Company registration number 05298340 (England and Wales)
DISTINCTION DOORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DISTINCTION DOORS LIMITED
COMPANY INFORMATION
Directors
A J Fowlds
C Roach
S Massey
O D Jones
M Spence
(Appointed 20 September 2023)
Company number
05298340
Registered office
36 Wentworth Industrial Estate
Wentworth Way
Tankersley
Barnsley
S75 3DH
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
DISTINCTION DOORS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 26
DISTINCTION DOORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Strategic Management
The company continually strives to be a pioneer in the external door market. It sources and supplies high quality innovative products to its customers based on their bespoke needs, assisting them through the product life cycle by delivering technical and marketing expertise and support.
The company provides an environment which allows engaged employees to share the company values so they can flourish and develop to their full potential. Objectives are constantly reviewed to ensure a thriving and sustainable business for the future.
The workforce is the company’s most valuable asset and are supported with employee training and development at all levels. In 2023 the Investors in People accreditation was retained, and employee numbers were increased.
Business Environment
Throughout 2023 the macro-economic environment remained challenging. The impact of the war in Ukraine endured with continued high inflation rates, consequently driving interest rates to their highest level since August 2008.
Despite the drop in demand in the fenestration industry, long standing relationships with our customers have enabled us to sustain profitability.
The outbreak of war in Israel and the Red Sea crisis began to impact Distinction at the end of 2023, with supply chain delays and increased shipping costs. The business expects this to continue into 2024. To mitigate this and enable us to support customers, the business will once again look to maintain a buffer level of stock.
Business Performance
Another year of volatility with spiralling costs and uncertainty in the supply chain has yet again limited many businesses' ability to trade freely. Distinction, like most businesses has been faced with costs rising at an alarming rate, leaving the business in the unfavourable position of passing on cost or accepting significant profitability erosion. However, an increased proportion of manufacturing sales has supported the overall profitability.
Gross Profit increased YOY to 33.2% in 2023 vs 28.6% in 2022.
Outlook
The company continues to adapt to an ever-changing business environment, harnessing its strengths and capabilities towards achieving targeted development of both new and existing product lines. The experienced, talented, and engaged workforce is in a strong position to steer the business through the current uncertainty.
The company has considerable financial resources together with long term contracts with key suppliers. Consequently, the directors believe it is well placed to manage its business risk successfully despite the ongoing uncertainty.
The directors have considered the impact of inflationary pressures on the company’s trade, workforce, and supply chain as well as the wider economy.
Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the directors are confident that they have in place plans to limit any impact on business performance, as reflected in 2023 performance in an uncertain business environment.
The directors have undertaken a comprehensive review of the 2024 forecasts including cashflows and are confident, even with conservative estimates, that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
DISTINCTION DOORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
S172 statement
Engaging with stakeholders
The success of our business is dependent on the support of all our stakeholders. Building positive relationships with stakeholders that share our values is important to us and working together towards shared goals assists us in delivering long-term sustainable success.
Shareholders
We maintain an open dialogue with our shareholders through periodic board meetings and quarterly shareholder meetings. Our shareholders are integral to the success of the business and play a key role in our decision-making process, financial performance, and strategic outlook.
Employees
Distinction maintains a continual open dialogue with all employees on both performance and wider outlook. Managers are provided periodic KPI packs with performance analysis of all areas of the business allowing for open dialogue on the company H&S audits, business financial performance, supplier and customer relationships and operational performance.
Quarterly, a full employee brief is run that provides a top line overview to every employee of the key results reviewed in the periodic KPI’s. Our drive is to maintain an open culture where all employees have a direct dialogue with senior management as we strive to grow the business in our pursuit of perfection.
Customers
Our pursuit of perfection is to delight our customers. We strive to deliver the best product and service to the market. Our customer base is key to the success of our business, as such we invest a large amount of time working with customers to understand their needs and emerging market changes. From order to after-sales care, we provide our customers a dedicated 1-2-1 contact in customer service, a dedicated external sales contact, access to marketing and brochure support and technical representatives to assist with their staff training on our product.
Suppliers
We continue to build strong working relationships with our suppliers to develop long lasting partnerships. Supplier relationships run throughout the business assisted by our procurement team. From the board down our main supplier KPI is to continue to develop and support long-term supplier relationships. Supported through our periodic reviews with key accounts and more informally with open dialogue on a day-to-day basis.
Communities
We are proud to be part of the Barnsley and wider South Yorkshire community. We engage with the local communities on several fronts and aim to give something back to the local communities we work in. We partner with a local charity each year to help raise awareness and funds and organise several fund-raising events throughout the year which are keenly supported by employees.
We maintain a strong working relationship with Barnsley College with our ongoing apprenticeships and Sheffield Hallam University with our undergraduate placement scheme.
