Caseware UK (AP4) 2023.0.135 2023.0.135 398612023-01-01falseNo description of principal activity174143falsefalse 06444960 2023-01-01 2023-12-31 06444960 2022-01-01 2022-12-31 06444960 2023-12-31 06444960 2022-12-31 06444960 2022-01-01 06444960 3 2023-01-01 2023-12-31 06444960 3 2022-01-01 2022-12-31 06444960 5 2023-01-01 2023-12-31 06444960 5 2022-01-01 2022-12-31 06444960 7 2023-01-01 2023-12-31 06444960 7 2022-01-01 2022-12-31 06444960 d:CompanySecretary1 2023-01-01 2023-12-31 06444960 d:Director1 2023-01-01 2023-12-31 06444960 d:Director2 2023-01-01 2023-12-31 06444960 d:Director3 2023-01-01 2023-12-31 06444960 d:RegisteredOffice 2023-01-01 2023-12-31 06444960 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 06444960 e:Buildings e:LongLeaseholdAssets 2023-12-31 06444960 e:Buildings e:LongLeaseholdAssets 2022-12-31 06444960 e:PlantMachinery 2023-01-01 2023-12-31 06444960 e:PlantMachinery 2023-12-31 06444960 e:PlantMachinery 2022-12-31 06444960 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06444960 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06444960 e:MotorVehicles 2023-01-01 2023-12-31 06444960 e:MotorVehicles 2023-12-31 06444960 e:MotorVehicles 2022-12-31 06444960 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06444960 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06444960 e:FurnitureFittings 2023-01-01 2023-12-31 06444960 e:FurnitureFittings 2023-12-31 06444960 e:FurnitureFittings 2022-12-31 06444960 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06444960 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06444960 e:OfficeEquipment 2023-01-01 2023-12-31 06444960 e:ComputerEquipment 2023-01-01 2023-12-31 06444960 e:ComputerEquipment 2023-12-31 06444960 e:ComputerEquipment 2022-12-31 06444960 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06444960 e:ComputerEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06444960 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06444960 e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06444960 e:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 06444960 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 06444960 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06444960 e:CurrentFinancialInstruments 2023-12-31 06444960 e:CurrentFinancialInstruments 2022-12-31 06444960 e:CurrentFinancialInstruments 1 2023-12-31 06444960 e:CurrentFinancialInstruments 1 2022-12-31 06444960 e:Non-currentFinancialInstruments 2023-12-31 06444960 e:Non-currentFinancialInstruments 2022-12-31 06444960 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 06444960 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 06444960 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 06444960 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 06444960 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 06444960 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 06444960 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 06444960 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 06444960 e:UKTax 2023-01-01 2023-12-31 06444960 e:UKTax 2022-01-01 2022-12-31 06444960 e:ShareCapital 2023-01-01 2023-12-31 06444960 e:ShareCapital 2023-12-31 06444960 e:ShareCapital 2022-01-01 2022-12-31 06444960 e:ShareCapital 2022-12-31 06444960 e:ShareCapital 2022-01-01 06444960 e:CapitalRedemptionReserve 2023-01-01 2023-12-31 06444960 e:CapitalRedemptionReserve 2023-12-31 06444960 e:CapitalRedemptionReserve 2022-01-01 2022-12-31 06444960 e:CapitalRedemptionReserve 2022-12-31 06444960 e:CapitalRedemptionReserve 2022-01-01 06444960 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06444960 e:RetainedEarningsAccumulatedLosses 2023-12-31 06444960 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06444960 e:RetainedEarningsAccumulatedLosses 2022-12-31 06444960 e:RetainedEarningsAccumulatedLosses 2022-01-01 06444960 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06444960 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06444960 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 06444960 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 06444960 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 06444960 d:OrdinaryShareClass1 2023-01-01 2023-12-31 06444960 d:OrdinaryShareClass1 2023-12-31 06444960 d:OrdinaryShareClass1 2022-12-31 06444960 d:FRS102 2023-01-01 2023-12-31 06444960 d:Audited 2023-01-01 2023-12-31 06444960 d:FullAccounts 2023-01-01 2023-12-31 06444960 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06444960 e:WithinOneYear 2023-12-31 06444960 e:WithinOneYear 2022-12-31 06444960 e:BetweenOneFiveYears 2023-12-31 06444960 e:BetweenOneFiveYears 2022-12-31 06444960 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 06444960 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 06444960 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 06444960 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 06444960 2 2023-01-01 2023-12-31 06444960 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-12-31 06444960 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-12-31 06444960 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-12-31 06444960 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-12-31 06444960 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2023-01-01 2023-12-31 06444960 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06444960









