Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29false2023-03-0143falseNo description of principal activitytrue44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00598884 2023-03-01 2024-02-29 00598884 2022-03-01 2023-02-28 00598884 2024-02-29 00598884 2023-02-28 00598884 c:Director2 2023-03-01 2024-02-29 00598884 d:Buildings 2023-03-01 2024-02-29 00598884 d:Buildings 2024-02-29 00598884 d:Buildings 2023-02-28 00598884 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 00598884 d:PlantMachinery 2023-03-01 2024-02-29 00598884 d:PlantMachinery 2024-02-29 00598884 d:PlantMachinery 2023-02-28 00598884 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 00598884 d:MotorVehicles 2023-03-01 2024-02-29 00598884 d:MotorVehicles 2024-02-29 00598884 d:MotorVehicles 2023-02-28 00598884 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 00598884 d:FurnitureFittings 2023-03-01 2024-02-29 00598884 d:FurnitureFittings 2024-02-29 00598884 d:FurnitureFittings 2023-02-28 00598884 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 00598884 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 00598884 d:CurrentFinancialInstruments 2024-02-29 00598884 d:CurrentFinancialInstruments 2023-02-28 00598884 d:Non-currentFinancialInstruments 2024-02-29 00598884 d:Non-currentFinancialInstruments 2023-02-28 00598884 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 00598884 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 00598884 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 00598884 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 00598884 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 00598884 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 00598884 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 00598884 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 00598884 d:ShareCapital 2024-02-29 00598884 d:ShareCapital 2023-02-28 00598884 d:RevaluationReserve 2024-02-29 00598884 d:RevaluationReserve 2023-02-28 00598884 d:RetainedEarningsAccumulatedLosses 2024-02-29 00598884 d:RetainedEarningsAccumulatedLosses 2023-02-28 00598884 c:FRS102 2023-03-01 2024-02-29 00598884 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 00598884 c:FullAccounts 2023-03-01 2024-02-29 00598884 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 00598884 d:WithinOneYear 2024-02-29 00598884 d:WithinOneYear 2023-02-28 00598884 d:BetweenOneFiveYears 2024-02-29 00598884 d:BetweenOneFiveYears 2023-02-28 00598884 d:HirePurchaseContracts d:WithinOneYear 2024-02-29 00598884 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 00598884 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-02-29 00598884 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 00598884 d:HirePurchaseContracts d:MoreThanFiveYears 2024-02-29 00598884 d:HirePurchaseContracts d:MoreThanFiveYears 2023-02-28 00598884 5 2023-03-01 2024-02-29 00598884 6 2023-03-01 2024-02-29 00598884 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 00598884










DOORFIT PRODUCTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
DOORFIT PRODUCTS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9


 
DOORFIT PRODUCTS LIMITED
REGISTERED NUMBER: 00598884

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
621,172
699,666

Investments
  
100
100

  
621,272
699,766

Current assets
  

Stocks
  
903,123
1,001,544

Debtors: amounts falling due within one year
 6 
2,172,126
1,913,146

Cash at bank and in hand
  
937,330
696,986

  
4,012,579
3,611,676

Creditors: amounts falling due within one year
 7 
(1,724,278)
(1,465,504)

Net current assets
  
 
 
2,288,301
 
 
2,146,172

Total assets less current liabilities
  
2,909,573
2,845,938

Creditors: amounts falling due after more than one year
 8 
(68,486)
(140,226)

Provisions for liabilities
  

Deferred tax
  
(8,900)
(30,000)

Net assets
  
2,832,187
2,675,712


Capital and reserves
  

Called up share capital 
  
1,000,000
1,000,000

Revaluation reserve
  
85,276
93,522

Profit and loss account
  
1,746,911
1,582,190

  
2,832,187
2,675,712


Page 1

 
DOORFIT PRODUCTS LIMITED
REGISTERED NUMBER: 00598884
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 August 2024.




