Registered number
05110747
THERMAGLAZE WINDOWS & CONSERVATORIES LIMITED
Report and Accounts
31 May 2017
THERMAGLAZE WINDOWS & CONSERVATORIES LIMITED
Registered number: 05110747
Balance Sheet
as at 31 May 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 3 273,417 280,167
Tangible assets 4 254,697 173,015
528,114 453,182
Current assets
Stocks 42,924 40,031
Debtors 5 426,767 317,532
Cash at bank and in hand 102,335 187,049
572,026 544,612
Creditors: amounts falling due within one year 6 (506,276) (485,239)
Net current assets 65,750 59,373
Total assets less current liabilities 593,864 512,555
Creditors: amounts falling due after more than one year 7 (309,959) (250,924)
Provisions for liabilities (16,514) -
Net assets 267,391 261,631
Capital and reserves
Called up share capital 300 300
Profit and loss account 267,091 261,331
Shareholders' funds 267,391 261,631
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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D W Symes
Director
Approved by the board on 15 January 2018
THERMAGLAZE WINDOWS & CONSERVATORIES LIMITED
Notes to the Accounts
for the year ended 31 May 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes, in respect of the sale of goods and the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer; turnover from the rendering of services is recognised by reference to the stage of completion of the contract, which is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold buildings, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Motor vehicles 25% on reducing balance
Plant and equipment 25% on reducing balance
Showrooms 25% on cost
Computer equipment 33.33% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
Current tax liabilities are recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax liabilities are not discounted.
1 Accounting policies (continued)
Leased assets
A lease would be classified as a finance lease if it were to transfer substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average monthly number of employees, including director, during the year 31 23
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2016 780,000
Additions 80,000
At 31 May 2017 860,000
Amortisation
At 1 June 2016 499,833
Provided during the year 86,750
At 31 May 2017 586,583
Net book value
At 31 May 2017 273,417
At 31 May 2016 280,167
The net book value of the goodwill paid on the original acquisition of the business remaining at 31 May 2015 is now being written off by equal annual instalments over a period of 5 years from that date; other goodwill acquired is being written off over 5 years from the date of acquisition.
4 Tangible fixed assets
Land and buildings Plant and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2016 121,108 142,078 79,475 342,661
Additions - 46,391 58,950 105,341
At 31 May 2017 121,108 188,469 138,425 448,002
Depreciation
At 1 June 2016 - 123,681 45,965 169,646
Charge for the year - 11,503 12,156 23,659
At 31 May 2017 - 135,184 58,121 193,305
Net book value
At 31 May 2017 121,108 53,285 80,304 254,697
At 31 May 2016 121,108 18,397 33,510 173,015
5 Debtors 2017 2016
£ £
Trade debtors 358,681 266,393
Other debtors 68,086 51,139
426,767 317,532
6 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans 55,330 46,520
Obligations under hire purchase contracts - 5,514
Trade creditors 244,851 225,954
Corporation tax 52,541 57,414
Other taxes and social security costs 52,500 51,963
Other creditors 101,054 97,874
506,276 485,239
7 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 309,959 250,924
8 Loans 2017 2016
£ £
Creditors include:
Instalments falling due for payment after more than five years 75,379 52,724
Secured bank loans 365,289 297,444
The bank loan is secured on the company's assets.
9 Other financial commitments 2017 2016
£ £
Total future minimum payments under non-cancellable operating leases 280,253 245,494
10 Related party transactions
Transactions with the director during the year were as follows:

Dividends totalling £128,363 (2016 - £101,860) were paid in the year in respect of shares held by the company's director.
11 Other information
THERMAGLAZE WINDOWS & CONSERVATORIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
7a King Street
Frome
Somerset
BA11 1BH
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