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Registered number: 01882731










EMPLAS WINDOW SYSTEMS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
COMPANY INFORMATION


Directors
K T Johnson 
R Johnson 
P J Brown 
K H Patel 




Company secretary
P J Brown



Registered number
01882731



Registered office
Huxley Close

Park Farm South

Wellingborough

Northamptonshire

NN8 6AB




Independent auditors
MHA

Chartered Accountants & Statutory Auditors

Century House

The Lakes

Northampton

NN4 7HD





 
EMPLAS WINDOW SYSTEMS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Statement of Income and Retained Earnings
 
10
Balance Sheet
 
11 - 12
Notes to the Financial Statements
 
13 - 30


 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The principal activity of the Company during the year was the manufacture and sale of PVC-U windows, doors and conservatories.

Business review
 
The Company managed to increase its turnover by 10.38% during the year, due to increased demand in home improvements and the new build sector. 
This resulted in a 3.21% increase in the profit before tax.
The Directors are satisfied with the performance of the business to April 2024.
This performance has increased the net assets of the Company from £9,050,133 to £10,955,666.

Principal risks and uncertainties
 
The Company's principal financial instruments comprise cash and various items, such as trade debtors and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations. The existence of these financial instruments exposes the Company to a number of financial risks. The main risks arising from the Company's financial instruments are credit risk and liquidity risk. The directors review and agrees policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.
Credit risk
The Company seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers, and by identifying and addressing any credit issues arising in a timely manner.
Liquidity risk
The Company seeks to manage its liquidity risk by ensuring sufficient cash is freely available to meet foreseeable needs and to invest cash assets safely and profitably.

Financial key performance indicators
 
The Company has made a profit before taxation of £2,854,205 (2023 - £2,765,382).
The Directors consider EBITDA to be an important measure of performance. The Company has made an EBITDA profit of £3,609,016 (2023 - £3,412,080). The increase in sales and gross profit margin has been offset by an increase in overheads resulting in an increase in EBITDA and profit for the year.
The Company has net current assets of £7,948,304 (2023 - £7,456,158) and net assets of £10,955,666 (2023 - £9,050,133). This improvement reflects the profitability in the year exceeding dividends paid in the year.

Page 1

 
EMPLAS WINDOW SYSTEMS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The directors always consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in s172(1) (a) - (f) of the Companies Act 2006, in the decisions taken during the year ended 30 April 2024.
The future strategy is designed to have a long term beneficial impact on the group and to contribute to its success in delivering a high quality of service accross all of our business divisions. Clearly this is effective from the results shown as part of the business review.
Our employees are fundamental to the delivery of our strategy. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our team members is one of our primary considerations in the way we conduct our business. Engagement with suppliers and customers is also key to our success. We meet with our major partners regularly throughout the year and take the appropriate action, when necessary, to prevent involvment in modern slavery, corruption, bribery and breaches of competition law.
Our strategy considers the impact of the Company's operations on the community and environment and our wider social responsibilities, and in particular how we comply with environmental legislation and pursue waste saving opportunities and react promptly to local concerns.
The directors intentions are to behave in a responsible manner, operating within the high standards of business conduct and good governance expected for a Company such as ours and in doing so, will contribute to the delivery of the strategy. The intention is to nurture our reputation, through both the construction and delivery of our plan, that reflects our values, beliefs and culture.
The report was approved by the board and signed on it's behalf.


.



................................................
P J Brown
Secretary

Date: 27 January 2025

Page 2

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The Directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,082,303 (2023 - £2,498,318).

Dividends of £176,770 (2023 - £114,000) were paid in the year.

Directors

The Directors who served during the year were:

K T Johnson 
R Johnson 
P J Brown 
K H Patel 

Future developments

The directors intend for the Company to continue its strategy of organic growth.

Engagement with employees

The Company recognises the benefit of keeping employees informed of the progress of the business and does so through formal and informal meetings.

Page 3

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Engagement with suppliers, customers and others

Our employees are fundamental to the delivery of our strategy, we aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our team members is one of our primary considerations in the way we conduct our business. Engagement with suppliers and customers is also key to our success. We meet our major partners regularly throughout the year and take the appopriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competitions law.

Disabled employees

The Company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Energy and carbon reporting

The Company's greenhouse gas emissions and energy consumption information is included in the consolidated financial statements of Lilliput Holdings Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget and the impact of subsequent events in making their assessment.
 
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Auditors

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

This report was approved by the board and signed on its behalf.
 





