REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ICENI WINDOWS LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
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 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Transfer to ownership | (263,333 | ) | (46,990 | ) | (310,323 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Transfer to ownership | (226,488 | ) | (32,220 | ) | (258,708 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Raw materials |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by related parties | - | 238,385 |
Other debtors |
Directors' current accounts | 993 | 993 |
Tax |
Prepayments and accrued income |
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 |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to related parties | 38,615 | - |
Tax |
Social security and other taxes |
VAT | 180,851 | 205,314 |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-5 years |
Hire purchase contracts (see note 10) |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
Between one and five years |
In more than five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdraft |
Hire purchase contracts | 92,356 | 52,182 |
Trade Creditors | 266,497 | 102,551 |
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 |
Tax losses carried forward | ( |
) |
195,571 | 111,311 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Change in rate | 35,150 |
Balance at 31 December 2023 |
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: | £ | £ |
"A" ordinary shares | £1 | 42 | 42 |
"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. |
for and on behalf of |
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. |
2023 | 2022 |
£ | £ |
Contributions payable by the company for the year | 40,289 | 40,599 |
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 |
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 |
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. |