| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Directors and |
| Financial Statements |
| for the Year Ended 31st December 2024 |
| for |
| CLIMATEC WINDOWS LIMITED |
| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Directors and |
| Financial Statements |
| for the Year Ended 31st December 2024 |
| for |
| CLIMATEC WINDOWS LIMITED |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Contents of the Financial Statements |
| for the year ended 31st December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Profit and Loss Account | 10 |
| Other Comprehensive Income | 11 |
| Balance Sheet | 12 |
| Statement of Changes in Equity | 13 |
| Notes to the Financial Statements | 14 |
| CLIMATEC WINDOWS LIMITED |
| Company Information |
| for the year ended 31st December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| Monometer House |
| Rectory Grove |
| Leigh on Sea |
| Essex |
| SS9 2HN |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Strategic Report |
| for the year ended 31st December 2024 |
| The directors present their strategic report for the year ended 31st December 2024. |
| Business Review |
| Despite 2024 being challenging for the fenestration industry in general, the company again managed to report a profitable year's trading, albeit that both turnover and profitability were down on the previous year. |
| In the current economic climate however, and after seeing a number of window manufacturing companies meet their demise, in the current circumstances we have to be satisfied with our performance and look at these numbers in a positive light. |
| Both turnover and profits were down, but our margins are holding up and we have certainly kept our expenditure under control, with our costs actually being lower than they were in 2023, notwithstanding the fact that costs generally have seen an increase over the last 12 months. |
| Regular monitoring of our performance against forecasts is core to our business model as we can then be reactive to any negative situations that may arise. |
| Retaining our customer base and being able to offer a range of quality products obviously aids our place in the market which, when coupled with our knowledgeable workforce and investment in machinery etc, will hopefully allow the company to continue in its growth and in turn maintain continued profitability. |
| Principle Risks & Uncertainties |
| The hiring and retention of staff is always going to be an issue due to the relatively buoyant job market locally so we do have to keep a close eye on this, although our staff retention rates overall do read very well, especially in the administrative areas of the company. |
| Our lead times can sometime prove to be problematic to our customers especially during busy periods, we are however looking to increase our productivity with additional numbers to our nightshift and also if the opportunity arises, then look to take on a new factory unit, although this would be governed by the cost of the rent and rates and the ability to recruit skilled staff. |
| The economy is always a concern given that a major world event can impact greatly on the likes of interest rates, energy and transportation costs so we need to be mindful of this. |
| Government taxation and legislation every year causes issues especially the mandatory living wage impacting not only on our cash-flow but on staffing issues in general. There is also the uncertainty of other possible tax increases that the government might bring in, having in recent years, increased the levels of corporation tax and the rate of employer's national insurance contributions payable. |
| Key Performance Indicators |
| Turnover for the year ending December 2024 was down by £1.14 million, or approximately 7.28% on the 2023 figures, whilst profit after tax was also down by just short of £89k, which equates to around 13.91%. |
| Gross margins did however fare a little better, increasing from 22.93% of turnover last year to 23.83% currently, however the net profit percentage was down by 0.22%. |
| Direct labour costs were up by 0.30%, but stock usage did fall by 0.84% down to 55.16% of turnover. |
| Future Outlook |
| Taking everything into consideration, I feel Climatec Windows are in a good position to continue with the growth that we have shown and look to have a profitable future moving forward. |
| The funding of the company means that there is a more than adequate cash-flow to meet our liabilities and our order book continues to look healthy with more often than not our weekly manufacturing capacities booked in full weeks in advance. |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Strategic Report |
| for the year ended 31st December 2024 |
| As a company we are regularly reviewing our costs in order to drive down expenditure and with our buying power, to a certain extent, this allows us to do this or at least negate possible price increases that our suppliers try to pass on to us. |
| We are investing in new machinery in order to both increase capacity and to enhance our quality further. |
| Of course, there are always negatives and as mentioned previously, the increase in mandatory government taxes etc does mean that we will need to review our prices and there will likely be the need to increase these at some point. However, we are not alone in this and fully expect other companies to follow suit and adopt the same stance. |
| ON BEHALF OF THE BOARD: |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Report of the Directors |
| for the year ended 31st December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31st December 2024. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31st December 2024 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Annual 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 of 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 |
| - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements |
| - 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Report of the Directors |
| for the year ended 31st December 2024 |
| AUDITORS |
| The auditors, Barrons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Climatec Windows Limited |
| Opinion |
| We have audited the financial statements of Climatec Windows Limited (the 'company') for the year ended 31st December 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for 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 Auditors' 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. |
| 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. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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 this gives rise to a material misstatement in the financial statements themselves. 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. |
| 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Climatec Windows Limited |
| 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
| Report of the Independent Auditors to the Members of |
| Climatec Windows Limited |
| Auditors' 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as considerations as to where and how fraud may occur in the entity. |
