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Registration number: 02961904

Burbage Custom Windows Ltd

Annual Report and Financial Statements

for the Year Ended 29 February 2024

 

Burbage Custom Windows Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 9

Profit and Loss Account and Statement of Retained Earnings

10

Balance Sheet

11

Notes to the Financial Statements

12 to 22

 

Burbage Custom Windows Ltd

Company Information

Directors

Mr James Meah

Mrs Lynne Meah

Registered office

Unit J Tungsten Park
Maple Drive
Hinckley
LE10 3BE

Auditors

Azets Audit Services
St. David's Court
Union Street
Wolverhampton
WV1 3JE

 

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 Board on 18 December 2024 and signed on its behalf by:
 

.........................................
Mr James Meah
Director

 

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:

Mr James Meah

Mrs Lynne Meah

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 Board on 18 December 2024 and signed on its behalf by:
 

.........................................
Mr James Meah
Director

 

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 were not appointed as auditor of the company until after 31st August 2021 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 August 2021 of £314,380 by using any other audit procedures. Consequently, we were unable to determine whether there was any consequential effect of the cost of sales for the period ended 28 February 2023. Our opinion on the financial statements for the period ended 28 February 2023 was modified accordingly. Our opinion on the current period's financial statements is also modified because of the possible effects of this matter on comparability of the current period's figures and the corresponding figures.
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

......................................
Lee Meredith BFP ACA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Chartered Accountants

St. David's Court
Union Street
Wolverhampton
WV1 3JE

19 December 2024

 

Burbage Custom Windows Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

3

16,251,480

19,147,015

Cost of sales

 

(11,261,561)

(13,313,441)

Gross profit

 

4,989,919

5,833,574

Administrative expenses

 

(2,655,552)

(3,714,288)

Operating profit

5

2,334,367

2,119,286

Other interest receivable and similar income

6

46

391

Interest payable and similar charges

7

(55,403)

(29,388)

 

(55,357)

(28,997)

Profit before tax

 

2,279,010

2,090,289

Taxation

10

(560,978)

(376,993)

Profit for the financial year

 

1,718,032

1,713,296

Retained earnings brought forward

 

580,137

466,842

Dividends paid

 

(1,500,000)

(1,600,000)

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

11

1,649,671

1,129,957

Current assets

 

Stocks

12

212,374

256,640

Debtors

13

2,409,792

1,543,929

Cash at bank and in hand

 

457,792

1,069,710

 

3,079,958

2,870,279

Creditors: Amounts falling due within one year

15

(3,112,117)

(2,957,671)

Net current liabilities

 

(32,159)

(87,392)

Total assets less current liabilities

 

1,617,512

1,042,565

Creditors: Amounts falling due after more than one year

15

(469,526)

(211,780)

Provisions for liabilities

16

(349,707)

(250,537)

Net assets

 

798,279

580,248

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 Board on 18 December 2024 and signed on its behalf by:
 

.........................................
Mr James Meah
Director

 

Burbage Custom Windows Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Unit J Tungsten Park
Maple Drive
Hinckley
LE10 3BE
England

These financial statements were authorised for issue by the Board on 18 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements 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
The company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to
related parties.

 

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

16,251,480

19,147,015

 

Burbage Custom Windows Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

4

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

(53,219)

(48,622)

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

355,387

410,642

Operating lease expense - plant and machinery

-

15,654

Loss on disposal of property, plant and equipment

53,219

48,622

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

46

215

Other finance income

-

176

46

391

7

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

55,403

29,388

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,314,104

2,924,665

Social security costs

219,436

277,646

Other short-term employee benefits

4,866

5,332

Pension costs, defined contribution scheme

51,595

66,235

Other employee expense

11,686

23,263

2,601,687

3,297,141

 

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
No.

2023
No.

Production

57

46

Administration and support

11

20

68

66

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

24,250

22,950


 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

461,809

372,873

Deferred taxation

Arising from origination and reversal of timing differences

99,169

4,120

Tax expense in the income statement

560,978

376,993

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 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,279,010

2,090,289

Corporation tax at standard rate

558,130

397,155

Effect of expense not deductible in determining taxable profit (tax loss)

1,352

1,026

Deferred tax expense relating to changes in tax rates or laws

2,023

-

Deferred tax (credit)/expense from unrecognised tax loss or credit

(1,495)

989

Decrease in UK and foreign current tax from adjustment for prior periods

(59)

-

Tax increase/(decrease) from effect of capital allowances and depreciation

1,027

(22,177)

Total tax charge

560,978

376,993

 

Burbage Custom Windows Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

11

Tangible assets

Leasehold Improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 March 2023

244,733

37,745

1,108,652

26,792

Additions

60,098

19,200

555,679

1,731

Disposals

-

-

-

-

At 29 February 2024

304,831

56,945

1,664,331

28,523

Depreciation

At 1 March 2023

28,004

8,786

709,570

15,396

Charge for the year

52,510

4,686

169,893

3,129

Eliminated on disposal

-

-

-

-

At 29 February 2024

80,514

13,472

879,463

18,525

Carrying amount

At 29 February 2024

224,317

43,473

784,868

9,998

At 28 February 2023

216,729

28,959

399,082

11,396

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

742,884

2,160,806

Additions

473,277

1,109,985

Disposals

(394,949)

(394,949)

At 29 February 2024

821,212

2,875,842

Depreciation

At 1 March 2023

269,093

1,030,849

Charge for the year

125,169

355,387

Eliminated on disposal

(160,065)

(160,065)

At 29 February 2024

234,197

1,226,171

Carrying amount

At 29 February 2024

587,015

1,649,671

At 28 February 2023

473,791

1,129,957

 

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

12

Stocks

2024
£

2023
£

Work in progress

71,637

155,663

Other inventories

140,737

100,977

212,374

256,640

13

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

180,346

87,277

Amounts owed by related parties

23

2,107,322

1,306,919

Other debtors

 

-

1,288

Prepayments

 

122,124

148,445

   

2,409,792

1,543,929

14

Cash and cash equivalents

2024
£

2023
£

Cash on hand

-

454

Cash at bank

457,792

1,069,256

457,792

1,069,710

 

Burbage Custom Windows Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

19

314,826

248,311

Trade creditors

 

988,587

987,082

Social security and other taxes

 

305,316

179,664

Outstanding defined contribution pension costs

 

11,082

8,100

Other payables

 

840,971

995,932

Accruals

 

95,983

72,166

Income tax liability

10

555,352

466,416

 

3,112,117

2,957,671

Due after one year

 

Loans and borrowings

19

469,526

211,780

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 March 2023

250,537

250,537

Increase (decrease) in existing provisions

99,170

99,170

At 29 February 2024

349,707

349,707

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.

17

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 £51,595 (2023 - £66,235).

Contributions totalling £11,082 (2023 - £8,100) were payable to the scheme at the end of the year and are included in creditors.

 

Burbage Custom Windows Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

18

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary A shares of £1 each

10

10

10

10

 

110

110

110

110

19

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

469,526

211,780

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

314,826

248,311

20

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

314,826

248,311

Later than one year and not later than five years

469,526

-

Later than five years

-

211,780

784,352

460,091

21

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 £1.00 per each Ordinary shares

 

1,500,000

 

1,600,000

         

22

Commitments

Capital commitments

The company entered into a contractual agreement to purchase a new machine due for delivery in November 2024.
The total amount contracted for but not provided in the financial statements was £557,100 (2023 - £Nil).

23

Related party transactions

Summary of transactions with other related parties

Meah Holdings Ltd
 (Ultimate Parent Company)
 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.