DoorCo Limited









Annual Report and Financial Statements

For the Year Ended 31 December 2023

 
DoorCo Limited
 
 
Company Information


Directors
D Sullivan 
J E Sullivan 
J A Collins 




Company secretary
E A Collins



Registered number
06444960



Registered office
Motorway House
Charter Way

Macclesfield

Cheshire

SK10 2NY




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
DoorCo Limited
 

Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11
Statement of changes in equity
 
12
Statement of cash flows
 
13 - 14
Analysis of net debt
 
14
Notes to the financial statements
 
15 - 31


 
DoorCo Limited
 
 
Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors present their Strategic Report for the year ended 31 December 2023.

Principal activity
 
The principal activity of the Company is that of importing, distributing, and prepping high quality composite doors for wholesale and retail markets. This is supported by an extensive marketing and technical support package which aids customer loyalty and brand credibility. 
Business review
2023 continued to generate challenging economic conditions with extremely high levels of inflation, interest rates and labour rates. Notwithstanding this, the Company’s financial performance was strong as it sought to re-address margin erosion experienced due to post-Covid volatility in supply chain costs.  
During 2023, the Company continued to develop its product range with further investment in tooling for the FLiP cassette system and continual improvements to the thermal qualities, strength and security of the ORiGINAL and GRiPCORE door ranges. The tools offer a new range of door styles that were launched at the end of the year and additional investment has also been made in advance of launching a new FiREDOOR range in 2024.
The UK Prepping facility underwent a significant change with re-organisation of process flows, re-structure of roles and responsibilities and investment in additional machinery to increase capacity for future growth.  
The Company has seen a substantial growth in its employee base increasing from 152 to 192 during the period.  As a result, there has been investment in onboarding new recruits and enhancing our employee proposition to ensure benefits and reward exceed market rates. 
Overall performance saw turnover increase from £36.98m to £42.85m (15.9% growth) and Earnings before Interest, Tax, Depreciation and Amortisation ('EBITDA') increase from £2.97m to £5.03m (growth of 69%).  
The Company has a number of Key Performance Indicators in place using Power BI software that it uses to monitor financial and operational performance across the business.
Health, Safety, Quality and Environment continues to be a key focus for the Company, with investment in equipment and a programme of work to develop new standards, training and awareness in all areas. 

Principal risks and uncertainties
 
The management of the business and execution of the Company’s strategy are subject to a number of risks which include:
• Raw material pricing and supply
• Market behaviour and cost of living crisis
• Labour availability and rates
• Political and economic policies
• Competitor activities
The Company considers the impact of these risks on a regular basis and takes steps to mitigate these through open and honest communication with suppliers, customers and employees.

Page 1

 
DoorCo Limited
 

Strategic Report (continued)
For the Year Ended 31 December 2023

Key performance indicators
 
     2023   2022
Turnover     £42,846,374  £36,982,394
Gross Margin Percentage   35%   29%
EBITDA     £5,027,258  £2,971,300
Non-financial key performance indicators include Number of doors sold.
These KPIs are closely monitored as we feel they are the most effective in assessing progress against our objectives and strategies.


This report was approved by the board and signed on its behalf.


J E Sullivan
Director

D Sullivan
Director


Date: 4 September 2024


Page 2

 
DoorCo Limited
 
 
 
Directors' Report
For the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £3,086,141 (2022 - £1,609,049).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

D Sullivan 
J E Sullivan 
J A Collins 

Future developments

At the end of 2023, the Company invested in a second manufacturing site in Thorne, Doncaster. This site allows the Company to operate an in-house manufacturing facility as part of its sourcing and growth strategy.  
The Company reviews customer, legislative and technology changes on a regular basis and has projects ongoing to continually improve its product and services to remain competitive in the market.  

