Registered number
06514711
Leeds Doors & Cubicles Limited
Report and Accounts
28 February 2023
Leeds 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
Leeds Doors & Cubicles Limited
Company Information
Directors
MT Finney - resigned 12/06/2023
PJ McGuire
JJ Vann
M A Finney - appointed 12/06/2023
D T Finney - appointed 12/06/2023
S H Brown - appointed 18/09/2023
Secretary
J W Vann
Registered office
Unit 10, Spartan Industrial Centre
Brickhouse Lane
Great Bridge
West Midlands
B70 0DH
Registered number
06514711
Leeds Doors & Cubicles Limited
Registered number: 06514711
Directors' Report
The directors present their report and accounts for the year ended 28 February 2023.
Principal activities
The company's principal activity during the period to be suppliers of products and appliances to the construction industry.
Directors
The following persons served as directors during the year:
MT Finney - resigned 12/06/2023
PJ McGuire
JJ Vann
M A Finney - appointed 12/06/2023
D T Finney - appointed 12/06/2023
S H Brown - appointed 18/09/2023
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 27 November 2023 and signed on its behalf.
M A Finney
Director
Leeds Doors & Cubicles Limited
Profit and Loss Account
for the year ended 28 February 2023
2023 2022
£ £
Turnover 3,449,864 2,421,445
Cost of sales (2,602,874) (1,699,727)
Gross profit 846,990 721,718
Distribution costs (63,074) (58,808)
Administrative expenses (663,974) (536,732)
Operating profit 119,942 126,178
Profit before taxation 119,942 126,178
Tax on profit (23,647) (22,579)
Profit for the financial year 96,295 103,599
Leeds Doors & Cubicles Limited
Registered number: 06514711
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 25,630 44,359
Current assets
Stocks 147,993 182,111
Debtors 5 678,524 375,516
Cash at bank and in hand 233,837 186,712
1,060,354 744,339
Creditors: amounts falling due within one year 6 (718,180) (439,932)
Net current assets 342,174 304,407
Total assets less current liabilities 367,804 348,766
Provisions for liabilities (3,182) (5,439)
Net assets 364,622 343,327
Capital and reserves
Called up share capital 34,000 34,000
Profit and loss account 330,622 309,327
Shareholders' funds 364,622 343,327
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 27 November 2023
Leeds Doors & Cubicles Limited
Statement of Changes in Equity
for the year ended 28 February 2023
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 March 2021 34,000 - - 280,728 314,728
Profit for the financial year 103,599 103,599
Dividends (75,000) (75,000)
At 28 February 2022 34,000 - - 309,327 343,327
At 1 March 2022 34,000 - - 309,327 343,327
Profit for the financial year 96,295 96,295
Dividends (75,000) (75,000)
At 28 February 2023 34,000 - - 330,622 364,622
Leeds Doors & Cubicles Limited
Notes to the Accounts
for the year ended 28 February 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 14 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 4,000
At 28 February 2023 4,000
Amortisation
At 1 March 2022 4,000
At 28 February 2023 4,000
Net book value
At 28 February 2023 -
Goodwill was written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 20,919 54,295 141,600 216,814
Additions - - 200 200
At 28 February 2023 20,919 54,295 141,800 217,014
Depreciation
At 1 March 2022 20,919 29,073 122,463 172,455
Charge for the year - 7,857 11,072 18,929
At 28 February 2023 20,919 36,930 133,535 191,384
Net book value
At 28 February 2023 - 17,365 8,265 25,630
At 28 February 2022 - 25,222 19,137 44,359
5 Debtors 2023 2022
£ £
Trade debtors 672,848 362,544
Other debtors 5,676 12,972
678,524 375,516
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 549,411 329,716
Taxation and social security costs 48,769 35,216
Other creditors 120,000 75,000
718,180 439,932
7 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts 60,890 -
8 Related party transactions
The directors MA Finney, DT Finney, PJ McGuire and JJ Vann control the following companies by virtue of their own and immediate families' shareholdings:
Transactions with the related parties:
Sales Purchases Trade Debtor Trade Creditor
2023 £ £ £ £
Midland Building Products Ltd 77,788 1,244,274 6,641 169,957
Manchester Doors & Cubicles Ltd 6,971 8,807 351 387
UK Doorsets Limited - 238,596 - 60,544
ZMR Limited 65 267,826 - 60,161
Specialist Joinery Products Ltd 823 802 - -
Southern Doors & Cubicles Ltd - - - -
Joinery Specialists Limited 2,727 6,761 41 -
Fire & Acoustic Seals Limited - 19,766 - 1,057
Door-kit Solutions Ltd - - - -
Sales Purchases Trade Debtor Trade Creditor
2022 £ £ £ £
Midland Building Products Ltd 5,009 1,064,678 1,149 161,918
Manchester Doors & Cubicles Ltd 15,075 1,752 - -
UK Doorsets Limited - 85,005 - 575
ZMR Limited - 108,030 - 9,659
Specialist Joinery Products Ltd 1,827 - 1,620 -
Southern Doors & Cubicles Ltd 3,034 - - -
Joinery Specialists Limited 6,833 - - -
Fire & Acoustic Seals Limited - 20,485 - 2,220
Door-kit Solutions Ltd - 6,613 - -
9 Controlling party
During the two periods ended 28 February 2023 the company has been controlled by the board of directors who, by virtue of their own and immediate families shareholdings, own 60% of the issued share capital.
10 Other information
Leeds 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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