REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
GARRARD WINDOWS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
GARRARD WINDOWS LIMITED |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Statement of Cash Flows | 13 |
Notes to the Statement of Cash Flows | 14 |
Notes to the Financial Statements | 15 |
GARRARD WINDOWS LIMITED |
COMPANY INFORMATION |
for the Year Ended 29 FEBRUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
STRATEGIC REPORT |
for the Year Ended 29 FEBRUARY 2024 |
The directors present their strategic report for the year ended 29 February 2024. |
REVIEW OF BUSINESS |
Fair review of the business |
The key financial highlights are as follows: |
2024 | 2023 | 2022 | 2021 |
Turnover | £32,230,740 | £34,823,790 | £35,449,701 | £25,188,986 |
Turnover growth/(fall) | (7%) | (2%) | (41%) | (3%) |
Gross profit margin | 25% | 29% | 30% | 27% |
Profit/(loss) before tax | (£333,813) | £2,169,116 | £2,544,238 | £1,734,014 |
It has been a very tough year for our sector. The slowdown predicted was greater than we, and many in our sector expected. Already many big names in the sector have failed, including Safestyle (one of, if not the biggest retailer, in the industry) and UK Window group (one of, if not the biggest trade manufacturing group in the industry). There have also been many smaller companies in the industry who have had to cease trading. Very few have done very well. |
We have taken on many new trade customers, and have lost very few, but still our sales were down on previous years. The minimum wage increased in April by circa 10%, and although Garrard pay above minimum wage rates to maintain staff and attract the best people, when minimum rates go up, employers have to increase their wages by similar amounts. The cost of some raw materials started to rise again, and energy costs are still high, albeit slightly down from the peak. So, with increased costs, and lower demand (caused by high interest rates, cost of living crisis, etc) we were unable to increase sales prices by as much as we should have. We could have reduced our headcount earlier, but with good staff still hard to find we retained as many as we could for as long as we could, hoping that the recovery would soon start. So, it was only recently we started reducing staff. |
Future developments |
Going forward, we now have a new government, who are aiming to get Britain building again, which should be good for the sector. Regardless though, as the economy improves, with the reduced number of companies left in the sector, sales should increase rapidly for those of us who have survived. |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
STRATEGIC REPORT |
for the Year Ended 29 FEBRUARY 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company's financial instruments comprise bank balances, hire purchase, trade debtors and trade creditors. The main purpose of these instruments is to finance the company's operations. |
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments are covered below. |
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of current and short term deposit accounts at varying rates of interest. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
Operational risk is managed by a defined structure for managing production and costs which is monitored by the Board on a regular basis. |
ON BEHALF OF THE BOARD: |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
REPORT OF THE DIRECTORS |
for the Year Ended 29 FEBRUARY 2024 |
The directors present their report with the financial statements of the company for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the manufacture and sale of double glazed windows and doors. |
DIVIDENDS |
The total distribution of dividends for the period ended 29 February 2024 will be £Nil (2023 - £Nil). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
Information relating to principal risks and uncertainties the company is facing as well as the future developments of the company has been disclosed in the Strategic Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
REPORT OF THE DIRECTORS |
for the Year Ended 29 FEBRUARY 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GARRARD WINDOWS LIMITED |
Opinion |
We have audited the financial statements of Garrard Windows Limited (the 'company') for the year ended 29 February 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its loss 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 opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GARRARD WINDOWS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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: |
- | performed detailed substantive testing to address completeness and accuracy of sales; |
- | assessed the appropriateness and application of the accounting policy concerning income recognition; |
- | enquiry of management and those charged with governance around actual and potential litigation and claims; |
- | enquiry of entity staff and the board of directors to identify any instances of non-compliance with laws and regulations; |
- | reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- | reviewing adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business; and |
- | auditing the risk of management override of controls, including through testing journal entries and other means. |
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 |
GARRARD WINDOWS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
INCOME STATEMENT |
for the Year Ended 29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(381,538 | ) | 2,181,738 |
Other operating income |
OPERATING (LOSS)/PROFIT | 5 | ( |
) |
Interest receivable and similar income |
(286,641 | ) | 2,188,772 |
Interest payable and similar expenses | 6 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 7 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
STATEMENT OF FINANCIAL POSITION |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 29 FEBRUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 28 February 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 29 February 2024 |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
STATEMENT OF CASH FLOWS |
