Giles Composite Doors and Windows Limite - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12763257 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

GILES COMPOSITE DOORS AND WINDOWS

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D P Giles

REGISTERED OFFICE:

Unit 10b, East Park Trading Estate

Hickman Avenue

Wolverhampton

West Midlands

WV1 2XF

REGISTERED NUMBER:

12763257 (England and Wales)

ACCOUNTANTS:

Astbury Accountants Limited

12 Northgate

Bridgnorth

Shropshire

WV16 4ER

FIXED ASSETS

Tangible assets

4

7,592

14,279

CURRENT ASSETS

Stocks

14,146

6,500

Debtors

5

29,494

53,610

Prepayments and accrued income

5,630

-

Cash at bank

5,537

13,652

54,807

73,762

CREDITORS

Amounts falling due within one year

6

21,830

28,912

NET CURRENT ASSETS

32,977

44,850

TOTAL ASSETS LESS CURRENT LIABILITIES

40,569

59,129

CREDITORS

Amounts falling due after more than one year

7

(92,772

)

(100,686

)

PROVISIONS FOR LIABILITIES

-

(1,208

)

NET LIABILITIES

(52,203

)

(42,765

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(52,303

)

(42,865

)

SHAREHOLDERS' FUNDS

(52,203

)

(42,765

)

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

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

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 April 2024 and were signed by:

D P Giles - Director

1.	STATUTORY INFORMATION

Giles Composite Doors and Windows 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of composite doors and windows recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods or fitting.

Sale of Services

The company supplies and fits doors and windows. Turnover is recognised in the accounting period in which the services are rendered when the outcome of the contract can be estimated reliably.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

Stocks

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

Financial instruments

Cash and cash Equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, and bank overdrafts.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are stated at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2022

25,384

Disposals

(9,500

)

At 31 July 2023

15,884

DEPRECIATION

At 1 August 2022

11,105

Charge for year

2,531

Eliminated on disposal

(5,344

)

At 31 July 2023

8,292

NET BOOK VALUE

At 31 July 2023

7,592

At 31 July 2022

14,279

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.23

31.7.22

£

£

Trade debtors

29,494

31,901

Other debtors

-

21,709

29,494

53,610

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.23

31.7.22

£

£

Trade creditors

5,114

9,516

Taxation and social security

625

3,726

Other creditors

16,091

15,670

21,830

28,912

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.23

31.7.22

£

£

Other creditors

92,772

100,686

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

37,305

48,617

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.23

31.7.22

£

£

Other loans

102,670

111,773

Loan balance is secured by a charge on a property owned by the director.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.23

31.7.22

value:

£

£

100

Ordinary

£1

100

100