REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 28 February 2023 |
for |
HUMBER DOORS LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 | ( |
) | ( |
) |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Revaluation reserve | 13 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
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 |
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 |
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 | ( |
) |
AMORTISATION |
At 1 March 2022 | ( |
) |
Amortisation for year | ( |
) |
At 28 February 2023 | ( |
) |
NET BOOK VALUE |
At 28 February 2023 | ( |
) |
At 28 February 2022 | ( |
) |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST OR VALUATION |
At 1 March 2022 |
Additions |
Disposals | ( |
) |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
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 |
Work-in-progress |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
Amounts owed to group undertakings |
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 |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
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: | £ | £ |
ordinary | £1 | 1,000 | 1,000 |
13. | RESERVES |
Revaluation |
reserve |
£ |
At 1 March 2022 |
and 28 February 2023 |
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. |
for and on behalf of |
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. |