................................................
P J Brown
Secretary

Date: 27 January 2025

Page 5

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMPLAS WINDOW SYSTEMS LIMITED
 

Opinion


We have audited the financial statements of Emplas Window Systems Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 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 opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMPLAS WINDOW SYSTEMS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMPLAS WINDOW SYSTEMS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• Enquiry of management and those charged with governance around actual and potential litigation and         claims;
• Performing audit work over the risk of management 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 bias;
• Reviewing minutes of meetings of those charged with governance;
• Reviewing financial statement disclosures and testing to supporting documentation to access compliance    with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to 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 the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMPLAS WINDOW SYSTEMS LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Adam Young ACA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditors
Northampton, United Kingdom

Date: 29 January 2025
MHA is the trading name of MacIntrye Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313). 
Page 9

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
54,946,578
49,794,258

Cost of sales
  
(40,332,515)
(37,586,032)

Gross profit
  
14,614,063
12,208,226

Distribution costs
  
(5,001,804)
(4,376,780)

Administrative expenses
  
(6,713,839)
(4,979,303)

Operating profit
 5 
2,898,420
2,852,143

Interest receivable and similar income
 9 
8,937
-

Interest payable and similar expenses
 10 
(53,152)
(86,761)

Profit before tax
  
2,854,205
2,765,382

Tax on profit
 11 
(771,902)
(267,064)

Profit after tax
  
2,082,303
2,498,318

  

  

Retained earnings at the beginning of the year
  
9,049,133
6,664,815

  
9,049,133
6,664,815

Profit for the year
  
2,082,303
2,498,318

Dividends declared and paid
  
(176,770)
(114,000)

Retained earnings at the end of the year
  
10,954,666
9,049,133
The notes on pages 13 to 30 form part of these financial statements.

Page 10

 
EMPLAS WINDOW SYSTEMS LIMITED
REGISTERED NUMBER: 01882731

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,888,045
2,450,576

Investments
 14 
1,000
1,000

  
3,889,045
2,451,576

Current assets
  

Stocks
 15 
2,058,347
2,187,782

Debtors: amounts falling due within one year
 16 
13,573,493
12,625,596

Cash at bank and in hand
 17 
426,073
911,081

  
16,057,913
15,724,459

Creditors: amounts falling due within one year
 18 
(8,109,609)
(8,268,301)

Net current assets
  
 
 
7,948,304
 
 
7,456,158

Total assets less current liabilities
  
11,837,349
9,907,734

Creditors: amounts falling due after more than one year
 19 
(245,183)
(572,188)

Provisions for liabilities
  

Deferred tax
 22 
(636,500)
(285,413)

  
 
 
(636,500)
 
 
(285,413)

Net assets
  
10,955,666
9,050,133


Capital and reserves
  

Called up share capital 
 23 
1,000
1,000

Profit and loss account
 24 
10,954,666
9,049,133

  
10,955,666
9,050,133


Page 11

 
EMPLAS WINDOW SYSTEMS LIMITED
REGISTERED NUMBER: 01882731
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

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




................................................
R Johnson
Director

Date: 27 January 2025

The notes on pages 13 to 30 form part of these financial statements.

Page 12

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Emplas Window Systems Limited is a private company limited by shares, registered in England and Wales, registered number 01882731. Its registered office and principal place of business is Huxley Close, Park Farm South, Wellingborough, Northamptonshire NN8 6AB.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Lilliput Holdings Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget and the impact of subsequent events in making their assessment.
 
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 13

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

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

Page 14

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.10

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 15

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
to 15%
Plant and machinery
-
6%
to 33%
Motor vehicles
-
10%
to 50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 16

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 

Page 17

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 18

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The measurement of provision in relation to warranty costs and recoverability of trade debtors are key sources of estimation uncertainty. The warranty provision, included in accruals, has been calculated to cover the anticipated future costs to be incurred for warranty claims on goods sold. The provision in relation to the recoverability of trade debtors is estimated based on historical experience and management judgement.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
53,843,966
48,312,457

Rest of the world
1,102,612
1,481,801

54,946,578
49,794,258


Page 19

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Profit on sale of tangible assets
(49,261)
(7,000)

Other operating lease rentals
550,691
448,334

Depreciation
710,596
559,937


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,000
17,300

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
13,877,270
10,969,657

Social security costs
1,380,321
1,110,308

Cost of defined contribution scheme
246,229
200,072

15,503,820
12,280,037


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production staff
268
241



Administrative staff
109
97

377
338

Page 20

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
466,113
333,804

Company contributions to defined contribution pension schemes
14,900
17,200

481,013
351,004


During the year retirement benefits were accruing to 3 Directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £278,678 (2023 - £160,470).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £3,946 (2023 - £12,250).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
8,937
-


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
27,541
80,835

Finance leases and hire purchase contracts
25,611
5,926

53,152
86,761

Page 21

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
420,815
471,782

Adjustments in respect of previous periods
-
(135,662)


Total current tax
420,815
336,120

Deferred tax


Origination and reversal of timing differences
351,087
(69,056)

Total deferred tax
351,087
(69,056)


Tax on profit
771,902
267,064
Page 22

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,854,205
2,765,382


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
713,551
691,346

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
37,860
26,561

Depreciation for year in excess of capital allowances
48,019
-

Adjustments to tax charge in respect of prior periods
-
(135,662)

Short-term timing difference leading to an increase (decrease) in taxation
(15,271)
(1,948)

Differences arising due to change of tax rate during the year.
-
(133,279)

Changes in provisions leading to an increase (decrease) in the tax charge
(12,257)
-

Group relief
-
(179,954)

Total tax charge for the year
771,902
267,064


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid on equity shares
176,770
114,000

