Company registration number 02891433 (England and Wales)
BRITELITE WINDOWS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
BRITELITE WINDOWS LIMITED
COMPANY INFORMATION
Directors
Mr D Baxter
Mr S Bourn
Mr R Madigan
Mr A R Tong
Company number
02891433
Registered office
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Auditor
Goldblatts
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Business address
Britelite House
Bircholt Road
Parkwood Trading Estate
Maidstone
Kent
ME15 9XY
BRITELITE WINDOWS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 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
BRITELITE WINDOWS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
The directors present the strategic report for the year ended 31 January 2024.
Review of the business
Market conditions for the year were challenging largely due to the impact of the situation in the Ukraine which affected energy costs in our supply chain and ongoing inflation driving increased interest rates. Turnover for the period to 31 January 2024 decreased to £13,311,047 (2023 - £16,005,945). Profit before tax was £522 (2023 - £481,780). Cash balances were at a slightly lower level than the previous year, and as at 31 January 2024 were £889,891 (2023 - £891,443) and total equity for 2024 dropped to £1,844,556 (2023 - £1,874,587).
Principal risks and uncertainties
There are a number of potential risks and uncertainties which could impact the company's performance and these are considered by the board on a regular basis. The Board of Directors consider the risks of all significant business decisions and changes in the external environment and in the company's operations. The key risks affecting the business are as follows:
Operating Risk (Customer service and reputation)
The company's reputation and continued success depends on its ability to provide services which are valued by its customers. The company regularly reviews the quality of its services both internally and through formalised client feedback and evaluation. Responses from customers show a very high level of service quality being achieved.
Economic and Market Risk
The economic environment can affect the performance of the company in relation to sales and costs. Consumer confidence is a key influence on sales and world oil prices ultimately impact on prime costs. The company looks to maintain its marketing activities in order to sustain demand for its products. The company looks to mitigate cost pressures by maintaining good relationships with its suppliers and actively undertaking cost and efficiency reviews on a regular basis. This will be supported and enhanced by the newly implemented management system.
Personnel Risk
The company's performance is significantly affected by its ability to recruit and retain a high quality workforce and network of contractors. The directors continue to invest in its workforce training and development. The company also actively looks to incentivise its workforce by offering competitive remuneration and benefits packages and further career opportunities.
Financial and Liquidity risk
The company is principally funded from retained profits. Given the nature of the company's products and terms of business the company's operational cash flow is relatively predictable. A continual process of financial monitoring and forecasting is undertaken to maintain and control the company's financial position.
Development and performance
The war in Ukraine and the effect this continues to have on supply chains has had an impact on the results for the current year ending January 2024.
We continued with our plans to increase the turnover of Commercial business and the significant investment we put into attaining the PAS2030, ISO9001, ISO14001, CHAS and Safe Contractor accreditations should create more opportunities in this area of our business.
The price of raw materials has continued to rise and we are reacting by constantly reviewing our supply chain and updating our price lists to ensure our margins are protected.
Our marketing spend remains at a lower level due to the majority of leads now coming from internet activities which are more cost effective and yield better quality leads. Our marketing activities are targeting the more profitable products within our range.
Our order book and cashflow remains as strong as previous years. Installation figures are lower than previous levels. We expect to equal current year’s installation figures in 2024.
BRITELITE WINDOWS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Key performance indicators
The directors consider on a weekly basis a number of Key Performance Indicators to evaluate and control the management of the business. These include sales inflow, analysed by area and product group. Average order and product values. Customer leads by lead type generated, with lead conversion rates. The order book level, analysed by status and product group. Installation levels, amounts due and customer service levels. All this information is confidential to the Company.
Also reviewed are daily bank balances, there are no borrowings other than finance leases. Monthly accounts are issued with particular attention drawn to gross and net profit levels and margins. The annual amounts of these KPI figures are shown elsewhere within the accounts.
.............................................
Mr S Bourn
Director
Date: .............................................
BRITELITE WINDOWS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 January 2024.
Principal activities
The principal activity of the company continued to be that of the supply and installation of windows, doors and conservatories.
Results and dividends
The results for the year are set out on page 8.
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:
Mr D Baxter
Mr S Bourn
Mr S Payne
(Resigned 1 May 2023)
Mr R Madigan
Mr A R Tong
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the businesses.
Credit risk
Investment of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the board.
Payment terms for customers are controlled tightly. Where necessary provision is made for doubtful debts.
Future developments
The UK economy for home improvements continues to be difficult but the company is confident that it will be able to maintain strong sales and that margins will be maintained.
Auditor
The auditor, Goldblatts, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
BRITELITE WINDOWS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' 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;
- state whether applicable UK 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 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
Mr S Bourn
Director
30 October 2024
BRITELITE WINDOWS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRITELITE WINDOWS LIMITED
- 5 -
Opinion
We have audited the financial statements of Britelite Windows Limited (the 'company') for the year ended 31 January 2024 which comprise 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 loss 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.
