The Heritage Window Company Limited - Accounts to registrar (filleted) - small 23.2.5
The Heritage Window Company Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| THE HERITAGE WINDOW COMPANY LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2023 |
| THE HERITAGE WINDOW COMPANY LIMITED (REGISTERED NUMBER: 04130929) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 July 2023 |
| Page |
| Company information | 1 |
| Balance sheet | 2 |
| Notes to the financial statements | 3 |
| THE HERITAGE WINDOW COMPANY LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 July 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| Lygon House |
| 50 London Road |
| Bromley |
| Kent |
| BR1 3RA |
| THE HERITAGE WINDOW COMPANY LIMITED (REGISTERED NUMBER: 04130929) |
| BALANCE SHEET |
| 31 July 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| THE HERITAGE WINDOW COMPANY LIMITED (REGISTERED NUMBER: 04130929) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 July 2023 |
| 1. | STATUTORY INFORMATION |
| The Heritage Window Company Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Critical accounting judgements and key sources of estimation uncertainty |
| The level of work completed on projects is reviewed and a value attached at the balance sheet date based upon the percentage of completion. This is based on the directors` knowledge of the contracts, the detailed work undertaken and events which may affect that view since the year end. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Goodwill arising on a business combination represents the excess of the cost of acquisition over the Company`s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognisied at the date of acquisition. Goodwill is valued at amortised cost and is estimated to have a useful life of ten years. |
| At each balance sheet date, the company reviews the carrying amount of its goodwill, to determine whether there is any indication that any asset has suffered an impairment loss. |
| An impairment loss is recognised in the profit and loss accounts if the recoverable amount is estimated to be less than its amortised cost. |
| The company`s review indicates that the carrying value and amortisation policy is appropriate and recoverable through its contribution towards future profitable trading. |
| Tangible fixed assets |
| Plant and machinery - 25% Straight line |
| Motor vehicles - 25% Straight line |
| Impairment reviews of tangible fixed assets are carried out when the directors believe an indicator of impairment exists. |
| An impairment loss is recognised in the profit and loss accounts if the recoverable amount of an asset is estimated to be less than its carrying amount. |
| For impaired assets, depreciation is then provided on a straight line basis to write off the recoverable amount less estimated residual value over its remaining estimated useful life. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| THE HERITAGE WINDOW COMPANY LIMITED (REGISTERED NUMBER: 04130929) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 July 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| The company has prepared forecasts showing how they will meet their working capital requirements over the coming year, and have received support from its holding company loan stock holders, that the amounts owed will be repaid under the agreed repayment programme as the company is in a financial position to do so. |
| As a result of this plus the plans and improvements detailed in the directors' report, the financial statements have been prepared on a going concern basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| THE HERITAGE WINDOW COMPANY LIMITED (REGISTERED NUMBER: 04130929) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 July 2023 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 August 2022 |
| and 31 July 2023 |
| AMORTISATION |
| At 1 August 2022 |
| Charge for year |
| At 31 July 2023 |
| NET BOOK VALUE |
| At 31 July 2023 |
| At 31 July 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 August 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Impairments | - | (75,344 | ) | (75,344 | ) |
| At 31 July 2023 |
| DEPRECIATION |
| At 1 August 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Impairments | ( |
) | ( |
) |
| At 31 July 2023 |
| NET BOOK VALUE |
| At 31 July 2023 |
| At 31 July 2022 |
| 6. | STOCKS |
| 2023 | 2022 |
| £ | £ |
| Raw materials and consumables | 412,786 | 364,682 |
| Work in progress | 144,835 | 229,578 |
| 557,621 | 594,260 |
| THE HERITAGE WINDOW COMPANY LIMITED (REGISTERED NUMBER: 04130929) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 July 2023 |
| 7. | DEBTORS |
| 2023 | 2022 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Deferred tax asset |
| Tax losses carried forward |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Aggregate amounts |
| The directors have considered the positive results of the company post the Covid-19 pandemic and with decreased worldwide economic uncertainty, the company will continue to make a taxable profit in the forthcoming years and the deferred tax asset provision will be utilised. |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 10) |
| Other creditors |
| THE HERITAGE WINDOW COMPANY LIMITED (REGISTERED NUMBER: 04130929) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 July 2023 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2023 | 2022 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 2023 | 2022 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the auditors was unqualified. |
| for and on behalf |