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COMPANY REGISTRATION NUMBER: 04883240
Spiller Door Controls Ltd
Filleted Unaudited Financial Statements
31 December 2023
Spiller Door Controls Ltd
Financial Statements
Year ended 31 December 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 11
Spiller Door Controls Ltd
Officers and Professional Advisers
The board of directors
D Lillington
G Brewer
G Hewitt
M Trowbridge
T Lillington
N Geyser
K Sutcliffe
Registered office
43 Richmond Hill
Bournemouth
England
BH2 6LR
Accountants
BSN Associates Limited
Chartered accountants
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Bankers
National Westminster Bank PLC
49 South Street
Dorchester
Dorset
DT11DW
Spiller Door Controls Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
47,708
132,917
Tangible assets
6
75,538
56,706
---------
---------
123,246
189,623
Current assets
Stocks
7
616,274
605,346
Debtors
8
884,657
839,017
Cash at bank and in hand
666,760
306,358
------------
------------
2,167,691
1,750,721
Creditors: amounts falling due within one year
9
808,789
784,636
------------
------------
Net current assets
1,358,902
966,085
------------
------------
Total assets less current liabilities
1,482,148
1,155,708
Creditors: amounts falling due after more than one year
10
53,333
93,333
Provisions
Taxation including deferred tax
11
12,578
6,359
Other provisions
11
19,950
19,950
--------
--------
32,528
26,309
------------
------------
Net assets
1,396,287
1,036,066
------------
------------
Spiller Door Controls Ltd
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
13
1,349
1,349
Share premium account
14
349,551
349,551
Profit and loss account
14
1,045,387
685,166
------------
------------
Shareholders funds
1,396,287
1,036,066
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
N Geyser
Director
Company registration number: 04883240
Spiller Door Controls Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company operates as a wholesaler of fire and security products. The company is a private company limited by shares and is registered in England and Wales. The company place of business is Unit 3 Grove Trading Estate, Dorchester, Dorset, DT1 1SS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant accounting estimates or judgements have been made.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% - 10% straight-line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
Over the remaining term of the original lease
Fixtures and Fittings
-
15% reducing balance & 25% straight line
Motor Vehicles
-
25% straight line
Equipment
-
25% - 33% straight line
Software and Website Development
-
25% - 33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2022: 30 ).
5. Intangible assets
Goodwill
Intellectual property
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,536,022
3
1,536,025
------------
----
------------
Amortisation
At 1 January 2023
1,403,108
1,403,108
Charge for the year
85,209
85,209
------------
----
------------
At 31 December 2023
1,488,317
1,488,317
------------
----
------------
Carrying amount
At 31 December 2023
47,705
3
47,708
------------
----
------------
At 31 December 2022
132,914
3
132,917
------------
----
------------
6. Tangible assets
Leasehold improvements
Fixtures and fittings
Equipment
Software
Total
£
£
£
£
£
Cost
At 1 January 2023
86,786
52,493
142,187
40,603
322,069
Additions
8,473
34,794
43,267
--------
--------
---------
--------
---------
At 31 December 2023
86,786
60,966
176,981
40,603
365,336
--------
--------
---------
--------
---------
Depreciation
At 1 January 2023
55,023
45,217
124,520
40,603
265,363
Charge for the year
6,353
5,173
12,909
24,435
--------
--------
---------
--------
---------
At 31 December 2023
61,376
50,390
137,429
40,603
289,798
--------
--------
---------
--------
---------
Carrying amount
At 31 December 2023
25,410
10,576
39,552
75,538
--------
--------
---------
--------
---------
At 31 December 2022
31,763
7,276
17,667
56,706
--------
--------
---------
--------
---------
7. Stocks
2023
2022
£
£
Raw materials and consumables
616,274
605,346
---------
---------
8. Debtors
2023
2022
£
£
Trade debtors
845,999
805,218
Prepayments and accrued income
38,658
33,799
---------
---------
884,657
839,017
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
40,000
40,000
Trade creditors
506,458
486,363
Amounts owed to group undertakings
60
Accruals and deferred income
114,536
102,830
Corporation tax
35,017
71,222
Social security and other taxes
112,774
84,161
Director loan accounts
4
---------
---------
808,789
784,636
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
53,333
93,333
--------
--------
There are fixed and floating charges in favour of Abn Amro Commercial Finance PLC and Abn Amro Asset Based Finance N.V. dated 5 September 2014 and 5 June 2019 respectively. These were both satisfied after date on 3 April 2024.
11. Provisions
Dilapidations
Deferred tax (note 12)
Total
£
£
£
At 1 January 2023
19,950
6,359
26,309
Additions
6,219
6,219
--------
--------
--------
At 31 December 2023
19,950
12,578
32,528
--------
--------
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 11)
12,578
6,359
--------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
12,578
6,359
--------
-------
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
135
135
135
135
Ordinary B shares of £ 1 each
585
585
585
585
Ordinary C shares of £ 1 each
135
135
135
135
Ordinary D shares of £ 1 each
135
135
135
135
Ordinary E shares of £ 1 each
135
135
135
135
Ordinary F shares of £1 each
179
179
179
179
Ordinary G shares of £1 each
45
45
45
45
-------
-------
-------
-------
1,349
1,349
1,349
1,349
-------
-------
-------
-------
All categories of ordinary shares carry equal rights except in relation to dividends.
14. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
15. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
114,694
95,819
Later than 1 year and not later than 5 years
411,749
346,721
Later than 5 years
227,400
158,179
---------
---------
753,843
600,719
---------
---------
16. Related party transactions
Riskstop Group Limited During the year the company made net sales of £1,863 and had net purchases of £925 from Riskstop Group Limited, a company which had common directors. At the year end there were no outstanding debtor or creditor balances Vanquish Hardware Protection Systems Limited During the year the company made net sales of £227 and had net purchases of £17,501 from Vanquish Hardware Protection Systems Limited, a company in which has one common director with Spiller Door Controls Limited. At the year end there were no outstanding trade debtor balances, and included within trade creditors is £2,382 outstanding at the year end.
17. Controlling party
Prior to the 24th January 2023, the ultimate parent company was Riskstop Group Holdings Limited, a company registered in England and Wales. Since 24th January 2023 until the 8th April 2024, the ultimate parent company was Spiller Door Controls Holdings Limited and from the 8th April 2024, the ultimate parent company is Door Controls Group Limited, both companies registered in England and Wales. The registered address of Door Controls Group Limited is 43 Richmond Hill, Bournemouth, England, BH2 6LR.