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Doors and Windows Limited
 

 
Unaudited Financial Statements
 
Year Ended 31 March 2016
 

 
Company Registration Number: 01726521

 

Doors and Windows Limited
Contents

Directors' Report

1

Profit and Loss Account

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

Accountants' Report

11

 

Doors and Windows Limited
Directors' Report
Year Ended 31 March 2016

The directors present their report and the unaudited financial statements for the year ended 31 March 2016.

Directors of the company

The directors who held office during the year were as follows:

Mr R A Horwell

Mrs L Horwell - Company secretary and director

Principal activity

The principal activity of the company is the supply of doors, windows and ancillary glazing.

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 4 December 2016 and signed on its behalf by:

Mrs L Horwell
Company secretary and director

 

Doors and Windows Limited
Profit and Loss Account
Year Ended 31 March 2016

   

Note

   

2016
£

   

2015
£

 

Turnover

 

   

381,929

   

331,308

 

Cost of sales

 

   

(177,511)

   

(151,581)

 

Gross profit

 

   

204,418

   

179,727

 

Administrative expenses

 

   

(144,608)

   

(128,489)

 

Operating profit

 

2

   

59,810

   

51,238

 

Other interest receivable and similar income

 

   

45

   

105

 

Interest payable and similar charges

 

   

(7,173)

   

(6,173)

 

Profit on ordinary activities before taxation

 

   

52,682

   

45,170

 

Tax on profit on ordinary activities

 

4

   

(14,385)

   

(9,549)

 

Profit for the financial year

 

11

   

38,297

   

35,621

 

The notes on pages 5 to 10 form an integral part of these financial statements.
Page 2

 

Doors and Windows Limited
Balance Sheet
31 March 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

5

   

248,062

   

256,420

 

Current assets

 

             

Stocks

 

   

16,042

   

22,061

 

Debtors

 

6

   

7,942

   

4,957

 

Cash at bank and in hand

 

   

103,297

   

82,101

 
   

   

127,281

   

109,119

 

Creditors: Amounts falling due within one year

 

7

   

(162,998)

   

(69,728)

 

Net current (liabilities)/assets

 

   

(35,717)

   

39,391

 

Total assets less current liabilities

 

   

212,345

   

295,811

 

Creditors: Amounts falling due after more than one year

 

8

   

(173,662)

   

(239,692)

 

Provisions for liabilities

 

9

   

(2,267)

   

-

 

Net assets

 

   

36,416

   

56,119

 

Capital and reserves

 

             

Called up share capital

 

10

   

100

   

100

 

Profit and loss account

 

11

   

36,316

   

56,019

 

Shareholders' funds

 

   

36,416

   

56,119

 

The notes on pages 5 to 10 form an integral part of these financial statements.
Page 3

 

Doors and Windows Limited
Balance Sheet
31 March 2016 ......... continued

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

Approved and authorised for issue by the Board on 4 December 2016 and signed on its behalf by:

Mr R A Horwell
Director


Company Registration Number: 01726521

The notes on pages 5 to 10 form an integral part of these financial statements.
Page 4

 

Doors and Windows Limited
Notes to the Financial Statements
Year Ended 31 March 2016 ......... continued

1

Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

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

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less and estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Freehold Land & Property

over 50 years

Plant & Machinery

20% reducing balance

Fixtures & Fittings

15% reducing balance

Motor Vehicles

25% reducing balance

Office Equipment

15% reducing balance

Stock and work in progress

Stocks are valued 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.


Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

 

Doors and Windows Limited
Notes to the Financial Statements
Year Ended 31 March 2016 ......... continued

2

Operating profit

Operating profit is stated after charging:

   

2016
£

   

2015
£

 
             

Profit on sale of tangible fixed assets

 

-

   

(57)

 

Depreciation of tangible fixed assets

 

8,358

   

9,317

 

3

Directors' remuneration

The directors' remuneration for the year was as follows:

 

2016
£

   

2015
£

 

 

   

 

Remuneration (including benefits in kind)

 

20,042

   

19,135

 

4

Taxation

Tax on profit on ordinary activities

   

2016
£

   

2015
£

 

Current tax

           

Corporation tax charge

 

12,208

   

9,549

 

Adjustments in respect of previous years

 

(90)

   

-

 

UK Corporation tax

 

12,118

   

9,549

 

Deferred tax

           

Origination and reversal of timing differences

 

2,267

   

-

 

Total tax on profit on ordinary activities

 

14,385

   

9,549

 
 

Doors and Windows Limited
Notes to the Financial Statements
Year Ended 31 March 2016 ......... continued

