Registration number:
Burbage Custom Windows Ltd
for the Year Ended 29 February 2024
Burbage Custom Windows Ltd
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account and Statement of Retained Earnings |
|
Balance Sheet |
|
Notes to the Financial Statements |
Burbage Custom Windows Ltd
Company Information
Directors |
Mr James Meah Mrs Lynne Meah |
Registered office |
|
Auditors |
|
Burbage Custom Windows Ltd
Strategic Report for the Year Ended 29 February 2024
The directors present their strategic report for the year ended 29 February 2024.
Principal activity
The principal activity of the company is is that of the manufacturing and fitting of UPVC windows and doors.
Fair review of the business
The Company continues to be 100% owned by Meah Holdings Limited, who is the Company’s immediate parent.
The Company enjoyed another successful period, during which time turnover increased to £16.2 million (2023 - £19.1 million (18m period)) and profits remained at £1.7 million (2023 - £1.7 million (18m period)). Gross profit is recorded at £4,989,919 (2023 - £5,853,574 (18m period)).
The E-commerce division has continued to grow with continued investment into the online platform. Large improvements have been implemented during this financial year along with additional product lines.
The Company continues to recognise the retention of high quality staff as this is key to the success of the business and is supported by continuous training and staff incentives.
The Company remains committed to investment and has purchased various high-end machines in order to maintain its position within the industry. Quality and capacity has increased as a result.
Product improvement has been significant, notably with the Company acquiring its PAS24 accreditation.
The Company is striving to be consistently aware of their sustainability and endeavours to be environmentally responsive.
The company's key financial and other performance indicators during the year were as follows:
The management team responsible for the operation of the Company use a number of financial and non-financial KPIs in order to manage and develop the business to achieve the Company’s strategic objectives. The Company’s KPIs include turnover, gross and net profit margins which can be evidenced on the face of the profit and loss account.
The Company also monitors its orders received monthly along with average order value which continues to see growth and enables future growth predictions aiding strategic planning.
Principal risks and uncertainties
The beginning of the financial year saw supplier price fluctuations within the market, however these have now stabilised. The Company continues to monitor this situation.
The ecommerce platform continues to attract competitors but the Company feels dominant within this market place. Barriers to entry are high and large initial investments are key to success. The Company however is not complacent and continues to identify such new businesses and responds accordingly.
Cyber attacks always pose a risk to business operations within any e-commerce platform however the Company have made various improvements to ensure that protection and vigilance remains at all times.
On review of the Company’s budget and forecasts, the directors have a reasonable expectation that the Company has adequate resources and support from its parent Company to continue in operation for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial information.
Approved and authorised by the
......................................... |
Burbage Custom Windows Ltd
Directors' Report for the Year Ended 29 February 2024
The directors present their report and the financial statements for the year ended 29 February 2024.
Directors of the company
The directors who held office during the year were as follows:
Dividends
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Burbage Custom Windows Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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). 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
Burbage Custom Windows Ltd
Independent Auditor's Report to the Members of Burbage Custom Windows Ltd
Qualified opinion
We have audited the financial statements of Burbage Custom Windows Ltd (the 'company') for the year ended 29 February 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 profit 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 qualified opinion on financial statements
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 Auditor's 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 qualified opinion.
Burbage Custom Windows Ltd
Independent Auditor's Report to the Members of Burbage Custom Windows Ltd
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 original financial statements were 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £314,380 held at 31 August 2021. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Qualified opinion on other matters prescribed by th Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In respect solely of the limitation on our work relating to inventory, described above:
· we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
· we were unable to determine whether adequate accounting records had been maintained.
Except for the matter described in the basis for qualified opinion section of our report, in the light of our 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 and the Directors' Report.
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:
Burbage Custom Windows Ltd
Independent Auditor's Report to the Members of Burbage Custom Windows Ltd
• |
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 directors' responsibilities statement, 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 is 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.
Auditor 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 an auditor’s report 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Burbage Custom Windows Ltd
Independent Auditor's Report to the Members of Burbage Custom Windows Ltd
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
· Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
· Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
· Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
· Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 an auditor’s report 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.
Burbage Custom Windows Ltd
Independent Auditor's Report to the Members of Burbage Custom Windows Ltd
......................................
For and on behalf of
St. David's Court
Union Street
WV1 3JE
Burbage Custom Windows Ltd
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 29 February 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
(55,357) |
(28,997) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
580,137 |
466,842 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
798,169 |
580,138 |
Burbage Custom Windows Ltd
(Registration number: 02961904)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
110 |
110 |
|
Retained earnings |
798,169 |
580,138 |
|
Shareholders' funds |
798,279 |
580,248 |
Approved and authorised by the
......................................... |
Burbage Custom Windows Ltd
Notes to the Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of
that group prepares publicly available consolidated financial statements, including this company, which are
intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.
The company has therefore taken advantage of exemptions from the following disclosure requirements:
• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and
disclosures;
• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure
requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26,
12.27, 12.29(a), 12.29(b), and 12.29A;
• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of its ultimate parent JM
Properties & Investments Ltd. These consolidated financial statements are available from The Registrar of
Companies, Cardiff.
Presentational currency and level of rounding
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary
amounts in these financial statements are rounded to the nearest £.
