Company registration number 03591345 (England and Wales)
WARMAGLAZE HOME IMPROVEMENTS LIMITED
Unaudited Financial Statements
for the Year Ended 31 July 2024
WARMAGLAZE HOME IMPROVEMENTS LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
155,526
181,594
Investment property
4
110,935
110,935
266,461
292,529
Current assets
Stocks
5
286,211
389,472
Debtors
6
256,358
240,394
Cash at bank and in hand
375,228
198,069
917,797
827,935
Creditors: amounts falling due within one year
7
(342,970)
(304,787)
Net current assets
574,827
523,148
Total assets less current liabilities
841,288
815,677
Creditors: amounts falling due after more than one year
8
(8,334)
(18,335)
Provisions for liabilities
(12,893)
(15,881)
Net assets
820,061
781,461
Capital and reserves
Called up share capital
12
10
Profit and loss reserves
820,049
781,451
Total equity
820,061
781,461
WARMAGLAZE HOME IMPROVEMENTS LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 2 -
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
Mr R S O'Reilly
Director
Company registration number 03591345 (England and Wales)
WARMAGLAZE HOME IMPROVEMENTS LIMITED
Notes to the Financial Statements
For the Year Ended 31 July 2024
- 3 -
1
Accounting policies
Company information
Warmaglaze Home Improvements Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Meadows, Pontneathvaughan Road, Glynneath, Neath, SA11 5NT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% Straight Line
Plant and equipment
15% Reducing Balance
Computers
15% Straight Line
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
WARMAGLAZE HOME IMPROVEMENTS LIMITED
Notes to the Financial Statements
For the Year Ended 31 July 2024
1
Accounting policies
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
WARMAGLAZE HOME IMPROVEMENTS LIMITED
Notes to the Financial Statements
For the Year Ended 31 July 2024
1
Accounting policies
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
8
WARMAGLAZE HOME IMPROVEMENTS LIMITED
Notes to the Financial Statements
For the Year Ended 31 July 2024
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
121,615
94,380
8,596
100,648
325,239
Additions
1,034
1,496
2,530
Disposals
(8,758)
(8,758)
At 31 July 2024
112,857
95,414
10,092
100,648
319,011
Depreciation and impairment
At 1 August 2023
23,610
70,496
1,837
47,702
143,645
Depreciation charged in the year
1,579
3,661
1,364
13,236
19,840
At 31 July 2024
25,189
74,157
3,201
60,938
163,485
Carrying amount
At 31 July 2024
87,668
21,257
6,891
39,710
155,526
At 31 July 2023
98,005
23,884
6,759
52,946
181,594
4
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
110,935
There has been no valuation of investment property by an independent valuer.
5
Stocks
2024
2023
£
£
Stocks
286,211
389,472
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
255,362
240,274
Other debtors
996
120
256,358
240,394
WARMAGLAZE HOME IMPROVEMENTS LIMITED
Notes to the Financial Statements
For the Year Ended 31 July 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
14,225
10,000
Trade creditors
151,653
178,348
Taxation and social security
76,283
39,184
Other creditors
100,809
77,255
342,970
304,787
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,334
18,335
9
Loans and overdrafts
2024
2023
£
£
Bank loans
18,334
28,335
Bank overdrafts
4,225
22,559
28,335
Payable within one year
14,225
10,000
Payable after one year
8,334
18,335
Barclays Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 27 April 2026. The carrying amount at year end is £18,334 (2023 - £28,335).
The loan is not secured.