REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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ALTEX GLAZING SYSTEMS LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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ALTEX GLAZING SYSTEMS LIMITED |
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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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ALTEX GLAZING SYSTEMS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY
AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
2nd Floor Offices |
26-28 West Street |
Market Square |
Rochford |
Essex |
SS4 1AJ |
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
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BALANCE SHEET |
31 DECEMBER 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 Board of Directors and authorised for issue on
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ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Altex Glazing Systems Limited is a
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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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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. |
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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. |
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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. |
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The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. |
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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. |
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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. |
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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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:- |
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- Plant and machinery | 4 years |
- Fixtures and fittings | 4 years |
- Motor vehicles | 4 years |
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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. |
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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. |
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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. |
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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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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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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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. |
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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. |
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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. |
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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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ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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Disposals |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | STOCKS |
31.12.20 | 31.12.19 |
£ | £ |
Raw materials |
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Work-in-progress |
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Finished goods |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Directors' current accounts | 1,343 | 685 |
Prepayments and accrued income |
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ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | 24,438 | 34,973 |
Other creditors |
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8. | PROVISIONS FOR LIABILITIES |
31.12.20 | 31.12.19 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Other provisions | 49,700 | 49,700 |
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Remedial |
Deferred | work |
tax | provision |
£ | £ |
Balance at 1 January 2020 |
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Charge to Statement of Income and Retained Earnings during year |
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Balance at 31 December 2020 |
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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. |
ALTEX GLAZING SYSTEMS LIMITED (REGISTERED NUMBER: 03747267) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
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Ordinary A | £1 | 3,750 | 3,750 |
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Ordinary B | £1 | 750 | 750 |
4,500 | 4,500 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year, directors were advanced an aggregated total of £658. These balances remained outstanding at the year-end. |
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All amounts advanced were repaid during 2021. |
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The loans were unsecured and interest free provided the balance did not exceed £2000. |
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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. |
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12. | ULTIMATE CONTROLLING PARTY |
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The company is not controlled by any single party. |