Page 3

 
DoorCo Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 December 2023

Financial instruments

The Company's principal financial instruments comprise trade debtors, loans to related entities, trade creditors, invoice discounting and hire purchase contracts. The Company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Company by monitoring the factors that affects relevant financial risks.
Credit risk is managed by running credit checks on new customers and by monitoring payments against the contractual arrangements. The Company has no significant concentration of credit risk, which exposure spread over a number of customers. The credit risk on financial instruments is assessed to be low, being a secured loan to a related entity.
With regards to liquidity risk, the objective is to ensure continuity of funding and cash levels sufficient to meet the ongoing needs of the business. The policy is to smooth the cash management of the business and to arrange funding ahead of requirements, should it be needed.
The Company minimises the requirements for foreign currencies by sourcing key materials from suppliers who accept payment in GBP. Where this is not possible, we forecast our currency requirements and if levels are significant, forward buy to minimise rate fluctuations.
The Company recognises that managing cash flow risk is crucial to maintaining financial stability and ensuring the smooth operation of our business. Our cash flow risk policy aims to safeguard the company against potential liquidity shortages and ensure that we have sufficient cash to meet our obligations as they fall due. We maintain detailed cash flow forecasts to anticipate our cash needs. These forecasts are regularly updated to reflect changes in business operations, market conditions, and other external factors. Efficient credit control processes are in place to manage receivables and ensure timely collections from customers. This helps maintain a steady cash inflow. We closely monitor our expenditure, maintaining a healthy cash balance and avoiding unnecessary financial strain.

Research and development activities

The Company prides itself on developing its product range through investing in equipment to improve the capabilities and quality of the products. DoorCo also works with its partners and suppliers to research and develop ways to improve the thermal qualities and strength and security of the product ranges.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4

 
DoorCo Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 December 2023

This report was approved by the board and signed on its behalf.
 


J E Sullivan
Director
D Sullivan
Director


Date: 4 September 2024

Page 5

 
DoorCo Limited
 
 
 
Independent Auditors' Report to the Members of DoorCo Limited
 

Opinion


We have audited the financial statements of DoorCo Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 
DoorCo Limited
 
 
 
Independent Auditors' Report to the Members of DoorCo Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the 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.


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 directors' 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 set out on page 3, 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.


Page 7

 
DoorCo Limited
 
 
 
Independent Auditors' Report to the Members of DoorCo Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• The nature of the industry and sector in which the company operates; the control environment and business     performance including key drivers for performance targets.
• The outcome of enquiries of management, including whether management was aware of any instances of non-   compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged   fraud. 
• Supporting documentation relating to the Company's policies and procedures for:
 - Identifying, evaluating, and complying with laws and regulations
 - Detecting and responding to the risks of fraud
• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
• The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the    financial statements and any potential indicators of fraud.
• The legal and regulatory framework in which the Company operates, particularly those laws and regulations which    have a direct effect on the financial statements, such as the Companies Act 2006, tax legislation, or which had a    fundamental effect on the operations of the Company.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
• Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with    the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
• Discussions with management, including consideration of known or suspected instances of non-compliance with laws  and regulations and fraud.
• Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect    irregularities.
• Enquiring of management about any actual and potential litigation and claims.
• Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of    material misstatement due to fraud.
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to    identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or   error.
• Challenging assumptions made by management in their significant accounting estimates, and assessing whether the    judgements made in making accounting estimates are indicative of a potential bias; and
• Evaluating the rationale of any significant transactions that are unusual or outside the normal course of business.
 
Page 8

 
DoorCo Limited
 
 
 
Independent Auditors' Report to the Members of DoorCo Limited (continued)


We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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 Auditors' 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.


Anthony Woodings (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

4 September 2024
Page 9

 
DoorCo Limited
 
 
Statement of Comprehensive Income
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
42,846,374
36,982,394

Cost of sales
  
(27,734,668)
(26,221,412)

Gross profit
  
15,111,706
10,760,982

Administrative expenses
  
(10,766,711)
(8,383,139)

Operating profit
 5 
4,344,995
2,377,843

Interest receivable and similar income
 9 
471
-

Interest payable and similar expenses
 10 
(260,244)
(214,620)

Profit before tax
  
4,085,222
2,163,223

Tax on profit
 11 
(999,081)
(554,174)

Profit for the financial year
  
3,086,141
1,609,049

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 31 form part of these financial statements.

