IRIS Accounts Production v24.3.0.553 03376322 Board of Directors 1.3.23 29.2.24 29.2.24 true true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033763222023-02-28033763222024-02-29033763222023-03-012024-02-29033763222022-02-28033763222022-03-012023-02-28033763222023-02-2803376322ns15:EnglandWales2023-03-012024-02-2903376322ns14:PoundSterling2023-03-012024-02-2903376322ns10:Director12023-03-012024-02-2903376322ns10:Director22023-03-012024-02-2903376322ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2903376322ns10:FRS1022023-03-012024-02-2903376322ns10:Audited2023-03-012024-02-2903376322ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-03-012024-02-2903376322ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-03-012024-02-2903376322ns10:FullAccounts2023-03-012024-02-2903376322ns10:OrdinaryShareClass12023-03-012024-02-2903376322ns10:Director32023-03-012024-02-2903376322ns10:Director42023-03-012024-02-2903376322ns10:CompanySecretary12023-03-012024-02-2903376322ns10:RegisteredOffice2023-03-012024-02-2903376322ns5:CurrentFinancialInstruments2024-02-2903376322ns5:CurrentFinancialInstruments2023-02-2803376322ns5:Non-currentFinancialInstruments2024-02-2903376322ns5:Non-currentFinancialInstruments2023-02-2803376322ns5:ShareCapital2024-02-2903376322ns5:ShareCapital2023-02-2803376322ns5:RetainedEarningsAccumulatedLosses2024-02-2903376322ns5:RetainedEarningsAccumulatedLosses2023-02-2803376322ns5:ShareCapital2022-02-2803376322ns5:RetainedEarningsAccumulatedLosses2022-02-2803376322ns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-2803376322ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-2903376322ns5:LeaseholdImprovements2023-03-012024-02-2903376322ns5:PlantMachinery2023-03-012024-02-2903376322ns5:FurnitureFittings2023-03-012024-02-2903376322ns5:MotorVehicles2023-03-012024-02-2903376322ns5:ComputerEquipment2023-03-012024-02-2903376322ns10:HighestPaidDirector2023-03-012024-02-2903376322ns10:HighestPaidDirector2022-03-012023-02-2803376322ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-03-012024-02-2903376322ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-03-012023-02-2803376322ns5:OwnedAssets2023-03-012024-02-2903376322ns5:OwnedAssets2022-03-012023-02-2803376322ns5:LeasedAssets2023-03-012024-02-2903376322ns5:LeasedAssets2022-03-012023-02-280337632212023-03-012024-02-290337632212022-03-012023-02-2803376322ns5:HirePurchaseContracts2023-03-012024-02-2903376322ns5:HirePurchaseContracts2022-03-012023-02-2803376322ns5:LeaseholdImprovements2023-02-2803376322ns5:PlantMachinery2023-02-2803376322ns5:FurnitureFittings2023-02-2803376322ns5:LeaseholdImprovements2024-02-2903376322ns5:PlantMachinery2024-02-2903376322ns5:FurnitureFittings2024-02-2903376322ns5:LeaseholdImprovements2023-02-2803376322ns5:PlantMachinery2023-02-2803376322ns5:FurnitureFittings2023-02-2803376322ns5:MotorVehicles2023-02-2803376322ns5:ComputerEquipment2023-02-2803376322ns5:MotorVehicles2024-02-2903376322ns5:ComputerEquipment2024-02-2903376322ns5:MotorVehicles2023-02-2803376322ns5:ComputerEquipment2023-02-2803376322ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-2803376322ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-2803376322ns5:LeasedAssetsHeldAsLessee2023-02-2803376322ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2903376322ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2903376322ns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2903376322ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-02-2903376322ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-02-2903376322ns5:LeasedAssetsHeldAsLessee2024-02-2903376322ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-2803376322ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-2803376322ns5:LeasedAssetsHeldAsLessee2023-02-2803376322ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2903376322ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2803376322ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2903376322ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2803376322ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-02-2903376322ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-02-2803376322ns5:HirePurchaseContracts2024-02-2903376322ns5:HirePurchaseContracts2023-02-2803376322ns5:WithinOneYear2024-02-2903376322ns5:WithinOneYear2023-02-2803376322ns5:BetweenOneFiveYears2024-02-2903376322ns5:BetweenOneFiveYears2023-02-2803376322ns5:MoreThanFiveYears2024-02-2903376322ns5:MoreThanFiveYears2023-02-2803376322ns5:AllPeriods2024-02-2903376322ns5:AllPeriods2023-02-2803376322ns5:DeferredTaxation2023-02-2803376322ns5:DeferredTaxation2023-03-012024-02-2903376322ns5:DeferredTaxation2024-02-2903376322ns10:OrdinaryShareClass12024-02-2903376322ns5:RetainedEarningsAccumulatedLosses2023-02-28
REGISTERED NUMBER: 03376322 (England and Wales)



















