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REGISTERED NUMBER: 11652290 (England and Wales)














Audited Financial Statements for the Year Ended 28 February 2023

for

HUMBER DOORS LIMITED

HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290)






Contents of the Financial Statements
for the year ended 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HUMBER DOORS LIMITED

Company Information
for the year ended 28 FEBRUARY 2023







DIRECTOR: A D Norford





REGISTERED OFFICE: 26 Springfield Way
Anlaby
East Yorkshire
HU10 6RJ





REGISTERED NUMBER: 11652290 (England and Wales)





AUDITORS: Elsby & Co (Sywell) Ltd
Statutory Auditors
Thistledown Barn
Holcot Lane
Sywell
Northampton
Northamptonshire
NN6 0BG

HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290)

Balance Sheet
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 (188,876 ) (222,207 )
Tangible assets 5 1,534,308 1,513,300
1,345,432 1,291,093

CURRENT ASSETS
Stocks 6 824,227 677,526
Debtors 7 1,436,990 1,276,972
Cash at bank and in hand 109,437 172,784
2,370,654 2,127,282
CREDITORS
Amounts falling due within one year 8 2,595,541 1,844,230
NET CURRENT (LIABILITIES)/ASSETS (224,887 ) 283,052
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,120,545

1,574,145

CREDITORS
Amounts falling due after more than one year 9 2,154,333 2,228,759
NET LIABILITIES (1,033,788 ) (654,614 )

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Revaluation reserve 13 192,927 192,927
Retained earnings (1,227,715 ) (848,541 )
SHAREHOLDERS' FUNDS (1,033,788 ) (654,614 )

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 director and authorised for issue on 31 October 2023 and were signed by:





A D Norford - Director


HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290)

Notes to the Financial Statements
for the year ended 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Humber Doors 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.

The financial statements of Humber Doors Limited is Pounds Sterling (£), rounded to the nearest Pound.

Change in length of Reporting Period
During the previous period the reporting period of Humber Limited was changed in order to align with the new ultimate parent company. The comparatives for the financial statements are for the reporting period 01/04/2021 to 28/02/2022, covering an 11 month period. This year's financial statements have been prepared from 01/03/2022 to 28/02/2023, covering a 12 month period. Therefore, the comparatives are not entirely comparable.

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 recognised at the fair value of the consideration received or receivable for goods and service provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Goodwill
Goodwill represents the excess of the fair value of net assets acquired over the cost of acquisition. It is initially recognised as a negative asset at cost and is subsequently measured at cost plus accumulated amortisation. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 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
Tangible fixed assets are initially measured at cost or valuation and subsequently at cost or valuation less accumulated depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery-Straight line over 5 years or 10 years

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete or slow moving stock. Cost includes all costs incurred in bringing each product to its present location and condition on a first in first out basis. Net realisable value is based on estimated selling price.


HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290)

Notes to the Financial Statements - continued
for the year ended 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern
The company has net liabilities of £1,033,788 (2022: £654,614) at 28 February 2023 and made a loss after taxation of £379,174 (2022: loss of £226,950) for this period.

These financial statements have been prepared on a going concern basis, which the director believes to be appropriate. Some members of the group provide cross-company guarantees to secure group debts. The owner of the group, who is also Managing Director, has confirmed the group will continue to provide financial support for loss-making companies in the group. The director has reviewed the latest group forecasts for the following year and has a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Therefore, he continues to adopt the going concern basis of accounting in preparing the annual financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 113 (2022 - 115 ) .

HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290)

Notes to the Financial Statements - continued
for the year ended 28 FEBRUARY 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 (333,311 )
AMORTISATION
At 1 March 2022 (111,104 )
Amortisation for year (33,331 )
At 28 February 2023 (144,435 )
NET BOOK VALUE
At 28 February 2023 (188,876 )
At 28 February 2022 (222,207 )

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST OR VALUATION
At 1 March 2022 1,574,365
Additions 123,934
Disposals (750 )
At 28 February 2023 1,697,549
DEPRECIATION
At 1 March 2022 61,065
Charge for year 102,926
Eliminated on disposal (750 )
At 28 February 2023 163,241
NET BOOK VALUE
At 28 February 2023 1,534,308
At 28 February 2022 1,513,300

Cost or valuation at 28 February 2023 is represented by:

Plant and
machinery
£   
Valuation in 2022 192,927
Cost 1,504,622
1,697,549

HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290)

Notes to the Financial Statements - continued
for the year ended 28 FEBRUARY 2023

5. TANGIBLE FIXED ASSETS - continued

Plant and machinery was valued on a fair value basis on 28 February 2022 by Marriott & Co .

Marriott & Co are specialist Machinery and Business Asset Valuers.

