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Doors and Windows Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 01726521

 

Doors and Windows Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Doors and Windows Limited

Balance Sheet

31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

251,106

243,426

Current assets

 

Stocks

18,307

16,077

Debtors

5

1,794

3,915

Cash at bank and in hand

 

103,680

127,015

 

123,781

147,007

Creditors: Amounts falling due within one year

6

(73,792)

(77,126)

Net current assets

 

49,989

69,881

Total assets less current liabilities

 

301,095

313,307

Creditors: Amounts falling due after more than one year

6

(194,108)

(233,754)

Provisions for liabilities

(1,964)

(1,722)

Net assets

 

105,023

77,831

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

104,923

77,731

Total equity

 

105,023

77,831

 

Doors and Windows Limited

Balance Sheet

31 March 2018

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 July 2018 and signed on its behalf by:
 

.........................................
Mr R A Horwell
Director

   
     

Company Registration Number: 01726521

 

Doors and Windows Limited

Notes to the Financial Statements

Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA
United Kingdom

The principal place of business is:
Unit 6 Galileo Close
Newnham Industrial Estate
Plympton
Plymouth
Devon
PL7 4JW
United Kingdom

These financial statements were authorised for issue by the Board on 17 July 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amount chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised at date of completion.

 

Doors and Windows Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Furniture, fittings and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Other property, plant and equipment

20% reducing balance

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Doors and Windows Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2017 - 5).

 

Doors and Windows Limited

Notes to the Financial Statements

Year Ended 31 March 2018

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

257,306

27,732

22,317

47,294

354,649

Additions

11,622

2,148

-

-

13,770

At 31 March 2018

268,928

29,880

22,317

47,294

368,419

Depreciation

At 1 April 2017

24,010

24,146

17,124

45,943

111,223

Charge for the year

3,662

861

1,299

268

6,090

At 31 March 2018

27,672

25,007

18,423

46,211

117,313

Carrying amount

At 31 March 2018

241,256

4,873

3,894

1,083

251,106

At 31 March 2017

233,296

3,586

5,193

1,351

243,426

5

Debtors

2018
 £

2017
 £

Trade debtors

1,794

3,915

1,794

3,915

 

Doors and Windows Limited

Notes to the Financial Statements

Year Ended 31 March 2018

6

Creditors

Creditors: amounts falling due within one year

Note

2018
 £

2017
 £

Due within one year

 

Loans and borrowings

7

9,399

6,117

Trade creditors

 

12,046

13,720

Corporation tax

9,216

14,314

Social security and other taxes

 

8,501

10,387

Other creditors

 

26,000

20,000

Accrued expenses

 

8,630

12,588

 

73,792

77,126

Due after one year

 

Loans and borrowings

7

194,108

233,754

7

Loans and borrowings

2018
£

2017
£

Loans and borrowings due after one year

Bank borrowings

113,416

126,096

Other borrowings

80,692

107,658

194,108

233,754

2018
£

2017
£

Current loans and borrowings

Bank borrowings

9,398

6,116

Redeemable preference shares

1

1

9,399

6,117

 

Doors and Windows Limited

Notes to the Financial Statements

Year Ended 31 March 2018

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary of £ 1 each

100

100

100

100

Non-cumulative redeemable 'A' Preference shares of £ 1 each

1

1

1

1

 

101

101

101

101