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.
BRITELITE WINDOWS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRITELITE WINDOWS LIMITED
- 6 -
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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;
the engagement partner ensured the engagement team had the appropriate competence, capabilities and skills to identify or recognise possible non-compliance with applicable laws and regulations.
we identify significant laws and regulations applicable to the company through discussions with directors, along with our commercial knowledge and experience of the home improvements sector in which our client operates.
we focused on specific laws and regulations which we consider may have a material effect on the financial statements or operations of the company, including Health & Safety laws, the Companies Act 2006, taxation legislation, data protection, consumer finance regulations and employment law.
we assessed the extent of compliance with the 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 regularly 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;
considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
BRITELITE WINDOWS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRITELITE WINDOWS LIMITED
- 7 -
To address the risk of fraud through management bias and override of controls, we:
have performed analytical procedures to identify any unusual variances
reviewed and tested journal entries and other adjustments to identify any unusual transactions
assessed judgements and assumptions used in determining the accounting estimates which could indicate any potential bias
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
reviewing disclosures in the financial statements and testing to supporting documentation.
reviewing meeting minutes where available
discussions with management regarding actual or potential litigations and / or claims.
reviewing correspondence with HMRC and other relevant regulators
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware or any possible non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.
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.
Seamus Ferguson FCA (Senior Statutory Auditor)
For and on behalf of Goldblatts
31 October 2024
Chartered Accountants
Statutory Auditor
4th Floor
4 Tabernacle Street
London
EC2A 4LU
BRITELITE WINDOWS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,311,047
16,005,945
Cost of sales
(9,225,615)
(10,906,950)
Gross profit
4,085,432
5,098,995
Administrative expenses
(4,167,958)
(4,666,688)
Other operating income
88,866
62,549
Operating profit
4
6,340
494,856
Interest receivable and similar income
8
13,353
2,901
Interest payable and similar expenses
7
(19,171)
(15,977)
Profit before taxation
522
481,780
Tax on profit
9
(30,553)
(105,529)
(Loss)/profit for the financial year
(30,031)
376,251
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BRITELITE WINDOWS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
748,121
367,312
Current assets
Stocks
13
808,423
1,024,807
Debtors
14
2,009,811
2,313,967
Cash at bank and in hand
889,891
891,443
3,708,125
4,230,217
Creditors: amounts falling due within one year
15
(2,419,397)
(2,458,210)
Net current assets
1,288,728
1,772,007
Total assets less current liabilities
2,036,849
2,139,319
Creditors: amounts falling due after more than one year
16
(94,343)
(197,335)
Provisions for liabilities
Deferred tax liability
18
97,950
67,397
(97,950)
(67,397)
Net assets
1,844,556
1,874,587
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
1,844,456
1,874,487
Total equity
1,844,556
1,874,587
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 30 October 2024 and are signed on its behalf by:
Mr D Baxter
Mr S Bourn
Director
Director
Company registration number 02891433 (England and Wales)
BRITELITE WINDOWS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
100
1,648,236
1,648,336
Year ended 31 January 2023:
Profit and total comprehensive income
-
376,251
376,251
Dividends
10
-
(150,000)
(150,000)
Balance at 31 January 2023
100
1,874,487
1,874,587
Year ended 31 January 2024:
Loss and total comprehensive income
-
(30,031)
(30,031)
Balance at 31 January 2024
100
1,844,456
1,844,556
BRITELITE WINDOWS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
467,535
(66,186)
Interest paid
(19,171)
(15,977)
Income taxes paid
(3,953)
(106,767)
Net cash inflow/(outflow) from operating activities
444,411
(188,930)
Investing activities
Purchase of tangible fixed assets
(409,166)
(114,882)
Proceeds from disposal of tangible fixed assets
95,000
16,784
Loans made to other entities
(102,873)
Repayment of loans
(31,460)
Interest received
13,353
2,901
Net cash used in investing activities
(332,273)
(198,070)
Financing activities
Payment of finance leases obligations
(113,690)
(123,895)
Dividends paid
(150,000)
Net cash used in financing activities
(113,690)
(273,895)
Net decrease in cash and cash equivalents
(1,552)
(660,895)
Cash and cash equivalents at beginning of year
891,443
1,552,338
Cash and cash equivalents at end of year
889,891
891,443
BRITELITE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
1
Accounting policies
Company information
Britelite Windows Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU.
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 for home improvement is recognised upon completion of the installation. Management charges and hire of equipment are recognised monthly.
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 alterations
5% per annum on cost
Plant and machinery
15-25% per annum on written down value.