5

Tangible fixed assets

   

Freehold land and buildings
£

   

Plant and machinery
£

   

Fixtures and fittings
£

   

Motor vehicles
£

   

Office equipment
£

   

Total
£

 

Cost

                                   

At 1 April 2015

 

257,305

   

47,295

   

9,035

   

22,318

   

17,201

   

353,154

 

Depreciation

                                   

At 1 April 2015

 

15,435

   

45,185

   

7,828

   

13,082

   

15,204

   

96,734

 

Charge for the year

 

5,145

   

421

   

183

   

2,310

   

299

   

8,358

 

At 31 March 2016

 

20,580

   

45,606

   

8,011

   

15,392

   

15,503

   

105,092

 

Net book value

                                   

At 31 March 2016

 

236,725

   

1,689

   

1,024

   

6,926

   

1,698

   

248,062

 

At 31 March 2015

 

241,870

   

2,110

   

1,207

   

9,236

   

1,997

   

256,420

 

6

Debtors

   

2016
£

   

2015
£

 
             

Trade debtors

 

7,942

   

4,899

 

Other debtors

 

-

   

58

 
   

7,942

   

4,957

 
 

Doors and Windows Limited
Notes to the Financial Statements
Year Ended 31 March 2016 ......... continued

7

Creditors: Amounts falling due within one year

   

2016
£

   

2015
£

 
             

Bank loans and overdrafts

 

89,830

   

10,000

 

Trade creditors

 

14,827

   

12,069

 

Corporation tax

 

12,208

   

9,549

 

Other taxes and social security

 

11,479

   

7,284

 

Accruals

 

14,653

   

10,825

 

Directors current account

 

20,000

   

20,000

 

Preference shares

 

1

   

1

 
   

162,998

   

69,728

 

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the company:

 

2016
£

   

2015
£

 

 

   

 

Bank loan

 

89,830

   

10,000

 

8

Creditors: Amounts falling due after more than one year

   

2016
£

   

2015
£

 
             

Bank loans and overdrafts

 

48,170

   

134,005

 

Directors loan accounts

 

125,492

   

105,687

 
   

173,662

   

239,692

 

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the company:

 

2016
£

   

2015
£

 

 

   

 

Bank loan

 

48,170

   

134,005

 
 

Doors and Windows Limited
Notes to the Financial Statements
Year Ended 31 March 2016 ......... continued

Included in the creditors are the following amounts due after more than five years:

 

2016
£

   

2015
£

 

 

   

 

After more than five years by instalments

 

8,170

   

16,341

 

9

Provisions

   

Deferred tax
£

 

At 1 April 2015

 

-

 
       

Charged to the profit and loss account

 

2,267

 

At 31 March 2016

 

2,267

 

Analysis of deferred tax

 

2016
£

   

2015
£

 

 

   

 

Difference between accumulated depreciation and amortisation and capital allowances

 

2,267

   

-

 

10

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

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

 

Redeemable preference shares

The Non-cumulative redeemable 'A' Preference shares are redeemable at the option of the holder. They are redeemable at £1 per share and carry no voting rights.

 

Doors and Windows Limited
Notes to the Financial Statements
Year Ended 31 March 2016 ......... continued

11

Reserves

   

Profit and loss account
£

 
       

At 1 April 2015

 

56,019

 
       

Profit for the year

 

38,297

 

Dividends

 

(58,000)

 

At 31 March 2016

 

36,316

 

12

Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

Mr & Mrs R Horwell ( Directors )
 
At the balance sheet date the amount due to Mr & Mrs R Horwell was £145,492 ( 2015 £125,687 ) .

Horwell Holdings Limited ( Parent Company )
 
During the year the company paid dividends to Horwell Holdings of £58,000 (2014; £30,000).
At the balance sheet date the amount due to Horwell Holdings Limited was £nil ( 2015 £nil ) .

13

Control

The company is controlled by Horwell Holdings Limited a company registered and incorporated in England, as the ultimate parent company. Copies of the accounts of Horwell Holdings Limited may be obtained from Companies House .
 

 

 

Doors and Windows Limited
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts
 
Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Doors and Windows Limited for the year ended 31 March 2016 set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW) , we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook .

This report is made solely to the Board of Directors of Doors and Windows Limited, as a body, in accordance with the terms of our engagement letter dated 31 March 2013 . Our work has been undertaken solely to prepare for your approval the accounts of Doors and Windows Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Doors and Windows Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Doors and Windows Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Doors and Windows Limited. You consider that Doors and Windows Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Doors and Windows Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA

6 December 2016