A J Fowlds
Director
19 August 2024
DISTINCTION DOORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be the distribution of composite doors.
Results and dividends
The results for the year are set out on page 9.
Dividends were paid amounting to £3,894,571. The directors do not recommend payment of a further dividend
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A J Fowlds
D M Walker
(Resigned 27 July 2023)
C Roach
H Lovack
(Resigned 1 August 2024)
S Massey
O D Jones
G W Teagle
(Appointed 18 September 2023 and resigned 24 June 2024)
M Spence
(Appointed 20 September 2023)
Auditor
The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
277,628
234,462
- Electricity purchased
1,729,995
2,057,596
- Fuel consumed for transport
199,183
203,882
2,206,806
2,495,940
DISTINCTION DOORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
59.40
47.80
- Fuel consumed for owned transport
39.10
36.50
98.50
84.30
Scope 2 - indirect emissions
- Electricity purchased
358.20
396.70
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
8.50
12.70
Total gross emissions
465.20
493.70
Intensity ratio
Tones of CO2e per employee
2.35
2.60
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.
Measures taken to improve energy efficiency
In 2023 Distinction Doors saw an overall decrease in CO2 per employee due to an effort to identify areas of energy wastage and the implementation of measures to improve consumption such as the installation of motion detection lighting.
Going forward, the company hopes to increasingly move towards the use of electric vehicles to reduce fuel consumption.
DISTINCTION DOORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
A J Fowlds
Director
19 August 2024
DISTINCTION DOORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DISTINCTION DOORS LIMITED
- 6 -
Opinion
We have audited the financial statements of Distinction Doors Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 December 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.
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 Auditor's 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report theron. 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 theron.
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
DISTINCTION DOORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DISTINCTION DOORS LIMITED (CONTINUED)
- 7 -
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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the entity through discussions with Directors and other management, and from our knowledge and experience of the industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the entity, including health and safety and data protection laws;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
we ensured identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the entity’s financial statements to material misstatement, including obtaining an
understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
DISTINCTION DOORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DISTINCTION DOORS LIMITED (CONTINUED)
- 8 -
To address the risk of fraud through management bias and override of controls, we
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases
the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Lisa Leighton
Senior Statutory Auditor
For and on behalf of BHP LLP
19 August 2024
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
DISTINCTION DOORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
43,202,178
44,365,932
Cost of sales
(28,837,904)
(31,666,301)
Gross profit
14,364,274
12,699,631
Administrative expenses
(8,334,940)
(7,769,003)
Other operating income
22,301
17,725
Operating profit
4
6,051,635
4,948,353
Interest receivable and similar income
8
15,883
Interest payable and similar expenses
9
(677,841)
(486,304)
Profit before taxation
5,389,677
4,462,049
Tax on profit
10
(1,168,518)
(731,799)
Profit for the financial year
4,221,159
3,730,250
Other comprehensive income
Fair value adjustments reclassified to profit or loss
(798,690)
151,881
Tax relating to other comprehensive income
199,673
(37,910)
Total comprehensive income for the year
3,622,142
3,844,221
The profit and loss account has been prepared on the basis that all operations are continuing operations.
DISTINCTION DOORS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,696,371
1,855,534
Investments
13
1
1
1,696,372
1,855,535
Current assets
Stocks
16
5,824,378
8,253,520
Debtors
17
17,392,512
16,227,564
Cash at bank and in hand
29,967
508,647
23,246,857
24,989,731
Creditors: amounts falling due within one year
18
(9,923,323)
(12,441,693)
Net current assets
13,323,534
12,548,038
Total assets less current liabilities
15,019,906
14,403,573
Creditors: amounts falling due after more than one year
19
(3,549,420)
(2,598,684)
Provisions for liabilities
Deferred tax liability
22
191,000
312,792
(191,000)
(312,792)
Net assets
11,279,486
11,492,097
Capital and reserves
Called up share capital
26
150,000
150,000
Fair value reserve
(221,287)
377,730
Capital contribution reserve
114,651
54,833
Profit and loss reserves
11,236,122
10,909,534
Total equity
11,279,486
11,492,097
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
A J Fowlds
Director
Company registration number 05298340 (England and Wales)
DISTINCTION DOORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Fair value reserve
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
150,000
263,759
-
13,179,284
13,593,043
Year ended 31 December 2022:
Profit
-
-
-
3,730,250
3,730,250
Other comprehensive income:
Gains reclassified to profit or loss
-
151,881
-
-
151,881
Tax relating to other comprehensive income
-
(37,910)
-
(37,910)
Total comprehensive income
-
113,971
-
3,730,250
3,844,221
Dividends
11
-
-
-
(6,000,000)
(6,000,000)
Other movements
-
-
54,833
-
54,833
Balance at 31 December 2022
150,000
377,730
54,833
10,909,534
11,492,097
Year ended 31 December 2023:
Profit
-
-
-
4,221,159
4,221,159
Other comprehensive income:
Gains reclassified to profit or loss
-
(798,690)
-
-
(798,690)
Tax relating to other comprehensive income
-
199,673
-
199,673
Total comprehensive income
-
(599,017)
-
4,221,159
3,622,142
Dividends
11
-
-
-
(3,894,571)
(3,894,571)
Other movements
-
-
59,818
-
59,818
Balance at 31 December 2023
150,000
(221,287)
114,651
11,236,122
11,279,486
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
Distinction Doors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36 Wentworth Industrial Estate, Wentworth Way, Tankersley, Barnsley, S75 3DH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Distinction Doors Limited is a wholly owned subsidiary of Distinction Manufacturing Group Limited and the results of Distinction Doors Limited are included in the consolidated financial statements of Distinction Manufacturing Group Limited which are available from 36 Wentworth Industrial Estate, Wentworth Way, Tankersley, Barnsley, S75 3 DH.
