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REGISTERED NUMBER: 08041969 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Doors Plus Ltd

Doors Plus Ltd (Registered number: 08041969)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Doors Plus Ltd (Registered number: 08041969)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £ £
Fixed assets
Tangible assets 5 864,638 677,598
Investments 6 - 100
Investment property 7 58,921 67,661
923,559 745,359

Current assets
Stocks 564,959 431,251
Debtors 8 2,140,990 1,631,687
Cash at bank and in hand 607,738 576,895
3,313,687 2,639,833
Creditors
Amounts falling due within one year 9 (1,969,603 ) (1,151,597 )
Net current assets 1,344,084 1,488,236
Total assets less current liabilities 2,267,643 2,233,595

Creditors
Amounts falling due after more than one
year

10

(679,208

)

(552,338

)

Provisions for liabilities - (12,213 )
Net assets 1,588,435 1,669,044

Doors Plus Ltd (Registered number: 08041969)

Balance Sheet - continued
31 March 2023

31.3.23 31.3.22
Notes £ £
Capital and reserves
Called up share capital 60 60
Retained earnings 1,588,375 1,668,984
1,588,435 1,669,044

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





Mr D A Burton - Director


Doors Plus Ltd (Registered number: 08041969)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. Statutory information

Doors Plus Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08041969

Registered office: Plus Group House 12 Royson Way
Hurn Road
Dereham
Norfolk
NR19 1WD

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Doors Plus Ltd (Registered number: 08041969)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. Accounting policies - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

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. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Doors Plus Ltd (Registered number: 08041969)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. Accounting policies - continued

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

4. Employees and directors

The average number of employees during the year was 40 (2022 - 33 ) .

Doors Plus Ltd (Registered number: 08041969)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


5. Tangible fixed assets
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 April 2022 15,738 50,799 81,668 910,380 1,058,585
Additions 49,947 3,953 27,354 695,278 776,532
Disposals - (251 ) (9,066 ) (516,435 ) (525,752 )
At 31 March 2023 65,685 54,501 99,956 1,089,223 1,309,365
Depreciation
At 1 April 2022 263 21,624 37,017 322,083 380,987
Charge for year 11,906 9,913 17,557 246,989 286,365
Eliminated on disposal - (250 ) (6,777 ) (215,598 ) (222,625 )
At 31 March 2023 12,169 31,287 47,797 353,474 444,727
Net book value
At 31 March 2023 53,516 23,214 52,159 735,749 864,638
At 31 March 2022 15,475 29,175 44,651 588,297 677,598

6. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 April 2022 100
Disposals (100 )
At 31 March 2023 -
Net book value
At 31 March 2023 -
At 31 March 2022 100

Doors Plus Ltd (Registered number: 08041969)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


7. Investment property
Total
£
Fair value
At 1 April 2022
and 31 March 2023 67,661
Depreciation
Charge for year 8,740
At 31 March 2023 8,740
Net book value
At 31 March 2023 58,921
At 31 March 2022 67,661

8. Debtors: amounts falling due within one year
31.3.23 31.3.22
£ £
Trade debtors 1,420,255 752,546
Retention account 37,412 -
Amounts owed by group undertakings 7,104 12,239
Other debtors 77,059 95,662
Directors' loan accounts 385,599 654,861
Tax debtor 49,161 48,750
Deferred tax asset 3,535 -
Prepayments 160,865 67,629
2,140,990 1,631,687

9. Creditors: amounts falling due within one year
31.3.23 31.3.22
£ £
Bank loans and overdrafts 50,000 41,667
Hire purchase contracts 73,123 69,263
Trade creditors 733,397 555,311
Amounts owed to group undertakings 15,673 3,411
Tax 363,036 201,217
Social security and other taxes 67,056 51,072
VAT 188,304 84,693
Other creditors 6,011 3,885
Directors' current accounts 4,458 7,099
Deferred income 370,312 -
Accrued expenses 98,233 133,979
1,969,603 1,151,597

Doors Plus Ltd (Registered number: 08041969)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


9. Creditors: amounts falling due within one year - continued

Included in creditors with amounts falling due within one year is an amount of £73,123 (2022: £69,263) in respect of hire purchase and finance lease obligations. This is secured on the assets concerned.

Included in creditors with amounts falling due within one year is an amount of £50,000 (£41,667) in respect of a bank loan with HSBC UK Bank PLC. This has a fixed and floating charge over all assets of the company.

10. Creditors: amounts falling due after more than one year
31.3.23 31.3.22
£ £
Bank loans - 1-2 years 108,333 166,666
Hire purchase contracts 570,875 385,672
679,208 552,338

Included in creditors with amounts falling due after more than one year is an amount of £570,875 (2022: £385,672) in respect of hire purchase and finance lease obligations. This is secured on the assets concerned.

Included in creditors with amounts falling due within one year is an amount of £108,333 (£166,666) in respect of a bank loan with HSBC UK Bank PLC. This has a fixed and floating charge over all assets of the company.

11. Directors' advances, credits and guarantees

At 31 March 2023 the Mr D Burton owed the company £385,599 (2022: £654,380). An amount of £234,381 has been repaid on 31 May 2023.

12. Related party disclosures

At the year end Doors Plus Limited owed 3B Developments Limited £2,289 (2022 - £3,411) The companies are under common control.

At the year end Doors Plus Limited owed Doors Plus Group Limited £14,500 The companies are under common control.

At the year end Fire Prevention Plus Limited owed Doors Plus Limited £3,104 (2022 - £3,104) The companies are under common control.

At the year end 3B Fire Consultancy Limited owed Doors Plus Limited £4,000 (2022 - £9,135) The companies are under common control.

13. Ultimate controlling party

The ultimate controlling party is Doors Plus Group Ltd.