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 |