Clearchoice Windows Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05325614 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st March 2022

for

Clearchoice Windows Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C M Hingston

C C Hingston

SECRETARY:

C M Hingston

REGISTERED OFFICE:

Unit 2, Bedwas Business Park

Bedwas Industrial Estate

Bedwas

Caerphilly

CF83 8DU

REGISTERED NUMBER:

05325614 (England and Wales)

ACCOUNTANTS:

Norton Eddins Ltd

7 Ty Nant Court

Morganstown

Cardiff

CF15 8LW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

411,689

469,345

411,689

469,345

CURRENT ASSETS

Stocks

87,925

50,000

Debtors

6

126,727

38,252

Cash at bank and in hand

180,871

244,980

395,523

333,232

CREDITORS

Amounts falling due within one year

7

126,607

123,422

NET CURRENT ASSETS

268,916

209,810

TOTAL ASSETS LESS CURRENT LIABILITIES

680,605

679,155

CREDITORS

Amounts falling due after more than one year

8

(131,533

)

(160,856

)

PROVISIONS FOR LIABILITIES

(11,565

)

(12,152

)

NET ASSETS

537,507

506,147

CAPITAL AND RESERVES

Called up share capital

500

500

Revaluation reserve

9

51,000

51,000

Retained earnings

486,007

454,647

537,507

506,147

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th August 2022 and were signed on its behalf by:

C C Hingston - Director

1.	STATUTORY INFORMATION

Clearchoice Windows Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2021

and 31st March 2022

30,000

AMORTISATION

At 1st April 2021

and 31st March 2022

30,000

NET BOOK VALUE

At 31st March 2022

-

At 31st March 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1st April 2021

350,000

324,224

674,224

Additions

-

13,594

13,594

Disposals

-

(90,986

)

(90,986

)

At 31st March 2022

350,000

246,832

596,832

DEPRECIATION

At 1st April 2021

-

204,879

204,879

Charge for year

-

20,566

20,566

Eliminated on disposal

-

(40,302

)

(40,302

)

At 31st March 2022

-

185,143

185,143

NET BOOK VALUE

At 31st March 2022

350,000

61,689

411,689

At 31st March 2021

350,000

119,345

469,345

Included in cost or valuation of land and buildings is freehold land of £ 350,000 (2021 - £ 350,000 ) which is not depreciated.

The directors have revalued the unit at £350,000 as they believe this to be a true and fair value of the property as at 31st March 2019.

Cost or valuation at 31st March 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2022

350,000

246,832

596,832

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

4,086

7,565

Other debtors

122,641

30,687

126,727

38,252

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Hire purchase contracts

1,243

4,973

Trade creditors

94,071

92,434

Taxation and social security

25,809

22,637

Other creditors

5,484

3,378

126,607

123,422

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

89,866

109,613

Hire purchase contracts

-

1,243

Other creditors

41,667

50,000

131,533

160,856

9.

RESERVES

Revaluation

reserve

£

At 1st April 2021

and 31st March 2022

51,000