Registered Number 02616659
WINDOW MACHINERY SALES LIMITED
Abbreviated Accounts
30 June 2015
Notes | 30/06/2015 | 31/05/2014 | |
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Called up share capital not paid |
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Fixed assets | |||
Intangible assets |
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Tangible assets | 2 |
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Investments | 3 |
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Current assets | |||
Stocks |
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Debtors | 4 |
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Investments |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: amounts falling due within one year | 5 |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 5 |
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Provisions for liabilities |
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Accruals and deferred income |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 6 |
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Share premium account |
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Revaluation reserve |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate
Plant and Machinery 10% Straight line
Fixtures and Fittings 20% Straight line
Motor Vehicles 20-33% Straight line
Office Equipment 20% Straight line
Valuation information and policy
Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with SSAP 19, as follows:
No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Fixed asset investments
Fixed asset investments are stated at historical cost less provision for any diminution in value.
Other accounting policies
Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Foreign currency
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.
Hire purchase and leasing
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
Pensions
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Control
The company is controlled by Mr D Stockton-Chalk.
£ | |
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Cost | |
At 1 June 2014 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 30 June 2015 |
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Depreciation | |
At 1 June 2014 |
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Charge for the year |
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On disposals |
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At 30 June 2015 |
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Net book values | |
At 30 June 2015 | 753,062 |
At 31 May 2014 | 809,321 |
3
Fixed assets Investments
£
Cost
At 1 June 2014 18,948
At 30 June 2015 18,948
Depreciation
At 1 June 2014 18,948
At 30 June 2015 18,948
Net book value
At 30 June 2015 nil
At 31 May 2014 nil
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Subsidiary undertakings Promac Machinery Limited (Republic of Ireland)
Holding Ordinary
Proportion of voting rights and shares held 100%
Principal activity Supply and Servicing of glass, PCV-U and
metal processing machines
The loss for the financial period of Promac Machinery Limited (Republic of Ireland) was £225,490 and the aggregate amount of capital and reserves at the end of the period was (£12,430).
30/06/2015
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31/05/2014
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Debtors include the following amounts due after more than one year |
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30/06/2015
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31/05/2014
£ |
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Secured Debts |
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