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REGISTERED NUMBER: NI025278 (Northern Ireland)
















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:

JP O'Neill





REGISTERED OFFICE:

49 Creagh Road


Toomebridge


Co. Antrim


BT41 3SE





REGISTERED NUMBER:

NI025278 (Northern Ireland)





AUDITORS:

Dundas Gallagher


Chartered Accountants and Statutory Auditors


Thistlebank House


2 Old Henry Street


Enniskillen


Co. Fermanagh


BT74 7JX





BANKERS:

Bank of Ireland


11 Market Street


Magherafelt


Co. Derry


BT45 6EE





SOLICITORS:

Simmons Meglaughlin & Orr


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:






JP O'Neill - Director



17 July 2024


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 0.5199896 per share.


The total distribution of dividends for the year ended 31 October 2023 will be £ 26,000 .


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

JP O'Neill held office during the whole of the period from 1 November 2022 to the date of this report.


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:






JP O'Neill - Director



17 July 2024


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.





Ruairi Dundas (Senior Statutory Auditor)

for and on behalf of Dundas Gallagher

Chartered Accountants and Statutory Auditors

Thistlebank House

2 Old Henry Street

Enniskillen

Co. Fermanagh

BT74 7JX


17 July 2024


In-Doors Manufacturing Limited (Registered number: NI025278)


Income Statement

for the Year Ended 31 October 2023



31.10.23

31.10.22



Notes

£   

£   

£   

£   



TURNOVER

5,781,526


4,822,359




Cost of sales

4,034,254


4,076,846



GROSS PROFIT

1,747,272


745,513




Distribution costs

277,669


293,694



Administrative expenses

1,243,552


1,088,128



1,521,221

1,381,822

226,051


(636,309

)



Other operating income

50,801


25,370



OPERATING PROFIT/(LOSS)

4

276,852


(610,939

)




Interest payable and similar expenses

6

218,099


81,137



PROFIT/(LOSS) BEFORE TAXATION

58,753


(692,076

)



Tax on profit/(loss)

7

15,871


(185,257

)


PROFIT/(LOSS) FOR THE FINANCIAL

YEAR

42,882


(506,819

)



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

42,882


(506,819

)




OTHER COMPREHENSIVE INCOME  


Revaluation of freehold property

1,916,600


-



Income tax relating to other comprehensive

income

-


-



OTHER COMPREHENSIVE INCOME FOR

THE YEAR, NET OF INCOME TAX

1,916,600


-



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

1,959,482


(506,819

)



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 17 July 2024 and were signed by:






JP O'Neill - Director



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

5,605


(509,488

)


Interest paid

(197,422

)

(66,479

)


Interest element of hire purchase payments paid

(20,677

)

(14,658

)


Tax paid

-


15,277



Net cash from operating activities

(212,494

)

(575,348

)



Cash flows from investing activities

Purchase of tangible fixed assets

(17,300

)

(759,212

)


Net cash from investing activities

(17,300

)

(759,212

)



Cash flows from financing activities

New loans in year

398,002


301,027



Capital repayments in year

(155,467

)

364,892



Amount introduced by directors

102


395



Equity dividends paid

(26,000

)

(12,000

)


Net cash from financing activities

216,637


654,314




Decrease in cash and cash equivalents

(13,157

)

(680,246

)


Cash and cash equivalents at beginning of year

2

(368,693

)

311,553




Cash and cash equivalents at end of year

2

(381,850

)

(368,693

)



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

58,753


(692,076

)



Depreciation charges

236,954


168,910




Government grants

(31,350

)

(6,688

)



Finance costs

218,099


81,137



482,456


(448,717

)



Increase in stocks

(69,395

)

(235,914

)



Increase in trade and other debtors

(113,638

)

(340,980

)



(Decrease)/increase in trade and other creditors

(293,818

)

516,123




Cash generated from operations

5,605


(509,488

)



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

(385,823

)

(382,438

)


(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

(382,438

)

(304,046

)


(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

)

(13,157

)

(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 private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.


