Variety Windows Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03443954 (England and Wales)

Abbreviated Accounts for the Year Ended 31 December 2015

for

Variety Windows Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mr M Mills

Mr B Mills

Mr C R Marson

SECRETARY:

Mrs D Benbow

REGISTERED OFFICE:

Heath Mill Road

Wombourne

Wolverhampton

West Midlands

WV5 8AP

REGISTERED NUMBER:

03443954 (England and Wales)

ACCOUNTANTS:

Haines Watts

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

FIXED ASSETS

Tangible assets

2

28,453

33,124

CURRENT ASSETS

Stocks

45,500

46,719

Debtors

69,352

104,218

Cash at bank and in hand

21,460

12,235

136,312

163,172

CREDITORS

Amounts falling due within one year

152,322

204,322

NET CURRENT LIABILITIES

(16,010

)

(41,150

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

12,443

(8,026

)

PROVISIONS FOR LIABILITIES

5,590

4,934

NET ASSETS/(LIABILITIES)

6,853

(12,960

)

CAPITAL AND RESERVES

Called up share capital

3

2

Profit and loss account

6,851

(12,962

)

SHAREHOLDERS' FUNDS

6,853

(12,960

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 18 September 2016 and were signed on
its behalf by:

Mr M Mills - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account is the amount receivable for the provision of goods

and services falling within the Company's activities, net of Value Added Tax, rebates and trade

discounts.

Turnover from the provision of goods and services is recognised in the accounting period in which the

Company obtains the right to consideration in exchange for its performance and when the amounts to

be recognised are fixed or determinable and collectability is reasonably assured.

Tangible fixed assets

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

Leasehold Property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more tax, with the following exception:

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.deferred tax is recognised in respect of all timing differences that

have originated but not reversed at the balance sheet date.

Hire purchase and leasing commitments

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, and hire purchase contracts, are capitalised in

the balance sheet and are depreciated over their useful lives. The capital elements of future obligations

under the leases and hire purchase contracts are included as liabilities in the balance sheet.

The interest elements of the rental obligations are charged in the profit and loss account over the

periods of the leases and hire purchase contracts and represent a constant proportion of the balance

of capital repayments outstanding.

Rentals payable under operating leases are charged in the profit and loss account on a straight line

basis over the lease term.

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 the profit and loss account in the period to which they

relate.

Going concern

The company has increased it's turnover during the current year and is taking steps to rationalise its

operations and to increase its sales efforts.

The directors have confidence in the company's ability to continue as a going concern. Interim

management information for the period since the balance sheet date suggests that the improvements

in performance are now being made.

Given the cost saving measures which have been put in place and the commitment of associated

companies, the director believes that it is appropriate to present these financial statements on a going

concern basis.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as the financial assets, financial liabilities or equity instruments. An equity instrument is

any contract that evidences a residual interest in the asset of the company after deducting all of its

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

87,767

Additions

1,820

Disposals

(4,605

)

At 31 December 2015

84,982

DEPRECIATION

At 1 January 2015

54,643

Charge for year

5,700

Eliminated on disposal

(3,814

)

At 31 December 2015

56,529

NET BOOK VALUE

At 31 December 2015

28,453

At 31 December 2014

33,124

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

2

Ordinary shares

1

2

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2015

and 31 December 2014:

2015

2014

£

Mr M Mills

Balance outstanding at start of year

45,092

37,919

Amounts advanced

-

51,673

Amounts repaid

(45,092

)

(44,500

)

Balance outstanding at end of year

-

45,092