REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
FOR |
|
ALTEX GLAZING SYSTEMS LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
FOR |
|
ALTEX GLAZING SYSTEMS LIMITED |
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
ALTEX GLAZING SYSTEMS LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
SENIOR STATUTORY
AUDITOR: |
|
|
|
|
AUDITORS: |
|
Statutory Auditor |
2nd Floor Offices |
26-28 West Street |
Market Square |
Rochford |
Essex |
SS4 1AJ |
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
|
BALANCE SHEET |
31 DECEMBER 2019 |
|
31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks | 5 |
|
|
Debtors | 6 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | 8 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 9 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
|
BALANCE SHEET - continued |
31 DECEMBER 2019 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
|
|
|
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
1. | STATUTORY INFORMATION |
|
Altex Glazing Systems Limited is a
|
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and |
assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other factors |
that are considered to be relevant. Actual results may differ from these estimates. |
|
The estimates underlying assumptions are reviewed on a continuing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised if the revision affects only that |
period, or in the period of the revision and future periods if the revision affects both current and future |
periods. |
|
The key judgements and sources of estimation uncertainty that have a significant effect on the amounts |
recognised in the financial statements are described below. |
|
Revenue recognition |
A key judgement in revenue recognition is to distinguish whether the full criteria for recognising a sale, |
whether the windows are fully installed and all follow up work completed, has been met. Invoices are |
raised once installation commences and as such a judgement is taken on whether a sale is met at the |
year-end. This is made easier by the company shutting down over the Christmas period. |
|
Warranty provision |
A warranty is given that provides a 10-year guarantee. There are several factors that require judgements |
and estimates to be made such as the frequency of installations which require remedial work and the cost |
of undertaking such work. These are reviewed annually and input into an equation which calculates the |
provision for potential works. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
|
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on the undermentioned |
classes of fixed assets, to write them off over their anticipated useful lives:- |
|
- Plant and machinery | 4 years |
- Fixtures and fittings | 4 years |
- Motor vehicles | 4 years |
|
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due |
allowance for obsolete and slow moving items. |
|
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
costs in bringing stocks to their present location and condition. |
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income |
and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
|
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. |
|
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. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of |
the lease. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
|
Employee benefits |
Short term employee benefits, including holiday entitlement and other non-monetary benefits, and |
contributions to defined contribution plans are recognised as an expense in the period in which they are |
incurred. |
|
The company recognises an accrual for accumulated annual leave accrued by employees as a result of |
services rendered in the current period for which employees can carry forward and use within the next |
year. The accrual is measured at the salary cost of the respective employee in relation to the period of |
absence. |
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Trade and other payables |
Trade and other payables are measured at transaction price unless the arrangement constitutes a financing |
transaction in which case the transaction is measured at present value of future payments discounted at |
prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their |
transaction costs. They are subsequently measured at amortised cost using the effective interest rate |
method. |
|
Trade and other receivables |
Trade and other receivables are measured at transaction price less any impairment unless the arrangement |
constitutes a financing transaction in which case the transaction is measured at the present value of future |
receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and |
are subsequently measured at amortised cost using the effective interest rate method less any impairment. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
and 31 December 2019 |
|
|
|
|
DEPRECIATION |
At 1 January 2019 |
|
|
|
|
Charge for year |
|
|
|
|
At 31 December 2019 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2019 |
|
|
|
|
At 31 December 2018 |
|
|
|
|
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
5. | STOCKS |
31.12.19 | 31.12.18 |
£ | £ |
Raw materials |
|
|
Work-in-progress |
|
|
Finished goods |
|
|
|
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Directors' current accounts | 685 | 1,311 |
Prepayments and accrued income |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
VAT | 34,973 | 42,313 |
Other creditors |
|
|
|
|
|
8. | PROVISIONS FOR LIABILITIES |
31.12.19 | 31.12.18 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
Other provisions | 49,700 | 49,700 |
|
|
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
8. | PROVISIONS FOR LIABILITIES - continued |
|
Remedial |
Deferred | work |
tax | provision |
£ | £ |
Balance at 1 January 2019 |
|
|
Credit to Statement of Income and Retained Earnings during year | ( |
) |
|
Balance at 31 December 2019 |
|
|
|
The provision for remedial work is to cover the estimated future costs of remedying defects in the work |
carried out up to the balance sheet date. The main areas cover the breakdown of sealed units, leaks, |
hardware failure and adjusting mal-aligned doors and windows. The company provides a 10 year |
guarantee on its products and, although only a very small proportion fail, there is a cost associated with |
this. The main assumptions are that the failure of sealed units occurs in the final few years of the |
guarantee period and all other failures occur within the first few years of the guarantee period. |
|
9. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
|
Ordinary A | £1 | 3,750 | 3,750 |
|
Ordinary B | £1 | 750 | 750 |
4,500 | 4,500 |
|
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
During the year, directors were advanced an aggregated total of £685. These balances remained |
outstanding at the year-end. |
|
All amounts advanced were repaid during 2020. |
|
The loans were unsecured and interest free provided the balance did not exceed £2000. |
|
The directors own two of the properties that the company occupies. At the balance sheet date there were |
no lease agreements and no rent was charged during the year then ended. |
|
12. | ULTIMATE CONTROLLING PARTY |
|
The company is not controlled by any single party. |