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Registrar

Registration number: 03670520

Abacus Windows Commercial Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Abacus Windows Commercial Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Abacus Windows Commercial Limited

Company Information

Directors

I Ferguson

Registered office

Abacus House
29A Robjohns Road
Widford Industrial Estate
Chelmsford
Essex
CM1 3AG

Bankers

Barclays Bank Plc
Witham Business Centre
PO Box 3692
Witham
Essex
CM8 2AT

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Abacus Windows Commercial Limited

(Registration number: 03670520)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

270,033

143,825

Current assets

 

Stocks

5

130,778

45,000

Debtors

6

216,382

193,429

Cash at bank and in hand

 

175,070

367,335

 

522,230

605,764

Creditors: Amounts falling due within one year

7

(635,267)

(541,838)

Net current (liabilities)/assets

 

(113,037)

63,926

Total assets less current liabilities

 

156,996

207,751

Creditors: Amounts falling due after more than one year

7

(55,285)

(26,667)

Provisions for liabilities

(67,508)

(35,956)

Net assets

 

34,203

145,128

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

34,103

145,028

Shareholders' funds

 

34,203

145,128

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2024
 

I Ferguson
Director

 

Abacus Windows Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: Abacus House, 29A Robjohns Road, Widford Industrial Estate, Chelmsford, Essex, CM1 3AG.

These financial statements were authorised for issue by the director on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of double glazing in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Abacus Windows Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

10% straight line basis

Office equipment and fixtures

50% straight line basis and 25% reducing balance basis

Motor vehicles

25% reducing balance basis

Plant and machinery

10% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Abacus Windows Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are paid.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Long term employee benefits

The holiday year for Abacus Windows Commercial Limited ends at 31 December 2023.

Any unused holiday can only be carried forward at the discretion of the directors. The cost of any unused entitlement is recognised in the period in which the employee's services are received.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2022 - 25).

 

Abacus Windows Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Tangible assets

Improvements to Property
£

Office equipment and fixtures
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 December 2022

31,448

75,461

39,278

196,859

343,046

Additions

36,574

505

-

116,221

153,300

Disposals

-

(19,446)

(9,400)

-

(28,846)

At 30 November 2023

68,022

56,520

29,878

313,080

467,500

Depreciation

At 1 December 2022

29,702

69,900

28,555

71,064

199,221

Charge for the year

1,804

2,148

2,681

19,769

26,402

Eliminated on disposal

-

(19,447)

(8,709)

-

(28,156)

At 30 November 2023

31,506

52,601

22,527

90,833

197,467

Carrying amount

At 30 November 2023

36,516

3,919

7,351

222,247

270,033

At 30 November 2022

1,746

5,561

10,723

125,795

143,825

5

Stocks

2023
£

2022
£

Stock and works in progress

130,778

45,000

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

124,999

144,718

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

30,699

-

Prepayments

 

23,789

18,710

Other debtors

 

36,895

30,001

 

216,382

193,429

 

Abacus Windows Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

477,815

330,391

Loans and borrowings

9

18,172

13,820

Other creditors

 

20,130

21,955

Taxation and social security

 

104,186

160,925

Accruals and deferred income

 

14,964

14,747

 

635,267

541,838


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £8,173 (2022 - £3,820)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

55,285

26,667


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £38,617 (2022 - £nil).

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

70

70

70

70

Ordinary B Shares of £1 each

10

10

10

10

Ordinary C Shares of £1 each

10

10

10

10

Ordinary D Shares of £1 each

10

10

10

10

100

100

100

100

 

Abacus Windows Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,999

10,000

Hire purchase contracts

8,173

3,820

18,172

13,820

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

16,668

26,667

Hire purchase contracts

38,617

-

55,285

26,667

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,060,000 (2022 - £983,334).

11

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

(1,801)

268,500

(236,000)

30,699

 

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

-

111,640

(113,441)

(1,801)