Burbage Custom Windows Ltd
Notes to the Financial Statements for the Year Ended 29 February 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Contract revenue recognition
Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, value
added taxes and other sales taxes. Turnover includes revenue earned from the rendering of services. Turnover
from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of
completion of a contract is measured by comparing the costs incurred for work performed to date to the total
estimated contract costs.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
25% reducing balance |
Fixtures & fittings |
15% reducing balance |
Leasehold property improvements |
20% straight line |
Burbage Custom Windows Ltd
Notes to the Financial Statements for the Year Ended 29 February 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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. Accounts payable 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Burbage Custom Windows Ltd
Notes to the Financial Statements for the Year Ended 29 February 2024
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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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 declared.
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.
Financial instruments
Classification
assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to
related parties.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Burbage Custom Windows Ltd
Notes to the Financial Statements for the Year Ended 29 February 2024
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
Loss on disposal of tangible assets |
( |
( |
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
- |
|
Loss on disposal of property, plant and equipment |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
- |
|
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
Burbage Custom Windows Ltd
Notes to the Financial Statements for the Year Ended 29 February 2024
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production |
|
|
Administration and support |
|
|
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax expense relating to changes in tax rates or laws |
|
- |
Deferred tax (credit)/expense from unrecognised tax loss or credit |
( |
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
- |
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Total tax charge |
|
|
Burbage Custom Windows Ltd
Notes to the Financial Statements for the Year Ended 29 February 2024
Tangible assets |
Leasehold Improvements |
Fixtures and fittings |
Plant and machinery |
Office equipment |
|||
Cost or valuation |
||||||
At 1 March 2023 |
|
|
|
|
||
Additions |
|
|
|
|
||
Disposals |
- |
- |
- |
- |
||
At 29 February 2024 |
|
|
|
|
||
Depreciation |
||||||
At 1 March 2023 |
|
|
|
|
||
Charge for the year |
|
|
|
|
||
Eliminated on disposal |
- |
- |
- |
- |
||
At 29 February 2024 |
|
|
|
|
||
Carrying amount |
||||||
At 29 February 2024 |
|
|
|
|
||
At 28 February 2023 |
|
|
|
|
Motor vehicles |
Total |
|||||
Cost or valuation |
||||||
At 1 March 2023 |
|
|
||||
Additions |
|
|
||||
Disposals |
( |
( |
||||
At 29 February 2024 |
|
|
||||
Depreciation |
||||||
At 1 March 2023 |
|
|
||||
Charge for the year |
|
|
||||
Eliminated on disposal |
( |
( |
||||
At 29 February 2024 |
|
|
||||
Carrying amount |
||||||
At 29 February 2024 |
|
|
||||
At 28 February 2023 |
|
|
Burbage Custom Windows Ltd
Notes to the Financial Statements for the Year Ended 29 February 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Motor vehicles |
488,079 |
388,334 |
Plant and machinery |
477,984 |
212,448 |
966,063 |
600,782 |
Stocks |
2024 |
2023 |
|
Work in progress |
|
|
Other inventories |
|
|
|
|
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
- |
|
|
Prepayments |
|
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
- |
|
Cash at bank |
|
|
|
|
Burbage Custom Windows Ltd
Notes to the Financial Statements for the Year Ended 29 February 2024
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
555,352 |
466,416 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 March 2023 |
|
|
Increase (decrease) in existing provisions |
|
|
At 29 February 2024 |
|
|
|
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Burbage Custom Windows Ltd
Notes to the Financial Statements for the Year Ended 29 February 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
|
|
10 |
|
10 |
|
|
|
|
Loans and borrowings |
2024 |
2023 |
|
Non-current loans and borrowings |
||
Hire purchase contracts |
|
|
2024 |
2023 |
|
Current loans and borrowings |
||
Hire purchase contracts |
|
|
Obligations under leases and hire purchase contracts |
Finance leases
The company uses hire purchase contracts to acquire plant and machinery and motor vehicles. These purchase agreements have fixed payment terms and the assets will be owned by the company on completion.
Obligations under the hire purchase contacts are secured on the assets for which the money was borrowed.
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
- |
Later than five years |
- |
|
|
|
Dividends |
Interim dividends paid
Burbage Custom Windows Ltd
Notes to the Financial Statements for the Year Ended 29 February 2024
2024 |
2023 |
|||
Interim dividend of £ |
|
|
||
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Related party transactions |
Summary of transactions with other related parties
The company made the following transactions with Meah Holdings Ltd during the period:
Transfers/payments to Meah Holdings Ltd £2,398,651 (2023: £1,879,809).
Transfers/receipts from Meah Holdings Ltd £2,083,616 (2023: £1,625,932).
Management charge received from Meah Holdings Ltd £144,000 (2023: £480,000).
At the balance sheet date the amount due from Meah Holdings Ltd was £2,106,122 (2023: £1,306,919).
These amounts are interest free, unsecured, and repayable on demand.
Mr K Meah
(Shareholder of Meah Holdings Ltd)
The company made the following transactions with Mr K Meah during the period:-
Sales of goods to Mr K Meah £11,288 (2023: £14,251).
The amount due from Mr K Meah was £1,200 (2023: £0).
Ultimate controlling party
The ultimate controlling party is Mr James John Meah by virtue of his controlling shareholding in the ultimate
parent undertaking, JM Properties & Investments Ltd, registered in England & Wales. The smallest and largest
group financial statements which include the results of the company is that headed JM Properties & Investments
Ltd, whose accounts are publicly available and can be obtained from the following address: Unit J Tungsten Park, Maple Drive, Hinckley, Leicestershire, LE10 3BE.