Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30024false2023-05-01falseNo description of principal activity27falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05116502 2023-05-01 2024-04-30 05116502 2022-05-01 2023-04-30 05116502 2024-04-30 05116502 2023-04-30 05116502 c:Director1 2023-05-01 2024-04-30 05116502 d:Buildings 2023-05-01 2024-04-30 05116502 d:Buildings 2024-04-30 05116502 d:Buildings 2023-04-30 05116502 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05116502 d:Buildings d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 05116502 d:Buildings d:ShortLeaseholdAssets 2023-05-01 2024-04-30 05116502 d:Buildings d:ShortLeaseholdAssets 2024-04-30 05116502 d:Buildings d:ShortLeaseholdAssets 2023-04-30 05116502 d:MotorVehicles 2023-05-01 2024-04-30 05116502 d:MotorVehicles 2024-04-30 05116502 d:MotorVehicles 2023-04-30 05116502 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05116502 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 05116502 d:FurnitureFittings 2023-05-01 2024-04-30 05116502 d:FurnitureFittings 2024-04-30 05116502 d:FurnitureFittings 2023-04-30 05116502 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05116502 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 05116502 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05116502 d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 05116502 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-04-30 05116502 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-30 05116502 d:CurrentFinancialInstruments 2024-04-30 05116502 d:CurrentFinancialInstruments 2023-04-30 05116502 d:Non-currentFinancialInstruments 2024-04-30 05116502 d:Non-currentFinancialInstruments 2023-04-30 05116502 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 05116502 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 05116502 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 05116502 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 05116502 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 05116502 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 05116502 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-04-30 05116502 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-04-30 05116502 d:ShareCapital 2024-04-30 05116502 d:ShareCapital 2023-04-30 05116502 d:RetainedEarningsAccumulatedLosses 2024-04-30 05116502 d:RetainedEarningsAccumulatedLosses 2023-04-30 05116502 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 05116502 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 05116502 c:OrdinaryShareClass1 2023-05-01 2024-04-30 05116502 c:OrdinaryShareClass1 2023-04-30 05116502 c:OrdinaryShareClass2 2023-05-01 2024-04-30 05116502 c:OrdinaryShareClass2 2024-04-30 05116502 c:OrdinaryShareClass3 2023-05-01 2024-04-30 05116502 c:OrdinaryShareClass3 2024-04-30 05116502 c:FRS102 2023-05-01 2024-04-30 05116502 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 05116502 c:FullAccounts 2023-05-01 2024-04-30 05116502 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05116502 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 05116502 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 05116502 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 05116502 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 05116502 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-04-30 05116502 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 05116502 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-05-01 2024-04-30 05116502 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05116502









1ST FOLDING SLIDING DOORS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
1ST FOLDING SLIDING DOORS LIMITED
REGISTERED NUMBER: 05116502

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
312
377

Tangible assets
 6 
547,395
594,693

  
547,707
595,070

Current assets
  

Stocks
 7 
127,533
139,310

Debtors: amounts falling due within one year
 8 
1,174,060
252,152

Cash at bank and in hand
  
2,643,033
2,082,000

  
3,944,626
2,473,462

Creditors: amounts falling due within one year
 9 
(1,759,021)
(1,118,473)

Net current assets
  
 
 
2,185,605
 
 
1,354,989

Total assets less current liabilities
  
2,733,312
1,950,059

Creditors: amounts falling due after more than one year
 10 
(301,605)
(365,382)

Provisions for liabilities
  

Deferred tax
  
(30,257)
(39,397)

  
 
 
(30,257)
 
 
(39,397)

Net assets
  
2,401,450
1,545,280


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,401,350
1,545,180

  
2,401,450
1,545,280


Page 1

 
1ST FOLDING SLIDING DOORS LIMITED
REGISTERED NUMBER: 05116502
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.




D A Creese
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
1ST FOLDING SLIDING DOORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

1st Folding Sliding Doors Limited is a private company limited by shares, incorporated in England and Wales. The address of its registered office is Unit 26/3 26 Wadsworth Road, Perivale, Middlesex, UB6 7JZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Functional and presentation currency
The Company's functional and presentational currency is GBP.

 
2.2

Revenue

Revenue is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts. Revenue is also measured net of the estimated value of customer returns and volume rebates. Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
1. the company has transferred all the significant risks and rewards of ownership of the goods to the buyer;
2. the company retains neither continuing managerial involvement, nor effective control, over the goods to the degree usually associated with ownership;
3. the amount of the revenue can be reliably measured;
4. it is probable that the economic benefits associated with the sale will flow to the entity; and 
5. the costs (to be) incurred in respect of the transaction can be reliably measured. 
Revenue is recognised on despatch of goods which is the point at which the company transfers the significant risks and rewards of the ownership of the goods to the customer. The company retains legal title of the goods until the customer pays, but this does not constitute a retention of the significant risks and rewards of ownership. Amounts received in advance of shipping goods to customers are recognised as deferred income and presented within creditors: amounts falling due within one year.

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
1ST FOLDING SLIDING DOORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Intangible assets

Intangible assets relate to Trade marks. Trade marks are valued at cost less accumulated amortisation. Amortisation is charged to profit and loss over the estimated economic life of ten years.