Page 23

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 May 2023
369,438
5,213,807
746,290
6,329,535


Additions
155,346
1,262,837
759,871
2,178,054


Disposals
-
-
(169,511)
(169,511)



At 30 April 2024

524,784
6,476,644
1,336,650
8,338,078



Depreciation


At 1 May 2023
158,596
3,315,244
405,119
3,878,959


Charge for the year on owned assets
32,635
469,792
208,169
710,596


Disposals
-
-
(139,522)
(139,522)



At 30 April 2024

191,231
3,785,036
473,766
4,450,033



Net book value



At 30 April 2024
333,553
2,691,608
862,884
3,888,045



At 30 April 2023
210,842
1,898,563
341,171
2,450,576

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


2024
2023
£
£



Plant and machinery
316,077
998,990

Motor vehicles
333,255
80,589

649,332
1,079,579

Page 24

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
1,000



At 30 April 2024
1,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

T&K Home Improvements Limited
Installation of windows and conservatories
Ordinary
100%


15.


Stocks

2024
2023
£
£

Raw materials and consumables
1,718,613
1,832,112

Work in progress (goods to be sold)
339,734
355,670

2,058,347
2,187,782



16.


Debtors

2024
2023
£
£


Trade debtors
5,437,224
5,336,560

Amounts owed by group undertakings
1,585,611
1,484,909

Other debtors
2,317,458
1,753,797

Prepayments and accrued income
4,185,353
4,002,483

Tax recoverable
47,847
47,847

13,573,493
12,625,596


Page 25

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
426,073
911,081



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
281,767

Trade creditors
5,221,832
5,269,832

Amounts owed to group undertakings
631,763
464,038

Corporation tax
183,127
249,782

Other taxation and social security
471,731
513,261

Obligations under finance lease and hire purchase contracts
162,711
222,818

Other creditors
456,984
409,887

Accruals and deferred income
981,461
856,916

8,109,609
8,268,301


Bank loans in the prior year were secured by the assets of the Company.
Obligations under finance leases are secured on the assets to which they relate.


19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
396,338

Net obligations under finance leases and hire purchase contracts
245,183
175,850

245,183
572,188


Bank loans in the prior year were secured by the assets of the Company.
Obligations under finance leases are secured on the assets to which they relate.

Page 26

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
281,767

Amounts falling due 1-2 years

Bank loans
-
396,338



-
678,105



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
162,711
222,818

Between 1-5 years
245,617
175,850

408,328
398,668

Page 27

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Deferred taxation




2024


£






At beginning of year
285,413


Charged to profit or loss
351,087



At end of year
636,500

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
658,724
323,672

Other timing differences
(22,224)
(38,259)

636,500
285,413


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



24.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


25.


Contingent liabilities

The Company has entered into a multilateral guarantee in respect of any debt arising in favour of HSBC UK Bank plc by itself, its ultimate parent Lilliput Holdings Limited, and other members of the Group. The maximum potential liability to the Company in respect of amounts due to HSBC UK Bank plc at the year end is £1,149,983 (2023 - £1,364,222).
The Company has entered into a multilateral guarantee in respect of any debt arising in favour of HSBC UK Bank plc by itself and a company under common control. The maximum potential liability to the Company in respect of amounts due to HSBC UK Bank plc at the year end is £Nil (2023 - £334,028).

Page 28

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

26.


Capital commitments


At 30 April 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
321,726
-


27.


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 liability at the balance sheet date was £49,325 (2023 - £3,037), included in other creditors.


28.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
600,765
157,177

Later than 1 year and not later than 5 years
1,527,973
259,102

Later than 5 years
720,000
-

2,848,738
416,279


29.


Transactions with directors

As at 30 April 2024 there was an overdrawn director's loan account balance of £17,741 (2023 - £45,000) due from one of the directors. 
Interest on the loan was charged at 2.25%. The current set terms for repayment are £500 per month.
As at 30 April 2024 there was an overdrawn director's loan account of £704,499 (2023 - £Nil) due from one of the directors. 
Interest on the loan was charged at 2.25%. A dividend was made on the 10th May 2024 to clear this balance.
As at 30 April 2024 there was a director's loan account balance of £Nil (2023 - £1,266) owed to one of the directors. 
This amount is non-interest bearing and repayable on demand.

Page 29

 
EMPLAS WINDOW SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

30.


Related party transactions

The Company has taken advantage of the provisions available under FRS102 not to report transactions with other wholly owned members of the group of companies headed by Lilliput Holdings Limited.
The Company has made sales and charged management fees of £2,016,731 (2023 - £2,359,124) to companies under common control. As at the year end £417 (2023 - £440,125) was due from these companies. Purchases from these companies in the year amounted to £40,563 (2023 - £696,387).
 


31.


Controlling party

Emplas Window Systems Limited is a wholly owned subsidiary of Lilliput Holdings Limited, which is the smallest and largest undertaking for which group financial statements are prepared and has the same registered office address as the Company.
The ultimate controlling party is K T Johnson by virtue of his majority shareholding in Lilliput Holdings Limited.

 
Page 30