IRIS Accounts Production v24.3.0.553 04123618 Board of Directors 31.3.24 1.4.23 31.3.24 31.3.24 fabricators and installers of PVCu windows, doors and conservatories. true true true false true true false false false false false true false Fair value model Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh041236182023-03-31041236182024-03-31041236182023-04-012024-03-31041236182022-03-31041236182022-04-012023-03-31041236182023-03-3104123618ns15:EnglandWales2023-04-012024-03-3104123618ns14:PoundSterling2023-04-012024-03-3104123618ns10:Director12023-04-012024-03-3104123618ns10:Consolidated2024-03-3104123618ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3104123618ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3104123618ns10:Consolidatedns10:FRS1022023-04-012024-03-3104123618ns10:Consolidatedns10:Audited2023-04-012024-03-3104123618ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3104123618ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3104123618ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3104123618ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-04-012024-03-3104123618ns10:FullAccounts2023-04-012024-03-3104123618ns5:Subsidiary12023-04-012024-03-3104123618ns5:Subsidiary22023-04-012024-03-310412361812023-04-012024-03-3104123618ns10:OrdinaryShareClass12023-04-012024-03-3104123618ns10:Director22023-04-012024-03-3104123618ns10:Director32023-04-012024-03-3104123618ns10:CompanySecretary12023-04-012024-03-3104123618ns10:RegisteredOffice2023-04-012024-03-3104123618ns10:Consolidated2023-04-012024-03-3104123618ns10:Consolidated2022-04-012023-03-3104123618ns5:CurrentFinancialInstruments2024-03-3104123618ns5:CurrentFinancialInstruments2023-03-3104123618ns5:Non-currentFinancialInstruments2024-03-3104123618ns5:Non-currentFinancialInstruments2023-03-3104123618ns5:ShareCapital2024-03-3104123618ns5:ShareCapital2023-03-3104123618ns5:SharePremium2024-03-3104123618ns5:SharePremium2023-03-3104123618ns5:RevaluationReserve2024-03-3104123618ns5:RevaluationReserve2023-03-3104123618ns5:RetainedEarningsAccumulatedLosses2024-03-3104123618ns5:RetainedEarningsAccumulatedLosses2023-03-3104123618ns5:ShareCapital2022-03-3104123618ns5:RetainedEarningsAccumulatedLosses2022-03-3104123618ns5:SharePremium2022-03-3104123618ns5:RevaluationReserve2022-03-3104123618ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3104123618ns5:RevaluationReserve2022-04-012023-03-3104123618ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3104123618ns5:RevaluationReserve2023-04-012024-03-3104123618ns5:NetGoodwill2023-04-012024-03-3104123618ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3104123618ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-3104123618ns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3104123618ns5:LeaseholdImprovements2023-04-012024-03-3104123618ns5:PlantMachinery2023-04-012024-03-3104123618ns5:FurnitureFittings2023-04-012024-03-3104123618ns5:MotorVehicles2023-04-012024-03-3104123618ns5:LandBuildings2023-03-3104123618ns5:LandBuildings2023-04-012024-03-3104123618ns5:LandBuildings2024-03-3104123618ns5:LandBuildings2023-03-3104123618ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-03-3104123618ns5:UnlistedNon-exchangeTraded2024-03-3104123618ns5:UnlistedNon-exchangeTraded2023-03-3104123618ns5:Subsidiary112023-04-012024-03-31041236183ns5:Subsidiary22023-04-012024-03-3104123618ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3104123618ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3104123618ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3104123618ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3104123618ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3104123618ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3104123618ns10:OrdinaryShareClass12024-03-3104123618ns5:RetainedEarningsAccumulatedLosses2023-03-3104123618ns5:SharePremium2023-03-3104123618ns5:RevaluationReserve2023-03-31
REGISTERED NUMBER: 04123618 (England and Wales)







GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Consolidated Income Statement 12

Consolidated Other Comprehensive Income 13

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 21


NATIONWIDE WINDOWS HOLDING COMPANY
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: 04123618 (England and Wales)





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

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

GROUP 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 HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

GROUP 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 HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

GROUP 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 shareholders.

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 HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

GROUP 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


12 November 2024

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


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

DIVIDENDS
No dividends have been paid in either the 2023 or 2024 year end.

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 HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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


12 November 2024

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


Opinion
We have audited the financial statements of Nationwide Windows Holding Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent 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 Group 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.

