Trade Window Supplies Limited 30/11/2017 iXBRL

TRADE WINDOW SUPPLIES LIMITED - Company Information

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Company registration number: 06638072

Trade Window Supplies Limited

Unaudited filleted financial statements

30 November 2017

Trade Window Supplies Limited

Contents

Directors and other information

Accountants' report

Statement of financial position

Notes to the financial statements

Trade Window Supplies Limited

Directors and other information


	Director	Mrs L Pownall


	Secretary	Mrs L Pownall


	Company number	06638072


	Registered office	45/49 Greek Street
		Stockport
		Cheshire
		SK3 8AX


	Business address	67a Cheadle Road
		Cheadle Hulme
		Cheshire
		SK8 5DW


	Accountants	Downham Morris & Co
		45/49 Greek Street
		Stockport
		Cheshire
		SK3 8AX




	Bankers	Lloyds TSB Bank Plc
		10 Booth Street
		Manchester
		M2 4AW

Trade Window Supplies Limited

Report to the director on the preparation of the

unaudited statutory financial statements of Trade Window Supplies Limited

Year ended 30th November 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Trade Window Supplies Limited for the year ended 30th November 2017 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the director of Trade Window Supplies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Trade Window Supplies Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trade Window Supplies Limited and its director as a body for our work or for this report.

It is your duty to ensure that Trade Window Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Trade Window Supplies Limited. You consider that Trade Window Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Trade Window Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Downham Morris & Co

Chartered Certified Accountants

45/49 Greek Street

Cheshire

SK3 8AX

16th July 2018

Trade Window Supplies Limited

Statement of financial position

30th November 2017

		2017		2016
	Note	£	£	£	£

Fixed assets
Intangible assets	5	2,000		4,000
Tangible assets	6	979		5,903
		_______		_______
			2,979		9,903
Current assets
Stocks		14,637		20,000
Debtors	7	664		3,698
Cash at bank and in hand		22,454		15,938
		_______		_______
		37,755		39,636
Creditors: amounts falling due
within one year	8	( 40,127)		( 49,387)
		_______		_______
Net current liabilities			( 2,372)		( 9,751)
			_______		_______
Total assets less current liabilities			607		152

			_______		_______
Net assets			607		152
			_______		_______

Capital and reserves
Called up share capital			3		3
Profit and loss account			604		149
			_______		_______
Shareholders funds			607		152
			_______		_______

For the year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 16 July 2018 , and are signed on behalf of the board by:

.........................

Mrs L Pownall

Director

Company registration number: 06638072

Trade Window Supplies Limited

Notes to the financial statements

Year ended 30th November 2017

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 45/49 Greek Street, Stockport, Cheshire, SK3 8AX.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	15 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 3 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1st December 2016 and 30th November 2017	20,000	20,000
	_______	_______
Amortisation
At 1st December 2016	16,000	16,000
Charge for the year	2,000	2,000
	_______	_______
At 30th November 2017	18,000	18,000
	_______	_______
Carrying amount
At 30th November 2017	2,000	2,000
	_______	_______
At 30th November 2016	4,000	4,000
	_______	_______

6. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1st December 2016	1,461	1,309	12,500	15,270
Disposals	-	-	( 12,500)	( 12,500)
	_______	_______	_______	_______
At 30th November 2017	1,461	1,309	-	2,770
	_______	_______	_______	_______
Depreciation
At 1st December 2016	1,057	561	7,749	9,367
Charge for the year	61	112	-	173
Disposals	-	-	( 7,749)	( 7,749)
	_______	_______	_______	_______
At 30th November 2017	1,118	673	-	1,791
	_______	_______	_______	_______
Carrying amount
At 30th November 2017	343	636	-	979
	_______	_______	_______	_______
At 30th November 2016	404	748	4,751	5,903
	_______	_______	_______	_______

7. Debtors

	2017	2016
	£	£
Trade debtors	664	2,915
Other debtors	-	783
	_______	_______
	664	3,698
	_______	_______

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	13,192	16,502
Corporation tax	7,891	7,006
Social security and other taxes	11,399	9,437
Other creditors	7,645	16,442
	_______	_______
	40,127	49,387
	_______	_______

9. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2017
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Mrs L Pownall	( 234)	( 32,800)	32,945	( 89)
		_______	_______	_______	_______

2016
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Mrs L Pownall	( 426)	( 31,370)	31,562	( 234)
		_______	_______	_______	_______

10. Controlling party

The company is under the control of the director by virtue of her shareholding.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st December 2015.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No transitional adjustments were required.