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: Mr S Leek
Miss N S Williams
Mrs R Wiffin
Mr A J Webb





SECRETARY: Miss N S Williams





REGISTERED OFFICE: 260 - 270
Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL





BUSINESS ADDRESS: Units 1 and 2 Harvington Park
Westfield Road
Pitstone
Beds
LU7 9GX





REGISTERED NUMBER: 03376322 (England and Wales)





AUDITORS: FKCA Limited
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:





Miss N S Williams - Director


27 November 2024

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.

Mr S Leek
Miss N S Williams
Mrs R Wiffin
Mr A J Webb

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:





Miss N S Williams - Director


27 November 2024

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.




Tara Aldwin ACA (Senior Statutory Auditor)
for and on behalf of FKCA Limited
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

28 November 2024

GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322)

INCOME STATEMENT
for the Year Ended 29 FEBRUARY 2024

2024 2023
Notes £    £   

TURNOVER 32,230,740 34,823,790

Cost of sales 24,331,576 24,832,538
GROSS PROFIT 7,899,164 9,991,252

Administrative expenses 8,280,702 7,809,514
(381,538 ) 2,181,738

Other operating income 54,103 -
OPERATING (LOSS)/PROFIT 5 (327,435 ) 2,181,738

Interest receivable and similar income 40,794 7,034
(286,641 ) 2,188,772

Interest payable and similar expenses 6 47,172 19,656
(LOSS)/PROFIT BEFORE TAXATION (333,813 ) 2,169,116

Tax on (loss)/profit 7 (83,353 ) 430,514
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(250,460

)

1,738,602

GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322)

OTHER COMPREHENSIVE INCOME
for the Year Ended 29 FEBRUARY 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (250,460 ) 1,738,602


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(250,460

)

1,738,602

GARRARD WINDOWS LIMITED (REGISTERED NUMBER: 03376322)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 899,746 766,397
Investments 9 - 200
899,746 766,597

CURRENT ASSETS
Stocks 10 4,619,102 5,167,316
Debtors 11 2,743,183 2,374,768
Cash at bank and in hand 3,070,206 3,335,533
10,432,491 10,877,617
CREDITORS
Amounts falling due within one year 12 2,725,085 2,822,808
NET CURRENT ASSETS 7,707,406 8,054,809
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,607,152

8,821,406

CREDITORS
Amounts falling due after more than one
year

13

(199,637

)

(80,078

)

PROVISIONS FOR LIABILITIES 16 (34,134 ) (117,487 )
NET ASSETS 8,373,381 8,623,841

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 8,373,281 8,623,741
SHAREHOLDERS' FUNDS 8,373,381 8,623,841

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





Mr S Leek - Director


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 100 6,885,139 6,885,239

Changes in equity
Total comprehensive income - 1,738,602 1,738,602
Balance at 28 February 2023 100 8,623,741 8,623,841

Changes in equity
Total comprehensive income - (250,460 ) (250,460 )
Balance at 29 February 2024 100 8,373,281 8,373,381

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 1 211,132 2,076,986
Interest paid (17,118 ) -
Interest element of hire purchase payments
paid

(30,054

)

(19,656

)
Tax paid (254,472 ) (624,822 )
Net cash from operating activities (90,512 ) 1,432,508

Cash flows from investing activities
Purchase of tangible fixed assets (39,712 ) (41,107 )
Purchase of fixed asset investments - (200 )
Sale of tangible fixed assets 33,567 4,375
Interest received 40,794 7,034
Net cash from investing activities 34,649 (29,898 )

Cash flows from financing activities
Capital repayments in year (209,464 ) (153,482 )
Net cash from financing activities (209,464 ) (153,482 )

