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REGISTERED NUMBER: 02025613 (England and Wales)







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

NATIONWIDE WINDOWS LIMITED

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Statement of Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Notes to the Financial Statements 15


NATIONWIDE WINDOWS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J Whalley
D Cashmore
A K Pavey





SECRETARY: J Whalley





REGISTERED OFFICE: Nationwide House
74 - 88 Somers Road
Rugby
Warwickshire
CV22 7DH





REGISTERED NUMBER: 02025613 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
Corner Oak
1 Homer Road
Solihull
B91 3QG

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS

The company continues to provide all clients with superior service standards in the manufacture and installation of high-quality PVC-U, GRP and aluminium window and door products. The client base consists of major social housing providers and most of the major house builders.

The year saw another increase in the level of activity, with an overall increase of 3% in revenue being delivered. The company continued to have a mix of revenue streams between the social housing sector and the new build market. The growth in revenue this year was achieved through an increase in the social housing sector revenue, as the business was able to build on the new opportunities that were gained in the prior year and also gained some further new opportunities. Overall, this resulted in an increase of 28% in the social sector revenue in the year and set a very solid foundation for continued growth in this sector in future years. The new build sector saw a reduction in revenue in the year. This was due to a combination of the impact of the general economic conditions on the sector, resulting in reduced levels of activity in the market, and a conscious internal decision to focus on the areas in this sector that delivered the most value to the business. The new build sector has continued to deliver a significant proportion of the total sales but the mix of sales between social housing and new build has now returned to the level seen pre COVID and this is in line with where the business would currently like it to be.

From a gross profit perspective, the results in the prior year were achieved with legacy delivery and efficiency issues, which were carried into the year, being turned around and a very strong performance in the second half of the year. This resulted in a satisfactory gross profit percentage being reported for the full year.

The very strong performance in the second half of that year, from both an output and efficiency perspective, were carried into this year. These efficiency gains, that were due in part to the significant machinery investment that was made in the prior year, were enjoyed for the entire year and in conjunction with other factors, such as an easing in raw material price increases and a reasonably consistent level of activity being delivered throughout the year, resulted in a very healthy gross profit percentage being delivered.

In addition to delivering a very strong profit in the year the company also built on the Balance Sheet improvements that had been achieved in the prior year. Successes in this area included a relative reduction in Work in Progress at the year-end of £0.5m, a managed reduction in Stock of £0.4m and a reduction in the Retention Debtor balance of £0.5m. These reductions were all achieved despite the relative increase in revenue. These combined successes provided the company with the opportunity to reduce their long-term borrowings by £1.4m during the year and even allowing for this the overall effect of these positive movements was a relative increase in the closing balance of cash and cash equivalents of £1.7 million.

Overall, the directors are very pleased with the results that have been delivered, and they are very satisfied that they have been achieved as a result of a number of decisions that were made in recent years during difficult circumstances. The company committed to significant investment in their machinery, and this has provided the previously noted efficiency gains to support the business in the present and the capacity gains to support the business for the foreseeable future. The business also invested in additional management in key areas, in order to improve efficiency and to ensure our customers always receive a high level of service. This investment has resulted in increased administrative expenses, but it has been proportionate to the revenue growth that has been delivered, it will continue to support the long-term growth of the company and it has had a positive impact on the margins that have been achieved.





NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

STRATEGIC OBJECTIVES
The directors consider that the coming year will present the opportunity for further revenue growth with a projected increase in social housing works. This is supported by an extremely strong order book in this sector and there is therefore a clear path to achieving this. The company continues to invest, with some key stakeholders, in the development of new products and the integration of new technologies into our product ranges in order to aid our long-term growth aspirations.

The business completed significant investment in it's machinery during the prior financial year in order to ensure that it's growth potential is not restricted in any area, and it will continue to make investment in it's machinery and infrastructure where required. The company has continued to invest in it's people and having invested in expanding it's management team in recent years it has expended considerable resources this year in developing and offering appropriate training opportunities for all employees. This will enable the whole team of employees to support the ongoing development of the company and it will ensure that the business operates as efficiently as possible in all areas and that service level KPIs are met or exceeded.