| The following laws and regulations were identified as being of significance to the entity: |
| - Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. |
| - Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating licence, environmental regulations, health and safety legislation. |
| Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of; inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. |
| No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is unavoidable risk that material misstatements may not be detected, even tough the audit has been planned and performed in accordance with ISAs (UK). |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Climatec Windows Limited |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| Monometer House |
| Rectory Grove |
| Leigh on Sea |
| Essex |
| SS9 2HN |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Profit and Loss Account |
| for the year ended 31st December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 2,684,817 | 2,724,064 |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 763,739 | 854,427 |
| Interest payable and similar expenses | 5 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Other Comprehensive Income |
| for the year ended 31st December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Balance Sheet |
| 31st December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Statement of Changes in Equity |
| for the year ended 31st December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1st January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31st December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31st December 2024 |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Notes to the Financial Statements |
| for the year ended 31st December 2024 |
| 1. | STATUTORY INFORMATION |
| Climatec Windows Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Turnover |
| The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised: |
| Sale of goods |
| Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
| - | the Company has transferred the significant risks and rewards of ownership to the buyer; |
| - | the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
| - | the amount of revenue can be measured reliably; |
| - | it is probable that the Company will receive the consideration due under the transaction; and |
| - | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
| Depreciation is provided on the following basis: |
| Leasehold land and buildings | - 10% Straight Line |
| Plant and machinery | - 15% Reducing Balance |
| Fixtures and Fittings | - 10% Reducing Balance |
| Computers | - 33% Straight Line |
| Motor Vehicles | - 25% Reducing Balance |
| The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Financial instruments |
| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
| Debtors |
| Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Creditors |
| Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 2 | 3 |
| Manufacturing | 101 | 115 |
| Engineering | 1 | 1 |
| Admin | 13 | 15 |
| Transport | 9 | 10 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) |
| Auditors' remuneration |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2024 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest |
| Hire purchase |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | - | ( |
) |
| Depreciation in excess of capital allowances | - |
| Effects of movements in pension liability | 1,174 | 421 |
| Effects of change in tax rates | - | (12,270 | ) |
| Origination and reversal of timing differences | 1,040 | (3,417 | ) |
| Total tax charge | 187,385 | 191,647 |
| 7. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Interim |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | Plant and | and |
| leasehold | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1st January 2024 |
| Additions |
| At 31st December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for year |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1st January 2024 |
| Additions |
| At 31st December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for year |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| Included above are assets held under hire purchase contracts and finance leases with a total net book value of £341,180 (2023: £336,572) and a total depreciation charge in the year of £52,701 (2023: £55,233). |
| 9. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Raw materials |
| Work-in-progress |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2024 |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 13) |
| Hire purchase contracts (see note 14) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 66,884 | 115,413 |
| Other creditors |
| Accruals and deferred income |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 13) |
| Hire purchase contracts (see note 14) |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2024 |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 15. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 216,736 | 267,248 |
| Hire purchase contracts are secured against the assets to which they relate. |
| Invoice discounting and overdraft facilities are secured by way of both fixed and floating charges over the assets of the company. |
| There is a cross guarantee in place between the company, its parent and all other group undertakings on all borrowings outstanding within the group at the balance sheet date.The group will continue to support each other to ensure all financial liabilities are met. |
| The long term loan obtained in 2020 is supported by the Coronavirus Business Interruption Loan Scheme (CBILS) provided by the government. |
| 16. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 152,203 | 151,164 |
| CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2024 |
| 16. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1st January 2024 |
| Accelerated capital allowances | 1,039 |
| Balance at 31st December 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Share capital 1 | £1 | 100 | 100 |
| All ordinary shares rank equally with regard to the Company's residual assets. Holders of these shares are entitled to dividends as declared and are entitled to one vote per share at general meetings of the Company. |
| 18. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1st January 2024 |
| Profit for the year |
| Dividends | ( |
) |
| At 31st December 2024 |
| 19. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| At the Balance Sheet date there are capital commitments totalling £54,865. |
| 20. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 21. | ULTIMATE PARENT COMPANY |
| Climatec Group Limited is the ultimate parent company for the current year due to its shareholding in the company. Climatec Group Holdings Limited was the ultimate parent for the preceding year due to its shareholding in the company. Climatec Group Limited prepares consolidated financial statements and these may be obtained from their registered office at Monometer House, Rectory Grove, Leigh on Sea, Essex, SS9 2HL. |