Fixtures, fittings & equipment
10-33% per annum on written down value; Office equipment - 25% per annum on cost.
Motor vehicles
25% per annum on written down value.
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
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.
BRITELITE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
1.6
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.
1.7
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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
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.
BRITELITE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Valuation of Work in Progress
The Directors review the order book at the end of each financial period to develop the rationale behind the work in progress valuation.
Useful life of fixed assets
The Directors regularly review the life of the fixed assets held by the company to ensure that the depreciation policies remain appropriate and the carrying value of the assets is correctly stated.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Home Improvements
13,164,132
15,859,527
Commisions Receivable
11,439
4,285
Rental of equipment
135,476
133,939
Management charge
-
8,194
13,311,047
16,005,945
2024
2023
£
£
Other revenue
Interest income
13,353
2,901
BRITELITE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
19,992
20,426
Depreciation of owned tangible fixed assets
133,514
113,625
Depreciation of tangible fixed assets held under finance leases
73,520
65,341
Reversal of past impairment of tangible fixed assets
(242,186)
Profit on disposal of tangible fixed assets
(31,491)
(3,101)
Operating lease charges
477,253
578,262
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration
47
51
Marketing
18
18
Warehouse and services
8
9
Total
73
78
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,967,232
2,114,133
Social security costs
179,765
193,515
Pension costs
52,987
43,062
2,199,984
2,350,710
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
298,157
298,343
Company pension contributions to defined contribution schemes
17,960
9,357
316,117
307,700
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
BRITELITE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
6
Directors' remuneration
(Continued)
- 16 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
90,000
90,000
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,101
-
Other finance costs:
Interest on finance leases and hire purchase contracts
16,070
15,977
19,171
15,977
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,353
2,901
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
13,353
2,901
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
68,591
Deferred tax
Origination and reversal of timing differences
30,553
36,938
Total tax charge
30,553
105,529
BRITELITE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
9
Taxation
(Continued)
- 17 -
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
522
481,780
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
131
91,538
Unutilised tax losses carried forward
(80,028)
Effect of change in corporation tax rate
16,175
Permanent capital allowances in excess of depreciation
110,450
(2,184)
Taxation charge for the year
30,553
105,529
10
Dividends
2024
2023
£
£
Interim paid
150,000
11
Impairments
Reversals of previous impairment losses have been recognised in profit or loss as follows:
2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
12
242,186
Recognised in:
Administrative expenses
242,186
-
BRITELITE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 18 -
12
Tangible fixed assets
Leasehold alterations
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
158,419
138,674
725,544
1,365,538
2,388,175
Additions
31,267
377,899
409,166
Disposals
(452,185)
(452,185)
At 31 January 2024
158,419
138,674
756,811
1,291,252
2,345,156
Depreciation and impairment
At 1 February 2023
131,986
107,226
561,280
1,220,371
2,020,863
Depreciation charged in the year
7,921
5,783
49,372
143,958
207,034
Reversal of past impairment
(33,720)
(208,466)
(242,186)
Eliminated in respect of disposals
(388,676)
(388,676)
At 31 January 2024
139,907
113,009
576,932
767,187
1,597,035
Carrying amount
At 31 January 2024
18,512
25,665
179,879
524,065
748,121
At 31 January 2023
26,433
31,448
164,264
145,167
367,312
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
£
£
Motor vehicles
220,453
315,589
More information on impairment movements in the year is given in note 11.
13
Stocks
2024
2023
£
£
Raw materials and consumables
26,572
25,208
Work in progress
540,689
779,969
Finished goods and goods for resale
241,162
219,630
808,423
1,024,807
BRITELITE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
644,974
1,357,135
Amounts owed by group undertakings
655,191
288,417
Other debtors
155,128
113,426
Prepayments and accrued income
554,518
554,989
2,009,811
2,313,967
The amounts due owed by the parent and fellow group undertakings are interest free, with no security and no fixed repayment terms.
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
112,635
123,333
Trade creditors
979,758
958,491
Corporation tax
64,658
68,611
Other taxation and social security
191,859
260,022
Other creditors
504,523
839,938
Accruals and deferred income
565,964
207,815
2,419,397
2,458,210
The amounts owed to fellow group undertakings are interest free, with no security and no fixed repayment terms.
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
94,343
197,335
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
112,635
123,332
In two to five years
94,343
197,336
206,978
320,668
BRITELITE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
17
Finance lease obligations
(Continued)
- 20 -
Finance lease payments represent rentals payable by the company for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
18
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
177,978
67,397
Tax losses
(80,028)
-
97,950
67,397
2024
Movements in the year:
£
Liability at 1 February 2023
67,397
Charge to profit or loss
30,553
Liability at 31 January 2024
97,950
£45,128 of the deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,987
43,062
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.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
BRITELITE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 21 -
21
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company in respect of contract hire of vehicles.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
16,802
25,031
Between two and five years
10,490
25,498
27,292
50,529
22
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors Loan Account
-
-
2,303
2,303
Directors Loan Account
-
-
164
164
Directors Loan Account
-
-
3,800
3,800
-
6,267
6,267
The loans were repaid within 9 months of the year end.
