Trade Windows (Derby) Limited - Period Ending 2020-12-31

Trade Windows (Derby) Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 10

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

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 2020

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 2020 as set out on pages 3 to 10 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

30 July 2021

Trade Windows (Derby) Limited

(Registration number: 02782897)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	51,699	50,889
Investments	5	13	13
		51,712	50,902
Current assets
Stocks	6	52,826	32,644
Debtors	7	130,322	155,183
Cash at bank and in hand		91,437	46,566
		274,585	234,393
Creditors: Amounts falling due within one year	8	(531,131)	(464,094)
Net current liabilities		(256,546)	(229,701)
Total assets less current liabilities		(204,834)	(178,799)
Provisions for liabilities		(3,536)	-
Net liabilities		(208,370)	(178,799)
Capital and reserves
Called up share capital		200	200
Profit and loss account		(208,570)	(178,999)
Total equity		(208,370)	(178,799)

Trade Windows (Derby) Limited

(Registration number: 02782897)
Balance Sheet as at 31 December 2020

For the financial year ending 31 December 2020 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 30 July 2021 and signed on its behalf by:
 

P Brighouse
Director

Trade Windows (Derby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

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 global pandemic known as Covid-19 is causing uncertainty throughout the UK and global economy since the balance sheet date. The Directors have assessed a potential range of impacts that this pandemic may have on the Company. Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company.

Financial performance and budgets continues to be monitored, and the Company has made use of the Government support schemes. Having assessed all available information at the date of approving the accounts, the Directors are confident that the business is well placed to manage the situation and to continue trading as a going concern.

Government grants
Government grants are recognised in the profit and loss account as income when such grant does not impose specified future performance-related conditions, in accordance with the performance model.

Trade Windows (Derby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

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.

Trade Windows (Derby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2019 - 11).

Trade Windows (Derby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2020	45,240	29,243	61,007	135,490
Additions	-	641	13,304	13,945
Disposals	-	-	(46,642)	(46,642)
At 31 December 2020	45,240	29,884	27,669	102,793
Depreciation
At 1 January 2020	9,638	21,113	53,850	84,601
Charge for the year	4,299	2,166	901	7,366
Eliminated on disposal	-	-	(40,873)	(40,873)
At 31 December 2020	13,937	23,279	13,878	51,094
Carrying amount
At 31 December 2020	31,303	6,605	13,791	51,699
At 31 December 2019	35,602	8,130	7,157	50,889

Included within the net book value of land and buildings above is £31,303 (2019 - £35,602) in respect of short leasehold land and buildings.
 

5	Investments

	2020 £	2019 £
Investments in subsidiaries	13	13

Subsidiaries	£
Cost or valuation
At 1 January 2020	13
At 31 December 2020	13
Carrying amount
At 31 December 2020	13
At 31 December 2019	13

Trade Windows (Derby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

6

Stocks

	2020 £	2019 £
Other inventories	52,826	32,644

7

Debtors

	2020 £	2019 £
Trade debtors	103,820	136,916
Other debtors	26,502	18,267
	130,322	155,183

8

Creditors

	Note	2020 £	2019 £
Due within one year
Trade creditors		155,257	126,365
Amounts owed to group undertakings	11	273,671	210,432
Taxation and social security		57,519	49,985
Other creditors		44,684	77,312
		531,131	464,094

9	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	200	200	200	200

10	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 £Nil (2019 - £284).

The total amount of contingencies not included in the balance sheet is £902,852 (2019 - £918,750). The company has entered into a unlimited guarantee in respect of it's parent company, Frame Fast (UK) Limited in respect of bank borrowings. This is also supported by a denenture over the company's assets.

Trade Windows (Derby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

11	Related party transactions

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.