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Registered number: 00544631










HART DOOR SYSTEMS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
HART DOOR SYSTEMS LIMITED
REGISTERED NUMBER: 00544631

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
945,209
888,330

  
945,209
888,330

Current assets
  

Stocks
 5 
226,746
235,671

Debtors: amounts falling due within one year
 6 
1,287,136
744,689

Cash at bank and in hand
 7 
1,753,934
2,526,263

  
3,267,816
3,506,623

Creditors: amounts falling due within one year
 8 
(807,398)
(1,149,158)

Net current assets
  
 
 
2,460,418
 
 
2,357,465

Total assets less current liabilities
  
3,405,627
3,245,795

Provisions for liabilities
  

Deferred tax
 9 
(121,837)
(80,428)

  
 
 
(121,837)
 
 
(80,428)

Net assets
  
3,283,790
3,165,367


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
3,282,790
3,164,367

  
3,283,790
3,165,367


Page 1

 
HART DOOR SYSTEMS LIMITED
REGISTERED NUMBER: 00544631
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 February 2024.




................................................
C M Hart
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
HART DOOR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Hart Door Systems Limited is a private Company limited by shares, registered in England and Wales, registered number 00544631. The Company's registered office and principal place of business is Redburn Road, Newcastle upon Tyne, NE5 1PJ. The Company's principal activity is the manufacture, supply, installation and maintenance of industrial doors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has significant financial resources and no external finance. The directors are satisfied that it will continue in operational existence for the foreseeable future.  

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 3

 
HART DOOR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.3
Revenue (continued)


Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis except in the case of buildings which are on a straight line basis.

Depreciation is provided on the following basis:

Freehold property
-
2% per annum straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
HART DOOR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

  
2.8

Government grants

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.9

Pensions

Defined contribution pension plan
The Company operates several defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 5

 
HART DOOR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 55 (2022 - 45).

Page 6

 
HART DOOR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 March 2022
559,053
692,264
367,390
343,537
1,962,244


Additions
-
37,319
134,700
5,941
177,960


Disposals
-
-
(17,623)
-
(17,623)



At 28 February 2023

559,053
729,583
484,467
349,478
2,122,581



Depreciation


At 1 March 2022
198,315
445,081
175,684
254,834
1,073,914


Charge for the year on owned assets
13,128
39,062
51,896
10,315
114,401


Disposals
-
-
(10,943)
-
(10,943)



At 28 February 2023

211,443
484,143
216,637
265,149
1,177,372



Net book value



At 28 February 2023
347,610
245,440
267,830
84,329
945,209



At 28 February 2022
360,738
247,182
191,707
88,703
888,330


5.


Stocks

2023
2022
£
£

Raw materials and consumables
194,017
148,886

Work in progress
32,729
86,785

226,746
235,671


Page 7

 
HART DOOR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Debtors

2023
2022
£
£


Trade debtors
1,282,736
721,468

Other debtors
4,400
-

Prepayments and accrued income
-
23,221

1,287,136
744,689



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,753,934
2,526,263

1,753,934
2,526,263



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
463,782
481,155

Corporation tax
109,883
132,611

Other taxation and social security
86,368
79,503

Other creditors
1,629
53,791

Accruals and deferred income
145,736
402,098

807,398
1,149,158


Page 8

 
HART DOOR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Deferred taxation




2023


£






At beginning of year
(80,428)


Charged to profit or loss
(41,409)



At end of year
(121,837)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(121,837)
(98,265)

Short term timing difference
-
17,837

(121,837)
(80,428)


10.


Pension commitments

The Company contributes to several defined contribution pension plans, whose assets are held separately from the Company's. The pension cost charge represents contributions payable to the plans by the Company during the year and amounts to £52,350 (2022: £50,328).


11.


Transactions with directors

During the year, a director of the Company, operated a loan account. At the year end the director owed £4,400 to the Company (2022: was owed £53,791 by the Company). The maximum overdrawn balance in the year was £135,389 (2022: £70,018). The loan is interest free and repayable on demand. 


12.


Controlling party

The Company is controlled by D A Hart, who owns the majority of the issued share capital. 


13.


Auditors' information

The auditors' report on the financial statements for the year ended 28 February 2023 was unqualified.

The audit report was signed on 7 February 2024 by Ian Smith (Senior Statutory Auditor) on behalf of Ryecroft Glenton.

 
Page 9