Trade Windows (Derby) Limited - Period Ending 2016-12-31

Registration number: 02782897

Trade Windows (Derby) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Trade Windows (Derby) Limited

Contents

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

Trade Windows (Derby) Limited

Company Information

Directors

P Brighouse N J Keogh N S Leivers

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

Page 1

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 2016

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 2016 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

28 September 2017

Page 2

Trade Windows (Derby) Limited

(Registration number: 02782897)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	21,512	28,877
Investments	5	13	13
		21,525	28,890
Current assets
Stocks		20,873	18,685
Debtors	6	215,889	218,020
Cash at bank and in hand		70,971	104,825
		307,733	341,530
Creditors: Amounts falling due within one year	7	(366,428)	(374,606)
Net current liabilities		(58,695)	(33,076)
Total assets less current liabilities		(37,170)	(4,186)
Creditors: Amounts falling due after more than one year	7	(3,254)	(20,783)
Net liabilities		(40,424)	(24,969)
Capital and reserves
Called up share capital		200	200
Profit and loss account		(40,624)	(25,169)
Total equity		(40,424)	(24,969)

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 3

Trade Windows (Derby) Limited

(Registration number: 02782897)
Balance Sheet as at 31 December 2016

For the financial year ending 31 December 2016 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 28 September 2017 and signed on its behalf by:
 

.........................................

P Brighouse

Director

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 4

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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 (£).

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 financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on the continued support of the parent company not requiring the withdrawal of the monies owed to them until sufficient funds are available.

If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

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.

Page 5

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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.

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
Fixtures and fittings	25% reducing balance
Motor vehicles	25% reducing balance
Plant and machinery	15% 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 6

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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 12 (2015 - 11).

4	Tangible assets

	Fixtures and fittings £	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2016	296,520	61,007	15,391	372,918
Disposals	(280,363)	-	(15,391)	(295,754)
At 31 December 2016	16,157	61,007	-	77,164
Depreciation
At 1 January 2016	290,273	38,387	15,381	344,041
Charge for the year	1,515	5,654	-	7,169
Eliminated on disposal	(280,177)	-	(15,381)	(295,558)
At 31 December 2016	11,611	44,041	-	55,652
Carrying amount
At 31 December 2016	4,546	16,966	-	21,512
At 31 December 2015	6,247	22,620	10	28,877

Page 7

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

5	Investments

	2016 £	2015 £
Investments in subsidiaries	13	13

Subsidiaries	£
Cost or valuation
At 1 January 2016	13
At 31 December 2016	13
Carrying amount
At 31 December 2016	13
At 31 December 2015	13

6

Debtors

	2016 £	2015 £
Trade debtors	76,328	77,029
Other debtors	139,561	140,991
	215,889	218,020

7

Creditors

	Note	2016 £	2015 £
Due within one year
Loans and borrowings	8	17,529	8,412
Trade creditors		167,378	145,428
Amounts owed to group undertakings	11	95,931	64,980
Taxation and social security		49,265	92,479
Other creditors		36,325	63,307
		366,428	374,606
Due after one year
Loans and borrowings	8	3,254	20,783

Page 8

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

8	Loans and borrowings

	2016 £	2015 £
Current loans and borrowings
Hire purchase and finance lease liabilities	17,529	8,412

	2016 £	2015 £
Non-current loans and borrowings
Hire purchase and finance lease liabilities	3,254	20,783

Other borrowings

The finance lease liabilities are secured against the assets to which they relate. Finance lease liabilities have a carrying amount at the year end of £20,783 (2015 - £29,195).

9	Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary shares of £1 each	200	200	200	200

10	Financial commitments, guarantees and contingencies

The total amount of financial commitments in respect of operating leases not included in the balance sheet is £32,232 (2015 - £66,815).

Page 9

Trade Windows (Derby) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

11	Related party transactions

Transactions with directors

During the year the following advances were made to directors:

2016	At 1 January 2016 £	At 31 December 2016 £
Interest free loan repayable on demand	47,358	47,358

2015	At 1 January 2015 £	Advances to directors £	Repayments by director £	At 31 December 2015 £
Interest free loan repayable on demand	64,950	12,408	(30,000)	47,358

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.
 

12	Transition to FRS 102

The financial statements are the company’s first financial statements that comply with FRS 102. The date of transition to FRS 102 was 1 January 2015.

The transition to FRS 102 has not resulted in any changes between the amounts prepared previously under UK GAAP and those presented in compliance with FRS 102.

Page 10