Jewel Windows Limited
Jewel Windows Limited
Registered number: 06978851
Unaudited Financial Statements
For The Year Ended
31 August 2020
Modus Accountants Ltd
ACCA
Unit 1c Eagle Industrial Estate
Church Green
Witney
OX28 4YR
Jewel Windows Limited
Unaudited Financial Statements
For The Year Ended
31 August 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Company Information | 1 |
| Accountant's Report | 2 |
| Statement of Financial Position | 3—4 |
| Notes to the Financial Statements | 5—9 |
Jewel Windows Limited
Company Information
For The Year Ended
31 August 2020
Company Information
| Director |
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| Company Number |
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| Registered Office | Unit 4 Elliott Industrial Park |
| Eastern Road | |
| Aldershot | |
| Hampshire | |
| GU12 4TF | |
| Accountants |
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| ACCA | |
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| Church Green | |
| Witney | |
| OX28 4YR | |
Page 1
Jewel Windows Limited
Accountant's Report
For The Year Ended
31 August 2020
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of
Jewel Windows Limited
For The Year Ended 31 August 2020
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of
Jewel Windows Limited
which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member 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 to the director of
Jewel Windows Limited
, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of
Jewel Windows Limited
and state those matters that we have agreed to state to the director of
Jewel Windows Limited
, as a body, in this report in accordance with 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
Jewel Windows Limited
and its director as a body for our work or for this report.
It is your duty to ensure that
Jewel 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 or loss of
Jewel Windows Limited
. You consider that
Jewel 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
Jewel 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 financial statements.
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ACCA
Unit 1c Eagle Industrial Estate
Church Green
Witney
OX28 4YR
Page 2
Jewel Windows Limited
Statement of Financial Position
As at
31 August 2020
Statement of Financial Position
Registered number:
06978851
For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| Investments | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
( |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 12 |
( |
( |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 13 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 75,431 | 155,951 | |||
Page 3
Jewel Windows Limited
Statement of Financial Position (continued)
As at
31 August 2020
Director's responsibilities
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 5 to 9 form part of these financial statements.
Page 4
Jewel Windows Limited
Notes to the Financial Statements
For The Year Ended
31 August 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of Creditors due within one year.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 5
Jewel Windows Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2020
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
1.8.
Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 22 (2019: 19)
Page 6
Jewel Windows Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2020
4.
Tangible Assets
| Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cost | ||||
| As at
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| Additions |
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| Disposals |
( |
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| As at
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| Depreciation | ||||
| As at
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| Provided during the period |
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| Disposals |
( |
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| As at
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| Net Book Value | ||||
| As at
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| As at
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5.
Investments
| Other | |
|---|---|
| £ | |
| Cost | |
| As at
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57,850 |
| As at
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57,850 |
| Provision | |
| As at
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- |
| As at
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- |
| Net Book Value | |
| As at
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57,850 |
| As at
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57,850 |
6.
Stocks
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Stock - finished goods |
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Page 7
Jewel Windows Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2020
7.
Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Corporation tax recoverable assets |
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| Net wages | 525 | - | |
| Director's loan account |
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- | |
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8.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Net wages | - | 295 | |
| Other creditors |
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| CIS Tax Control |
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| Pension Control Account |
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| Accruals and deferred income |
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9.
Creditors: Amounts Falling Due After More Than One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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10.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 250,000 | - |
Page 8
Jewel Windows Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2020
11.
Obligations Under Finance Leases and Hire Purchase
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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12.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
| 2020 | 2019 | ||
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| £ | £ | ||
| Deferred tax |
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14.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
|
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|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Stephen Farr |
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The above loan is unsecured and repayable on demand.
The Director, Mr S Farr, maintains a loan account with the company. During the year, Mr S Farr drew £218,369 from the company and made repayments of £133,120. Mr S Farr settlled the overdrawn balance in full on 9 November 2020. Interest was charged on the overdrawn balance at HMRCs official rate of interest of 2.5%.
15.
Related Party Transactions
During the year, total dividends of £29,000 (2019: £22,000) were paid to the director.
Investments include £57,850 invested into a joint venture with Silverline Doors LLP, in which this company and the director Mr S Farr are designated members.
16.
Controlling Party
The company's controlling party is
S R Farr
by virtue of his ownership of 90% of the issued share capital in the company.
17.
General Information
Jewel Windows Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
06978851
. The registered office is Unit 4 Elliott Industrial Park, Eastern Road, Aldershot, Hampshire, GU12 4TF.
Page 9