Mr R B D Neil
Director

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

Page 2

 
DOORFIT PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Doorfit Products Limited (the Company) is a private company limited by shares incorporated and domiciled in England. The address of its registered office is Icknield House, Heaton Street, Hockley, Birmingham, B18 5BA, which is also the address of its principal place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods and services is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the consideration due under the transaction.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
DOORFIT PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax balances are not recognised in respect of permanent differences.

 
2.7

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight-line
Plant and machinery
-
10%
straight-line
Motor vehicles
-
25%
straight-line
Fixtures and fittings
-
10%
to 33.33% straight line

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Revaluation of tangible fixed assets

As permitted by the transitional provisions of Section 1A of Financial Reporting Standard 102, the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 28 February 1991 and will not update that valuation.
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historic cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Page 4

 
DOORFIT PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

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

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

 
2.12

Financial instruments

The Company only enters into basic financial 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.

 
2.13

Debtors

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

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
DOORFIT PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 43 (2023 - 44).


4.


Tangible fixed assets







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or deemed cost


At 1 March 2023
864,383
59,118
190,791
774,428
1,888,720


Additions
-
-
-
25,991
25,991


Disposals
-
-
(71,163)
-
(71,163)



At 29 February 2024

864,383
59,118
119,628
800,419
1,843,548



Depreciation


At 1 March 2023
422,752
50,255
76,093
639,954
1,189,054


Charge for the year on owned assets
18,345
3,352
23,247
55,789
100,733


Disposals
-
-
(67,411)
-
(67,411)



At 29 February 2024

441,097
53,607
31,929
695,743
1,222,376



Net book value



At 29 February 2024
423,286
5,511
87,699
104,676
621,172



At 28 February 2023
441,631
8,863
114,698
134,474
699,666

As per note 2.7, under the transitional provisions of Section 1A of Financial Reporting Standard 102 the company has elected not to adopt a policy of revaluation of tangible fixed assets. The cost of freehold property  above includes assets at a valuation of £624,366 in 1991, which have been treated as deemed cost and assets at cost of £240,017.
If some of the land and buildings had not been included at valuation they would have been included at historic cost of £411,486 with a  net book value of £162,217 (2023: £170,447).

Page 6

 
DOORFIT PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Fixed asset investment

The company owns 100% of the share capital of Doorfit Limited, a dormant company registered in England and Wales.


6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
1,040,152
827,202

Amounts owed by group undertakings
828,200
768,200

Other debtors
158,513
176,063

Prepayments and accrued income
145,261
141,681

2,172,126
1,913,146



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans (see note 10)
62,500
62,500

Trade creditors
951,114
853,036

Corporation tax
101,906
62,000

Other taxation and social security
155,336
126,276

Obligations under finance lease and hire purchase contracts (see note 11)
9,240
8,679

Other creditors
254,680
181,062

Accruals and deferred income
189,502
171,951

1,724,278
1,465,504


Page 7

 
DOORFIT PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans (see note 10)
10,417
72,917

Net obligations under finance leases and hire purchase contracts (see note 11)
58,069
67,309

68,486
140,226



9.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
62,500
62,500

Amounts falling due 1-2 years

Bank loans
10,417
62,500

Amounts falling due 2-5 years

Bank loans
-
10,417


72,917
135,417



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

29 February
28 February
2024
2023
£
£


Within one year
9,240
8,680

Between 1-2 years
58,069
9,240

Between 3-5 years
-
58,069

67,309
75,989

The hire purchase and finance lease liabilities are secured on the assets to which they relate.

Page 8

 
DOORFIT PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
40,236
19,812

Later than 1 year and not later than 5 years
42,154
13,420

82,390
33,232


12.


Related party transactions

Other creditors falling due within one year includes £180,995 (2023: £107,653) which is owed to directors of the company.  These loans have no set repayment terms and interest of 8% (2023: 5%) per annum has been charged on the balances.


13.


Parent undertaking

The company is a wholly owned subsidiary of Doorfit Holdings Limited, a company registered in England and Wales.

 
Page 9