67 false false false false true false false false false false false true false false false false false false 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,064,872 1,857,817 118,235 19,476 137,711 xbrli:pure xbrli:shares iso4217:GBP 06876021 2023-05-01 2024-04-30 06876021 2024-04-30 06876021 2023-04-30 06876021 2022-05-01 2023-04-30 06876021 2023-04-30 06876021 2022-04-30 06876021 core:PlantMachinery 2023-05-01 2024-04-30 06876021 core:FurnitureFittings 2023-05-01 2024-04-30 06876021 core:MotorVehicles 2023-05-01 2024-04-30 06876021 bus:RegisteredOffice 2023-05-01 2024-04-30 06876021 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 06876021 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 06876021 bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 06876021 bus:Director1 2023-05-01 2024-04-30 06876021 bus:Director2 2023-05-01 2024-04-30 06876021 bus:Director3 2023-05-01 2024-04-30 06876021 bus:Director4 2023-05-01 2024-04-30 06876021 core:WithinOneYear 2024-04-30 06876021 core:WithinOneYear 2023-04-30 06876021 core:PlantMachinery 2023-04-30 06876021 core:FurnitureFittings 2023-04-30 06876021 core:MotorVehicles 2023-04-30 06876021 core:PlantMachinery 2024-04-30 06876021 core:FurnitureFittings 2024-04-30 06876021 core:MotorVehicles 2024-04-30 06876021 core:DeferredTaxation 2023-05-01 2024-04-30 06876021 core:AfterOneYear 2024-04-30 06876021 core:AfterOneYear 2023-04-30 06876021 core:UKTax 2023-05-01 2024-04-30 06876021 core:UKTax 2022-05-01 2023-04-30 06876021 core:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 06876021 core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 06876021 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 06876021 bus:OrdinaryShareClass3 2023-05-01 2024-04-30 06876021 bus:OrdinaryShareClass3 2022-05-01 2023-04-30 06876021 bus:AllOrdinaryShares 2023-05-01 2024-04-30 06876021 bus:AllOrdinaryShares 2022-05-01 2023-04-30 06876021 core:PreviouslyStatedAmount core:RetainedEarningsAccumulatedLosses 2023-04-30 06876021 core:PreviouslyStatedAmount core:RetainedEarningsAccumulatedLosses 2022-04-30 06876021 core:RetainedEarningsAccumulatedLosses 2023-04-30 06876021 core:RetainedEarningsAccumulatedLosses 2022-04-30 06876021 core:RetainedEarningsAccumulatedLosses 2024-04-30 06876021 core:RetainedEarningsAccumulatedLosses 2023-04-30 06876021 core:ShareCapital 2024-04-30 06876021 core:ShareCapital 2023-04-30 06876021 core:BetweenOneFiveYears 2024-04-30 06876021 core:BetweenOneFiveYears 2023-04-30 06876021 2 2023-05-01 2024-04-30 06876021 2 2022-05-01 2023-04-30 06876021 core:MoreThanFiveYears 2023-04-30 06876021 core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 06876021 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 06876021 core:PlantMachinery 2023-04-30 06876021 core:FurnitureFittings 2023-04-30 06876021 core:MotorVehicles 2023-04-30 06876021 core:DeferredTaxation 2023-04-30 06876021 core:DeferredTaxation 2024-04-30 06876021 bus:MediumEntities 2023-05-01 2024-04-30 06876021 bus:Audited 2023-05-01 2024-04-30 06876021 bus:Medium-sizedCompaniesRegimeForAccounts 2023-05-01 2024-04-30 06876021 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06876021 bus:FullAccounts 2023-05-01 2024-04-30 06876021 bus:OrdinaryShareClass1 2024-04-30 06876021 bus:OrdinaryShareClass1 2023-04-30 06876021 bus:OrdinaryShareClass2 2024-04-30 06876021 bus:OrdinaryShareClass2 2023-04-30 06876021 bus:AllOrdinaryShares 2024-04-30 06876021 bus:AllOrdinaryShares 2023-04-30
COMPANY REGISTRATION NUMBER: 06876021
G C Windows Limited
Financial Statements
For the year ended
30 April 2024
G C Windows Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Statement of income and retained earnings
10
Statement of financial position
11
Statement of cash flows
12
Notes to the financial statements
13
G C Windows Limited
Officers and Professional Advisers
The board of directors
Mrs J K Roberts
Mr J G Roberts
Mr W Devine
Miss A Dowle
Registered office
Unit F-H Usk Vale Park
Cwmoody
Pontypool
United Kingdom
NP4 0JL
Auditor
Xeinadin Audit Limited
Chartered accountants & statutory auditor
(Statutory Auditor)
Suite 2D, Building 1
Eastern Business Park
St. Mellons
Cardiff
CF3 5EA
Bankers
Barclays Bank Plc
14 Commercial Street
Newport
South Wales
NP20 1WG
G C Windows Limited
Strategic Report
Year ended 30 April 2024
Principal activity
The principal activity of the company continues to be the sale of windows and doors.
