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Registration number: 03627154

Fern Doors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Fern Doors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 12

 

Fern Doors Limited

Company Information

Directors

Mrs C Laurent

Mr D Clarke

Registered office

Brindle Mill
Bournes Row
Hoghton
Preston
PR5 0DR

 

Fern Doors Limited

(Registration number: 03627154)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

11,578

14,492

Tangible assets

5

188,494

445,684

 

200,072

460,176

Current assets

 

Stocks

6

101,964

65,829

Debtors

7

111,693

109,039

Cash at bank and in hand

 

157,103

263,130

 

370,760

437,998

Creditors: Amounts falling due within one year

8

(190,600)

(217,843)

Net current assets

 

180,160

220,155

Total assets less current liabilities

 

380,232

680,331

Creditors: Amounts falling due after more than one year

8

(48,210)

(86,715)

Provisions for liabilities

(25,839)

(39,459)

Net assets

 

306,183

554,157

Capital and reserves

 

Called up share capital

102

102

Retained earnings

306,081

554,055

Shareholders' funds

 

306,183

554,157

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Fern Doors Limited

(Registration number: 03627154)
Balance Sheet as at 31 October 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mrs C Laurent
Director

   
     
 

Fern Doors Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Retained earnings
£

Total
£

At 1 November 2021

102

507,337

507,439

Profit for the year

-

120,921

120,921

Dividends

-

(74,203)

(74,203)

At 31 October 2022

102

554,055

554,157

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2022

102

554,055

554,157

Profit for the year

-

102,532

102,532

Total comprehensive income

-

102,532

102,532

Dividends

-

(90,506)

(90,506)

Purchase of own share capital

-

(260,000)

(260,000)

At 31 October 2023

102

306,081

306,183

 

Fern Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Brindle Mill
Bournes Row
Hoghton
Preston
PR5 0DR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

Tax

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

 

Fern Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023


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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Office equipment

20% reducing balance

Motor vehicles

20% reducing balance

No depreciation is provided on the company's freehold land and buildings since in the opinion of the directors the expected useful life is sufficiently long and the estimated residual value is sufficiently high that any such depreciation would be immaterial.

Goodwill

Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the business recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Fern Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Fern Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

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

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 

Fern Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

29,000

29,000

At 31 October 2023

29,000

29,000

Amortisation

At 1 November 2022

14,508

14,508

Amortisation charge

2,914

2,914

At 31 October 2023

17,422

17,422

Carrying amount

At 31 October 2023

11,578

11,578

At 31 October 2022

14,492

14,492

 

Fern Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

252,500

564,133

27,070

42,687

886,390

Additions

-

180

-

-

180

Disposals

(200,000)

-

-

-

(200,000)

At 31 October 2023

52,500

564,313

27,070

42,687

686,570

Depreciation

At 1 November 2022

-

396,611

20,523

23,572

440,706

Charge for the year

-

49,743

1,950

5,677

57,370

At 31 October 2023

-

446,354

22,473

29,249

498,076

Carrying amount

At 31 October 2023

52,500

117,959

4,597

13,438

188,494

At 31 October 2022

252,500

167,522

6,547

19,115

445,684


 

6

Stocks

2023
£

2022
£

Stocks

101,964

65,829

7

Debtors

Current

2023
£

2022
£

Trade debtors

89,412

93,824

Prepayments

16,622

15,215

Other debtors

5,659

-

 

111,693

109,039

 

Fern Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

42,757

42,373

Trade creditors

 

97,414

133,070

Taxation and social security

 

9,153

7,156

Other creditors

 

41,276

35,244

 

190,600

217,843

Due after one year

 

Loans and borrowings

9

48,210

86,715

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

16,413

26,514

Hire purchase liabilities

31,797

60,201

48,210

86,715

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,236

9,851

Hire purchase liabilities

32,521

32,522

42,757

42,373

Hire purchase liabilities are secured on the assets to which they relate.

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £905.06 (2022 - £742.03) per each Ordinary Share

 

90,506

 

74,203

         
 

Fern Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £53,115 (2022 - £55,103).