Registered number
05110747
THERMAGLAZE WINDOWS & CONSERVATORIES LIMITED
Abbreviated Accounts
31 May 2015
THERMAGLAZE WINDOWS & CONSERVATORIES LIMITED
Registered number: 05110747
Abbreviated Balance Sheet
as at 31 May 2015
Notes 2015 2014
£ £
Fixed assets
Intangible assets 2 350,917 390,667
Tangible assets 3 181,730 79,908
532,647 470,575
Current assets
Stocks 35,063 47,300
Debtors 211,415 253,285
Cash at bank and in hand 246,812 127,725
493,290 428,310
Creditors: amounts falling due within one year (463,716) (456,180)
Net current assets/(liabilities) 29,574 (27,870)
Total assets less current liabilities 562,221 442,705
Creditors: amounts falling due after more than one year (303,999) (207,448)
Provisions for liabilities - (637)
Net assets 258,222 234,620
Capital and reserves
Called up share capital 5 300 300
Profit and loss account 257,922 234,320
Shareholders' funds 258,222 234,620
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
D W Symes
Director
Approved by the board on 22 September 2015
THERMAGLAZE WINDOWS & CONSERVATORIES LIMITED
Notes to the Abbreviated Accounts
for the year ended 31 May 2015
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land and buildings Nil
Plant and equipment 25% on reducing balance
Motor vehicles 25% on reducing balance
Computers 33.33% on cost
In the opinion of the director, the market value of the freehold property owned by the company exceeds its cost, and therefore no depreciation has been provided in respect of the property.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the director's opinion, compliance with the Standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors which would be reflected in an annual valuation, and the amount which might otherwise have been charged cannot be separately identified or quantified.
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Leasing and hire purchase commitments
Assets held under hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding hire purchase obligation is treated in the balance sheet as a liability.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Pensions
The company paid a pension contribution of £180,000 into a pension policy during the year on behalf of the director.
2 Intangible fixed assets £
Cost
At 1 June 2014 780,000
At 31 May 2015 780,000
Amortisation
At 1 June 2014 389,333
Provided during the year 39,750
At 31 May 2015 429,083
Net book value
At 31 May 2015 350,917
At 31 May 2014 390,667
3 Tangible fixed assets £
Cost
At 1 June 2014 211,755
Additions 127,812
Disposals (7,250)
At 31 May 2015 332,317
Depreciation
At 1 June 2014 131,847
Charge for the year 23,744
On disposals (5,004)
At 31 May 2015 150,587
Net book value
At 31 May 2015 181,730
At 31 May 2014 79,908
4 Loans 2015 2014
£ £
Creditors include:
Amounts falling due for payment after more than five years 104,985 -
Secured bank loans 343,435 230,656
5 Share capital Nominal 2015 2015 2014
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
B Ordinary shares £1 each 200 200 200
300 300
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