Regal Blinds Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04976808 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Regal Blinds Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

E J Grimshaw

P J Grimshaw

REGISTERED OFFICE:

Unit 2

Spring Street

KEIGHLEY

West Yorkshire

BD21 3LE

REGISTERED NUMBER:

04976808 (England and Wales)

ACCOUNTANTS:

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

BANKERS:

Lloyds TSB Bank plc

6-7 Park Row

Leeds

LS1 1NX

FIXED ASSETS

Intangible assets

5

3

3

Tangible assets

6

177,636

58,613

177,639

58,616

CURRENT ASSETS

Stocks

12,500

54,702

Debtors

7

849,345

368,260

Cash at bank and in hand

588,119

786,292

1,449,964

1,209,254

CREDITORS

Amounts falling due within one year

8

(823,187

)

(1,128,757

)

NET CURRENT ASSETS

626,777

80,497

TOTAL ASSETS LESS CURRENT LIABILITIES

804,416

139,113

PROVISIONS FOR LIABILITIES

(42,732

)

(7,751

)

NET ASSETS

761,684

131,362

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

761,683

131,361

SHAREHOLDERS' FUNDS

761,684

131,362

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 7 December 2023 and were signed on its behalf by:

P J Grimshaw - Director

E J Grimshaw - Director

1.	STATUTORY INFORMATION

Regal Blinds Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the amounts received or receivable for goods and services provided to customers, excluding VAT.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

30% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 31 ) .

5.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 September 2022

and 31 August 2023

127,109

3

127,112

AMORTISATION

At 1 September 2022

and 31 August 2023

127,109

-

127,109

NET BOOK VALUE

At 31 August 2023

-

3

3

At 31 August 2022

-

3

3

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 September 2022

4,814

413,568

29,169

Additions

5,804

145,790

7,493

Disposals

-

-

(7,343

)

At 31 August 2023

10,618

559,358

29,319

DEPRECIATION

At 1 September 2022

4,814

376,753

18,756

Charge for year

580

40,546

6,711

Eliminated on disposal

-

-

(7,343

)

At 31 August 2023

5,394

417,299

18,124

NET BOOK VALUE

At 31 August 2023

5,224

142,059

11,195

At 31 August 2022

-

36,815

10,413

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2022

917

62,595

511,063

Additions

12,500

1,541

173,128

Disposals

-

-

(7,343

)

At 31 August 2023

13,417

64,136

676,848

DEPRECIATION

At 1 September 2022

849

51,278

452,450

Charge for year

16

6,252

54,105

Eliminated on disposal

-

-

(7,343

)

At 31 August 2023

865

57,530

499,212

NET BOOK VALUE

At 31 August 2023

12,552

6,606

177,636

At 31 August 2022

68

11,317

58,613

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.23

31.8.22

£

£

Trade debtors

561,329

315,225

Amounts owed by group undertakings

257,500

-

Other debtors

15,918

11,750

Prepayments

14,598

41,285

849,345

368,260

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.23

31.8.22

£

£

Trade creditors

165,663

66,032

Amounts owed to group undertakings

46,442

46,442

Tax

140,434

122,499

Social security and other taxes

74,008

118,252

Directors' current accounts

352,015

739,681

Accrued expenses

42,737

35,851

Deferred government grants

1,888

-

823,187

1,128,757

The amounts owed to group undertakings are free of interest.

9.	OTHER FINANCIAL COMMITMENTS

The company had total operating lease commitments at the balance sheet date of £104,002.36 (2022: £51,384).

10.	RELATED PARTY DISCLOSURES

During the year, the company paid dividends to Grimshaw Brothers Limited amounting to £183,020 (2022: £530,020).

11.	CONTROLLING PARTY

The company is controlled by Grimshaw Brothers Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Regal Blinds Limited for the year ended 31 August 2023 which comprise the Statement of Income and Retained Earnings, 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 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Regal Blinds Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Regal Blinds Limited and state those matters that we have agreed to state to the Board of Directors of Regal Blinds Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Regal Blinds Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Regal Blinds Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Regal Blinds Limited. You consider that Regal Blinds 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 financial statements of Regal Blinds 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 financial statements.

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

7 December 2023