The net book value of tangible fixed assets includes £ 229,140 (2022 - £ 208,826 ) in respect of assets held under hire purchase contracts.

6. STOCKS
2023 2022
£    £   
Raw materials 661,937 492,197
Work-in-progress 162,290 185,329
824,227 677,526

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 976,597 1,116,577
Amounts owed by group undertakings 110,415 -
Other debtors 349,978 160,395
1,436,990 1,276,972

Included within debtors is £996,420 (2022 - £1,080,419) which form part of a confidential invoice discounting facility.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 10) 68,407 64,591
Trade creditors 624,706 259,887
Amounts owed to group undertakings 627,804 241,750
Taxation and social security 187,515 189,193
Other creditors 1,077,109 1,078,809
2,595,541 1,844,230

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 33,187 39,144
Hire purchase contracts (see note 10) 11,954 80,423
Amounts owed to group undertakings 2,109,192 2,109,192
2,154,333 2,228,759

HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290)

Notes to the Financial Statements - continued
for the year ended 28 FEBRUARY 2023

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 68,407 64,591
Between one and five years 11,954 80,423
80,361 145,014

Non-cancellable operating leases
2023 2022
£    £   
Within one year 252,532 201,275
Between one and five years 985,729 891,830
In more than five years 843,333 1,063,333
2,081,594 2,156,438

Operating lease payments recognised as an expense during the year was £245,554 (2022 - £64,314).

HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290)

Notes to the Financial Statements - continued
for the year ended 28 FEBRUARY 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Invoice discounting 904,489 883,790
Hire purchase 80,362 80,423
984,851 964,213

The obligations under hire purchase contracts are secured on the assets to which they relate.

The Company has the following securities at the balance sheet date:

Shawbrook Bank Limited holds a fixed and floating charge over the assets of the Company in respect of the Brand K Group facility of up to £23.6m (2022 - £23m). The group facilities include invoice discounting over receivables of up to £21.5m (2022 - £20m), in aggregate with the inventory facility, which is up to £5m (2022 - £5m), a cashflow facility of up to £1.16m (2022 - £3m) and a hire purchase agreement with a purchase price of £1m (2022 - £1m). The cashflow facility is repayable in 36 monthly instalments. The advance rate for the invoice discounting facility is 85%. There is a group cross company guarantee in place as security for the charge. The bank also holds a right of group set-off.

Post year end, the group entered a new facility agreement up to £32.9m. It includes invoice discounting over receivables of up to £29.5m, in aggregate with the inventory facility up to £5m, a cashflow facility of up to £3.4m and a hire purchase agreement with a purchase price of £1m.

The total balances secured at the year end across the group are as follows: confidential invoice discounting facility: £14.1m (2022 - £13.5m), inventory facility: £3.2m (2022 - £2.7m), cashflow facility: £1.2m (2022 - £2.2m) and hire purchase balance: £0.7m (2022 - £0.7m).

Bridgewood Holdings Ltd and SL2 Prop Co Ltd hold a fixed and floating charge over all property of Summerbridge Holdings Limited, a subsidiary of Brand K Holdings Limited. Brand K Holdings Limited and its other subsidiaries act as guarantors over the loans in Summerbridge Holdings Limited, which totalled £483,659 as at 28 February 2023.

The balance due on the Company's confidential invoice discount facility at the balance sheet date was £904,489 (2022 - £883,790). No other facility was used by the Company during the year and no other balance was due to Shawbrook Bank Limited directly by the Company at the year end.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 ordinary £1 1,000 1,000

13. RESERVES
Revaluation
reserve
£   
At 1 March 2022
and 28 February 2023 192,927

HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290)

Notes to the Financial Statements - continued
for the year ended 28 FEBRUARY 2023

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Carl Elsby ACA (Senior Statutory Auditor)
for and on behalf of Elsby & Co (Sywell) Ltd

15. RELATED PARTY DISCLOSURES

Humber Doors Limited. has taken advantage of the provisions under section 33.1A of FRS 102 and has not disclosed transactions with wholly owned group members.

There were no other related party transactions.

16. ULTIMATE CONTROLLING PARTY

At 28 February 2022, the ultimate parent company was Brand K Limited, a company under the control of the board of directors, with no one individual being an ultimate controlling party. The registered office address being Thistle Down Barn, Holcot Lane, Sywell, Northampton, NN6 0BG.

On 24 August 2022, Brand K Limited was acquired by Brand K Holdings Limited, a company under the control of Alex Norford.

At 28 February 2023, the ultimate parent company was Brand K Holdings Limited. The registered office for the ultimate parent company was Thistledown Barn, Holcot Lane, Sywell, Northampton, NN6 0BG. The group accounts of Brand K Holdings Limited, which include the results of this company, can be obtained from Companies House.

At 28 February 2023, Brand K Holdings Limited was under the control of Alex Norford.