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


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.  



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

2,508,759


2,477,559




Other pension costs

40,867


39,239



2,549,626


2,516,798





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



88


99





31.10.23


31.10.22

£   

£   



Director's remuneration

10,215


11,524




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

12,447


7,936




Depreciation - owned assets

112,690


121,286




Depreciation - assets on hire purchase contracts

124,265


47,623




Foreign exchange differences

66,135


42,166




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

197,422


66,479




Hire purchase

20,677


14,658



218,099


81,137




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

-


(15,277

)




Deferred tax

15,871


(169,980

)



Tax on profit/(loss)

15,871


(185,257

)




Tax effects relating to effects of other comprehensive income




31.10.23



Gross


Tax


Net


£   

£   

£   



Revaluation of freehold property

1,916,600


-


1,916,600




8.

DIVIDENDS


31.10.23


31.10.22

£   

£   



Ordinary shares of £1 each


Final

26,000


12,000




9.

TANGIBLE FIXED ASSETS


Fixtures



Freehold


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST OR VALUATION


At 1 November 2022

1,260,000


4,138,482


651,873


88,750


6,139,105




Additions

-


17,300


-


-


17,300




Revaluations

1,715,000


-


-


-


1,715,000




At 31 October 2023

2,975,000


4,155,782


651,873


88,750


7,871,405




DEPRECIATION


At 1 November 2022

176,400


2,763,843


413,734


86,786


3,440,763




Charge for year

25,200


190,569


20,695


491


236,955




Revaluation adjustments

(201,600

)

-


-


-


(201,600

)



At 31 October 2023

-


2,954,412


434,429


87,277


3,476,118




NET BOOK VALUE


At 31 October 2023

2,975,000


1,201,370


217,444


1,473


4,395,287




At 31 October 2022

1,083,600


1,374,639


238,139


1,964


2,698,342




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

1,021,052




DEPRECIATION


At 1 November 2022

159,532




Charge for year

124,265




At 31 October 2023

283,797




NET BOOK VALUE


At 31 October 2023

737,255




At 31 October 2022

861,520




10.

STOCKS


31.10.23


31.10.22

£   

£   



Raw materials

1,945,566


1,758,086




Work-in-progress

178,644


320,063




Finished goods

160,847


137,513



2,285,057


2,215,662




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

513,864


418,289




Deferred tax asset

-


12,561




Prepayments and accrued income

18,386


323



532,250


431,173




12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.10.23


31.10.22

£   

£   



Bank loans and overdrafts (see note 14)

1,267,996


781,717




Hire purchase contracts  (see note 15)

129,419


155,467




Trade creditors

514,282


819,509




Social security and other taxes

327,971


307,863




Directors' current accounts

715


613




Accruals and deferred income

13,500


5,000



2,253,883


2,070,169




13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR



31.10.23


31.10.22

£   

£   



Bank loans (see note 14)

419,005


526,247




Hire purchase contracts  (see note 15)

260,512


389,931



679,517


916,178




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

385,823


382,438




Bank loans

882,173


399,279



1,267,996


781,717





Amounts falling due between one and two years:


Bank loans - 1-2 years

126,656


123,815





Amounts falling due between two and five years:


Bank loans - 2-5 years

292,349


349,899





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

129,419


155,467




Between one and five years

260,512


389,931



389,931


545,398




16.

SECURED DEBTS



The following secured debts are included within creditors:



31.10.23


31.10.22

£   

£   



Bank overdrafts

385,823


382,438




Bank loans

1,301,178


925,526



1,687,001


1,307,964





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

(12,561

)



Charge to Income Statement during year

15,871




Balance at 31 October 2023

3,310




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:

£   

£   



50,001

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

£   

£   



JP O'Neill


Balance outstanding at start of year

(613

)

(218

)



Amounts advanced

25,898


11,605




Amounts repaid

(26,000

)

(12,000

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

(715

)

(613

)



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.