or 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Mukesh Khatri
Senior Statutory Auditor
For and on behalf of Barcant Beardon Limited
29 October 2024
Chartered Accountants
Statutory Auditor
Chartered Accountants
8 Blackstock Mews
Islington
London
N4 2BT
A PLUS WINDOWS & DOORS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
11,106,655
10,912,565
Cost of sales
(7,973,729)
(7,482,798)
Gross profit
3,132,926
3,429,767
Administrative expenses
(3,012,686)
(3,386,942)
Operating profit
4
120,240
42,825
Interest receivable and similar income
6
3,127
134
Interest payable and similar expenses
7
(30,273)
(12,603)
Profit before taxation
93,094
30,356
Tax on profit
8
(18,542)
(70,135)
Profit/(loss) for the financial year
74,552
(39,779)
A PLUS WINDOWS & DOORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
2024
2023
£
£
Profit/(loss) for the year
74,552
(39,779)
Other comprehensive income
-
-
Total comprehensive income for the year
74,552
(39,779)
A PLUS WINDOWS & DOORS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
782,720
682,341
Current assets
Stocks
10
818,067
795,676
Debtors
11
2,579,458
2,409,812
Cash at bank and in hand
428,146
808,643
3,825,671
4,014,131
Creditors: amounts falling due within one year
12
(2,477,074)
(2,729,397)
Net current assets
1,348,597
1,284,734
Total assets less current liabilities
2,131,317
1,967,075
Creditors: amounts falling due after more than one year
13
(314,169)
(246,184)
Provisions for liabilities
Deferred tax liability
16
144,389
122,684
(144,389)
(122,684)
Net assets
1,672,759
1,598,207
Capital and reserves
Called up share capital
18
100
100
Profit and loss reserves
1,672,659
1,598,107
Total equity
1,672,759
1,598,207
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
J Palethorpe
Director
Company registration number 01983401 (England and Wales)
A PLUS WINDOWS & DOORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2022
100
1,637,886
1,637,986
Year ended 31 January 2023:
Loss and total comprehensive income
-
(39,779)
(39,779)
Balance at 31 January 2023
100
1,598,107
1,598,207
Year ended 31 January 2024:
Profit and total comprehensive income
-
74,552
74,552
Balance at 31 January 2024
100
1,672,659
1,672,759
A PLUS WINDOWS & DOORS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(177,751)
753,470
Interest paid
(30,273)
(12,603)
Income taxes (paid)/refunded
(1)
19,763
Net cash (outflow)/inflow from operating activities
(208,025)
760,630
Investing activities
Purchase of tangible fixed assets
(248,904)
(377,937)
Proceeds from disposal of tangible fixed assets
19,000
10,522
Interest received
3,127
134
Net cash used in investing activities
(226,777)
(367,281)
Financing activities
Repayment of bank loans
(14,237)
(14,236)
Payment of finance leases obligations
68,542
234,806
Net cash generated from financing activities
54,305
220,570
Net (decrease)/increase in cash and cash equivalents
(380,497)
613,919
Cash and cash equivalents at beginning of year
808,643
194,724
Cash and cash equivalents at end of year
428,146
808,643
A PLUS WINDOWS & DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
1
Accounting policies
Company information
A Plus Windows & Doors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 14-18, Moor Park Industrial Centre, Tolpits Lane, Watford, Herts, WD18 9EZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
4% pa straight line
Plant and machinery
15% pa on reducing balance
Fixtures, fittings & equipment
15% pa on reducing balance
Computer equipment
33% pa straight line
Motor vehicles
25% pa on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
A PLUS WINDOWS & DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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
Financial liabilities classified as payable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
A PLUS WINDOWS & DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -
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
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
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
A PLUS WINDOWS & DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
11,106,655
10,912,565
2024
2023
£
£
Turnover analysed by geographical market
UK
11,106,655
10,912,565
2024
2023
£
£
Other revenue
Interest income
3,127
134
A PLUS WINDOWS & DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 16 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
12,000
Depreciation of owned tangible fixed assets
22,206
52,350
Depreciation of tangible fixed assets held under finance leases
106,031
21,312
Loss on disposal of tangible fixed assets
1,288
389
Operating lease charges
229,197
211,422
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Office and administration
19
19
Sales and manufacturing
40
42
Total
59
61
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,310,113
2,154,731
Pension costs
44,256
39,861
2,354,369
2,194,592
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,127
134
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,127
134
A PLUS WINDOWS & DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,657
2,135
Other finance costs:
Interest on finance leases and hire purchase contracts
26,616
10,468
30,273
12,603
8
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
13,702
(8,432)
Deferred tax
Origination and reversal of timing differences
4,840
78,567
Total tax charge
18,542
70,135
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
93,094
30,356
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
23,274
5,768