(Decrease)/increase in cash and cash equivalents (265,327 ) 1,249,128
Cash and cash equivalents at beginning of
year

2

3,335,533

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 (333,813 ) 2,169,116
Depreciation charges 237,093 245,290
(Profit)/loss on disposal of fixed assets (602 ) 13,325
Finance costs 47,172 19,656
Finance income (40,794 ) (7,034 )
(90,944 ) 2,440,353
Decrease in stocks 548,214 573,024
(Increase)/decrease in trade and other debtors (368,415 ) 259,826
Increase/(decrease) in trade and other creditors 122,277 (1,196,217 )
Cash generated from operations 211,132 2,076,986

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 (265,327 ) 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 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 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.

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
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 term of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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 11,895,465 11,488,136
Social security costs 1,092,254 1,090,031
Other pension costs 118,882 122,427
13,106,601 12,700,594

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
241 247

4. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 1,696,116 1,442,000

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 616,000 501,000

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 9,846 26,090
Depreciation - owned assets 105,461 140,969
Depreciation - assets on hire purchase contracts 131,632 104,322
(Profit)/loss on disposal of fixed assets (602 ) 13,325
Auditors' remuneration 10,650 10,175
Auditors' remuneration for non audit work 7,962 9,210

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 17,118 -
Hire purchase 30,054 19,656
47,172 19,656

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 - 405,208

Deferred tax (83,353 ) 25,306
Tax on (loss)/profit (83,353 ) 430,514

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 (333,813 ) 2,169,116
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

(83,453

)

412,132

Effects of:
Expenses not deductible for tax purposes 113 2,578
Capital allowances in excess of depreciation (53,483 ) (9,502 )
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 289,428 3,396,930 74,203
Additions - - 480
Disposals - - -
At 29 February 2024 289,428 3,396,930 74,683
DEPRECIATION
At 1 March 2023 191,782 3,128,476 65,504
Charge for year 21,519 67,005 2,225
Eliminated on disposal - - -
At 29 February 2024 213,301 3,195,481 67,729
NET BOOK VALUE
At 29 February 2024 76,127 201,449 6,954
At 28 February 2023 97,646 268,454 8,699

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 972,457 85,220 4,818,238
Additions 400,787 1,940 403,207
Disposals (191,132 ) - (191,132 )
At 29 February 2024 1,182,112 87,160 5,030,313
DEPRECIATION
At 1 March 2023 588,095 77,984 4,051,841
Charge for year 143,369 2,975 237,093
Eliminated on disposal (158,367 ) - (158,367 )
At 29 February 2024 573,097 80,959 4,130,567
NET BOOK VALUE
At 29 February 2024 609,015 6,201 899,746
At 28 February 2023 384,362 7,236 766,397

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 88,850 469,515 558,365
Additions - 387,757 387,757
Transfer to ownership (72,650 ) (139,243 ) (211,893 )
At 29 February 2024 16,200 718,029 734,229
DEPRECIATION
At 1 March 2023 49,088 196,310 245,398
Charge for year 9,940 121,692 131,632
Transfer to ownership (49,663 ) (95,186 ) (144,849 )
At 29 February 2024 9,365 222,816 232,181
NET BOOK VALUE
At 29 February 2024 6,835 495,213 502,048
At 28 February 2023 39,762 273,205 312,967

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 4,260,028 4,849,755
Work-in-progress 119,691 105,854
Finished goods 239,383 211,707
4,619,102 5,167,316

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,388,919 2,343,271
Other debtors 325,125 11,022
Prepayments and accrued income 29,139 20,475
2,743,183 2,374,768

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 184,145 149,673
Trade creditors 1,914,533 1,811,536
Corporation tax - 254,472
Taxation and social security 167,569 171,092
VAT 352,137 334,861
Other creditors 24,577 23,402
Accrued expenses 82,124 77,772
2,725,085 2,822,808

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 199,637 80,078

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 184,145 149,673
Between one and five years 199,637 80,078
383,782 229,751

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 908,800 908,800
Between one and five years 3,434,290 3,554,576
In more than five years 262,838 1,051,353
4,605,928 5,514,729

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 117,487
Credit to Income Statement during year (83,353 )
Balance at 29 February 2024 34,134

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 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 8,623,741
Deficit for the year (250,460 )
At 29 February 2024 8,373,281

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.