REGISTERED NUMBER: 04670785 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ICENI WINDOWS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P D W Foyle

L Delapperall

REGISTERED OFFICE:

46 Stepfield Road

Witham

Essex

CM8 3TH

REGISTERED NUMBER:

04670785 (England and Wales)

INDEPENDENT AUDITORS:

Xeinadin Audit Limited

Beckwith Barn

Warren Estate

Lordship Road

Writtle

Essex

CM1 3WT

FIXED ASSETS

Tangible assets

5

816,812

892,321

CURRENT ASSETS

Stocks

6

623,404

557,010

Debtors

7

866,546

786,167

Cash at bank

68,516

163,839

1,558,466

1,507,016

CREDITORS

Amounts falling due within one year

8

1,504,232

1,480,889

NET CURRENT ASSETS

54,234

26,127

TOTAL ASSETS LESS CURRENT LIABILITIES

871,046

918,448

CREDITORS

Amounts falling due after more than one year

9

(8,333

)

(56,605

)

PROVISIONS FOR LIABILITIES

12

(186,074

)

(195,571

)

NET ASSETS

676,639

666,272

CAPITAL AND RESERVES

Called up share capital

13

77

77

Capital redemption reserve

74

74

Retained earnings

676,488

666,121

SHAREHOLDERS' FUNDS

676,639

666,272

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2025 and were signed on its behalf by:

P D W Foyle - Director

1.	STATUTORY INFORMATION

Iceni Windows Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional and presentation currency of the financial statements is the Pound Sterling (£).

Amounts in these financial statements are rounded to the nearest Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

These financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the Company.In making this assessment, the directors have taken into account changes in the trading conditions and other factors.

Based on these the directors have considered the cashflow requirements of the Company for a period of twelve months from the date of approval of these financial statements and are satisfied that sufficient financial resources will continue to be made available.

Significant judgements and estimates

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions to determine the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

Tangible Fixed Assets

The directors have made key assumptions regarding the expected useful life of tangible fixed assets, these being depreciated at the rates documented in the accounting policies. The expected useful life for each asset class has been determined by the director's expectations and their experience of the industry, taking into account the typical operating life of fixed assets and the output expected from the plant and machinery.

Bad debt provision

The directors have also considered and reviewed the recoverability of trade debtors owing at the end of the financial year. The review by the directors takes into account their best estimate of the recoverability of the debtor based on past experience and the balance owing.

Any debtor balances that are considered to have recoverability concerns are provided in a bad debt provision to expense to the Income Statement.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.

Turnover represents amounts receivable for the provision of the company's principal activity wholly undertaken in the United Kingdom, revenue is recognised at the date the goods and services are provided to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

Over the period of the lease

Plant and machinery

-

30% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed assets begins when it is in the location and condition necessary available for the use intended.

Tangible fixed asset depreciation is included in administrative expenses in the Income Statement.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted 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 the Income Statement.

Stocks

Stocks are measured at the lower of cost and net realisable value to complete and sell. Cost is calculated on a first in, first out basis (FIFO) and includes all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Allowances for obsolete and slow moving items are provided for.

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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Research and development

Expenditure on research and development is written off to the Income Statement in the year in which it is incurred.

Hire purchase

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like intangible assets and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 74 (2023 - 75 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

363,485

1,802,676

185,249

335,701

2,687,111

Additions

-

137,758

11,944

-

149,702

At 31 December 2024

363,485

1,940,434

197,193

335,701

2,836,813

DEPRECIATION

At 1 January 2024

128,540

1,293,257

117,339

255,654

1,794,790

Charge for year

24,137

165,462

15,590

20,022

225,211

At 31 December 2024

152,677

1,458,719

132,929

275,676

2,020,001

NET BOOK VALUE

At 31 December 2024

210,808

481,715

64,264

60,025

816,812

At 31 December 2023

234,945

509,419

67,910

80,047

892,321

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

150,000

50,123

200,123

DEPRECIATION

At 1 January 2024

37,501

30,300

67,801

Charge for year

33,750

4,956

38,706

At 31 December 2024

71,251

35,256

106,507

NET BOOK VALUE

At 31 December 2024

78,749

14,867

93,616

At 31 December 2023

112,499

19,823

132,322

6.

STOCKS

2024

2023

£

£

Raw materials

623,404

557,010

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

621,463

493,361

Amounts owed by related parties

4,443

-

Other debtors

119,323

80,678

Directors' current accounts

893

993

Tax

-

95,859

Prepayments and accrued income

120,424

115,276

866,546

786,167

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

166,656

155,322

Hire purchase contracts (see note 10)

40,772

43,251

Trade creditors

716,598

826,903

Amounts owed to related parties

-

38,615

Tax

48,892

-

Social security and other taxes

56,993

44,943

VAT

224,104

180,851

Other creditors

77,347

94,776

Accruals and deferred income

172,870

96,228

1,504,232

1,480,889

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-5 years

-

7,500

Hire purchase contracts (see note 10)

8,333

49,105

8,333

56,605

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Gross obligations repayable:

Within one year

46,275

49,198

Between one and five years

9,376

55,651

55,651

104,849

Finance charges repayable:

Within one year

5,503

5,947

Between one and five years

1,043

6,546

6,546

12,493

Net obligations repayable:

Within one year

40,772

43,251

Between one and five years

8,333

49,105

49,105

92,356

Non-cancellable

operating leases

2024

2023

£

£

Within one year

438,851

473,265

Between one and five years

1,071,199

1,349,470

In more than five years

454,977

615,557

1,965,027

2,438,292

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

159,156

65,322

Hire purchase contracts

49,105

92,356

Trade Creditors

111,141

266,497

319,402

424,175

Net obligations under hire purchase contracts are secured by charges on the assets concerned.

A fixed and floating charge also exists concerning the Invoice finance arrangement with Royal Bank of Scotland and National Westminster Bank PLC.

The secured trade creditor has a fixed charge over all leasehold and freehold property, stocks, shares, goodwill, book debts and other debts, with a floating charge on all undertaking property and assets.

12.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

186,074

196,086

Tax losses carried forward

-

(515

)

186,074

195,571

Deferred

tax

£

Balance at 1 January 2024

195,571

Change in rate

(9,497

)

Balance at 31 December 2024

186,074

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

42

"A" ordinary shares

£1

42

42

35

"B" ordinary shares

£1

35

35

77

77

The holders of the "A" shares are entitled to vote and participate in dividends or capital distributions. The "B" shares have no voting rights and the holders are not entitled to participate in a capital distribution.

14.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Simon Medcalf FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

15.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.

2024

2023

£

£

Contributions payable by the company for the year

42,135

40,289

Contributions payable to the fund at the year end included in other creditors

4,727

5,181

16.	CONTINGENT LIABILITIES

The company assets are held as security for a guarantee in respect of the bank borrowings of a related company. At the balance sheet date the related company had bank borrowings of £3,010,384 (2023: £3,094,310).

17.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year a loan account subsisted between the company and its directors. At the balance sheet date the directors owed the company £893 (2023: £993) which is shown within other debtors. No interest was charged on this loan.

18.	RELATED PARTY DISCLOSURES