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REGISTERED NUMBER:
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OUTLOOK WINDOW SYSTEMS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2017 |
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REGISTERED NUMBER:
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OUTLOOK WINDOW SYSTEMS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2017 |
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OUTLOOK WINDOW SYSTEMS LIMITED (REGISTERED NUMBER: 02778098) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 6 |
OUTLOOK WINDOW SYSTEMS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
24 Park Road South |
Havant |
Hampshire |
PO9 1HB |
OUTLOOK WINDOW SYSTEMS LIMITED (REGISTERED NUMBER: 02778098) |
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BALANCE SHEET |
31 JULY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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OUTLOOK WINDOW SYSTEMS LIMITED (REGISTERED NUMBER: 02778098) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2017 |
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1. | STATUTORY INFORMATION |
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Outlook Window Systems Limited is a
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The company's registered number and registered office address can be found on the Company Information |
page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of financial statements requires the use of estimates and assumptions that affect reported |
amounts of assets and liabilities during the reporting period. These estimates and assumptions are based on |
management's best knowledge of the amount, event or actions. Actual results may differ from those amounts. |
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Revenue recognition |
Revenue represents the fair value of goods and services supplied, excluding value added tax. |
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Revenue is recognised when the goods are supplied to customers or fitted such that the risks and rewards of |
ownership have transferred to them. |
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Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful |
lives on a reducing balance basis as follows: |
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Plant and machinery 25% |
Motor vehicles 25% |
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The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if |
appropriate. |
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Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance |
for obsolete and slow moving items. Cost includes direct costs only. |
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Financial instruments |
Financial instruments are recognised in line with Sections 11 and 12 of FRS 102. |
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Basic financial instruments, such as bank and cash, loans, trade receivables and payables are initially |
recognised at transaction price and subsequently at amortised cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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OUTLOOK WINDOW SYSTEMS LIMITED (REGISTERED NUMBER: 02778098) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and |
depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance |
charges are included in creditors. |
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Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over |
the period of the lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 August 2016 |
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Additions |
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Disposals | ( |
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At 31 July 2017 |
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DEPRECIATION |
At 1 August 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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OUTLOOK WINDOW SYSTEMS LIMITED (REGISTERED NUMBER: 02778098) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Hire purchase contracts | 12,320 | 1,798 |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 July 2017 and |
31 July 2016: |
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2017 | 2016 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The above loan is interest free and repayable on demand. |
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10. | FIRST YEAR ADOPTION |
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The company has adopted FRS 102 1A for the year ended 31 July 2017. There are no re-statements required |
under the new standard for earlier periods which were prepared under the FRSSE 2015 standard. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
OUTLOOK WINDOW SYSTEMS LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and |
the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Outlook Window Systems Limited for the year ended 31 July 2017 which comprise the Statement |
of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and |
from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Outlook Window Systems Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Outlook Window Systems Limited and state those matters that we have agreed to state to the director of Outlook Window Systems Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Outlook Window Systems Limited and its director for our work or for this report. |
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It is your duty to ensure that Outlook Window Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Outlook Window Systems Limited. You consider that Outlook Window Systems Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Outlook Window Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
24 Park Road South |
Havant |
Hampshire |
PO9 1HB |
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