for the Year Ended 29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | - | (200 | ) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,086,405 |
Cash and cash equivalents at end of year | 2 | 3,070,206 | 3,335,533 |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
NOTES TO THE STATEMENT OF CASH FLOWS |
for the Year Ended 29 FEBRUARY 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
Finance costs | 47,172 | 19,656 |
Finance income | (40,794 | ) | (7,034 | ) |
(90,944 | ) | 2,440,353 |
Decrease in stocks |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 29 February 2024 |
29.2.24 | 1.3.23 |
£ | £ |
Cash and cash equivalents | 3,070,206 | 3,335,533 |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 3,335,533 | 2,086,405 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.3.23 | Cash flow | changes | At 29.2.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 3,335,533 | (265,327 | ) | 3,070,206 |
3,335,533 | ( |
) | 3,070,206 |
Debt |
Finance leases | (229,751 | ) | 209,464 | - | (383,782 | ) |
(229,751 | ) | 209,464 | - | (383,782 | ) |
Total | 3,105,782 | (55,863 | ) | - | 2,686,424 |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Garrard Windows Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have considered the financial health of the company and are confident that the company, at the date of signing, will continue as a going concern for the foreseeable future. |
Preparation of consolidated financial statements |
The financial statements contain information about Garrard Windows Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402 of the Companies Act 2006 from the requirements to prepare consolidated financial statements, as its subsidiary can be excluded from consolidation under section 405(2) of Companies Act 2006. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments, discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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. |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 4 | 4 |
Factory | 181 | 189 |
Drivers | 19 | 18 |
Admin | 37 | 36 |
4. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Directors' remuneration |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 FEBRUARY 2024 |
4. | DIRECTORS' EMOLUMENTS - continued |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
5. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
(Profit)/loss on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Key management remuneration |
Key management includes the directors and members of senior management. The remuneration paid or payable to key management for employee services totalled £1,990,904 (2023: £1,769,913). |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest on late payment of |
corporation tax |
Hire purchase |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on (loss)/profit | ( |
) |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 FEBRUARY 2024 |
7. | TAXATION - continued |
Reconciliation of total tax (credit)/charge 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 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Movement in deferred tax | (83,353 | ) | 25,306 |
Tax losses available for future use | 136,823 | - |
Total tax (credit)/charge | (83,353 | ) | 430,514 |
8. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 FEBRUARY 2024 |
8. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
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 March 2023 |
Additions |
Transfer to ownership | (72,650 | ) | (139,243 | ) | (211,893 | ) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Transfer to ownership | (49,663 | ) | (95,186 | ) | (144,849 | ) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
9. | FIXED ASSET INVESTMENTS |
The company had a wholly owned subsidiary, Eclipse Composite Doors Limited, which was struck off on 13 February 2024. The company's registered office address was that of Garrard Windows Limited. The company had aggregate capital and reserves of £371 as of 31 May 2022. |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 FEBRUARY 2024 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Work-in-progress |
Finished goods |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 14) |
Trade creditors |
Corporation tax |
Taxation and social security |
VAT | 352,137 | 334,861 |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 14) |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 FEBRUARY 2024 |
14. | LEASING AGREEMENTS - continued |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 383,782 | 229,751 |
Hire purchase creditors are secured on the assets financed. |
HSBC Plc holds a fixed and floating charge over the assets of the company. |
16. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 34,134 | 117,487 |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 29 February 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
All shares rank equal in respect of dividend distribution and voting. |
GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 FEBRUARY 2024 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 March 2023 |
Deficit for the year | ( |
) |
At 29 February 2024 |
19. | RELATED PARTY DISCLOSURES |
Companies owned and controlled by close family members of the directors |
Tyred and Exhausted Auto Centres Limited |
During the year the company obtained purchases of £50,589 (2023: £41,726) from Tyred and Exhausted Auto Centres Limited. At the year end £10,095 (2023: £3,542) was shown within trade creditors as owing by the company to Tyred and Exhausted Auto Centres Limited. |
Hartley Windows Limited |
During the year the company made sales of £90,053 (2023: nil) and management charges of £54,103 (2023: nil) to Harley Windows Limited. At the year end, £2,500 (2023: nil) was shown within trade debtors as owed to the company by Harley Windows Limited. |
Garrard Windows Holdings Limited |
During the year the company made a loan of £325,000 (2023: nil) to Garrard Windows Holdings Limited. At the year end, £325,000 (2023: nil) was shown within other debtors as owed to the company by Garrard Windows Holdings Limited. The loan is repayable on demand and is interest free. |
20. | ULTIMATE CONTROLLING PARTY |
The company is controlled jointly by Miss N S Williams and Mr S Leek by virtue of their shareholdings. |