REGISTERED NUMBER: 09241306 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
INTEGRATED DOORSET SOLUTIONS LIMITED |
REGISTERED NUMBER: 09241306 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
INTEGRATED DOORSET SOLUTIONS LIMITED |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 30 September 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Profit and Loss Account | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
INTEGRATED DOORSET SOLUTIONS LIMITED |
COMPANY INFORMATION |
for the year ended 30 September 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
GROUP STRATEGIC REPORT |
for the year ended 30 September 2023 |
The directors present their strategic report of the company and the group for the year ended 30 September 2023. |
REVIEW OF BUSINESS |
These accounts represent the eighth full year of operations for the business. |
The group focuses on the performance door market and, through its subsidiaries, the aftermarket of inspection and maintenance. The businesses have continued to develop and a further growth in turnover is reported. |
Inflationary impacts continue to have an impact on costs, particularly wages and energy, but material price increases have reduced to a more normal level. |
The business has continued to invest strongly in its strategic IP portfolio and further new equipment to improve efficiency, reduce manual handling and mitigate cost increases. This includes energy efficiency projects which together with its source of solar energy and biomass boilers firmly establishes its green credentials. |
Employee numbers have reduced, averaging 240. |
The group continues to place a strong emphasis on cash flow to ensure it operates within its facilities and can fund suitable acquisitions and capital expenditure. |
The Key Performance factors for the last five years are; |
2023 | 2022 | 2021 | 2020 | 2019 |
'000s | '000s | '000s | '000s | '000s |
Turnover | 34,069 | 29,046 | 28,732 | 20,727 | 19,434 |
Gross profit | 8,511 | 5,687 | 5,930 | 4,198 | 3,636 |
EBITDA | 4,108 | 2,208 | 2,411 | 1,810 | 1,043 |
Shareholders' funds | 5,244 | 3,946 | 3,012 | 2,139 | 1,472 |
Non-financial KPI |
Employee numbers | 240 | 244 | 258 | 205 | 215 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The business is aligned to the Construction Industry though the increased use of performance doors within the industry and more demanding construction and inspection legislation creates a favourable sub sector within the industry, particularly in the public building sector. |
The bulk of materials are imported and are exposed to tariffs, exchange rate fluctuations and commodity price increases. The risk is mitigated by constructive dialogue with suppliers, all purchases being made in Sterling, expansion of the supplier base and strategic stock holding. |
Inflation remains a concern but less so, the labour market supply easing inflationary tendencies. |
The group was funded by a mix of shareholder loans and external finance. The shareholder loans have now been repaid. A proportion of the external finance is on variable interest rates and as such increases in interest rates has increased the cost of financing but this now looks to have peaked. |
We continue to monitor customer liquidity as a precaution against bad debts. |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
GROUP STRATEGIC REPORT |
for the year ended 30 September 2023 |
BUSINESS ENVIRONMENT |
The business operates principally in the construction sector with a mix of developers, construction companies and first tier suppliers as its main customer base. The performance door market serves the commercial new build market (Healthcare, education and commercial) as well as the residential new build market (principally apartments) and all refurbishment markets whilst the inspection and maintenance concentrates in the fire door after market. |
Current forecasts are for the market to achieve small growth but with variations by sector. |
KEY PERFORMANCE INDICATORS (KPI'S) |
The business uses KPIs extensively in its operations as a management tool. |
Sales are measured to establish trends and efficiency in quotations, conversion, order intake and margins. |
Output performances are measured daily to validate capital expenditure projects, assist production planning and to seek a consistent improvement in output and efficiency. |
Financial performances are measured extensively to cover: |
- Profitability at all levels. |
- Margins at all levels. |
- Performances against budget and last year. |
- Balance sheet ratios including stock turn, debtor days and working capital levels. |
- Cash flow and debt levels. |
FUTURE DEVELOPMENTS |
The business has started the new year with a good order book across the group and trading performances have continued to improve. The directors expect a continued growth in turnover for the next financial year. |
The group has external funding agreed until March 2025 and a CBIL loan, repayable in instalments by 2025. The business also has an asset funding line agreed. The remaining deferred consideration on the acquisition of FDIS was repaid in September 2023. |
Overall, the business has sufficient headroom to allow for further planned investment and growth. |
The directors expect the group to remain operationally cash positive and therefore be in a position to continue to reduce the debt of the group. |
ON BEHALF OF THE BOARD: |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
REPORT OF THE DIRECTORS |
for the year ended 30 September 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review was that of manufacture and sales of performance door sets and inspection and maintenance of fire doors. |
DIVIDENDS |
No dividends have been declared for the year ended 30 September 2023 (2022: £nil). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
The principal financial instruments of the group comprise bank balances and borrowings, trade creditors, trade debtors and hire purchase contracts. The main purpose of these instruments is to raise funds for the group's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances and overdraft facilities along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customers, and regular monitoring of amounts outstanding for both time and credit limits. |
POLITICAL DONATIONS AND EXPENDITURE |
Neither the company nor the group made any political donations during the current or preceding year. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
REPORT OF THE DIRECTORS |
for the year ended 30 September 2023 |
AUDITORS |
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INTEGRATED DOORSET SOLUTIONS LIMITED |
Opinion |
We have audited the financial statements of Integrated Doorset Solutions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INTEGRATED DOORSET SOLUTIONS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included: |
- | discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
- | challenging assumptions made by management in their significant accounting estimates, in particular in relation to the bad debt provision, accrued income, investment valuation, stock provision, accrued material costs and going concern; |
- | identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting cash and journal entries with specific defined descriptions. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INTEGRATED DOORSET SOLUTIONS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
CONSOLIDATED |
PROFIT AND LOSS ACCOUNT |
for the year ended 30 September 2023 |
2023 | 2022 |
Notes | £'000 | £'000 |
TURNOVER | 3 | 34,069 | 29,046 |
Cost of sales | (25,558 | ) | (23,359 | ) |
GROSS PROFIT | 8,511 | 5,687 |
Administrative expenses | (5,419 | ) | (4,426 | ) |
OPERATING PROFIT | 5 | 3,092 | 1,261 |
Interest receivable and similar income | 1 | - |
3,093 | 1,261 |
Interest payable and similar expenses | 6 | (209 | ) | (202 | ) |
PROFIT BEFORE TAXATION | 2,884 | 1,059 |
Tax on profit | 7 | (717 | ) | (160 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,167 |
899 |
Profit attributable to: |
Owners of the parent | 2,167 | 899 |
Total comprehensive income attributable to: |
Owners of the parent | 2,167 | 899 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
CONSOLIDATED BALANCE SHEET |
30 September 2023 |
2023 | 2022 |
Notes | £'000 | £'000 |
FIXED ASSETS |
Intangible assets | 9 | 1,589 | 1,671 |
Tangible assets | 10 | 4,197 | 4,043 |
Investments | 11 | - | - |
5,786 | 5,714 |
CURRENT ASSETS |
Stocks | 12 | 1,094 | 1,315 |
Debtors | 13 | 6,975 | 4,579 |
Cash at bank and in hand | 1,455 | 1,559 |
9,524 | 7,453 |
CREDITORS |
Amounts falling due within one year | 14 | (8,086 | ) | (5,910 | ) |
NET CURRENT ASSETS | 1,438 | 1,543 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,224 |
7,257 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(1,097 |
) |
(2,642 |
) |
PROVISIONS FOR LIABILITIES | 19 | (883 | ) | (669 | ) |
NET ASSETS | 5,244 | 3,946 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 1,070 | 1,070 |
Share premium | 21 | 23 | 23 |
Retained earnings | 21 | 4,151 | 2,853 |
SHAREHOLDERS' FUNDS | 5,244 | 3,946 |
The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by: |
N J Richmond - Director |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
COMPANY BALANCE SHEET |
30 September 2023 |
2023 | 2022 |
Notes | £'000 | £'000 |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,519 | 521 |
The financial statements were approved by the Board of Directors and authorised for issue on |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 30 September 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£'000 | £'000 | £'000 | £'000 |
Balance at 1 October 2021 | 1,070 | 1,942 | - | 3,012 |
Changes in equity |
Sale of treasury shares | - | 12 | 23 | 35 |
Total comprehensive income | - | 899 | - | 899 |
Balance at 30 September 2022 | 1,070 | 2,853 | 23 | 3,946 |
Changes in equity |
Purchase of own shares | - | (869 | ) | - | (869 | ) |
Total comprehensive income | - | 2,167 | - | 2,167 |
Balance at 30 September 2023 | 1,070 | 4,151 | 23 | 5,244 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 30 September 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£'000 | £'000 | £'000 | £'000 |
Balance at 1 October 2021 |
Changes in equity |
Sale of treasury shares | - | 12 | 23 | 35 |
Total comprehensive income | - | - |
Balance at 30 September 2022 |
Changes in equity |
Purchase of own shares | - | (869 | ) | - | (869 | ) |
Total comprehensive income | - | - |
Balance at 30 September 2023 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 30 September 2023 |
2023 | 2022 |
Notes | £'000 | £'000 |
Cash flows from operating activities |
Cash generated from operations | 24 | 2,607 | 2,002 |
Interest paid | (209 | ) | (202 | ) |
Tax paid | (1 | ) | - |
Net cash from operating activities | 2,397 | 1,800 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (221 | ) | (225 | ) |
Purchase of tangible fixed assets | (896 | ) | (506 | ) |
Sale of tangible fixed assets | 8 | 40 |
Interest received | 1 | - |
Net cash from investing activities | (1,108 | ) | (691 | ) |
Cash flows from financing activities |
Loan repayments in year | (222 | ) | (222 | ) |
Capital repayments in year | (444 | ) | (531 | ) |
Repaid to directors & shareholders | (149 | ) | 11 |
Amount withdrawn by directors | (47 | ) | - |
New HP contracts in year | 341 | 896 |
Sale of treasury shares | - | 35 |
Purchase of own shares | (869 | ) | - |
Net cash from financing activities | (1,390 | ) | 189 |
(Decrease)/increase in cash and cash equivalents | (101 | ) | 1,298 |
Cash and cash equivalents at beginning of year |
25 |
1,559 |
261 |
Cash and cash equivalents at end of year | 25 | 1,455 | 1,559 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Integrated Doorset Solutions Limited is a company limited by shares, registered in England and Wales. Its registered office address is Magma House, 16 Davy Court, Castle Mound Way, Rugby, CV23 0UZ and the registered number is 09241306. The place of business is Ovi House, Ratcher Way, Mansfield, NG19 0FS. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the notes to the accounts. |
The group's functional currency and presentational currency is Sterling (£). The financial statements have been rounded to the nearest thousand. |
Basis of consolidation |
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at the fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss from the date on which control is obtained. They are deconsolidated from the date control ceases. |
Going concern |
The group had net current assets of £1,882,000 (2022: £1,543,000) and net assets of £5,902,000 (2022: £3,946,000). For the year ended 30 September 2023 the group made a profit after tax of £2,825,000 (2022: £899,000). |
The company had net current liabilities of £516,000 (2022: £642,000) and net assets of £5,362,000 (2022: £3,519,000). For the year ended 30 September 2023 the company made a profit after tax of £2,713,000 (2022: £521,000). |
The directors have considered the going concern status of the company and group. The directors have prepared financial forecasts which show that the company and group can meet its debts as they fall due. |
Accordingly the directors continue to adopt the going concern basis in preparing the financial statements. |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the group and value added taxes. |
The group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the group retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the each of group’s sales channels have been met. |
Goodwill |
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss over its useful economic life which is expected to be 10 years. |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Intellectual property |
Intellectual property, being amounts paid in connection with certification and testing of product lines are initially recorded at cost. They are being amortised over their useful lives of 5 years. |
Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances. |
The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. |
Tangible fixed assets |
Tangible assets are stated at historical cost less 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. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on a straight line basis. |
Depreciation is provided on the following basis: |
Freehold land & buildings | - | over lease term |
Plant and machinery | - | 10% straight line |
Fixtures and fittings | - | 20% straight line |
Computer equipment | - | 20% straight line |
Motor vehicles | - | 25% straight line |
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 profit or loss. |
Investment in subsidiary undertakings |
Investment in subsidiary undertakings are held at cost less accumulated impairment losses. |
Stocks |
Stocks comprise raw materials and work in progress. |
Raw materials |
Raw materials are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. Cost is determined on the first-in, first-out (FIFO) method. |
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and recognised as a credit on the profit and loss. |
Work in progress |
Work in progress is valued on the basis of direct costs plus attributable labour time and overheads. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, 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. |
(i) Current tax |
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. |
(ii) Deferred tax |
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Foreign currencies |
At each year end foreign currency monetary items are translated using the closing exchange rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account. |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Operating and finance lease commitments |
At inception the group assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement. |
(i) Finance leased assets |
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases. |
Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the group’s incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset. |
Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding. |
(ii) Operating leased assets |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. |
(iii) Lease incentives |
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments. |
Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease. |
Employee benefits |
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the group in independently administered funds. |
Invoice discounting |
The gross amount of invoice discounted debts are included in trade debtors and a corresponding liability in respect of proceeds received from factors are shown within current liabilities. Factoring charges and interest are recognised in the profit and loss account as they accrue. |
Research and development |
Expenditure on research and development is written off in the period it is incurred. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances, investments and loans to fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. |
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods that have been acquired in the ordinary course of business from suppliers. |
Trade creditors are classified as current liabilities if payment is due within one year or less. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
(iii) Offsetting |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting estimates and assumptions |
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
(i) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. |
They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
(ii) Impairment of debtors |
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
(iii) Impairment of intangible assets and goodwill |
The group considers whether intangible assets and goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£'000 | £'000 |
Manufacturing | 22,454 | 22,342 |
Inspection and maintenance | 11,615 | 6,704 |
34,069 | 29,046 |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£'000 | £'000 |
United Kingdom | 33,448 | 28,184 |
Europe | 621 | 862 |
34,069 | 29,046 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£'000 | £'000 |
Wages and salaries | 9,609 | 9,031 |
Social security costs | 733 | 752 |
Other pension costs | 158 | 162 |
10,500 | 9,945 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration staff | 61 | 60 |
Management | 10 | 9 |
Production and warehouse staff | 169 | 175 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 564,977 | 564,497 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 4 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 148,185 | 121,605 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£'000 | £'000 |
Depreciation - owned assets | 455 | 389 |
Depreciation - assets on hire purchase contracts | 258 | 229 |
Loss on disposal of fixed assets | 21 | 4 |
Goodwill amortisation | 159 | 160 |
Intellectual Property amortisation | 144 | 130 |
Foreign exchange differences | 4 | 12 |
Operating lease rentals | 425 | 453 |
Audit of the parent company and the group's consolidated financial statements |
18 |
16 |
Audit of the company's subsidiaries | 14 | 8 |
Tax compliance | 3 | 3 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£'000 | £'000 |
Bank interest | 3 | 2 |
Other interest payable | 206 | 200 |
209 | 202 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£'000 | £'000 |
Current tax: |
UK corporation tax | 503 | 1 |
Deferred tax | 214 | 159 |
Tax on profit | 717 | 160 |
UK corporation tax has been charged at 19 % . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£'000 | £'000 |
Profit before tax | 2,883 | 1,058 |
Profit multiplied by the standard rate of corporation tax in the UK of 24.210 % (2022 - 19 %) |
698 |
201 |
Effects of: |
Expenses not deductible for tax purposes | 7 | 3 |
Income not taxable for tax purposes | - | (9 | ) |
Capital allowances in excess of depreciation | - | (12 | ) |
Utilisation of tax losses | - | (177 | ) |
Adjustments to tax charge in respect of previous periods | 70 | - |
Research and development tax relief | (41 | ) | (37 | ) |
Deferred tax movement | - | 159 |
Fixed asset profit on disposals | - | 1 |
Goodwill amortisation | - | 30 |
Superdeduction | (20 | ) | - |
Other (difference between CT and DT rate) | 3 | - |
Total tax charge | 717 | 159 |
Factors affecting current and future tax charges |
On 24 May 2021, the Finance Act 2021 was substantively enacted to introduce a main rate of corporation tax of 25%, with effect from 1 April 2023. As such, deferred tax has been provided at 25%. |
8. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and Loss of the parent company is not presented as part of these financial statements. |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Intellectual |
Goodwill | Property | Totals |
£'000 | £'000 | £'000 |
COST |
At 1 October 2022 | 1,598 | 1,107 | 2,705 |
Additions | - | 221 | 221 |
At 30 September 2023 | 1,598 | 1,328 | 2,926 |
AMORTISATION |
At 1 October 2022 | 320 | 714 | 1,034 |
Amortisation for year | 159 | 144 | 303 |
At 30 September 2023 | 479 | 858 | 1,337 |
NET BOOK VALUE |
At 30 September 2023 | 1,119 | 470 | 1,589 |
At 30 September 2022 | 1,278 | 393 | 1,671 |
Company |
Intellectual |
Property |
£'000 |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
AMORTISATION |
At 1 October 2022 |
Amortisation for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Fixtures |
land & | Plant and | and |
buildings | machinery | fittings |
£'000 | £'000 | £'000 |
COST |
At 1 October 2022 | 356 | 5,460 | 109 |
Additions | 54 | 496 | 2 |
Disposals | - | (92 | ) | - |
At 30 September 2023 | 410 | 5,864 | 111 |
DEPRECIATION |
At 1 October 2022 | 168 | 1,884 | 85 |
Charge for year | 26 | 534 | 9 |
Eliminated on disposal | - | (64 | ) | - |
At 30 September 2023 | 194 | 2,354 | 94 |
NET BOOK VALUE |
At 30 September 2023 | 216 | 3,510 | 17 |
At 30 September 2022 | 188 | 3,576 | 24 |
Motor | Computer |
vehicles | equipment | Totals |
£'000 | £'000 | £'000 |
COST |
At 1 October 2022 | 46 | 662 | 6,633 |
Additions | 160 | 184 | 896 |
Disposals | - | (1 | ) | (93 | ) |
At 30 September 2023 | 206 | 845 | 7,436 |
DEPRECIATION |
At 1 October 2022 | 22 | 431 | 2,590 |
Charge for year | 33 | 111 | 713 |
Eliminated on disposal | - | - | (64 | ) |
At 30 September 2023 | 55 | 542 | 3,239 |
NET BOOK VALUE |
At 30 September 2023 | 151 | 303 | 4,197 |
At 30 September 2022 | 24 | 231 | 4,043 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Computer |
machinery | equipment | Totals |
£'000 | £'000 | £'000 |
COST |
At 1 October 2022 | 2,292 | 72 | 2,364 |
Additions | - | 44 | 44 |
Disposals | (9 | ) | - | (9 | ) |
At 30 September 2023 | 2,283 | 116 | 2,399 |
DEPRECIATION |
At 1 October 2022 | 383 | 4 | 387 |
Charge for year | 231 | 27 | 258 |
Eliminated on disposal | (2 | ) | - | (2 | ) |
At 30 September 2023 | 612 | 31 | 643 |
NET BOOK VALUE |
At 30 September 2023 | 1,671 | 85 | 1,756 |
At 30 September 2022 | 1,909 | 68 | 1,977 |
Company |
Freehold | Fixtures |
land & | Plant and | and |
buildings | machinery | fittings |
£'000 | £'000 | £'000 |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Motor | Computer |
vehicles | equipment | Totals |
£'000 | £'000 | £'000 |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Computer |
machinery | equipment | Totals |
£'000 | £'000 | £'000 |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£'000 |
COST |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Fire Door Inspection Solutions Limited |
Registered office: Magma House, 16 Davy Court, Castle Mound Way, Rugby, Warwickshire, CV23 0UZ |
Nature of business: Inspection and maintenance of fire doors |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£'000 | £'000 |
Aggregate capital and reserves | 1,806 | 2,147 |
Profit for the year | 1,659 | 991 |
Fire Door Inspections Solutions (Southern) Limited |
Registered office: Magma House, 16 Davy Court, Castle Mound Way, Rugby, Warwickshire, CV23 0UZ |
Nature of business: Inspection and maintenance of fire doors |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 |
£'000 |
Aggregate capital and reserves | 185 |
Profit for the year | 185 |
12. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Stocks | 712 | 632 |
Work-in-progress | 382 | 683 |
1,094 | 1,315 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Trade debtors | 6,290 | 3,937 |
Other debtors | 63 | 39 |
Prepayments and accrued income | 622 | 603 |
6,975 | 4,579 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Bank loans and overdrafts (see note 16) | 222 | 222 |
Hire purchase contracts (see note 17) | 493 | 443 |
Trade creditors | 2,109 | 3,011 |
Amounts owed to group undertakings | - | - |
Tax | 503 | 1 |
Social security and other taxes | 218 | 217 |
VAT | 622 | 327 | 611 | 353 |
Other creditors | 1,840 | 408 |
Directors' current accounts | 67 | 216 | 67 | 216 |
Accruals and deferred income | 2,012 | 1,065 |
8,086 | 5,910 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Bank loans (see note 16) | 148 | 370 |
Hire purchase contracts (see note 17) | 847 | 1,048 |
Other creditors | 102 | 1,136 |
Accruals and deferred income | - | 88 |
1,097 | 2,642 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Amounts falling due within one year or on | demand: |
Bank loans | 222 | 222 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 148 | 370 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£'000 | £'000 |
Net obligations repayable: |
Within one year | 493 | 443 |
Between one and five years | 847 | 1,048 |
1,340 | 1,491 |
Company |
Hire purchase contracts |
2023 | 2022 |
£'000 | £'000 |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£'000 | £'000 |
Within one year | 439 | 438 |
Between one and five years | 1,084 | 1,333 |
In more than five years | 61 | 184 |
1,584 | 1,955 |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£'000 | £'000 |
Within one year |
Between one and five years |
In more than five years |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
17. | LEASING AGREEMENTS - continued |
Group |
The future minimum hire purchase lease payments are as follows: |
2023 | 2022 |
£'000 | £'000 |
Not later than one year | 542 | 491 |
Later than one year and not later than five years | 892 | 1,109 |
Total gross payments | 1,434 | 1,600 |
Less: finance charges | (94 | ) | (109 | ) |
Carrying amount of liability | 1,340 | ,1491 |
Company |
The future minimum hire purchase lease payments are as follows: |
2023 | 2022 |
£'000 | £'000 |
Not later than one year | 521 | 491 |
Later than one year and not later than five years | 865 | 1,109 |
Total gross payments | 1,386 | 1,600 |
Less: finance charges | (90 | ) | (109 | ) |
Carrying amount of liability | 1,296 | ,1491 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Bank loans | 370 | 592 |
Hire purchase | 1,340 | 1,491 | 1,296 | 1,491 |
1,710 | 2,083 |
The bank loan is secured by an unlimited debenture over the assets of the group. |
The net obligations under hire purchase contracts are secured on the assets to which they relate. |
The bank loan is repayable on the 5th anniversary of the date of the agreement being May 2025. Interest is charged at a rate of 1.56% above Bank of England base rate. |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£'000 | £'000 | £'000 | £'000 |
Deferred tax |
Accelerated capital allowances | 963 | 870 |
Tax losses carried forward | (101 | ) | (201 | ) | ( |
) | ( |
) |
Deferred tax | 21 | - | - | - |
883 | 669 | 862 | 669 |
Group |
Deferred |
tax |
£'000 |
Balance at 1 October 2022 | 669 |
Provided during year | 214 |
Balance at 30 September 2023 | 883 |
Company |
Deferred |
tax |
£'000 |
Balance at 1 October 2022 |
Charge to Profit and Loss during year |
Balance at 30 September 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £'000 | £'000 |
Ordinary | £1 | 1,070 | 1,070 |
During the year the company repurchased 130,000 Ordinary shares, which were held as treasury shares at the year end, for total consideration of £869,250. The total number of shares held as treasury shares at the year end is 401,667 (2022: 271,667). |
21. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£'000 | £'000 | £'000 |
At 1 October 2022 | 2,853 | 23 | 2,876 |
Profit for the year | 2,167 | 2,167 |
Purchase of own shares | (869 | ) | - | (869 | ) |
At 30 September 2023 | 4,151 | 23 | 4,174 |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
21. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£'000 | £'000 | £'000 |
At 1 October 2022 | 2,449 |
Profit for the year |
Purchase of own shares | (869 | ) | - | (869 | ) |
At 30 September 2023 | 4,099 |
22. | ULTIMATE PARENT COMPANY |
There was no ultimate controlling party in the current or the prior period, as no single shareholder has control by virtue of shareholding. |
23. | RELATED PARTY DISCLOSURES |
Company |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Group |
During the year sales of £1,291,000 (2022: £1,306,000) were made to, and purchases of £4,794,000 (2022: £5,046,000) were made from, another related company with common directors. At the year end £239,000 (2022: £nil) was due from, and £1,439,000 (2022: £1,137,000) was due to this related company. Management charges of £384,000 (2022: £248,000) were also receivable during the year. |
During the year sales of £16,000 (2022: £9,000) were made to, and purchases of £226,000 (2022: £225,000) were made from, a related company with a common director. At the year end £94,000 (2022: £94,000) was due to this related company. |
During the year rent of £82,000 (2022: £82,000) was paid to a related company with a common director. At the year end £nil (2022: £nil) was due to this related company. |
During the year sales of £4,500 (2022: £14,000) were made to a company with common directors. At the year end £nil (2022: £nil) was due to this related company. |
During the year purchases of £118,895 (2022: £nil) were made from a related company with common directors. At the year end £nil (2022: £nil) was due to this related company. |
Not included in the above balances are movements on shareholders loans. At the year end interest of £2,000 (2022: £6,000) was accrued on the balances. At the year end the outstanding capital balances due to these shareholders was £167,000 (2022: £210,000) following repayments in the year of £43,000. |
INTEGRATED DOORSET SOLUTIONS LIMITED (REGISTERED NUMBER: 09241306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
24. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£'000 | £'000 |
Profit before taxation | 2,884 | 1,059 |
Depreciation charges | 1,018 | 908 |
Loss on disposal of fixed assets | 21 | 4 |
Finance costs | 209 | 202 |
Finance income | (1 | ) | - |
4,131 | 2,173 |
Decrease in stocks | 221 | 617 |
(Increase)/decrease in trade and other debtors | (2,448 | ) | 751 |
Increase/(decrease) in trade and other creditors | 703 | (1,539 | ) |
Cash generated from operations | 2,607 | 2,002 |
25. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2023 |
30/9/23 | 1/10/22 |
£'000 | £'000 |
Cash and cash equivalents | 1,455 | 1,559 |
Bank overdrafts | - | - |
1,455 | 1,559 |
Year ended 30 September 2022 |
30/9/22 | 1/10/21 |
£'000 | £'000 |
Cash and cash equivalents | 1,559 | 261 |
26. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/10/22 | Cash flow | At 30/9/23 |
£'000 | £'000 | £'000 |
Net cash |
Cash at bank and in hand | 1,559 | (104 | ) | 1,455 |
1,559 | (104 | ) | 1,455 |
Debt |
Finance leases | (1,491 | ) | 151 | (1,340 | ) |
Debts falling due within 1 year | (222 | ) | - | (222 | ) |
Debts falling due after 1 year | (370 | ) | 222 | (148 | ) |
(2,083 | ) | 373 | (1,710 | ) |
Total | (524 | ) | 269 | (255 | ) |