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


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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent 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 HOLDING COMPANY
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 HOLDING COMPANY
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

12 November 2024

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 45,957,055 44,518,059

Cost of sales 32,142,629 33,504,855
GROSS PROFIT 13,814,426 11,013,204

Administrative expenses 11,060,738 10,409,420
2,753,688 603,784

Other operating income 9,000 4,000
OPERATING PROFIT 5 2,762,688 607,784


Interest payable and similar expenses 6 351,565 391,432
PROFIT BEFORE TAXATION 2,411,123 216,352

Tax on profit 7 605,054 (3,970 )
PROFIT FOR THE FINANCIAL YEAR 1,806,069 220,322
Profit attributable to:
Owners of the parent 1,806,069 220,322

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,806,069 220,322


OTHER COMPREHENSIVE INCOME

Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,806,069

220,322

Total comprehensive income attributable to:
Owners of the parent 1,806,069 220,322

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 10,792,004 9,964,878
Investments 11 - -
Investment property 12 - 475,001
10,792,004 10,439,879

CURRENT ASSETS
Stocks 13 3,273,344 4,153,609
Debtors 14 12,015,819 12,580,801
Cash at bank and in hand 1,914,354 1,031,982
17,203,517 17,766,392
CREDITORS
Amounts falling due within one year 15 7,555,488 9,271,251
NET CURRENT ASSETS 9,648,029 8,495,141
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,440,033

18,935,020

CREDITORS
Amounts falling due after more than one
year

16

(4,765,546

)

(5,594,656

)

PROVISIONS FOR LIABILITIES 20 (742,451 ) (214,397 )
NET ASSETS 14,932,036 13,125,967

CAPITAL AND RESERVES
Called up share capital 21 806,000 806,000
Share premium 22 69,400 69,400
Revaluation reserve 22 1,132,053 1,132,053
Retained earnings 22 12,924,583 11,118,514
SHAREHOLDERS' FUNDS 14,932,036 13,125,967

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by:





J Whalley - Director


NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 6,484,555 6,110,683
Investments 11 725,000 725,000
Investment property 12 - 475,001
7,209,555 7,310,684

CURRENT ASSETS
Debtors 14 3,999,944 3,627,039
Cash at bank and in hand 6,838 7,395
4,006,782 3,634,434
CREDITORS
Amounts falling due within one year 15 499,411 741,502
NET CURRENT ASSETS 3,507,371 2,892,932
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,716,926

10,203,616

CREDITORS
Amounts falling due after more than one
year

16

2,965,324

4,070,128
NET ASSETS 7,751,602 6,133,488

CAPITAL AND RESERVES
Called up share capital 21 806,000 806,000
Share premium 22 69,400 69,400
Revaluation reserve 22 636,159 636,159
Retained earnings 22 6,240,043 4,621,929
SHAREHOLDERS' FUNDS 7,751,602 6,133,488

Company's profit/(loss) for the financial
year

1,618,114

(105,759

)

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





J Whalley - Director


NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 806,000 10,898,192 69,400 1,132,053 12,905,645

Changes in equity
Total comprehensive income - 220,322 - - 220,322
Balance at 31 March 2023 806,000 11,118,514 69,400 1,132,053 13,125,967

Changes in equity
Total comprehensive income - 1,806,069 - - 1,806,069
Balance at 31 March 2024 806,000 12,924,583 69,400 1,132,053 14,932,036

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 806,000 4,727,688 69,400 636,159 6,239,247

Changes in equity
Total comprehensive income - (105,759 ) - - (105,759 )
Balance at 31 March 2023 806,000 4,621,929 69,400 636,159 6,133,488

Changes in equity
Total comprehensive income - 1,618,114 - - 1,618,114
Balance at 31 March 2024 806,000 6,240,043 69,400 636,159 7,751,602

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,146,337 2,572,982
Interest paid (91,901 ) (312,186 )
Interest element of hire purchase
payments paid

(259,664

)

(79,246

)
Tax paid 25,070 -
Net cash from operating activities 3,819,842 2,181,550

Cash flows from investing activities
Purchase of tangible fixed assets (1,270,518 ) (1,279,356 )
Sale of tangible fixed assets 22,500 21,124
Net cash from investing activities (1,248,018 ) (1,258,232 )

Cash flows from financing activities
New loans in year - 1,000,000
Loan repayments in year (1,409,293 ) (595,676 )
Capital repayments in year 513,866 1,310,907
Net cash from financing activities (895,427 ) 1,715,231

Increase in cash and cash equivalents 1,676,397 2,638,549
Cash and cash equivalents at
beginning of year

2

237,957

(2,400,592

)

Cash and cash equivalents at end of
year

2

1,914,354

237,957

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 2,411,123 216,352
Depreciation charges 889,121 789,405
Loss/(profit) on disposal of fixed assets 6,772 (21,125 )
Finance costs 351,565 391,432
3,658,581 1,376,064
Decrease in stocks 880,265 1,151,055
Decrease/(increase) in trade and other debtors 539,910 (1,056,969 )
(Decrease)/increase in trade and other creditors (932,419 ) 1,102,832
Cash generated from operations 4,146,337 2,572,982

