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REGISTERED NUMBER: 04670785 (England and Wales)



FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ICENI WINDOWS LIMITED

ICENI WINDOWS LIMITED (REGISTERED NUMBER: 04670785)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ICENI WINDOWS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P D W Foyle
L Delapperall





REGISTERED OFFICE: 46 Stepfield Road
Witham
Essex
CM8 3TH





REGISTERED NUMBER: 04670785 (England and Wales)





INDEPENDENT AUDITORS: Xeinadin Audit Limited
Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

ICENI WINDOWS LIMITED (REGISTERED NUMBER: 04670785)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 892,321 713,375

CURRENT ASSETS
Stocks 6 557,010 659,619
Debtors 7 786,167 1,024,663
Cash at bank 163,839 53,399
1,507,016 1,737,681
CREDITORS
Amounts falling due within one year 8 1,480,889 1,185,056
NET CURRENT ASSETS 26,127 552,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

918,448

1,266,000

CREDITORS
Amounts falling due after more than one
year

9

(56,605

)

(114,856

)

PROVISIONS FOR LIABILITIES 12 (195,571 ) (111,311 )
NET ASSETS 666,272 1,039,833

CAPITAL AND RESERVES
Called up share capital 13 77 77
Capital redemption reserve 74 74
Retained earnings 666,121 1,039,682
SHAREHOLDERS' FUNDS 666,272 1,039,833

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:





P D W Foyle - Director


ICENI WINDOWS LIMITED (REGISTERED NUMBER: 04670785)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

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

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

Amounts in these financial statements are rounded to the nearest Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
These financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the Company.In making this assessment, the directors have taken into account changes in the trading conditions and other factors.

Based on these the directors have considered the cashflow requirements of the Company for a period of twelve months from the date of approval of these financial statements and are satisfied that sufficient financial resources will continue to be made available.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions to determine the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

Tangible Fixed Assets
The directors have made key assumptions regarding the expected useful life of tangible fixed assets, these being depreciated at the rates documented in the accounting policies. The expected useful life for each asset class has been determined by the director's expectations and their experience of the industry, taking into account the typical operating life of fixed assets and the output expected from the plant and machinery.

Bad debt provision
The directors have also considered and reviewed the recoverability of trade debtors owing at the end of the financial year. The review by the directors takes into account their best estimate of the recoverability of the debtor based on past experience and the balance owing.

Any debtor balances that are considered to have recoverability concerns are provided in a bad debt provision to expense to the Income Statement.

ICENI WINDOWS LIMITED (REGISTERED NUMBER: 04670785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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

Turnover is recognised when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.

Turnover represents amounts receivable for the provision of the company's principal activity wholly undertaken in the United Kingdom, revenue is recognised at the date the goods and services are provided to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Over the period of the lease
Plant and machinery - 30% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed assets begins when it is in the location and condition necessary available for the use intended.

Tangible fixed asset depreciation is included in administrative expenses in the Income Statement.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Stocks
Stocks are measured at the lower of cost and net realisable value to complete and sell. Cost is calculated on a first in, first out basis (FIFO) and includes all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Allowances for obsolete and slow moving items are provided for.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


ICENI WINDOWS LIMITED (REGISTERED NUMBER: 04670785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Research and development
Expenditure on research and development is written off to the Income Statement in the year in which it is incurred.

Hire purchase
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Leasing commitments
Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term.

ICENI WINDOWS LIMITED (REGISTERED NUMBER: 04670785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like intangible assets and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 82 (2022 - 81 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 122,358 1,599,889 182,534 333,987 2,238,768
Additions 241,127 202,787 2,715 1,714 448,343
At 31 December 2023 363,485 1,802,676 185,249 335,701 2,687,111
DEPRECIATION
At 1 January 2023 101,959 1,093,882 100,489 229,063 1,525,393
Charge for year 26,581 199,375 16,850 26,591 269,397
At 31 December 2023 128,540 1,293,257 117,339 255,654 1,794,790
NET BOOK VALUE
At 31 December 2023 234,945 509,419 67,910 80,047 892,321
At 31 December 2022 20,399 506,007 82,045 104,924 713,375