PRINCIPAL RISKS AND UNCERTAINTIES
Following a cyberattack in 2022 significant investment has been made by the business to ensure that it is as well placed as it can be to either prevent or mitigate the risk of future malicious cyber activity. However, risks and uncertainties continue to remain and whilst the business is well structured to meet any future challenges that the coming year may present in this area these risks and challenges can be managed by the business but not controlled.

In recent years many raw materials have seen significant price rises and surcharges had been implemented. The volatility in this area has eased during the current year but the risk remains. The risk, however, is outside of the company's control and being involved in long term framework and partnering contracts the company is not always able to pass these on until pre-agreed milestones. This process is always pro-actively managed though and agreements are reached with clients and framework providers outside of the normal cycles when required and where possible, to manage this risk.

As the company seeks to embrace new opportunities in both the social housing and new build market, labour and employment will continue to pose a risk, with regards to attracting new employees, the retention of existing ones and ensuring all required geographical locations are adequately resourced. The company will continue to invest in its own GQA approved training facility to offer positive employee development and professional service delivery and it has commenced an internal training programme that is available for all staff, including manufacturing, warehouse and satellite operatives, to support workforce retention and sustainable growth. With a shift in market conditions the availability of installers has become less of a risk but is an area that will continue to be managed.

Customer retention and the ability to secure more market share through new customers is critical to continued growth. The protection of the company's reputation and brand is considered to be a high level, albeit manageable risk. The board are constantly monitoring performance and service level KPIs, and the investment in management in this area and ongoing training programme seeks to limit the risk. The company also have an active programme to monitor social media to ensure any issues are settled immediately.


NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

SECTION 172(1) STATEMENT
The directors have considered the requirements of section 172 (1) of the Companies Act 2006 and have set out the key considerations below.

The directors take a long-term view when making decisions. This is demonstrated by the Company's continued investment in the business with significant investment in new machinery, people and exploring new technology in order to ensure the long-term success of the business.

The continued success of the business is reliant on the engagement of it's people and developing a positive culture. As noted earlier in the report the company will continue to invest in employee training programmes and also in its own GQA approved training facility. These offer positive employee development opportunities and ensure professional service delivery and support workforce retention and sustainable growth. These actions along with employee engagement initiatives and performance management enable the business to develop talent and provides people with the opportunity to progress within the Company.

The Company has long standing relationships with their key suppliers and regular engagement ensures that these relationships remain positive and enables mutually beneficial discussions around requirements, product quality and potential future developments.

The Company also has long standing relationships with their key customers in both the social housing sector and new build market. These relationships are also maintained and developed through regular engagement. As noted earlier in the report, customer retention and the ability to secure more market share through both developing existing customers and onboarding new customers is critical to continued growth. The Company are constantly monitoring performance and service level KPIs and have developed the focus in these areas even further in the last couple of years. The company also have an active programme to monitor social media to ensure any issues that do arise are settled immediately.

The Company is committed to minimising it's impact on the environment and continually assesses how it's workplace practices and environment can be adjusted to achieve this. The Company operates throughout England and Wales and the Company ensures that it's people engage with the communities in which they operate, and this is often supported through the relationships that have been developed with our customers.

The Company understands that maintaining a good reputation for high standards of business conduct is key to operating successfully and all of the above ensures that this is achieved.

This focus on ensuring the continued and long-term success of the business is to the mutual benefit of all the stakeholders.

ENGAGEMENT WITH EMPLOYEES
Details of the number of employees and related costs can be found in note 3 to the financial statements.

The Company keeps employees informed on matters relevant to them through appropriate means, such as employee engagement meetings and newsletters. This ensures that all employees are aware of the financial and economic factors that affect the performance of the Company. The Company also provides opportunities for employees to contribute their ideas and views through these meetings with representatives invited from across the business.