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,914,354 1,031,982
Bank overdrafts - (794,025 )
1,914,354 237,957
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,031,982 4,971
Bank overdrafts (794,025 ) (2,405,563 )
237,957 (2,400,592 )


NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 1,031,982 882,372 1,914,354
Bank overdrafts (794,025 ) 794,025 -
237,957 1,676,397 1,914,354
Debt
Finance leases (1,935,085 ) (551,622 ) (2,486,707 )
Debts falling due within 1 year (635,966 ) 308,489 (327,477 )
Debts falling due after 1 year (3,906,128 ) 1,100,804 (2,805,324 )
(6,477,179 ) 857,671 (5,619,508 )
Total (6,239,222 ) 2,534,068 (3,705,154 )

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


1. STATUTORY INFORMATION

Nationwide Windows Holding Company 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 General 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 as modified by the revaluation of certain assets.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
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

No depreciation is charged on freehold land.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Fixed asset investments are stated at fair value.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 10,942,092 10,068,652
Social security costs 1,070,788 974,884
Other pension costs 211,238 209,697
12,224,118 11,253,233

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


3. EMPLOYEES AND DIRECTORS - continued

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

4. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 795,554 540,453
Directors' pension contributions to money purchase schemes 20,632 19,650

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 283,798 184,898
Pension contributions to money purchase schemes 7,130 6,791

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 889,121 789,405
Loss/(profit) on disposal of fixed assets 6,772 (21,125 )
Fees for the audit of parent
company and consolidated
financial statements 7,506 7,200
Fees for the audit of the
company's subsidiaries
pursuant to legislation 30,000 30,000
Operating lease rentals - Other Assets 815,945 815,004
Hire of plant and machinery 779,081 684,952

Auditors' fees for the company were £5,500 (2023: £5,000).

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 44,706 128,614
Bank loan interest 45,658 180,251
Directors loan interest 1,537 3,321
Hire purchase 259,664 79,246
351,565 391,432

7. 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 )

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 2,411,123 216,352
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

602,781

41,107

Effects of:
Expenses not deductible for tax purposes 29,315 16,016
Capital allowances in excess of depreciation - (184,046 )
Depreciation in excess of capital allowances 90,780 -
Utilisation of tax losses (647,570 ) -
Adjustments to tax charge in respect of previous periods - (25,071 )


Deferred tax movement 528,055 21,101

Profit on disposal 1,693 (4,014 )
Losses carried forward - 130,937

Total tax charge/(credit) 605,054 (3,970 )

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation of fixed assets

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 224,424
AMORTISATION
At 1 April 2023
and 31 March 2024 224,424
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST OR VALUATION
At 1 April 2023 6,850,869 12,921 51,000
Additions - - -
Disposals - - -
Reclassification/transfer 475,001 - -
At 31 March 2024 7,325,870 12,921 51,000
DEPRECIATION
At 1 April 2023 850,988 12,921 9,350
Charge for year 101,129 - 5,100
Eliminated on disposal - - -
At 31 March 2024 952,117 12,921 14,450
NET BOOK VALUE
At 31 March 2024 6,373,753 - 36,550
At 31 March 2023 5,999,881 - 41,650

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 8,171,602 388,588 668,715 16,143,695
Additions 429,154 (1 ) 841,365 1,270,518
Disposals (219,540 ) (81,186 ) (58,502 ) (359,228 )
Reclassification/transfer - - - 475,001
At 31 March 2024 8,381,216 307,401 1,451,578 17,529,986
DEPRECIATION
At 1 April 2023 4,495,349 329,010 481,199 6,178,817
Charge for year 606,835 25,512 150,545 889,121
Eliminated on disposal (190,268 ) (81,186 ) (58,502 ) (329,956 )
At 31 March 2024 4,911,916 273,336 573,242 6,737,982
NET BOOK VALUE
At 31 March 2024 3,469,300 34,065 878,336 10,792,004
At 31 March 2023 3,676,253 59,578 187,516 9,964,878

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


10. TANGIBLE FIXED ASSETS - continued

Group

Included in cost or valuation of land and buildings is freehold land of £1,875,000 (2023 - £1,875,000) which is not depreciated.

Cost or valuation at 31 March 2024 is represented by:

Improvements
Freehold Short to
property leasehold property
£    £    £   
Valuation in 2021 517,400 - -
Valuation in 2022 675,000 - -
Cost 6,133,470 12,921 51,000
7,325,870 12,921 51,000

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Valuation in 2021 - - - 517,400
Valuation in 2022 - - - 675,000
Cost 8,381,216 307,401 1,451,578 16,337,586
8,381,216 307,401 1,451,578 17,529,986

The property was valued by Bruton Knowles on 12 July 2022.

Freehold property included in the accounts would have had a carrying value of £4,985,865 had the revaluation not taken place.