ICENI WINDOWS LIMITED (REGISTERED NUMBER: 04670785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 263,333 97,113 360,446
Additions 150,000 - 150,000
Transfer to ownership (263,333 ) (46,990 ) (310,323 )
At 31 December 2023 150,000 50,123 200,123
DEPRECIATION
At 1 January 2023 222,775 52,510 275,285
Charge for year 41,214 10,010 51,224
Transfer to ownership (226,488 ) (32,220 ) (258,708 )
At 31 December 2023 37,501 30,300 67,801
NET BOOK VALUE
At 31 December 2023 112,499 19,823 132,322
At 31 December 2022 40,558 44,603 85,161

6. STOCKS
2023 2022
£    £   
Raw materials 557,010 659,619

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 493,361 587,002
Amounts owed by related parties - 238,385
Other debtors 80,678 76,457
Directors' current accounts 993 993
Tax 95,859 -
Prepayments and accrued income 115,276 121,826
786,167 1,024,663

ICENI WINDOWS LIMITED (REGISTERED NUMBER: 04670785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 155,322 90,000
Hire purchase contracts (see note 10) 43,251 34,826
Trade creditors 826,903 522,072
Amounts owed to related parties 38,615 -
Tax - 95,859
Social security and other taxes 44,943 56,784
VAT 180,851 205,314
Other creditors 94,776 101,687
Accruals and deferred income 96,228 78,514
1,480,889 1,185,056

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-5 years 7,500 97,500
Hire purchase contracts (see note 10) 49,105 17,356
56,605 114,856

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 49,198 37,673
Between one and five years 55,651 20,463
104,849 58,136

Finance charges repayable:
Within one year 5,947 2,847
Between one and five years 6,546 3,107
12,493 5,954

Net obligations repayable:
Within one year 43,251 34,826
Between one and five years 49,105 17,356
92,356 52,182

ICENI WINDOWS LIMITED (REGISTERED NUMBER: 04670785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 480,556 518,366
Between one and five years 1,349,470 1,625,628
In more than five years 776,137 776,137
2,606,163 2,920,131

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 65,322 -
Hire purchase contracts 92,356 52,182
Trade Creditors 266,497 102,551
424,175 154,733

Net obligations under hire purchase contracts are secured by charges on the assets concerned.

A fixed and floating charge also exists concerning the Invoice finance arrangement with Royal Bank of Scotland and National Westminster Bank PLC.

The secured trade creditor has a fixed charge over all leasehold and freehold property, stocks, shares, goodwill, book debts and other debts, with a floating charge on all undertaking property and assets.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 196,086 111,311
Tax losses carried forward (515 ) -
195,571 111,311

Deferred
tax
£   
Balance at 1 January 2023 111,311
Charge to Income Statement during year 49,110
Change in rate 35,150
Balance at 31 December 2023 195,571

ICENI WINDOWS LIMITED (REGISTERED NUMBER: 04670785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
42 "A" ordinary shares £1 42 42
35 "B" ordinary shares £1 35 35
77 77

The holders of the "A" shares are entitled to vote and participate in dividends or capital distributions. The "B" shares have no voting rights and the holders are not entitled to participate in a capital distribution.

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Simon Medcalf FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

15. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.

20232022
££

Contributions payable by the company for the year40,28940,599
Contributions payable to the fund at the year end included in other
creditors

5,181


7,691

16. CONTINGENT LIABILITIES

The company assets are held as security for a guarantee in respect of the bank borrowings of a related company. At the balance sheet date the related company had bank borrowings of £3,094,310 (2022: £3,177,291).

17. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 238,085

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year a loan account subsisted between the company and its directors. At the balance sheet date the directors owed the company £993 (2021: £2,013) which is shown within other debtors. No interest was charged on these loans.

ICENI WINDOWS LIMITED (REGISTERED NUMBER: 04670785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

19. RELATED PARTY DISCLOSURES

Other related parties

2023 2022
£ £
Rent paid to a related party 430,580 293,060
Amounts due from a related party 38,615 -
Amounts due to a related party - 238,385


The amounts shown above concern transactions with another company in which P Foyle is a director and has a controlling interest.