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Registration number: 05110747

Thermaglaze Windows & Conservatories Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Thermaglaze Windows & Conservatories Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Thermaglaze Windows & Conservatories Limited

(Registration number: 05110747)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

296,693

310,827

Current assets

 

Stocks

6

129,112

135,732

Debtors

7

312,319

511,257

Cash at bank and in hand

 

971,005

709,052

 

1,412,436

1,356,041

Creditors: Amounts falling due within one year

8

(710,918)

(753,624)

Net current assets

 

701,518

602,417

Total assets less current liabilities

 

998,211

913,244

Creditors: Amounts falling due after more than one year

8

(8,241)

(110,324)

Provisions for liabilities

(23,559)

(26,212)

Net assets

 

966,411

776,708

Capital and reserves

 

Called up share capital

303

303

Retained earnings

966,108

776,405

Shareholders' funds

 

966,411

776,708

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Thermaglaze Windows & Conservatories Limited

(Registration number: 05110747)
Balance Sheet as at 31 May 2024

Approved and authorised by the director on 7 February 2025
 

.........................................
D W Symes
Director

 

Thermaglaze Windows & Conservatories Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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, and is shown net of value added tax, returns, rebates and discounts.

Tax

The tax expense for the year comprises current and deferred tax, and is recognised in profit or loss.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements, and 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 statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Thermaglaze Windows & Conservatories Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on reducing balance

Plant and equipment

25% on reducing balance

Showrooms

25% on cost

Computer equipment

33.33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses; it is amortised over its useful life, which has been estimated at five years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business, and are recognised initially at the transaction price.

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, and are recognised initially at the transaction price.

 

Thermaglaze Windows & Conservatories Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 27 (2023 - 29).

 

Thermaglaze Windows & Conservatories Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

860,000

860,000

At 31 May 2024

860,000

860,000

Amortisation

At 1 June 2023

860,000

860,000

At 31 May 2024

860,000

860,000

Net book value

At 31 May 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

121,108

249,735

316,571

687,414

Additions

-

8,920

102,740

111,660

Disposals

-

(108,280)

(135,687)

(243,967)

At 31 May 2024

121,108

150,375

283,624

555,107

Depreciation

At 1 June 2023

-

226,024

150,563

376,587

Charge for the year

-

10,327

56,354

66,681

Eliminated on disposal

-

(108,280)

(76,574)

(184,854)

At 31 May 2024

-

128,071

130,343

258,414

Net book value

At 31 May 2024

121,108

22,304

153,281

296,693

At 31 May 2023

121,108

23,711

166,008

310,827

 

Thermaglaze Windows & Conservatories Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Stock

129,112

135,732

7

Debtors

2024
£

2023
£

Trade debtors

276,417

431,500

Other debtors

35,902

79,757

312,319

511,257

8

Creditors

Amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

3,398

76,096

Trade creditors

 

359,945

355,083

Taxation and social security

 

319,402

291,821

Other creditors

 

28,173

30,624

 

710,918

753,624

Amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

8,241

110,324

 

Thermaglaze Windows & Conservatories Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

99,535

Hire purchase contracts

8,241

10,789

8,241

110,324

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

74,016

Hire purchase contracts

3,398

2,080

3,398

76,096

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £63,529 (2023 - £55,221).