Company Registration No. 10966117 (England and Wales)
AS WINDOWS (SURREY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
Abbey House
Hickleys Court
South Street
Farnham
GU9 7QQ
AS WINDOWS (SURREY) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
AS WINDOWS (SURREY) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr P. Kitching
Mr J. Kitching
Mr M. Lord
Mrs T. Lord
Company number
10966117
Registered office
Abbey House
Hickleys Court
South Street
Farnham
Surrey
GU9 7QQ
Accountants
Taylorcocks
Abbey House
Hickleys Court
South Street
Farnham
Surrey
GU9 7QQ
AS WINDOWS (SURREY) LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2018
30 September 2018
- 2 -
2018
Notes
£
£
Fixed assets
Tangible assets
3
40,058
Current assets
Debtors
4
57,434
Creditors: amounts falling due within one year
5
(86,228)
Net current liabilities
(28,794)
Total assets less current liabilities
11,264
Creditors: amounts falling due after more than one year
6
(9,532)
Provisions for liabilities
7
(1,179)
Net assets
553
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
453
Total equity
553
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
AS WINDOWS (SURREY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2018
30 September 2018
- 3 -
For the financial period ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 6 June 2019 and are signed on its behalf by:
Mr P. Kitching
Director
Company Registration No. 10966117
The notes on pages 4 to 9 form part of these financial statements
AS WINDOWS (SURREY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
- 4 -
1
Accounting policies
Company information
AS Windows (Surrey) Limited
(10966117)
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Abbey House, Hickleys Court, South Street, Farnham, Surrey, GU9 7QQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company has shortened the reporting period of these financial statements in order to report the period from the date of incorporation to the 30th September 2018, which is consistent with the year end of the parent company.
1.3
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax. Deposits from customers are recognised only when the job has been completed.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
AS WINDOWS (SURREY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities
.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
AS WINDOWS (SURREY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 6 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
AS WINDOWS (SURREY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 7 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 10.
3
Tangible fixed assets
Motor vehicles
£
Cost
At 15 September 2017
-
Additions
40,058
At 30 September 2018
40,058
Depreciation and impairment
At 15 September 2017 and 30 September 2018
-
Carrying amount
At 30 September 2018
40,058
4
Debtors
2018
Amounts falling due within one year:
£
Trade debtors
51,747
Prepayments and accrued income
5,687
57,434
AS WINDOWS (SURREY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
- 8 -
5
Creditors: amounts falling due within one year
2018
£
Obligations under hire purchase agreements
5,957
Trade creditors
15,194
Other taxation and social security
35,603
Other creditors
26,784
Accruals and deferred income
2,690
86,228
The hire purchase liabilities are secured on the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2018
£
Other creditors
9,532
AS WINDOWS (SURREY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
- 9 -
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2018
Balances:
£
£
Accelerated capital allowances
1,179
-
2018
Movements in the period:
£
Liability at 15 September 2017
-
Charge to profit or loss
1,179
Liability at 30 September 2018
1,179
8
Called up share capital
2018
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
9
Parent company
The company was under the control of the parent company Www.sashwindowspecialist.co.uk Limited, a company incorporated in England and Wales.