Registered number
04112088
Southern Doors & Cubicles Limited
Report and Accounts
31 January 2023
Southern Doors & Cubicles Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6
Southern Doors & Cubicles Limited
Company Information
Directors
M T Finney - Resigned 12/06/2023
P J McGuire
K F Crane - Resigned 27/02/2021
J J Vann
S D Poore
M A Finney - Appointed 12/06/2023
D T Finney - Appointed 12/06/2023
Secretary
J W Vann
Bankers
NatWest
267 Dudley Castle Street
Dudley
West Midlands
Registered office
Unit 10 Spartan Industrial Centre
Brickhouse Lane
Great Bridge
West Midlands
B70 0DH
B70 0DH
Registered number
04112088
Southern Doors & Cubicles Limited
Registered number: 04112088
Directors' Report
The directors present their report and accounts for the year ended 31 January 2023.
Principal activities
The company's principal activity during the year continued to be suppliers of joinery products and appliances to the construction industry.
Directors
The following persons served as directors during the year:
M T Finney - Resigned 12/06/2023
P J McGuire
K F Crane - Resigned 27/02/2021
J J Vann
S D Poore
M A Finney - Appointed 12/06/2023
D T Finney - Appointed 12/06/2023
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 26 October 2023 and signed on its behalf.
M A Finney
Director
Southern Doors & Cubicles Limited
Profit and Loss Account
for the year ended 31 January 2023
2023 2022
£ £
Turnover 9,513,497 8,349,538
Cost of sales (6,826,791) (6,181,056)
Gross profit 2,686,706 2,168,482
Distribution costs (311,702) (212,104)
Administrative expenses (1,949,248) (1,552,090)
Other operating income 40,429 64,801
Operating profit 466,185 469,089
Profit on the disposal of tangible fixed assets 5,667 1,250
Profit before taxation 471,852 470,339
Tax on profit (93,588) (88,805)
Profit for the financial year 378,264 381,534
Southern Doors & Cubicles Limited
Registered number: 04112088
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 212,055 34,254
Current assets
Stocks 382,043 450,639
Debtors 4 766,408 945,954
Cash at bank and in hand 1,521,465 863,626
2,669,916 2,260,219
Creditors: amounts falling due within one year 5 (2,045,641) (1,584,321)
Net current assets 624,275 675,898
Total assets less current liabilities 836,330 710,152
Provisions for liabilities (51,090) (3,176)
Net assets 785,240 706,976
Capital and reserves
Called up share capital 35,000 35,000
Profit and loss account 750,240 671,976
Shareholders' funds 785,240 706,976
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D T Finney
Director
Approved by the board on 26 October 2023
Southern Doors & Cubicles Limited
Statement of Changes in Equity
for the year ended 31 January 2023
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 February 2021 35,000 - - 590,442 625,442
Profit for the financial year 381,534 381,534
Dividends (300,000) (300,000)
At 31 January 2022 35,000 - - 671,976 706,976
At 1 February 2022 35,000 - - 671,976 706,976
Profit for the financial year 378,264 378,264
Dividends (300,000) (300,000)
At 31 January 2023 35,000 - - 750,240 785,240
Southern Doors & Cubicles Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements over 5 years
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 3/4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 30 27
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 343,654 530,996 160,111 1,034,761
Additions - 136,804 61,564 198,368
Disposals - - (31,038) (31,038)
At 31 January 2023 343,654 667,800 190,637 1,202,091
Depreciation
At 1 February 2022 340,091 500,305 160,111 1,000,507
Charge for the year 3,309 11,231 6,027 20,567
On disposals - - (31,038) (31,038)
At 31 January 2023 343,400 511,536 135,100 990,036
Net book value
At 31 January 2023 254 156,264 55,537 212,055
At 31 January 2022 3,563 30,691 - 34,254
4 Debtors 2023 2022
£ £
Trade debtors 668,872 867,701
Other debtors 97,536 78,253
766,408 945,954
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 818,827 549,361
Taxation and social security costs 154,608 201,402
Other creditors 1,072,206 833,558
2,045,641 1,584,321
6 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts 60,158 6,650
7 Related party transactions
The following companies are related parties due the directors, MT Finney, PJ McGuire, JJ Vann and their immediate families holding a controlling interest in each company.
Sales of Purchases Amount due Amount due
Products of Materials from related to related
& Services party party
Year 31 January 2023 £ £ £ £
Midland Building Products Ltd - 2,378,255 - 139,561
Manchester Doors & Cubicles Ltd 157 1,155 - -
Specialist Joinery Products Ltd 10,732 27,169 894 11,542
ZMR Limited - 471,648 - 15,857
UK Doorsets Limited 84,131 1,309,370 - 62,344
Leeds Doors & Cubicles Ltd - - - -
Joinery Specialists Limited 5,742 23,037 - 2,121
Fire & Acoustic Seals Ltd - 200,306 - 13,528
Door-kit Solutions Ltd - 315 - -
IBS Building Products Ltd 16,223 - 19,468 -
Year 31 January 2022 £ £ £ £
Midland Building Products Ltd 702 2,194,769 - 367,366
Manchester Doors & Cubicles Ltd 3,758 - - -
Specialist Joinery Products Ltd 20,913 35,271 204 1,380
ZMR Limited - 515,931 - 31,626
UK Doorsets Limited 27,926 908,422 - 219
Leeds Doors & Cubicles Ltd - - - -
Joinery Specialists Limited 6,584 2,783 1,253 -
Fire & Acoustic Seals Ltd - 184,324 - 18,133
Door-kit Solutions Ltd 243 - - -
The directors of this company own the commercial premises occupied by the company. The annual rent is £225,000. At the balance sheet date the amount due for outstanding rent was £45,000 (2022 £31,450).
Transactions with related parties are at market value.
8 Controlling party
During the two years ended 31 January 2023 the company has been controlled by the board of directors who, by virtue of their own and family shares, own 100% of the issued share capital.
9 Other information
Southern Doors & Cubicles Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 10 Spartan Industrial Centre
Brickhouse Lane
Great Bridge
West Midlands
B70 0DH
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