Page 10

 
DoorCo Limited
Registered number: 06444960

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,904
3,674

Tangible assets
 14 
2,979,128
2,160,796

  
2,981,032
2,164,470

Current assets
  

Stocks
 15 
3,588,262
4,400,403

Debtors: amounts falling due after more than one year
 16 
795,000
-

Debtors: amounts falling due within one year
 16 
8,467,440
5,837,088

Cash at bank and in hand
 17 
1,120,425
1,330,130

  
13,971,127
11,567,621

Creditors: amounts falling due within one year
 18 
(7,111,763)
(6,938,015)

Net current assets
  
 
 
6,859,364
 
 
4,629,606

Total assets less current liabilities
  
9,840,396
6,794,076

Creditors: amounts falling due after more than one year
 19 
(1,065,968)
(1,218,430)

Provisions for liabilities
  

Deferred tax
 22 
(650,425)
(484,828)

Other provisions
 23 
(558,000)
(570,956)

  
 
 
(1,208,425)
 
 
(1,055,784)

Net assets
  
7,566,003
4,519,862


Capital and reserves
  

Called up share capital 
 24 
454
454

Capital redemption reserve
 25 
446
446

Profit and loss account
 25 
7,565,103
4,518,962

  
7,566,003
4,519,862


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

J E Sullivan
D Sullivan
Director
Director


Date: 4 September 2024

The notes on pages 15 to 31 form part of these financial statements.

Page 11

 
DoorCo Limited
 

Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
454
446
4,518,962
4,519,862


Comprehensive income for the year

Profit for the year
-
-
3,086,141
3,086,141
Total comprehensive income for the year
-
-
3,086,141
3,086,141

Dividends: Equity capital
-
-
(40,000)
(40,000)


Total transactions with owners
-
-
(40,000)
(40,000)


At 31 December 2023
454
446
7,565,103
7,566,003


The notes on pages 15 to 31 form part of these financial statements.


Statement of Changes in Equity
For the Year Ended 31 December 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
454
446
3,444,555
3,445,455


Comprehensive income for the year

Profit for the year
-
-
1,609,049
1,609,049
Total comprehensive income for the year
-
-
1,609,049
1,609,049

Dividends: Equity capital
-
-
(534,642)
(534,642)


Total transactions with owners
-
-
(534,642)
(534,642)


At 31 December 2022
454
446
4,518,962
4,519,862


The notes on pages 15 to 31 form part of these financial statements.

Page 12

 
DoorCo Limited
 

Statement of Cash Flows
For the Year Ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
3,086,141
1,609,049

Adjustments for:

Amortisation of intangible assets
1,770
1,905

Depreciation of tangible assets
680,493
591,551

Loss on disposal of tangible assets
2,604
-

Interest paid
260,244
214,620

Interest received
(471)
-

Taxation charge
999,081
554,174

Decrease in stocks
812,141
4,095,454

Increase in debtors
(2,500,098)
(1,609,224)

Increase/(decrease) in creditors
210,321
(3,718,145)

(Decrease)/increase in provisions
(12,956)
217,956

Corporation tax paid
(719,953)
(46,486)

Net cash generated from operating activities

2,819,317
1,910,854


Cash flows from investing activities

Purchase of tangible fixed assets
(824,483)
(226,215)

Sale of tangible fixed assets
6,083
-

Interest received
471
-

HP interest paid
(82,458)
(70,633)

Loan to related party
(795,000)
-

Loan to director
(134,500)
-

Repayment of loan to director
4,246
-

Net cash used in investing activities

(1,825,641)
(296,848)

Cash flows from financing activities

Movements on trade receipt facility
(1,261,362)
968,989

Repayment of bank loans
(333,336)
(333,336)

Other new loans
-
285,260

Repayment of finance leases
(525,927)
(408,114)

Movements on invoice discounting
1,404,672
(797,169)

Dividends paid
(40,000)
(265,000)

Interest paid
(177,786)
(143,987)

Repayment of directors' loans
(269,642)
-

Net cash used in financing activities
(1,203,381)
(693,357)
Page 13

 
DoorCo Limited
 

Statement of Cash Flows (continued)
For the Year Ended 31 December 2023


2023
2022

£
£



Net (decrease)/increase in cash and cash equivalents
(209,705)
920,649

Cash and cash equivalents at beginning of year
1,330,130
409,481

Cash and cash equivalents at the end of year
1,120,425
1,330,130

Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,120,425
1,330,130

1,120,425
1,330,130



Analysis of Net Debt
For the Year Ended 31 December 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,330,130

(209,705)

1,120,425

Debt due after 1 year

(138,882)

138,882

-

Debt due within 1 year

(2,615,419)

1,725,458

(889,961)

Finance leases

(1,540,213)

(157,102)

(1,697,315)


(2,964,384)
1,497,533
(1,466,851)

The notes on pages 15 to 31 form part of these financial statements.

