Company registration number 04363439 (England and Wales)
Windows By Choice Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Windows By Choice Ltd
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Windows By Choice Ltd
BALANCE SHEET
As At 31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
32,934
47,398
Current assets
Stocks
5,308
4,887
Debtors
4
60,612
88,561
Cash at bank and in hand
15,935
28,500
81,855
121,948
Creditors: amounts falling due within one year
Loans and overdrafts
10,000
Obligations under finance leases
15,202
7,517
Taxation and social security
19,045
21,495
Other creditors
31,734
67,765
75,981
96,777
Net current assets
5,874
25,171
Total assets less current liabilities
38,808
72,569
Creditors: amounts falling due after more than one year
Loans and overdrafts
14,030
33,512
Obligations under finance leases
14,605
29,807
(28,635)
(63,319)
Net assets
10,173
9,250
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
10,073
9,150
Total equity
10,173
9,250
Windows By Choice Ltd
BALANCE SHEET (CONTINUED)
As At 31 January 2024
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 5 June 2024
Mr M J Cook
Director
Company registration number 04363439 (England and Wales)
Windows By Choice Ltd
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 January 2024
- 3 -
1
Accounting policies
Company information
Windows by Choice Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, HA8 7DB.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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 land and buildings
20%
Plant and equipment
15%
Motor vehicles
20%
Windows By Choice Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 January 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
Cash and cash equivalents
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.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Windows By Choice Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 January 2024
1
Accounting policies
(Continued)
- 5 -
1.10
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
15,000
63,318
78,318
Depreciation and impairment
At 1 February 2023
3,000
27,920
30,920
Depreciation charged in the year
3,000
11,464
14,464
At 31 January 2024
6,000
39,384
45,384
Carrying amount
At 31 January 2024
9,000
23,934
32,934
At 31 January 2023
12,000
35,398
47,398
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
49,323
43,467
Other debtors
11,289
45,094
60,612
88,561