Business review
Details of the trading activities and financial position of the company are shown on pages 12 to 13. The company's turnover decreased from £20,202,318 for the year ended 30 April 2023 to £19,997,873 for the year ended 30 April 2024. The main contributors to this were the declining volume in house building nationally along with a loss of business from our second largest builder due to a change of product specification which wasn't available from ourselves. These losses were offset by continued growth in share with our largest customer and growth in our recently launched external door range across all regions and faster growth share with new builders in our North East region. The income statement of the company is set out on page 12 and shows a profit before tax for the year ended 30 April 2024 of £1,475,336 compared with a restated profit for the year ended 30 April 2023 of £2,436,279. During the year the company continued to invest in its staff and in the computer systems that support the activities of the company. This decision combined with the slight reduction to turnover has impacted the overall results for the year.
Significant developments during the year The April 2024 year end was the first year that the company’s financial results were subject to audit. This process has been significantly more rigorous than the company has been through previously and as can be seen within the accounts disclosures has led to prior year adjustments. These adjustments are fully disclosed within note 23 along with their impact on the previously reported results. As can also be seen, the auditors have drawn attention to these issues within their audit report for the current year. The company has worked and will continue to work on these areas both with internal staff and with our auditors to ensure that these issues do not arise again. The Directors are confident that the areas that have been an issue have been resolved and sound procedures implemented to ensure the accuracy of the company’s records. One of the actions that the Directors are planning to implement is quarterly external reviews of management accounts along with reviews of processes and the above mentioned procedures. Future developments As noted above 2024 sales were impacted in part by our second largest builder requiring a specification that we did not have available in that year. Since the year end we have now launched the products that meet this specification and are actively regaining sites with this builder.
Principal risks and uncertainties
The company's operations expose it to a variety of financial risks that include the effects of changes in market prices, currency risk, credit risk and interest rate risk. The company has in place a risk management programme that seeks to limit adverse effects on the financial performance of the company. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.
Financial key performance indicators
The financial key performance indicators for the year were as follows:
2024 2023
£ £
Turnover 19,997,873 20,202,318
Profit before tax 1,475,336 2,436,279
EBITDA 1,718,265 2,582,371
This report was approved by the board of directors on 29 May 2025 and signed on behalf of the board by:
Miss A Dowle
Director
Registered office:
Unit F-H Usk Vale Park
Cwmoody
Pontypool
United Kingdom
NP4 0JL
G C Windows Limited
Directors' Report
Year ended 30 April 2024
The directors present their report and the financial statements of the company for the year ended 30 April 2024 .
Principal activities
The principal activity of the company during the year was the manufacture, supply and installation of windows.
Directors
The directors who served the company during the year were as follows:
Mrs J K Roberts
Mr J G Roberts
Mr W Devine was appointed as a director on 21 January 2025. Miss A Dowle was appointed as a director on 21 January 2025.
