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REGISTERED NUMBER: 11996819 (England and Wales)



















LB WINDOW SYSTEMS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






LB WINDOW SYSTEMS LTD (REGISTERED NUMBER: 11996819)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


LB WINDOW SYSTEMS LTD (REGISTERED NUMBER: 11996819)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 81,452 67,452

CURRENT ASSETS
Debtors 5 99,456 88,395
Cash at bank 74 4,117
99,530 92,512
CREDITORS
Amounts falling due within one year 6 157,007 85,565
NET CURRENT (LIABILITIES)/ASSETS (57,477 ) 6,947
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,975

74,399

CREDITORS
Amounts falling due after more than one year 7 (69,982 ) (82,881 )

PROVISIONS FOR LIABILITIES (5,129 ) (1,808 )
NET LIABILITIES (51,136 ) (10,290 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (51,236 ) (10,390 )
SHAREHOLDERS' FUNDS (51,136 ) (10,290 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LB WINDOW SYSTEMS LTD (REGISTERED NUMBER: 11996819)

BALANCE SHEET - continued
31 MAY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





Mr L Biggerstaff - Director


LB WINDOW SYSTEMS LTD (REGISTERED NUMBER: 11996819)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Lb Window Systems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11996819

Registered office: 71 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet 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. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
Turnover is derived from the installation of windows and doors and is recognised with reference to the stage of completion. Turnover is recorded at the fair value of the consideration received or receivable, and excludes value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

LB WINDOW SYSTEMS LTD (REGISTERED NUMBER: 11996819)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Going concern
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

LB WINDOW SYSTEMS LTD (REGISTERED NUMBER: 11996819)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 9,123 63,632 8,020 80,775
Additions - 33,333 - 33,333
At 31 May 2024 9,123 96,965 8,020 114,108
DEPRECIATION
At 1 June 2023 4,310 7,459 1,554 13,323
Charge for year 1,202 16,126 2,005 19,333
At 31 May 2024 5,512 23,585 3,559 32,656
NET BOOK VALUE
At 31 May 2024 3,611 73,380 4,461 81,452
At 31 May 2023 4,813 56,173 6,466 67,452

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023
and 31 May 2024 61,632
DEPRECIATION
At 1 June 2023 6,420
Charge for year 13,803
At 31 May 2024 20,223
NET BOOK VALUE
At 31 May 2024 41,409
At 31 May 2023 55,212

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 66,585 47,216
Other debtors 32,871 41,179
99,456 88,395

LB WINDOW SYSTEMS LTD (REGISTERED NUMBER: 11996819)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 45,826 20,748
Hire purchase contracts 7,060 7,060
Trade creditors 11,358 28,800
Taxation and social security 1,668 17,385
Other creditors 91,095 11,572
157,007 85,565

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 30,918 36,757
Hire purchase contracts 39,064 46,124
69,982 82,881

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,493 13,636

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 46,124 53,184

Hire purchase liabilities are secured over the assets they relate to.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
Mr L Biggerstaff and Mrs G S Biggerstaff
Balance outstanding at start of year 8,186 40,936
Amounts advanced - 83,648
Amounts repaid (8,186 ) (116,398 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 8,186

LB WINDOW SYSTEMS LTD (REGISTERED NUMBER: 11996819)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £41,000 (2023: £56,500) were paid to the directors.

At the balance sheet date, the directors were owed £47,351 (2023: the directors owed the company £8,186).