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Doors and Windows Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

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 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

243,426

248,062

Current assets

 

Stocks

16,077

16,042

Debtors

5

3,915

7,942

Cash at bank and in hand

 

127,015

103,296

 

147,007

127,280

Creditors: Amounts falling due within one year

6

(77,126)

(162,997)

Net current assets/(liabilities)

 

69,881

(35,717)

Total assets less current liabilities

 

313,307

212,345

Creditors: Amounts falling due after more than one year

6

(233,754)

(173,663)

Provisions for liabilities

(1,722)

(2,267)

Net assets

 

77,831

36,415

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

77,731

36,315

Total equity

 

77,831

36,415

 

Doors and Windows Limited

Balance Sheet

31 March 2017

For the financial year ending 31 March 2017 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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

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.

Approved and authorised by the Board on 4 August 2017 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 2017

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 4 August 2017.

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.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015. There is no material impact on the reported financial position and financial performance.

 

Doors and Windows Limited

Notes to the Financial Statements

Year Ended 31 March 2017

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.

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.

 

Doors and Windows Limited

Notes to the Financial Statements

Year Ended 31 March 2017

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 (2016 - 5).

 

Doors and Windows Limited

Notes to the Financial Statements

Year Ended 31 March 2017

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

257,306

26,237

22,317

47,294

353,154

Additions

-

1,495

-

-

1,495

At 31 March 2017

257,306

27,732

22,317

47,294

354,649

Depreciation

At 1 April 2016

20,580

23,514

15,392

45,606

105,092

Charge for the year

3,430

632

1,732

337

6,131

At 31 March 2017

24,010

24,146

17,124

45,943

111,223

Carrying amount

At 31 March 2017

233,296

3,586

5,193

1,351

243,426

At 31 March 2016

236,726

2,723

6,925

1,688

248,062

5

Debtors

2017
 £

2016
 £

Trade debtors

3,915

7,942

3,915

7,942

 

Doors and Windows Limited

Notes to the Financial Statements

Year Ended 31 March 2017

6

Creditors

Note

2017
 £

2016
 £

Due within one year

 

Loans and borrowings

7

6,117

89,831

Trade creditors

 

13,720

14,826

Social security and other taxes

 

10,387

11,478

Other creditors

 

20,000

20,000

Accrued expenses

 

12,588

14,654

Corporation tax

14,314

12,208

 

77,126

162,997

Due after one year

 

Loans and borrowings

7

233,754

173,663

7

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Bank borrowings

126,096

48,171

Other borrowings

107,658

125,492

233,754

173,663

2017
£

2016
£

Current loans and borrowings

Bank borrowings

6,116

89,830

Redeemable preference shares

1

1

6,117

89,831

Bank borrowings

Both of the loans included above is denominated in pounds sterling, £, with a nominal interest rate of 3.10, and the final instalment is due on 20 January 2032. The carrying amount at year end is £ 132,212 (2016 - £ 185,877 ).

Security on the borrowings is held over the building owned by the company.

 

Doors and Windows Limited

Notes to the Financial Statements

Year Ended 31 March 2017

8

Parent and ultimate parent undertaking

The company's immediate parent is Horwell Holdings Limited, incorporated in England and Wales.

  These financial statements are available upon request from Companies House. Horwell Holdings Limited has registered offices at C/O Francis Clark LLP, North Quay House, Sutton Harbour, Plymouth, Devon, PL4 0RA.

 The ultimate controlling party is the directors of Horwell Holdings Limited.

9

Transition to FRS 102

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015.

There are no changes to the previously stated equity as at 1 April 2015 and 1 April 2016 nor is there any change to the profit for the year ended 31 March 2016 as a result of the transition to FRS 102.