Company Registration No. 07178395 (England and Wales)
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
COMPANY INFORMATION
Directors
Mrs P A Holliday
Mr A D Holliday
Company number
07178395
Registered office
Hampton
Old Worcester Road
Hartlebury
Kidderminster
Worcestershire
DY11 7XS
Accountants
Theataccounts Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
4 The Cross
Worcester
Worcestershire
WR1 3PY
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD FOR THE YEAR ENDED 30 MARCH 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Severn Vale Windows Doors and Conservatories Ltd for the year ended 30 March 2022 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
It is your duty to ensure that Severn Vale Windows Doors and Conservatories Ltd 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 Severn Vale Windows Doors and Conservatories Ltd. You consider that Severn Vale Windows Doors and Conservatories Ltd is exempt from the statutory audit
requirement for the year.
Theataccounts Limited
18 December 2022
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
BALANCE SHEET
AS AT
30 MARCH 2022
30 March 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,205
38,191
Current assets
Stocks
2,378
6,973
Debtors
4
(1,819)
2,624
Cash at bank and in hand
100,811
54,383
101,370
63,980
Creditors: amounts falling due within one year
5
(28,250)
(28,762)
Net current assets
73,120
35,218
Total assets less current liabilities
101,325
73,409
Creditors: amounts falling due after more than one year
6
(44,375)
(50,000)
Provisions for liabilities
(5,359)
(7,256)
Net assets
51,591
16,153
Capital and reserves
Called up share capital
8
4
4
Profit and loss reserves
51,587
16,149
Total equity
51,591
16,153
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 year 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.
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 MARCH 2022
30 March 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 18 December 2022 and are signed on its behalf by:
Mrs P A Holliday
Director
Company Registration No. 07178395
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
- 4 -
1
Accounting policies
Company information
Severn Vale Windows Doors and Conservatories Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Hampton, Old Worcester Road, Hartlebury, Kidderminster, Worcestershire, DY11 7XS.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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:
Plant and machinery
25% on reducing balance
Office equipment
25% to 33% on cost
Motor vehicles
25% on reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
1.5
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.
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
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.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2021 - 5
).
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2022
- 6 -
3
Tangible fixed assets
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 31 March 2021 and 30 March 2022
7,670
6,872
70,535
85,077
Depreciation and impairment
At 31 March 2021
4,304
4,731
37,850
46,885
Depreciation charged in the year
924
892
8,171
9,987
At 30 March 2022
5,228
5,623
46,021
56,872
Carrying amount
At 30 March 2022
2,442
1,249
24,514
28,205
At 30 March 2021
3,366
2,140
32,685
38,191
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
(1,819)
(1,819)
Corporation tax recoverable
3,443
Other debtors
1,000
(1,819)
2,624
5
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
16,074
4,408
Other taxation and social security
10,699
7,956
Other creditors
1,477
16,398
28,250
28,762
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
44,375
50,000
SEVERN VALE WINDOWS DOORS AND CONSERVATORIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2022
- 7 -
7
Secured debts
The following secured debts are included within creditors:
2022
2021
£
£
Hire purchase contracts
-
7,851
Bank loans
44,375
50,000
44,375
57,851
Hire purchase contracts are secured against the assets to which they relate.
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A of £1 each
2
2
1 Ordinary B of £1 each
1
1
1 Ordinary C of £1 each
1
1
4
4
9
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
5,359
7,256
5,359
7,256