Trade Windows (Derby) Limited - Period Ending 2018-12-31

Registration number: 02782897

Trade Windows (Derby) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

Trade Windows (Derby) Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 11

Trade Windows (Derby) Limited

Company Information

Directors

P Brighouse N S Leivers N J Keogh

Registered office

Navigation Retail Park 810 London Road Alvaston Derby DE24 8WA

Bankers

The Royal Bank of Scotland plc 41 Cornmarket Derby DE1 2DG

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Page 1

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Trade Windows (Derby) Limited
for the Year Ended 31 December 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Trade Windows (Derby) Limited for the year ended 31 December 2018 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en
/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Trade Windows (Derby) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Trade Windows (Derby) Limited and state those matters that we have agreed to state to the Board of Directors of Trade Windows (Derby) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet
-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trade Windows (Derby) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Trade Windows (Derby) 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 loss of Trade Windows (Derby) Limited. You consider that Trade Windows (Derby) 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 Trade Windows (Derby) 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.

......................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

3 April 2019

Page 2

Trade Windows (Derby) Limited

(Registration number: 02782897)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	58,329	71,627
Investments	5	13	13
		58,342	71,640
Current assets
Stocks	6	8,009	2,761
Debtors	7	194,335	135,949
Cash at bank and in hand		109,699	65,874
		312,043	204,584
Creditors: Amounts falling due within one year	8	(592,499)	(391,537)
Net current liabilities		(280,456)	(186,953)
Net liabilities		(222,114)	(115,313)
Capital and reserves
Called up share capital	10	200	200
Profit and loss account		(222,314)	(115,513)
Total equity		(222,114)	(115,313)

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 3

Trade Windows (Derby) Limited

(Registration number: 02782897)
Balance Sheet as at 31 December 2018

For the financial year ending 31 December 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 provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 April 2019 and signed on its behalf by:
 

.........................................

P Brighouse
Director

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 4

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

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

The address of the registered office is given in the company information on page 1 of the financial statements.

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.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on the continued support of the parent company not requiring the withdrawal of the monies owed to them until sufficient funds are available.

If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Page 5

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Key sources of estimation uncertainty

Key sources of estimation uncertainty and judgements
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimate is revised, if the revision affects that period, or in the period of revision and future period if the revision affects both the current and future periods.

The estimates and assumptions which have risk of causing material adjustment to the carrying amount of assets and liabilities are set out below:

Impairment of debtors:
On a periodic basis management makes an estimation of the recoverability of debtors. Management make such estimations taking into account their knowledge of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Page 6

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

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	Straight line over 10 years
Motor vehicles	25% reducing balance
Fixtures and fittings	25% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Page 7

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2017 - 15).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2018	48,102	27,471	61,007	136,580
Additions	4,000	340	-	4,340
Disposals	(7,383)	-	-	(7,383)
At 31 December 2018	44,719	27,811	61,007	133,537
Depreciation
At 1 January 2018	1,094	15,576	48,283	64,953
Charge for the year	4,029	3,045	3,181	10,255
At 31 December 2018	5,123	18,621	51,464	75,208
Carrying amount
At 31 December 2018	39,596	9,190	9,543	58,329
At 31 December 2017	47,008	11,895	12,724	71,627

Included within the net book value of land and buildings above is £39,596 (2017 - £47,008) in respect of short leasehold land and buildings.
 

Page 8

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

5	Investments

	2018 £	2017 £
Investments in subsidiaries	13	13

Subsidiaries	£
Cost or valuation
At 1 January 2018	13
At 31 December 2018	13
Carrying amount
At 31 December 2018	13
At 31 December 2017	13

6

Stocks

	2018 £	2017 £
Other inventories	8,009	2,761

7

Debtors

	2018 £	2017 £
Trade debtors	157,719	88,774
Other debtors	36,616	47,175
	194,335	135,949

Page 9

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

8

Creditors

	Note	2018 £	2017 £
Due within one year
Loans and borrowings	9	-	9,921
Trade creditors		181,531	173,628
Amounts owed to group undertakings	12	261,440	89,670
Taxation and social security		89,952	60,993
Other creditors		59,576	57,325
		592,499	391,537

9	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Hire purchase and finance lease liabilities	-	9,921

Other borrowings

The finance lease liabilities are secured against the assets to which they relate. Finance lease liabilities have a carrying amount at the year end of £Nil (2017 - £9,921).

10	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	200	200	200	200

11	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments in respect of operating leases not included in the balance sheet is £8,197 (2017 - £22,212).

Page 10

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

12	Related party transactions

Transactions with directors

During the year the following advances were made to directors:

2018	At 1 January 2018 £	Advances to directors £	Repayments by director £	At 31 December 2018 £
Interest free loan to the company repayable on demand	-	-	-	-

2017	At 1 January 2017 £	Advances to directors £	Repayments by director £	At 31 December 2017 £
Interest free loan to the company repayable on demand	47,358	6,169	(53,527)	-

Summary of transactions with other related parties

The company has taken advantage of the exemption under FRS102 Section 1A in respect of disclosing transactions with other members of the group.
 

Page 11