POTTERIES WINDOWS LIMITED
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 27,726 32,448
Current assets
Stocks 18,700 23,400
Debtors 4 75,680 50,416
Cash at bank and in hand 11,825 72,938
106,205 146,754
Creditors: amounts falling due within one year 5 (68,419) (99,970)
Net current assets 37,786 46,784
Total assets less current liabilities 65,512 79,232
Creditors: amounts falling due after more than one year 6 (62,260) (74,626)
Provisions for liabilities (2,945) (2,945)
Net assets 307 1,661
Capital and reserves
Called up share capital 100 100
Profit and loss account 207 1,561
Shareholders' funds 307 1,661
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D. O'SULLIVAN
Director
Approved by the board on 6 February 2025
POTTERIES WINDOWS LIMITED
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant, machinery and office equipment 15% reducing balance basis
Motor vehicles 15% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant, machinery and office equipment Motor vehicles Total
£ £ £
Cost
At 1 August 2023 27,750 20,745 48,495
Additions 1,970 - 1,970
At 31 July 2024 29,720 20,745 50,465
Depreciation
At 1 August 2023 10,574 5,473 16,047
Charge for the year 2,874 3,818 6,692
At 31 July 2024 13,448 9,291 22,739
Net book value
At 31 July 2024 16,272 11,454 27,726
At 31 July 2023 17,176 15,272 32,448
4 Debtors 2024 2023
£ £
Trade debtors 54,825 50,416
Other debtors 20,855 -
75,680 50,416
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 40,200 55,626
Trade creditors 8,153 8,699
Corporation tax 8,222 10,530
Other taxes and social security costs 11,844 23,762
Directors' loan accounts - 1,353
68,419 99,970
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 62,260 74,626
7 Bank Loan
Bank loans and overdrafts include loans totalling £102,460 that are privately guaranteed by the directors.
8 Controlling party
Mr. D. O'Sullivan and Mrs. J. O'Sullivan, the directors of the company at the Balance Sheet date, own 51% and 49% respectively of the issued share capital of the company.
9 Other information
POTTERIES WINDOWS LIMITED is a private company limited by shares and incorporated in England. Its registered office is shown on the information page.
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