1.2
Prior period error
Comparative amounts in relation to operating lease commitments have been restated within the relevant notes to reflect their accurate balances. This has no impact on the profit or the reserves.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
20% straight line
Plant and machinery
20 to 33.3% straight line
Fixtures, fittings & equipment
20 to 33.3% straight line
Computer equipment
20 to 33.3% straight line
Motor vehicles
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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 the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
The preparation of financial information required management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Judgements and estimates 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. The resulting accounting estimates may differ from the related actual results.
There are no key judgements, estimates or assumptions that have been made by the directors in the preparation of these financial statements.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
43,202,178
44,365,932
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
41,880,863
42,595,591
Rest Of Europe
1,321,315
1,770,341
43,202,178
44,365,932
2023
2022
£
£
Other revenue
Interest income
15,883
-
Grants received
22,301
17,725
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(130,075)
(1,898,658)
Government grants
(22,301)
(17,725)
Depreciation of owned tangible fixed assets
550,535
304,376
Depreciation of tangible fixed assets held under finance leases
144,466
176,776
Share-based payments
59,818
54,833
Operating lease charges
559,568
661,912
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the company
23,650
21,000
For other services
Taxation compliance services
4,750
4,500
Other taxation services
4,950
11,033
9,700
15,533
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administration and Sales
75
71
Production
122
119
Total
197
190
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
7,114,711
6,665,324
Social security costs
648,112
591,877
Pension costs
274,387
222,613
8,037,210
7,479,814
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
961,170
741,960
Company pension contributions to defined contribution schemes
46,558
28,913
1,007,728
770,873
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 5).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
273,301
260,605
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
15,883
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
673,665
473,421
Interest on finance leases and hire purchase contracts
4,176
12,883
677,841
486,304
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,260,078
697,459
Adjustments in respect of prior periods
(58,441)
(113,452)
Total current tax
1,201,637
584,007
Deferred tax
Origination and reversal of timing differences
(33,119)
147,792
Total tax charge
1,168,518
731,799
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
5,389,677
4,462,049
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,267,652
847,789
Tax effect of expenses that are not deductible in determining taxable profit
16,402
17,701
Tax effect of income not taxable in determining taxable profit
(82)
Adjustments in respect of prior years
(58,441)
(113,452)
Group relief
(38,600)
(9,215)
Permanent capital allowances in excess of depreciation
(6,393)
(55,149)
Other permanent differences
(2,590)
Deferred tax not recognised
4,620
5,565
Change in deferred tax rates
(14,050)
38,560
Taxation charge for the year
1,168,518
731,799
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Deferred tax arising on:
Revaluation of financial instruments treated as cash flow hedges
(199,673)
37,910
11
Dividends
2023
2022
£
£
Ordinary dividends final paid
3,894,571
6,000,000
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
12
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
346,336
3,487,728
996,384
484,456
5,314,904
Additions
79,692
156,377
261,929
37,840
535,838
Disposals
(669,817)
(401,844)
(99,012)
(1,170,673)
At 31 December 2023
426,028
2,974,288
856,469
423,284
4,680,069
Depreciation and impairment
At 1 January 2023
170,803
2,160,301
686,593
441,673
3,459,370
Depreciation charged in the year
43,307
468,525
155,396
27,773
695,001
Eliminated in respect of disposals
(669,817)
(401,844)
(99,012)
(1,170,673)
At 31 December 2023
214,110
1,959,009
440,145
370,434
2,983,698
Carrying amount
At 31 December 2023
211,918
1,015,279
416,324
52,850
1,696,371
At 31 December 2022
175,533
1,327,427
309,791
42,783
1,855,534
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
73,000
217,466
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
1
1
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Axis Doors Limited
United Kingdom
Dormant
Ordinary
100.00
Fire Door Systems Limited
United Kingdom
Dormant
Ordinary
100.00
Evergreen Doors Limited
United Kingdom
Dormant
Ordinary
100.00
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
15
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
503,641
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
295,049
-
16
Stocks
2023
2022
£
£
Finished goods and goods for resale
5,824,378
8,253,520
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,237,242
5,539,632
Amounts owed by group undertakings
11,791,347
10,055,279
Derivative financial instruments
-
503,641
Other debtors
583
Prepayments and accrued income
252,340
129,012
17,281,512
16,227,564
Deferred tax asset (note 22)
111,000
17,392,512
16,227,564
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
21
54,802
Other borrowings
20
3,975,884
5,779,535
Trade creditors
2,700,197
3,836,551
Amounts owed to group undertakings
362,630
Corporation tax
591,370
498,897
Other taxation and social security
1,068,038
1,230,336
Derivative financial instruments
295,049
Government grants
23
21,225
21,225
Other creditors
46,438
40,533
Accruals and deferred income
1,225,122
617,184
9,923,323
12,441,693
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
20
3,500,000
2,533,959
Government grants
23
49,420
64,725
3,549,420
2,598,684
20
Loans and overdrafts
2023
2022
£
£
Other loans
7,475,884
8,313,494
Payable within one year
3,975,884
5,779,535
Payable after one year
3,500,000
2,533,959
Included in other loans is a bank loan of £4,500,000 (2022: £3,333,333) which bears interest at the rate of 5.75% plus base rate per annum and is secured by a fixed and floating charge over all the present and future assets of Distinction Manufacturing Group Limited. The loan is repayable over 60 months.
Also included within other loans is invoice financing creditors of £2,975,884 (2022: £4,480,161) and inventory facility of £nil (2022: £500,000) which are secured by a legal charge over the assets of Distinction Manufacturing Group Limited.
21
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
51,590
In two to five years
3,212
54,802
Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
191,000
200,500
-
-
Short term timing differences
-
-
22,000
-
Share based payments
-
(13,708)
15,000
-
Deferred tax on forward contracts through OCI
-
126,000
74,000
-
191,000
312,792
111,000
-
2023
Movements in the year:
£
Liability at 1 January 2023
312,792
Credit to profit or loss
(33,119)
Credit to other comprehensive income
(199,673)
Liability at 31 December 2023
80,000
23
Government grants
2023
2022
£
£
Arising from government grants
70,645
85,950
Included in the financial statements as follows:
Current liabilities
21,225
21,225
Non-current liabilities
49,420
64,725
70,645
85,950
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
274,387
222,613
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
25
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
3,000
0.01
Granted
18,000
0.01
Exercised
(13,500)
0.01
Expired
(1,500)
(1,500)
0.01
0.01
Outstanding at 31 December 2023
1,500
3,000
0.01
0.01
Exercisable at 31 December 2023
1,500
3,000
0.01
0.01
The options outstanding at 31 December 2023 had an exercise price of £0.01 and a remaining contractual life of 8 years and 1 month.
Liabilities and expenses
EMI Share options are awarded to key personnel to incentivise and encourage their long-term commitment to the group. Management is required to use an appropriate pricing model to value the issue of equity to employees or those providing similar services.
Fair value is measured by use of the Black-Scholes option pricing model with the value of each option considered separately at the date of grant. Any charge to the profit and loss account in respect of the options is a function of the model.
26
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
150,000
150,000
150,000
150,000
27
Fair value reserve
Includes movements in fair values on derivative financial instruments identified as designated and effective hedges. This is a non-distributable reserve impacting Other Comprehensive Income.
28
Capital contribution reserve
Includes movements in the recognised value of share based payments as a result of EMI schemes operated by the ultimate controlling company, Distinction Manufacturing Group Limited, for employment services rendered to Distinction Doors Limited.
DISTINCTION DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
29
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
534,346
401,778
Between two and five years
1,528,211
1,270,140
In over five years
585,000
877,500
2,647,557
2,549,418
30
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
143,918
-
31
Related party transactions
The company has taken advantage of the exemption in section 33.1A of FRS 102 from disclosing transactions entered into between two or more members of the group as all subsidiaries are wholly owned.
The company has taken advantage of the exemption under FRS 102 section 1.12 Reduced Disclosures For Subsidiaries from disclosing key management personnel compensation in total.
32
Ultimate controlling party
The parent company is Distinction Doors Holdings Limited. The ultimate parent company is Distinction Manufacturing Group Limited.
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