Registration number:
Ideal Window Solutions Limited
for the Year Ended 31 December 2017
Ideal Window Solutions Limited
Contents
Statement of Financial Position |
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Notes to the Financial Statements |
Ideal Window Solutions Limited
(Registration number: 03623785)
Statement of Financial Position as at 31 December 2017
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2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
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Ideal Window Solutions Limited
(Registration number: 03623785)
Statement of Financial Position as at 31 December 2017
Approved and authorised by the
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Director
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Director
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Director
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Ideal Window Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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.
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Ideal Window Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
20% straight line |
Fixtures & fittings |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
25% reducing balance |
Leasehold improvements |
20% straight line/14% straight line over 7 year term |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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Ideal Window Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Trust
The Company has created a trust whose beneficiaries will include employees of the Company and their dependents. Assets held under this trust will be controlled by trustees who will be acting independently and entirely at their own discretion.
Where assets are held in the trust and these are considered by the Company to be in respect of services already provided by employees to the Company, the Company will account for these as assets of the Company until the earlier of it no longer having de facto control of these assets and it not obtaining future economic benefits from these assets. The value transferred will be charged in the Company's profit and loss account for the year to which it relates.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Ideal Window Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Current asset investments |
2017 |
2016 |
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Other investments |
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Listed investments
An investment having a market value of £73,886 (31 December 2016 - £71,787 ) is listed with a major UK fund manager.
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Ideal Window Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Other non-current financial liabilities |
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Creditors: amounts falling due after more than one year
2017 |
2016 |
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Due after one year |
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Other non-current financial liabilities |
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A legal charge created on 22 November 2013 exists containing a floating charge favouring The Ideal Windows SSAS.
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
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Ideal Window Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Related party transactions |
Transactions with directors |
2017 |
Advances to directors |
At 31 December 2017 |
Mr C Palmer |
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Director loan account |
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Mr T Emerson |
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Director loan account |
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2016 |
At 1 January 2016 |
Advances to directors |
Repayments by director |
At 31 December 2016 |
Mr C Palmer |
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Director loan account |
27,476 |
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( |
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Mr T Emerson |
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Director loan account |
(2,427) |
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( |
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Summary of transactions with parent
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Ideal Window Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Summary of transactions with other related parties
The company signed a consultancy agreement for AML Contracts Limited to provide the consultancy services of the directors listed below to the company as follows:
Mr C Palmer: £17,522 (2016: £135,898)
Mr T Emerson: £15,463 (2016: £141,929)
The amounts charged to the company for the consultancy services are accounted for under 'Consultancy Services'. The total value of the consultancy services provided was £32,985 (2016: £277,827). The transactions were conducted on an arm's length basis, and under normal commercial terms. No amounts were outstanding at the year end in relation to these services.
The company signed a consultancy agreement for Falcon Contracts Limited to provide the consultancy services of the directors listed below to the company as follows:
Mr C Palmer: £134,444 (2016: £nil)
Mr T Emerson: £95,315.70 (2016: £nil)
The amounts charged to the company for the consultancy services are accounted for under 'Consultancy Services'. The total value of the consultancy services provided was £229,760 (2016: £nil). The transactions were conducted on an arm's length basis, and under normal commercial terms. No amounts were outstanding at the year end in relation to these services.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
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