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 29 May 2025 and signed on behalf of the board by:
Miss A Dowle
Director
Registered office:
Unit F-H Usk Vale Park
Cwmoody
Pontypool
United Kingdom
NP4 0JL
G C Windows Limited
Independent Auditor's Report to the Members of G C Windows Limited
Year ended 30 April 2024
Qualified opinion
We have audited the financial statements of G C Windows Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, 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; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified 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 auditor's 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 UK, including the FRC'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. As noted in our paragraph opinions on matters prescribed by the Companies Act 2006, the 30 April 2023 accounts were not audited. Due to this we did not attend to physically inventory the stock levels held at that date. We were unable to satisfy ourselves by alternative means concerning the inventory of quantities held at 30 April 2023 and consequently could not determine if an adjustment was required in the financial statements of that year or whether the movements in the current year were materially correct. In addition to the above matter, and as disclosed within the financial statements note 23, our audit has led to identifying material issues within the financial statements publicly reported for 30 April 2023. These matters have been adjusted but call into question the underlying books and records that were previously being held.
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.
Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report. Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. As described in the basis of qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock held as at 30 April 2023. We have concluded that where other information refers to overall profits which would be impacted by stock we also cannot satisfy ourselves on the completeness of this data.
Opinions 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.
The results for the year ended 30 April 2023 were not audited. We have nothing
additional to report on this matter outside of what is disclosed in our basis of qualified opinion and other information section.
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. Except for the matters described in the basis of qualification opinion of our 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
Auditor's 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 auditor’s 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: - The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. - We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. - The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. - We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: - Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; - Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; - Challenging assumptions and judgments made by management in its significant accounting estimates; and - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. 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 2006. Our 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 auditor's 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.
Tania Cregg FCCA
(Senior Statutory Auditor)
For and on behalf of
Xeinadin Audit Limited
Chartered accountants & statutory auditor
(Statutory Auditor)
Suite 2D, Building 1
Eastern Business Park
St. Mellons
Cardiff
CF3 5EA
29 May 2025
G C Windows Limited
Statement of Income and Retained Earnings
Year ended 30 April 2024
2024
2023
(restated)
Note
£
£
Turnover
4
19,997,873
20,202,318
Cost of sales
16,952,166
16,465,884
-------------
-------------
Gross profit
3,045,707
3,736,434
Administrative expenses
1,868,358
1,723,683
Other operating income
5
364,030
434,207
------------
------------
Operating profit
6
1,541,379
2,446,958
Other interest receivable and similar income
10
1,340
44,025
Interest payable and similar expenses
11
67,383
54,704
------------
------------
Profit before taxation
1,475,336
2,436,279
Tax on profit
12
410,464
578,462
------------
------------
Profit for the financial year and total comprehensive income
1,064,872
1,857,817
------------
------------
Dividends paid and payable
13
( 2,568,625)
( 1,691,777)
Retained earnings at the start of the year (as previously reported)
5,331,041
4,574,858
Prior period adjustments
(1,480,065)
(889,922)
------------
------------
Retained earnings at the start of the year (restated)
3,850,976
3,684,936
------------
------------
Retained earnings at the end of the year
2,347,223
3,850,976
------------
------------
All the activities of the company are from continuing operations.
G C Windows Limited
Statement of Financial Position
30 April 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
14
615,463
701,061