The Company has a number of bonus schemes in place to encourage the involvement of employees in influencing areas under their control that will enhance the Company's performance.


NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

KPI ANALYSIS
The directors use a number of key indicators to measure the performance of the company, and these are monitored on a monthly basis.

Sales overall were below the targets that were set during the year. There was, however, a positive variance in the social housing sector and this was an excellent result as it meant that the considerable growth in this area that had been forecast has been achieved. There were negative sales variances in both the New Build and Retail areas, but these were due to the impact of general economic conditions in these sectors and in the case of New Build positive internal management of the work undertaken in this sector in order to ensure the positive future performance in this market. The sales variance was offset by a favourable gross margin percentage being achieved. This was due to a number of factors, including increased efficiencies in the year stemming from machinery investment and management improvements, but it was also due to a reasonably consistent level of activity being delivered month on month throughout the year as opposed to sales historically being more heavily weighted in the second half of the financial year.

The current order book at the end of June 2024 significantly exceeds the equivalent level in the prior year and stretches out to 2028 which enables the business to continue to make long term decisions.

ON BEHALF OF THE BOARD:





J Whalley - Director


6 November 2024

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
During the year dividends of £1,500,000 (2023: £Nil) were paid.

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

J Whalley
D Cashmore
A K Pavey

STREAMLINED ENERGY AND CARBON REPORTING
The annual quantity of emissions in tonnes of carbon dioxide equivalent resulting from activities for which the company is responsible involving the combustion of gas or the consumption of fuel for the purposes of transport was 711 tCO2e (prior year 698 tCO2e).

The annual quantity of emissions in tonnes of carbon dioxide equivalent resulting from the purchase of electricity by the company for its own use, including for the purposes of transport, was 459 tCO2e (prior year 513 tCO2e).

The combined quantity of emissions in tonnes of carbon dioxide equivalent was therefore 1,170 tCO2e and reduced from 1,211 tCO2e in the prior year despite an increase in employees, items produced and turnover.

The aggregate of the annual quantity of energy consumed from activities for which the company is responsible involving the combustion of gas or the consumption of fuel for the purposes of transport and the annual quantity of energy consumed resulting from the purchase of electricity by the company for its own use, including for the purposes of transport, was 5,547,770 kWh.

Invoice data has been used to calculate the usage levels of electricity, gas, oil, petrol and diesel during the financial year. Conversion rates as per the Greenhouse gas reporting: Conversion factors 2023 for company reporting, published in June 2023, have then been applied to this data to arrive at the CO2e figures stated above. Where usage levels of fuel are not originally invoiced in kWh these have again been converted using conversion rates as per Greenhouse gas reporting: Conversion factors 2023 for company reporting, published in June 2023, in order to calculate the total kWh stated above. Where mileage information has been collated within these calculations an average mile per gallon estimate has been used to calculate the volume of fuel used.

Average employed headcount during the year was 295. The combined CO2e emissions noted above therefore equate to a ratio of 3.97 tonnes of CO2e per employee (prior year 4.43). The total number of items produced during the year was 317,954. The combined CO2e emissions noted above therefore equates to a ratio of 0.0037 tonnes of CO2e per item (prior year 0.0035). From a turnover perspective the combined CO2e emissions equate to 25.5 tonnes of CO2e per £1 million of sales (prior year 27.2).

The company is actively reviewing what further measures it can take to increase it's energy efficiency. During the prior financial year the company invested in replacing it's existing factory lights with LED lights, in moving the main factory heating from oil to gas fuelled heating with destratification fans and it conducted efficiency studies on it's distribution modelling in order to considerably reduce the required distribution mileage. These actions have resulted in the overall reduction in the tonnes of CO2e in the year and in the relative year on year ratios. The company will continue to explore further areas to increase their energy efficiency in the current year.


NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Prime, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





J Whalley - Director


6 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NATIONWIDE WINDOWS LIMITED


Opinion
We have audited the financial statements of Nationwide Windows Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NATIONWIDE WINDOWS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NATIONWIDE WINDOWS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

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; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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 accounting estimates were indicative of potential bias; and
- 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:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NATIONWIDE WINDOWS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kevin Johns BSC FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
Corner Oak
1 Homer Road
Solihull
B91 3QG

7 November 2024

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 45,944,612 44,480,261

Cost of sales 32,142,629 33,504,855
GROSS PROFIT 13,801,983 10,975,406

Administrative expenses 11,339,436 10,430,848
2,462,547 544,558

Other operating income 5,000 -
OPERATING PROFIT 4 2,467,547 544,558


Interest payable and similar expenses 5 174,538 207,860
PROFIT BEFORE TAXATION 2,293,009 336,698

Tax on profit 6 605,054 (3,970 )
PROFIT FOR THE FINANCIAL YEAR 1,687,955 340,668

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,687,955

340,668

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 4,418,251 3,964,997

CURRENT ASSETS
Stocks 9 3,273,344 4,153,609
Debtors 10 11,872,513 12,434,479
Cash at bank and in hand 1,907,516 1,024,587
17,053,373 17,612,675
CREDITORS
Amounts falling due within one year 11 10,912,715 12,010,466
NET CURRENT ASSETS 6,140,658 5,602,209
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,558,909

9,567,206

CREDITORS
Amounts falling due after more than one
year

12

(1,800,222

)

(1,524,528

)

PROVISIONS FOR LIABILITIES 16 (742,451 ) (214,397 )
NET ASSETS 8,016,236 7,828,281

CAPITAL AND RESERVES
Called up share capital 17 1,000 1,000
Retained earnings 18 8,015,236 7,827,281
SHAREHOLDERS' FUNDS 8,016,236 7,828,281

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2024 and were signed on its behalf by:





J Whalley - Director


NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 1,000 7,486,613 7,487,613

Changes in equity
Total comprehensive income - 340,668 340,668
Balance at 31 March 2023 1,000 7,827,281 7,828,281

Changes in equity
Dividends - (1,500,000 ) (1,500,000 )
Total comprehensive income - 1,687,955 1,687,955
Balance at 31 March 2024 1,000 8,015,236 8,016,236

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Nationwide Windows Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over remaining life of lease
Improvements to property - 10% on cost
Plant and machinery - 20% on cost and 10% on cost
Fixtures and fittings - 33.33% on cost, 20% on cost and 10% on cost
Motor vehicles - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 10,150,849 9,477,671
Social security costs 978,481 892,741
Other pension costs 190,606 187,420
11,319,936 10,557,832

The average number of employees during the year was as follows:
2024 2023

Management 7 7
Selling and distribution 4 4
Administration 97 94
Production 187 168
295 273

2024 2023
£    £   
Directors' remuneration 4,311 4,311

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 787,992 664,001
Loss/(profit) on disposal of fixed assets 6,772 (21,125 )
Auditors' remuneration 30,000 30,000
Operating lease rentals - Other Assets 1,387,545 1,386,604
Hire of plant and machinery 779,081 684,952

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 44,706 128,614
Hire purchase 129,832 79,246
174,538 207,860

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 76,999 -
Prior period adjustment - (25,071 )
Total current tax 76,999 (25,071 )

Deferred tax 528,055 21,101
Tax on profit 605,054 (3,970 )

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,293,009 336,698
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

573,252

63,973

Effects of:
Expenses not deductible for tax purposes 29,315 15,765
Capital allowances in excess of depreciation - (209,216 )
Depreciation in excess of capital allowances 66,628 -
Utilisation of tax losses (593,889 ) -
Adjustments to tax charge in respect of previous periods - (25,071 )
Profit/loss on disposal 1,693 (4,014 )
Losses carried forward - 133,492
Deferred tax movement 528,055 21,101
Total tax charge/(credit) 605,054 (3,970 )