 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
1ST FOLDING SLIDING DOORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Short-term leasehold property
-
over the term of the lease
Motor vehicles
-
25%
reducing balance
Fixtures, fittings & equipment
-
25%
reducing balance

 
2.9

Stocks

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, freight, irrecoverable taxes and other directly attributable costs which are incurred by the entity in bringing the stock to its present location and condition. The cost methodology employed by the entity is the first-in-first-out method. 
Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. 

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 5

 
1ST FOLDING SLIDING DOORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following are the company's key sources of estimation uncertainty. 
Accruals and prepayments
Estimates are made based on known expenses paid in advance and expenditure incurred for which invoices have not been received.
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation are taken into account.


4.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 27).

Page 6

 
1ST FOLDING SLIDING DOORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Intangible assets




Trademarks

£



Cost


At 1 May 2023
650



At 30 April 2024

650



Amortisation


At 1 May 2023
273


Charge for the year on owned assets
65



At 30 April 2024

338



Net book value



At 30 April 2024
312



At 30 April 2023
377



Page 7

 
1ST FOLDING SLIDING DOORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Tangible fixed assets





Freehold property
Short-term leasehold property
Motor vehicles
Fixtures, fittings & equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
469,631
15,816
388,312
74,442
948,201


Additions
-
-
-
9,451
9,451



At 30 April 2024

469,631
15,816
388,312
83,893
957,652



Depreciation


At 1 May 2023
54,916
15,815
224,860
57,917
353,508


Charge for the year on owned assets
9,393
-
5,653
6,494
21,540


Charge for the year on financed assets
-
-
35,209
-
35,209



At 30 April 2024

64,309
15,815
265,722
64,411
410,257



Net book value



At 30 April 2024
405,322
1
122,590
19,482
547,395



At 30 April 2023
414,715
1
163,452
16,525
594,693

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
105,631
140,841

Page 8

 
1ST FOLDING SLIDING DOORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Stocks

2024
2023
£
£

Stock
127,533
139,310



8.


Debtors

2024
2023
£
£


Trade debtors
68,274
62,568

Amounts owed by group undertakings
1,000,000
-

Other debtors
6,100
9,639

Prepayments and accrued income
99,686
179,945

1,174,060
252,152


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 


9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
33,971
33,506

Trade creditors
1,131,323
745,149

Corporation tax
376,035
122,772

Other taxation and social security
110,905
123,877

Obligations under finance lease and hire purchase contracts
35,567
44,940

Other creditors
6,472
8,811

Accruals and deferred income
64,748
39,418

1,759,021
1,118,473


Page 9

 
1ST FOLDING SLIDING DOORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
240,565
266,517

Net obligations under finance leases and hire purchase contracts
61,040
98,865

301,605
365,382


Included in bank loans is a mortgage which secured by fixed and floating charges over the freehold property of the company. The amount outstanding at the reporting date was £253,703 (2023: £268,356).  Interest on the loan value is 3.3% plus base rate per annum. The loan is repayable by monthly instalments and will be repaid in full by 2034.  
Also included in bank loans is a Bounce Back Loan that was taken by the company as a result of COVID-19. The loan is secured by the UK Government in accordance with the Bounce Back Loan Scheme. The amount outstanding at the reporting date was £20,833 (2023: £31,667) Interest on the loan value is 2.5% per annum. The loan is repayable by monthly instalments and will be repaid in full by June 2026.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
33,971
33,506

Amounts falling due 2-5 years

Bank loans
108,640
115,689

Amounts falling due after more than 5 years

Bank loans
131,925
150,828

274,536
300,023


Page 10

 
1ST FOLDING SLIDING DOORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
35,567
44,940

Between 1-5 years
61,040
98,866

96,607
143,806


13.


Deferred taxation




2024


£






At beginning of year
39,397


Charged to profit or loss
(9,140)



At end of year
30,257

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
30,257
31,039


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



nil (2023 - 100) Ordinary shares of £1.00 each
-
100
80 (2023 - nil) Ordinary A shares of £1.00 each
80
-
20 (2023 - nil) Ordinary B shares of £1.00 each
20
-

100

100

On 2 August 2023, the company redesignated 100 Ordinary shares of £1 each to 80 Ordinary A shares of £1 each and 20 Ordinary B shares of £1 each. All shares carry full voting rights and entitlement to dividend distributions. 


Page 11

 
1ST FOLDING SLIDING DOORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension charge represents contributions payable by the Company  to the fund and amounted to £16,731 (2023: £17,611). Contributions totalling £4,483 (2023: £4,273) were payable to the fund at the reporting date and are included in creditors.


16.


Related party transactions

At the reporting date the company was owed amounts totalling £1,000,000 (2023: £nil) from 1st Folding Sliding Holdings Limited, the parent company. The amount is not subject to interest and is repayable on demand.
During the year, the company made purchases totalling £100,000 (2023: £100,000) from Loft Rooms.co.uk Limited, a company in which two of the directors have a controlling interest.
The company has not entered into any other transactions with related parties that are material and that have not been concluded under normal market conditions.

 
Page 12