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 HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


10. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST OR VALUATION
At 1 April 2023 6,300,000
Reclassification/transfer 475,001
At 31 March 2024 6,775,001
DEPRECIATION
At 1 April 2023 189,317
Charge for year 101,129
At 31 March 2024 290,446
NET BOOK VALUE
At 31 March 2024 6,484,555
At 31 March 2023 6,110,683

Cost or valuation at 31 March 2024 is represented by:

Freehold
property
£   
Valuation in 2021 (30,508 )
Valuation in 2022 675,000
Cost 6,130,509
6,775,001

11. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 April 2023
and 31 March 2024 725,000
NET BOOK VALUE
At 31 March 2024 725,000
At 31 March 2023 725,000

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Nationwide Windows Limited
Registered office: Nationwide House, 74-88 Somers Road, Rugby, Warwickshire, CV22 7DH
Nature of business: Window and door fabricators
%
Class of shares: holding
Ordinary 100.00

Future Homes by Nationwide Limited
Registered office: Corner Oak, 1 Homer Road, Solihull, West Midlands, United Kingdom, B91 3QG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2023 475,001
Reclassification/transfer (475,001 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 475,001

Company
Total
£   
FAIR VALUE
At 1 April 2023 475,001
Reclassification/transfer (475,001 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 475,001

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


13. STOCKS

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

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 11,618,788 12,221,087 2,000 5,070
Amounts owed by group undertakings - - 3,856,638 3,480,717
Other debtors 4,000 6,000 - -
Tax - 25,071 - -
Prepayments and accrued income 252,771 188,383 1,046 992
Other debtors 140,260 140,260 140,260 140,260
12,015,819 12,580,801 3,999,944 3,627,039

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 327,477 1,429,991 327,477 635,966
Hire purchase contracts (see note 18) 686,485 410,557 - -
Trade creditors 3,682,761 4,723,187 54 -
Tax 76,998 - - -
Social security and other taxes 1,162,178 1,231,731 43,788 24,247
VAT 513 1,236 513 1,236
Other creditors 378,830 301,145 8,538 8,538
Directors' current accounts - 37,756 - 37,756
Deferred Government grants 4,000 4,000 4,000 4,000
Accruals and deferred income 1,236,246 1,131,648 115,041 29,759
7,555,488 9,271,251 499,411 741,502

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 2,805,324 3,906,128 2,805,324 3,906,128
Hire purchase contracts (see note 18) 1,800,222 1,524,528 - -
Deferred Government grants 160,000 164,000 160,000 164,000
4,765,546 5,594,656 2,965,324 4,070,128

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 794,025 - -
Bank loans 327,477 635,966 327,477 635,966
327,477 1,429,991 327,477 635,966
Amounts falling due between one and two years:
Bank loans - 1-2 years 339,217 647,522 339,217 647,522
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,092,964 1,508,145 1,092,964 1,508,145
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,373,143 1,750,461 1,373,143 1,750,461

A 15 year bank loan was taken out in July 2017.

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
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

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 342,017 382,832
Between one and five years 406,625 755,682
In more than five years - 2,250
748,642 1,140,764

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank overdraft - 794,025
Bank loans 3,132,801 4,542,094
Hire purchase contracts 2,486,707 1,935,085
5,619,508 7,271,204

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 fixed charge dated 4 July 2017 over the freehold property and land of the company.

HSBC Bank PLC have a debenture dated 27 October 2010 over all of the companies undertaking and assets.

HSBC Bank PLC have a legal assignment dated 11 November 2010 over all credit balances due to the company.

HSBC Bank PLC have legal mortgage charges dated 27 February 2015 and 13 June 2016 over the freehold property and land of the company.

HSBC Bank PLC have a fixed and floating charge dated 6 October 2014 over all property assets of the company.

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

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 742,451 214,397

Group
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.

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
806,000 Ordinary £1 806,000 806,000

22. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 11,118,514 69,400 1,132,053 12,319,967
Profit for the year 1,806,069 1,806,069
At 31 March 2024 12,924,583 69,400 1,132,053 14,126,036

Company
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 4,621,929 69,400 636,159 5,327,488
Profit for the year 1,618,114 1,618,114
At 31 March 2024 6,240,043 69,400 636,159 6,945,602

The company's reserves are as follows:

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

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

The revaluation reserve represents the cumulative effect of revaluations of properties.

23. 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Amount due to related party - 37,756

NATIONWIDE WINDOWS HOLDING COMPANY
LIMITED (REGISTERED NUMBER: 04123618)

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


23. RELATED PARTY DISCLOSURES - continued

Other related parties
2024 2023
£    £   
Sales 4,256 1,287
Purchases 81,395 92,735
Remuneration - 83,517
Amount due to related party 17,943 18,907

No compensation was paid to key management personnel during the year. However during the year ended 31 March 2023 a total of key management personnel compensation of £ 634,038 was paid.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Whalley.