Current assets
Stocks
15
571,916
543,878
Debtors
16
5,711,693
5,718,917
Cash at bank and in hand
859,290
3,039,150
------------
------------
7,142,899
9,301,945
Creditors: amounts falling due within one year
17
4,873,465
5,373,994
------------
------------
Net current assets
2,269,434
3,927,951
------------
------------
Total assets less current liabilities
2,884,897
4,629,012
Creditors: amounts falling due after more than one year
18
399,863
659,701
Provisions
Taxation including deferred tax
20
137,711
118,235
------------
------------
Net assets
2,347,323
3,851,076
------------
------------
Capital and reserves
Called up share capital
24
100
100
Profit and loss account
25
2,347,223
3,850,976
------------
------------
Shareholders funds
2,347,323
3,851,076
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 29 May 2025 , and are signed on behalf of the board by:
Miss A Dowle
Director
Company registration number: 06876021
G C Windows Limited
Statement of Cash Flows
Year ended 30 April 2024
2024
2023
(restated)
£
£
Cash flows from operating activities
Profit for the financial year
1,064,872
1,857,817
Adjustments for:
Depreciation of tangible assets
176,831
149,068
Other interest receivable and similar income
( 1,340)
( 44,025)
Interest payable and similar expenses
67,383
54,704
Gains on disposal of tangible assets
( 167)
( 6,906)
Tax on profit
410,464
578,462
Accrued expenses
12,325
60,952
Changes in:
Stocks
( 28,038)
( 156,883)
Trade and other debtors
7,224
1,208,708
Trade and other creditors
( 353,598)
703,519
------------
------------
Cash generated from operations
1,355,956
4,405,416
Interest paid
( 67,383)
( 54,704)
Interest received
1,340
44,025
Tax paid
( 549,669)
( 538,002)
------------
------------
Net cash from operating activities
740,244
3,856,735
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 91,233)
( 623,275)
Proceeds from sale of tangible assets
167
59,906
------------
------------
Net cash used in investing activities
( 91,066)
( 563,369)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 160,076)
( 155,888)
Payments of finance lease liabilities
( 100,337)
( 269,040)
Dividends paid
( 2,568,625)
( 1,691,777)
------------
------------
Net cash used in financing activities
( 2,829,038)
( 2,116,705)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 2,179,860)
1,176,661
Cash and cash equivalents at beginning of year
3,039,150
1,862,489
------------
------------
Cash and cash equivalents at end of year
859,290
3,039,150
------------
------------
G C Windows Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit F-H Usk Vale Park, Cwmoody, Pontypool, NP4 0JL, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Critical accounting estimates and assumptions The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. (ii) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% reducing balance
Equipment
-
20 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
(restated)
£
£
Sale of windows and doors
19,997,873
20,202,318
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
(restated)
£
£
Management charges receivable
144,000
Other operating income
364,030
290,207
---------
---------
364,030
434,207
---------
---------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
(restated)
£
£
Depreciation of tangible assets
176,831
135,411
Gains on disposal of tangible assets
( 167)
( 6,906)
Impairment of trade debtors
63,542
104,421
Operating lease costs
453,978
410,596
---------
---------
7. Auditor's remuneration
2024
2023
(restated)
£
£
Fees payable for the audit of the financial statements
20,000
--------
----
8. Staff costs
The average number of persons employed by the company during the year amounted to 67 (2023: 45 ).
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
(restated)
£
£
Wages and salaries
2,678,149
2,227,772
Social security costs
224,844
200,234
Other pension costs
65,441
60,250
------------
------------
2,968,434
2,488,256
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
(restated)
£
£
Remuneration
230,737
223,000
Company contributions to defined contribution pension plans
26,642
26,642
---------
---------
257,379
249,642
---------
---------
10. Other interest receivable and similar income
2024
2023
(restated)
£
£
Interest on loans and receivables
42,285
Interest on bank deposits
1,340
1,740
-------
--------
1,340
44,025
-------
--------
11. Interest payable and similar expenses
2024
2023
(restated)
£
£
Interest on banks loans and overdrafts
47,928
34,637
Interest on obligations under finance leases and hire purchase contracts
19,455
20,067
--------
--------
67,383
54,704
--------
--------
12. Tax on profit
Major components of tax expense
2024
2023
(restated)
£
£
Current tax:
UK current tax expense
390,988
460,227
Deferred tax:
Origination and reversal of timing differences
19,476
118,235
---------
---------
Tax on profit
410,464
578,462
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19.49 %).
2024
2023
(restated)
£
£
Profit on ordinary activities before taxation
1,475,336
2,436,279
------------
------------
Profit on ordinary activities by rate of tax
368,848
474,908
Effect of expenses not deductible for tax purposes
1,980
3,230
Effect of capital allowances and depreciation
20,202
( 16,565)
Effect of revenue exempt from tax
( 42)
( 1,346)
Deferred tax
19,476
118,235
------------
------------
Tax on profit
410,464
578,462
------------
------------
13. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
(restated)
£
£
Interim dividends on Ordinary A shares
1,849,277
1,193,696
Interim dividends on Ordinary B shares
719,348
498,081
------------
------------
2,568,625
1,691,777
------------
------------
14. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023 (as restated)
325,369
199,278
727,862
125,488
1,377,997
Additions
10,413
10,860
60,675
9,285
91,233
---------
---------
---------
---------
------------
At 30 April 2024
335,782
210,138
788,537
134,773
1,469,230
---------
---------
---------
---------
------------
Depreciation
At 1 May 2023
213,639
135,348
266,101
61,848
676,936
Charge for the year
23,332
40,037
99,926
13,536
176,831
---------
---------
---------
---------
------------
At 30 April 2024
236,971
175,385
366,027
75,384
853,767
---------
---------
---------
---------
------------
Carrying amount
At 30 April 2024
98,811
34,753
422,510
59,389
615,463
---------
---------
---------
---------
------------
At 30 April 2023
111,730
63,930
461,761
63,640
701,061
---------
---------
---------
---------
------------
15. Stocks
2024
2023
(restated)
£
£
Raw materials and consumables
197,379
201,222
Work in progress
374,537
342,656
---------
---------
571,916
543,878
---------
---------
16. Debtors
2024
2023
(restated)
£
£
Trade debtors
3,757,640
3,982,470
Prepayments and accrued income
34,591
42,306
Directors loan account
124,492
124,492
Other debtors
1,794,970
1,569,649
------------
------------
5,711,693
5,718,917
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
(restated)
£
£
Other debtors
2,063,419
1,562,093
------------
------------
17. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
160,074
160,074
Payments received on account
380,027
94,226
Trade creditors
3,417,239
4,207,048
Accruals and deferred income
73,277
60,952
Corporation tax
361,482
500,687
Social security and other taxes
113,881
102,273
Obligations under finance leases and hire purchase contracts
98,415
98,990
Other creditors
269,070
149,744
------------
------------
4,873,465
5,373,994
------------
------------
18. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
293,467
453,543
Obligations under finance leases and hire purchase contracts
106,396
206,158
---------
---------
399,863
659,701
---------
---------
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
(restated)
£
£
Not later than 1 year
98,415
98,990
Later than 1 year and not later than 5 years
106,396
206,158
---------
---------
204,811
305,148
---------
---------
20. Provisions
Deferred tax (note 21)
£
At 1 May 2023 (as restated)
118,235
Additions
19,476
---------
At 30 April 2024
137,711
---------
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
(restated)
£
£
Included in provisions (note 20)
137,711
118,235
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
(restated)
£
£
Accelerated capital allowances
137,711
118,235
---------
---------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 65,441 (2023: £ 60,250 ).
23. Prior period adjustments
During the preparation of the current financial statements, the directors identified errors in prior periods that required correction in accordance with Section 10 of FRS 102 (Accounting Policies, Estimates, and Errors). The identified misstatements are as follows: Omitted Corporation Tax Provisions Provisions for corporation tax amounting to £460,227 were not recognised in the profit and loss in prior periods. This resulted in an understatement of liabilities and an overstatement of retained earnings in the financial statements for those periods. Additionally S455 tax of £40,460 was not provided for in the statement of financial position, resulting in an understatement of liabilities and assets. Understatement of Fixed Assets and Finance Lease Liabilities Posting errors related to lease repayments caused misstatements fixed assets,finance lease liabilities and costs reported in profit and loss. These errors impacted both the carrying value of fixed assets and the corresponding liabilities on the balance sheet, together with the adjustments to reserves for omitted depreciation and finance expenses. Transfer pricing and related party transactions The following prior period adjustments, being management charges payable by the company, have been agreed with GC Manufacturing Limited:
Prior Year Adjustment
£
2021 111,652
2022 329,010
2023 469,204
---------
Total 909,866
These errors overstated retained earnings and the intercompany debtor balance. Overstated Dividends Dividends declared in prior periods were overstated from mis-postings to brought forward reserves by £506,695. The adjustments had no overall impact on the company's reported net assets but to the presentation of the statement of comprehensive income. Other adjustments As part of the preparation of the financial statements for the year ended 30 April 2024, corrections were made to various balance sheet control accounts. Additionally, a decision was taken to address other immaterial misstatements across the balance sheet as part of efforts to enhance internal financial controls. Adjustments were also implemented to reclassify transactions and balances, ensuring they more accurately reflect their underlying substance. The corrections have been accounted for retrospectively in line with FRS 102 requirements. Comparative figures have been restated and the impact of these adjustments is summarised below:
As restated As previously reported
£ £
Tangible fixed assets 701,061 342,044
Debtors 5,718,917 2,205,872
Corporation tax 578,462
Hire purchase liabilities 305,148 305,148
Other balance sheet adjustments
Profits after tax 1,857,817 2,954,924
Retained earnings at start of year 3,684,936 4,574,858
As a result of these adjustments, the financial statements for prior periods have been restated. The restated figures reflect the correction of these errors, ensuring compliance with FRS 102. The adjustments have been applied retrospectively to the opening balances of the earliest period presented, with detailed reconciliations provided in the relevant notes to the financial statements. During the preparation of the current financial statements, the directors identified errors in prior periods that required correction in accordance with Section 10 of FRS 102 (Accounting Policies, Estimates, and Errors).
24. Called up share capital
Issued, called up and fully paid
2024
2023
(restated)
No.
£
No.
£
Ordinary A shares of £ 1 each
70
70
70
70
Ordinary B shares of £ 1 each
30
30
30
30
----
----
----
----
100
100
100
100
----
----
----
----
25. Reserves
Profit and loss account - this reserve records retained earnings and accumulated losses.
26. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 30 Apr 2024
£
£
£
Cash at bank and in hand
3,039,150
(2,179,860)
859,290
Debt due within one year
(259,064)
575
(258,489)
Debt due after one year
(659,701)
259,838
(399,863)
------------
------------
---------
2,120,385
( 1,919,447)
200,938
------------
------------
---------
27. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
(restated)
£
£
Not later than 1 year
431,074
398,321
Later than 1 year and not later than 5 years
1,538,696
1,305,103
Later than 5 years
210,000
------------
------------
1,969,770
1,913,424
------------
------------
28. Directors advances to be repaid within 9 months of the year
end
2024 2023
£ £
Advances 124,492 124,492
G C Windows Limited
Notes to the Financial Statements (continued)
Year ended 30 April 2024
29. Related party transactions
SIMPLY DEVINE LIMITED Included in trade creditors is £8,400 (2023: £8,400) owed by the company to Simply Devine Limited. Simply Devine Limited owns 30% of the issued share capital of the company. The company paid £52,076 (2023: £50,400) in management charges to Simply Devine Limited. G C MANUFACTURING LIMITED Included in trade debtors is £789,655 (2023: £562,340) owed to the company from G C Manufacturing Limited. Included in trade creditors is £2,023,731 (2023: £1,910,970) owed by the company to G C Manufacturing Limited. Included in other debtors is a loan balance of £40,860 (2023: £652,227) owed to the company from G C Manufacturing Limited. There was no interest charged and this loan is payable on demand. The company agreed to pay GC Manufacturing Limited management recharges of £909,866 for transfer pricing in relation to prior periods. Included in this period was a net management recharge of £775,600 paid by the company to GC Manufacturing Limited. These companies are related by virtue of common ownership. L&J DEVELOPMENTS LIMITED Included in other debtors is a loan balance of £576,057 (2023: £470,425) owed to the company from L&J Developments Limited. There was no interest charged and this loan is payable on demand. During the year the company made sales of £6,623 to L&J Developments Limited. The companies are related through Mr J G Roberts , a director, who owns 50% of the share capital of L&J Developments Limited. OTHER RELATED PARTY TRANSACTIONS During the year the company provided a loan of £250,000 to the brother of Mr J G Roberts , a director. Included in other debtors is £250,000 (2023: £nil) owed to the company at the balance sheet date. The loan is secured by personal guarantee and interest is being charged on the outstanding balance.
30. Ultimate controlling party
The directors consider that there is no ultimate controlling party as defined by FRS 102. The ownership of the company is widely held, and no individual or entity has the ability to direct or dominate the decision-making of the company.
31. Security
The CBILS loans totalling £453,541 (2023: £613,617) are secured in favour of Barclays Security Trustee Limited and includes a fixed charge, a floating charge over all the property and undertaking of the company, and a negative pledge restricting the creation of further charges without the lender's consent.
Hire purchase liabilities totalling £204,811 (2023: £305,148) are secured on the assets to which they relate.