23
Ultimate controlling party
The parent company of Britelite Windows Limited is Britelite Home Improvement Group Limited.
The ultimate controlling party is the Estate of Mr John Baxter through its controlling interest in Britelite Home Improvement Group Limited.
Britelite Home Improvement Group Limited prepares group accounts in which Britelite Windows is consolidated. The group accounts are available from The Company Secretary, 4th Floor, 4 Tabernacle Street, London, EC2A 4LU.
Largest group
Britelite Home Improvement Group Limited
Smallest group
BRITELITE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
24
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
2024
2023
£
£
Other related parties
-
39,231
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Key management personnel
-
70,844
Sales of goods to related parties were made at the company's usual list price. Purchases were made at market price.
The amounts outstanding are unsecured and will be settled in cash
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
641,227
258,974
Fellow Subsidiaries
13,964
29,443
Key management personnel
134,333
102,873
BRITELITE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 23 -
25
Cash generated from/(absorbed by) operations
2024
2023
£
£
(Loss)/profit for the year after tax
(30,031)
376,251
Adjustments for:
Taxation charged
30,553
105,529
Finance costs
19,171
15,977
Investment income
(13,353)
(2,901)
Gain on disposal of tangible fixed assets
(31,491)
(3,101)
Depreciation and impairment of tangible fixed assets
(35,152)
178,966
Movements in working capital:
Decrease in stocks
216,384
165,736
Decrease/(increase) in debtors
335,616
(229,567)
Decrease in creditors
(24,162)
(673,076)
Cash generated from/(absorbed by) operations
467,535
(66,186)
26
Analysis of changes in net funds
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
891,443
(1,552)
889,891
Obligations under finance leases
(320,668)
113,690
(206,978)
570,775
112,138
682,913
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.210Mr D BaxterMr S BournMr S PayneMr R MadiganMr A R Tongfalsefalse028914332023-02-012024-01-3102891433bus:Director12023-02-012024-01-3102891433bus:Director22023-02-012024-01-3102891433bus:Director42023-02-012024-01-3102891433bus:Director52023-02-012024-01-3102891433bus:Director32023-02-012024-01-3102891433bus:RegisteredOffice2023-02-012024-01-31028914332024-01-31028914332022-02-012023-01-3102891433core:RetainedEarningsAccumulatedLosses2022-02-012023-01-3102891433core:RetainedEarningsAccumulatedLosses2023-02-012024-01-31028914332023-01-3102891433core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-01-3102891433core:PlantMachinery2024-01-3102891433core:FurnitureFittings2024-01-3102891433core:MotorVehicles2024-01-3102891433core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-3102891433core:PlantMachinery2023-01-3102891433core:FurnitureFittings2023-01-3102891433core:MotorVehicles2023-01-3102891433core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3102891433core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3102891433core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3102891433core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3102891433core:CurrentFinancialInstruments2024-01-3102891433core:CurrentFinancialInstruments2023-01-3102891433core:ShareCapital2024-01-3102891433core:ShareCapital2023-01-3102891433core:RetainedEarningsAccumulatedLosses2024-01-3102891433core:RetainedEarningsAccumulatedLosses2023-01-3102891433core:ShareCapital2022-01-3102891433core:RetainedEarningsAccumulatedLosses2022-01-31028914332023-01-31028914332022-01-3102891433core:LandBuildingscore:LongLeaseholdAssets2023-02-012024-01-3102891433core:PlantMachinery2023-02-012024-01-3102891433core:FurnitureFittings2023-02-012024-01-3102891433core:MotorVehicles2023-02-012024-01-3102891433core:UKTax2023-02-012024-01-3102891433core:UKTax2022-02-012023-01-3102891433core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-3102891433core:PlantMachinery2023-01-3102891433core:FurnitureFittings2023-01-3102891433core:MotorVehicles2023-01-3102891433core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-02-012024-01-3102891433core:Non-currentFinancialInstruments2024-01-3102891433core:Non-currentFinancialInstruments2023-01-3102891433core:WithinOneYear2024-01-3102891433core:WithinOneYear2023-01-3102891433core:BetweenTwoFiveYears2024-01-3102891433core:BetweenTwoFiveYears2023-01-3102891433bus:PrivateLimitedCompanyLtd2023-02-012024-01-3102891433bus:FRS1022023-02-012024-01-3102891433bus:Audited2023-02-012024-01-3102891433bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP