Registered number
04398239
Mike Honour Windows Limited
Filleted Accounts
31 December 2024
Mike Honour Windows Limited
Registered number: 04398239
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 63,085 80,772
63,086 80,773
Current assets
Stocks 174,222 238,739
Debtors 5 152,983 323,157
Cash at bank and in hand 113,891 100,621
441,096 662,517
Creditors: amounts falling due within one year 6 (443,213) (509,019)
Net current (liabilities)/assets (2,117) 153,498
Total assets less current liabilities 60,969 234,271
Creditors: amounts falling due after more than one year 7 (56,903) (119,375)
Provisions for liabilities (11,011) (14,128)
Net (liabilities)/assets (6,945) 100,768
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (7,945) 99,768
Shareholders' funds (6,945) 100,768
The director is 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 director acknowledges his 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.
M R Honour
Director
Approved by the board on 6 May 2025
Mike Honour Windows Limited
Notes to the Accounts
for the year ended 31 December 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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Leasehold land and buildings 10% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice 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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. 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 20 20
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 125,000
At 31 December 2024 125,000
Amortisation
At 1 January 2024 124,999
At 31 December 2024 124,999
Net book value
At 31 December 2024 1
At 31 December 2023 1
Goodwill was written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 5,643 65,319 153,063 224,025
Additions - 3,194 - 3,194
At 31 December 2024 5,643 68,513 153,063 227,219
Depreciation
At 1 January 2024 5,067 60,684 77,502 143,253
Charge for the year 57 1,937 18,887 20,881
At 31 December 2024 5,124 62,621 96,389 164,134
Net book value
At 31 December 2024 519 5,892 56,674 63,085
At 31 December 2023 576 4,635 75,561 80,772
5 Debtors 2024 2023
£ £
Trade debtors 98,249 215,361
Directors loan account (see note 10) 32,728 73,315
Other debtors 22,006 34,481
152,983 323,157
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 207,906 163,304
Obligations under finance lease and hire purchase contracts 22,460 24,419
Trade creditors 92,419 105,644
Taxation and social security costs 50,156 99,366
Other creditors 70,272 116,286
443,213 509,019
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,333 53,333
Obligations under finance lease and hire purchase contracts 43,570 66,042
56,903 119,375
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loan and overdrafts 221,239 216,637
The bank loan and overdraft are secured on the company's assets
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 91,758 113,354
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M R Honour
Interest free current account 73,315 33,058 (73,645) 32,728
Fully repaid on 3 April 2025
73,315 33,058 (73,645) 32,728
11 Related party transactions
During the year the company paid a dividend of £71,333 to a shareholder who is a director of the company (2023: £100,000).
12 Controlling party
The company is under the control of M R Honour.
13 Other information
Mike Honour Windows Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 85
Northwick Business Centre
Blockley
Gloucestershire
GL56 9RF
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