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 1,500,000 -

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 April 2023 12,921 51,000 8,171,602
Additions - - 429,154
Disposals - - (219,540 )
At 31 March 2024 12,921 51,000 8,381,216
DEPRECIATION
At 1 April 2023 12,921 9,350 4,495,349
Charge for year - 5,100 606,835
Eliminated on disposal - - (190,268 )
At 31 March 2024 12,921 14,450 4,911,916
NET BOOK VALUE
At 31 March 2024 - 36,550 3,469,300
At 31 March 2023 - 41,650 3,676,253

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 388,588 668,715 9,292,826
Additions (1 ) 841,365 1,270,518
Disposals (81,186 ) (58,502 ) (359,228 )
At 31 March 2024 307,401 1,451,578 10,204,116
DEPRECIATION
At 1 April 2023 329,010 481,199 5,327,829
Charge for year 25,512 150,545 787,992
Eliminated on disposal (81,186 ) (58,502 ) (329,956 )
At 31 March 2024 273,336 573,242 5,785,865
NET BOOK VALUE
At 31 March 2024 34,065 878,336 4,418,251
At 31 March 2023 59,578 187,516 3,964,997

The net book value of assets on hire purchase totals £2,858,934 (2023: £2,326,139). Depreciation charged on these assets totalled £366,983 (2023: £282,116).

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. STOCKS
2024 2023
£    £   
Stocks 1,334,458 1,725,832
Work-in-progress 1,938,886 2,427,777
3,273,344 4,153,609

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 11,616,788 12,216,017
Other debtors 4,000 6,000
Tax - 25,071
Prepayments and accrued income 251,725 187,391
11,872,513 12,434,479

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) - 794,025
Hire purchase contracts (see note 14) 686,485 410,557
Trade creditors 3,682,706 4,723,191
Amounts owed to group undertakings 3,856,639 3,480,717
Tax 76,999 -
Social security and other taxes 1,118,390 1,207,484
Other creditors 370,292 292,607
Accrued expenses 1,121,204 1,101,885
10,912,715 12,010,466

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 1,800,222 1,524,528

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 794,025

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 686,485 410,557
Between one and five years 1,800,222 1,524,528
2,486,707 1,935,085

Non-cancellable operating leases
2024 2023
£    £   
Within one year 522,267 572,832
Between one and five years 570,875 1,100,182
In more than five years - 2,250
1,093,142 1,675,264

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 794,025
Hire purchase contracts 2,486,707 1,935,085
2,486,707 2,729,110

HSBC Bank PLC hold an unlimited multilateral guarantee dated 17 March 2020 given by Nationwide Windows Limited and Nationwide Windows Holding Company Limited.

HSBC Bank PLC have a debenture dated 25 October 2010 over all of the companies undertaking and assets.

HSBC Bank PLC have a legal assignment dated 8 November 2010 over all credit balances due to the company.

Hire Purchase creditors are secured against the assets to which they relate.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 742,451 214,397

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 214,397
Provided during year 528,054
Balance at 31 March 2024 742,451

The deferred tax provision consists of accelerated capital allowances.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

18. RESERVES
Retained
earnings
£   

At 1 April 2023 7,827,281
Profit for the year 1,687,955
Dividends (1,500,000 )
At 31 March 2024 8,015,236

The company's reserves are as follows:

The retained earnings reserve, which represents cumulative profits or losses net of dividends paid.

19. ULTIMATE PARENT COMPANY

Nationwide Windows Holding Company Limited is regarded by the directors as being the company's ultimate parent company.

The registered address of this company is Nationwide House, 74-88 Somers Road, Rugby, Warwickshire, CV22 7DH.

20. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 993,142 -

NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Other related parties
2024 2023
£    £   
Sales 4,256 1,287
Purchases 81,395 92,735
Remuneration - 80,945
Amount due to related party 17,943 18,907

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Whalley.