REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NATIONWIDE WINDOWS LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Corner Oak |
1 Homer Road |
Solihull |
B91 3QG |
NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,462,547 | 544,558 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
NATIONWIDE WINDOWS LIMITED (REGISTERED NUMBER: 02025613) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
Social security costs |
Other pension costs |
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 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
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 |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Operating lease rentals - Other Assets |
Hire of plant and machinery |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest |
Hire purchase |
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 |
Prior period adjustment | - | (25,071 | ) |
Total current tax | ( |
) |
Deferred tax |
Tax on profit | ( |
) |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
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 |
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 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions | ( |
) |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Work-in-progress |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Hire purchase contracts (see note 14) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 14) |
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 |
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 |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
Hire purchase contracts | 2,486,707 | 1,935,085 |
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 |
Provided during year |
Balance at 31 March 2024 |
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: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
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 |
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. |
2024 | 2023 |
£ | £ |
Sales |
Purchases |
Remuneration | - | 80,945 |
Amount due to related party |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |