REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 October 2023 |
for |
In-Doors Manufacturing Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 October 2023 |
for |
In-Doors Manufacturing Limited |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
In-Doors Manufacturing Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Thistlebank House |
2 Old Henry Street |
Enniskillen |
Co. Fermanagh |
BT74 7JX |
BANKERS: |
11 Market Street |
Magherafelt |
Co. Derry |
BT45 6EE |
SOLICITORS: |
20 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6BL |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Strategic Report |
for the Year Ended 31 October 2023 |
The director presents his strategic report for the year ended 31 October 2023. |
REVIEW OF BUSINESS |
Turnover in the year increased by 19.9% to £5.7m (2022: £4.8m). Gross margin has increased to 30.2% from 15.5% in the previous year. Overall, the company made a profit before tax of £58,753 compared to a loss of £692,076 in the previous year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Principal risks |
The market for the company's products and services remains competitive. New markets and customers are continually being developed which serves to spread risk. The risks to the company are mainly credit risk, liquidity risk and interest rate risk. |
Credit risk |
The company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers and by monitoring customer payment patterns. |
Liquidity risk |
The company takes a proactive approach to managing financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Continuity of funding is ensured by matching the source of funding to the purpose of those funds. |
Interest rate risk |
The company finances its operations through a mixture of retained earnings, loans and hire purchase agreements. The company's exposure is minimised as all finance is tied into fixed interest contracts. Interest rate risk can be managed through the ongoing review of potential borrowing requirements. |
ON BEHALF OF THE BOARD: |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Report of the Director |
for the Year Ended 31 October 2023 |
The director presents his report with the financial statements of the company for the year ended 31 October 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the manufacture and sale of doors for kitchen and bedroom furniture. |
DIVIDENDS |
No interim dividend was paid during the year. The director recommends a final dividend of |
The total distribution of dividends for the year ended 31 October 2023 will be £ |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information. |
AUDITORS |
The auditors, Dundas Gallagher, 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 |
In-Doors Manufacturing Limited |
Opinion |
We have audited the financial statements of In-Doors Manufacturing Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 October 2023 and of its 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 company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
In-Doors Manufacturing Limited |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by auditing standards). |
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. |
We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the officers. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
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. |
Other matters which we are required to address |
The financial statements of In-Doors Manufacturing Limited for the year ended 31 October 2022 were unaudited as the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. |
As part of our audit procedures, we are satisfied that the comparative information agrees with the amounts and other disclosures presented in the prior period without restatement, the accounting policies are consistent with those applied in the current period, the opening balances reflect the application of appropriate accounting policies and the comparative information is not materially misstated. |
Report of the Independent Auditors to the Members of |
In-Doors Manufacturing 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 and Statutory Auditors |
Thistlebank House |
2 Old Henry Street |
Enniskillen |
Co. Fermanagh |
BT74 7JX |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Income Statement |
for the Year Ended 31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
1,521,221 | 1,381,822 |
226,051 | (636,309 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | 4 | ( | ) |
Interest payable and similar expenses | 6 |
PROFIT/(LOSS) BEFORE TAXATION | ( | ) |
Tax on profit/(loss) | 7 | ( | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( | ) |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Other Comprehensive Income |
for the Year Ended 31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( | ) |
OTHER COMPREHENSIVE INCOME |
Revaluation of freehold property |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | ( | ) |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 4,395,287 | 2,698,342 |
CURRENT ASSETS |
Stocks | 10 | 2,285,057 | 2,215,662 |
Debtors | 11 | 532,250 | 431,173 |
Cash at bank | 3,973 | 13,745 |
2,821,280 | 2,660,580 |
CREDITORS |
Amounts falling due within one year | 12 | 2,253,883 | 2,070,169 |
NET CURRENT ASSETS | 567,397 | 590,411 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 4,962,684 | 3,288,753 |
CREDITORS |
Amounts falling due after more than one year | 13 | (679,517 | ) | (916,178 | ) |
PROVISIONS FOR LIABILITIES | 17 | (3,310 | ) | - |
ACCRUALS AND DEFERRED INCOME | 18 | (183,400 | ) | (209,600 | ) |
NET ASSETS | 4,096,457 | 2,162,975 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 50,001 | 50,001 |
Revaluation reserve | 20 | 2,343,538 | 364,881 |
Retained earnings | 20 | 1,702,918 | 1,748,093 |
SHAREHOLDERS' FUNDS | 4,096,457 | 2,162,975 |
The financial statements were approved by the director and authorised for issue on |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Statement of Changes in Equity |
for the Year Ended 31 October 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 November 2021 | 50,001 | 2,258,427 | 373,366 | 2,681,794 |
Changes in equity |
Dividends | - | (12,000 | ) | - | (12,000 | ) |
Total comprehensive income | - | (506,819 | ) | - | (506,819 | ) |
Transfer from revaluation |
reserve to retained earnings | - | 8,485 | (8,485 | ) | - |
Balance at 31 October 2022 | 50,001 | 1,748,093 | 364,881 | 2,162,975 |
Changes in equity |
Dividends | - | (26,000 | ) | - | (26,000 | ) |
Total comprehensive income | - | 42,882 | 1,916,600 | 1,959,482 |
Transfer from revaluation |
reserve to retained earnings | - | (62,057 | ) | 62,057 | - |
Balance at 31 October 2023 | 50,001 | 1,702,918 | 2,343,538 | 4,096,457 |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Cash Flow Statement |
for the Year Ended 31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( | ) |
Interest paid | ( | ) | ( | ) |
Interest element of hire purchase payments paid | ( | ) | ( | ) |
Tax paid |
Net cash from operating activities | ( | ) | ( | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( | ) | ( | ) |
Net cash from investing activities | ( | ) | ( | ) |
Cash flows from financing activities |
New loans in year |
Capital repayments in year | ( | ) |
Amount introduced by directors | 102 | 395 |
Equity dividends paid | ( | ) | ( | ) |
Net cash from financing activities |
Decrease in cash and cash equivalents | ( | ) | ( | ) |
Cash and cash equivalents at beginning of year | 2 | (368,693 | ) | 311,553 |
Cash and cash equivalents at end of year | 2 | ( | ) | ( | ) |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Notes to the Cash Flow Statement |
for the Year Ended 31 October 2023 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.10.23 | 31.10.22 |
£ | £ |
Profit/(loss) before taxation | ( | ) |
Depreciation charges |
Government grants | ( | ) | ( | ) |
Finance costs | 218,099 | 81,137 |
482,456 | (448,717 | ) |
Increase in stocks | ( | ) | ( | ) |
Increase in trade and other debtors | ( | ) | ( | ) |
(Decrease)/increase in trade and other creditors | ( | ) |
Cash generated from operations | ( | ) |
2. | 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 31 October 2023 |
31.10.23 | 1.11.22 |
£ | £ |
Cash and cash equivalents | 3,973 | 13,745 |
Bank overdrafts | ( | ) | ( | ) |
(381,850 | ) | (368,693 | ) |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 13,745 | 615,599 |
Bank overdrafts | ( | ) | ( | ) |
(368,693 | ) | 311,553 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.11.22 | Cash flow | At 31.10.23 |
£ | £ | £ |
Net cash |
Cash at bank | 13,745 | (9,772 | ) | 3,973 |
Bank overdrafts | (382,438 | ) | (3,385 | ) | (385,823 | ) |
(368,693 | ) | ( | ) | (381,850 | ) |
Debt |
Finance leases | (545,398 | ) | 155,467 | (389,931 | ) |
Debts falling due within 1 year | (399,279 | ) | (482,894 | ) | (882,173 | ) |
Debts falling due after 1 year | (526,247 | ) | 107,242 | (419,005 | ) |
(1,470,924 | ) | (220,185 | ) | (1,691,109 | ) |
Total | (1,839,617 | ) | (233,342 | ) | (2,072,959 | ) |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
In-Doors Manufacturing Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. |
The following judgement has had the most significant effect on amounts recognised in the financial statements: |
Tangible assets |
Long life assets comprising of property, plant and machinery represent a significant portion of total assets. The annual depreciation charges depend primarily on the estimated lives of each type of asset and in certain circumstances, estimated residual value. The directors regularly review these useful lives and change them if necessary to reflect current conditions. The directors do not believe that there is any impairment in the current year. |
Turnover |
The company's turnover is generated through the manufacture and wholesale distribution of kitchen and bathroom doors and units throughout the UK and Ireland. |
Turnover represents the net invoiced sales value of goods, excluding value added tax. Turnover is recognised at the point of invoice which is generated upon the despatch of goods. |
Tangible fixed assets |
Tangible fixed assets are originally stated at cost (or deemed cost) and subsequently carried at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter: |
Freehold property | - 2% on cost |
Plant and machinery | - 12.5% on reducing balance |
Fixtures and fittings | - 20% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Stocks |
Raw materials are valued at the lower of cost and net realisable value. Work-in-progress is valued at the lower of cost and net realisable value using the retail method apportioned by the stage of completion. Finished goods are valued at the lower of cost and net realisable value using the retail method. |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
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 it's 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 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 Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the average exchange rate for the period. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The director has prepared the financial statements on a going concern basis. The company has made an accounting profit of £42,882 during the financial year to 31 October 2023 (2022: £506,819 loss). |
In recent years, the company has invested heavily in the development of new products and production processes. During this period of development and implementation, the company has faced extremely difficult economic conditions being impacted by Brexit, the Covid pandemic and a period of high cost inflation. The company has also had to address specific issues with material quality and supply chain disruption. The director has introduced specific measures in response to these issues and the company has now returned to profitability featuring increasing margins and liquidity. The company has appropriate finance arrangements to manage its financial commitments and working capital requirements, with strong post year end management accounts and financial projections. |
The preparation of the financial statements on a going concern basis is deemed to be appropriate. |
Impairment of assets |
At each reporting year end date, the directors review the carrying amount of the tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which it belongs. |
3. | EMPLOYEES AND DIRECTORS |
31.10.23 | 31.10.22 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
31.10.23 | 31.10.22 |
Selling | 3 | 3 |
Production | 64 | 86 |
Administration | 21 | 10 |
31.10.23 | 31.10.22 |
£ | £ |
Director's remuneration |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging: |
31.10.23 | 31.10.22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Foreign exchange differences |
5. | AUDITORS' REMUNERATION |
31.10.23 | 31.10.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements | 8,500 | - |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.10.23 | 31.10.22 |
£ | £ |
Bank interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
31.10.23 | 31.10.22 |
£ | £ |
Current tax: |
UK corporation tax | ( | ) |
Deferred tax | ( | ) |
Tax on profit/(loss) | ( | ) |
Tax effects relating to effects of other comprehensive income |
31.10.23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | - | 1,916,600 |
8. | DIVIDENDS |
31.10.23 | 31.10.22 |
£ | £ |
Ordinary shares of £1 each |
Final |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 November 2022 |
Additions |
Revaluations |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Revaluation adjustments | ( | ) | ( | ) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 October 2023 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2023 | 2,975,000 | - | - | - | 2,975,000 |
Cost | - | 4,155,782 | 651,873 | 88,750 | 4,896,405 |
2,975,000 | 4,155,782 | 651,873 | 88,750 | 7,871,405 |
If freehold property had not been revalued it would have been included at the following historical cost: |
31.10.23 | 31.10.22 |
£ | £ |
Cost | 1,401,456 | 1,401,456 |
Aggregate depreciation | 769,994 | 741,965 |
Freehold property was valued on an open market basis on 6 October 2023 by O'Connor Kennedy Turtle . |
The valuation was undertaken in accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyors in the United Kingdom. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST OR VALUATION |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
10. | STOCKS |
31.10.23 | 31.10.22 |
£ | £ |
Raw materials |
Work-in-progress |
Finished goods |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors |
Deferred tax asset |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Social security and other taxes |
Directors' current accounts | 715 | 613 |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans (see note 14) |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31.10.23 | 31.10.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 52,533 |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
31.10.23 | 31.10.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.23 | 31.10.22 |
£ | £ |
Bank overdrafts |
Bank loans |
At the balance sheet date the bank loans and overdrafts were secured with Bank of Ireland by way of: |
- An all monies debenture conferring on the Bank, fixed and floating security over the property assets, undertakings, rights and revenues (both present and future); |
- A fixed charge over all future freehold and leasehold property including the property known as 49 Creagh Road, Toomebridge, BT41 3SE and more particularly comprised in folio 18785. |
17. | PROVISIONS FOR LIABILITIES |
31.10.23 |
£ |
Deferred tax | 3,310 |
Deferred |
tax |
£ |
Balance at 1 November 2022 | ( | ) |
Charge to Income Statement during year |
Balance at 31 October 2023 |
18. | ACCRUALS AND DEFERRED INCOME |
31.10.23 | 31.10.22 |
£ | £ |
Deferred government grants | 183,400 | 209,600 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary | £1 | 50,001 | 50,001 |
In-Doors Manufacturing Limited (Registered number: NI025278) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
20. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 November 2022 | 1,748,093 | 364,881 | 2,112,974 |
Profit for the year | 42,882 | - | 42,882 |
Dividends | (26,000 | ) | - | (26,000 | ) |
Revaluation of fixed assets | - | 1,916,600 | 1,916,600 |
Transfer from revaluation |
reserve to retained earnings | (62,057 | ) | 62,057 | - |
At 31 October 2023 | 1,702,918 | 2,343,538 | 4,046,456 |
21. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022: |
31.10.23 | 31.10.22 |
£ | £ |
Balance outstanding at start of year | ( | ) | ( | ) |
Amounts advanced |
Amounts repaid | ( | ) | ( | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( | ) | ( | ) |
22. | POST BALANCE SHEET EVENTS |
There have been no significant events affecting the company since the financial year end. |
23. | ULTIMATE CONTROLLING PARTY |
The controlling party is JP O'Neill. |