Tax effect of expenses that are not deductible in determining taxable profit
65,322
14,070
Tax effect of utilisation of tax losses not previously recognised
(68,954)
Unutilised tax losses carried forward
54,907
Change in unrecognised deferred tax assets
4,840
Adjustments in respect of prior years
13,702
(8,432)
Permanent capital allowances in excess of depreciation
(19,642)
(74,745)
Other permanent differences
78,567
Taxation charge for the year
18,542
70,135
A PLUS WINDOWS & DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 18 -
9
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
198,577
662,223
358,993
117,992
84,011
1,421,796
Additions
19,787
173,810
6,408
6,119
42,780
248,904
Disposals
(40,380)
(40,380)
At 31 January 2024
218,364
795,653
365,401
124,111
126,791
1,630,320
Depreciation and impairment
At 1 February 2023
23,829
349,384
208,705
112,719
44,818
739,455
Depreciation charged in the year
8,735
69,954
23,465
5,595
20,488
128,237
Eliminated in respect of disposals
(20,092)
(20,092)
At 31 January 2024
32,564
399,246
232,170
118,314
65,306
847,600
Carrying amount
At 31 January 2024
185,800
396,407
133,231
5,797
61,485
782,720
At 31 January 2023
174,748
312,839
150,289
5,272
39,193
682,341
A PLUS WINDOWS & DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
9
Tangible fixed assets
(Continued)
- 19 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
403,299
305,047
Motor vehicles
45,781
22,762
Computer equipment
1,839
449,080
329,648
Depreciation charge for the year in respect of leased assets
106,031
21,312
10
Stocks
2024
2023
£
£
Raw materials and consumables
818,067
795,676
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,382,507
1,096,560
Amounts owed by group undertakings
677,498
677,498
Other debtors
434,906
579,424
Prepayments and accrued income
67,681
56,330
2,562,592
2,409,812
Deferred tax asset (note 16)
16,866
2,579,458
2,409,812
A PLUS WINDOWS & DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
14
14,247
49,855
Obligations under finance leases
15
112,503
90,575
Trade creditors
1,282,485
1,755,011
Corporation tax
13,702
Other taxation and social security
122,973
49,011
Other creditors
659,164
780,745
Accruals and deferred income
272,000
4,200
2,477,074
2,729,397
13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
21,371
Obligations under finance leases
15
292,798
246,184
314,169
246,184
Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.
The company has entered a deed of guarantee and debenture in conjunction with SK Assets Limited, a company in which S Warr is a director and shareholder. The bank loan of both the companies are secured by a fixed and floating charge over the company's assets.
14
Loans and overdrafts
2024
2023
£
£
Bank loans
35,618
49,855
Payable within one year
14,247
49,855
Payable after one year
21,371
The company has entered a deed of guarantee and debenture in conjunction with SK Assets Limited, a company in which S Warr is a director and shareholder. The bank loan of both the companies are secured by a fixed and floating charge over the company's assets.
The bank loan has an interest rate of 2.28% above base and is due to be repaid by July 2026.
A PLUS WINDOWS & DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 21 -
15
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
112,503
90,575
In two to five years
292,798
246,184
405,301
336,759
Hire purchase payments are payable by the company for certain items of plant and machinery. The average hire purchase term is 3 years. All leases are on a fixed repayment basis.
Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
144,389
122,684
-
-
Tax losses
-
-
16,866
-
144,389
122,684
16,866
-
2024
Movements in the year:
£
Liability at 1 February 2023
122,684
Charge to profit or loss
4,839
Liability at 31 January 2024
127,523
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,256
39,861
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
A PLUS WINDOWS & DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 5p each
2,000
2,000
100
100
19
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
277,376
228,161
A PLUS WINDOWS & DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
19
Related party transactions
(Continued)
- 23 -
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The company had transactions with its parent company Stillwater Group Limited. At 31 January 2024 the company was owed £677,498 (2023: £677,498) from its parent company and this is disclosed in note 11 Debtors.
20
Ultimate controlling party
100% of the equity is held by Stillwater Group Limited, a company registered in England & Wales.
21
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit/(loss) for the year after tax
74,552
(39,779)
Adjustments for:
Taxation charged
18,542
70,135
Finance costs
30,273
12,603
Investment income
(3,127)
(134)
Loss on disposal of tangible fixed assets
1,288
389
Depreciation and impairment of tangible fixed assets
128,237
73,662
Movements in working capital:
(Increase)/decrease in stocks
(22,391)
30,639
Increase in debtors
(152,780)
(61,391)
(Decrease)/increase in creditors
(252,345)
667,346
Cash (absorbed by)/generated from operations
(177,751)
753,470
22
Analysis of changes in net funds/(debt)
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
808,643
(380,497)
428,146
Borrowings excluding overdrafts
(49,855)
14,237
(35,618)
Obligations under finance leases
(336,759)
(68,542)
(405,301)
422,029
(434,802)
(12,773)
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