THERMAGLAZE WINDOWS & CONSERVATORIES LIMITED

Registered number

05110747

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