Page 14

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is Motorway House, Charter Way, Macclesfield, Cheshire, SK10 2NY.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is recognised upon despatch of goods.

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. 

Page 15

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 in the countries where the Company operates and generates income.

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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 16

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Lease
-
10
years

 
2.11

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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.

The estimated useful lives range as follows:

Leasehold improvements
-
10
years
Plant and machinery
-
8
years (Tooling & machinery)
Plant and machinery
-
6
years (Specialist parts)
Motor vehicles
-
4
years
Fixtures, fittings and equipment
-
4
years
Computer equipment
-
3
years

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.

Page 17

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.12

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 first in, first out 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.

 
2.13

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

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

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.
 

Page 18

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.18

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 19

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions.
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amount of the assets and liabilities within the next financial year.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
42,846,374
36,982,394


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Research & development charged as an expense
106,093
52,115

Exchange differences
97,314
15,742

Operating lease rentals - property
620,828
442,391

Operating lease rentals - plant and machinery
193,654
44,663


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
36,000
33,000
Page 20

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
6,157,988
4,543,629

Social security costs
671,169
431,722

Cost of defined contribution scheme
103,467
72,516

6,932,624
5,047,867


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Production
75
68



Administration and support
44
31



Distribution
55
44

174
143


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,066,870
661,280

Company contributions to defined contribution pension schemes
1,101
5,137

1,067,971
666,417


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £571,021 (2022 - £357,587).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £550 (2022 - £2,568).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
471
-

Page 21

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
177,786
125,040

Finance leases and hire purchase contracts
82,458
70,633

Other interest payable
-
18,947

260,244
214,620


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
833,484
479,168


833,484
479,168


Total current tax
833,484
479,168

Deferred tax


Origination and reversal of timing differences
165,597
75,006

Total deferred tax
165,597
75,006


Taxation on profit on ordinary activities
999,081
554,174
Page 22

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
4,085,222
2,163,223


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
1,021,306
411,012

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
30,114
30,921

Change in corporation tax rate
(52,426)
-

Change in deferred tax rate
-
116,359

Other differences leading to an increase (decrease) in the tax charge
87
(4,118)

Total tax charge for the year
999,081
554,174


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£

Ordinary


Dividends paid
40,000
534,642

Page 23

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

13.


Intangible assets




Lease

£



Cost


At 1 January 2023
17,397



At 31 December 2023

17,397



Amortisation


At 1 January 2023
13,723


Charge for the year on owned assets
1,770



At 31 December 2023

15,493



Net book value



At 31 December 2023
1,904



At 31 December 2022
3,674



Page 24

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

14.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Furniture, fittings and equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
129,014
3,416,121
249,110
267,341
309,028
4,370,614


Additions
33,887
1,120,478
203,930
88,743
60,474
1,507,512


Disposals
-
(10,256)
-
(4,396)
(48,600)
(63,252)



At 31 December 2023

162,901
4,526,343
453,040
351,688
320,902
5,814,874



Depreciation


At 1 January 2023
46,272
1,712,247
27,717
187,856
235,726
2,209,818


Charge for the year on owned assets
39,861
108,704
8,335
44,731
50,500
252,131


Charge for the year on financed assets
-
356,588
71,774
-
-
428,362


Disposals
-
(5,873)
-
(92)
(48,600)
(54,565)



At 31 December 2023

86,133
2,171,666
107,826
232,495
237,626
2,835,746



Net book value



At 31 December 2023
76,768
2,354,677
345,214
119,193
83,276
2,979,128



At 31 December 2022
82,742
1,703,874
221,393
79,485
73,302
2,160,796

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,848,129
1,482,494

Motor vehicles
286,881
221,393

Page 25

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

15.


Stocks

2023
2022
£
£

Finished goods and goods for resale
3,588,262
4,400,403



16.


Debtors

2023
2022
£
£

Due after more than one year

Loans
795,000
-


2023
2022
£
£

Due within one year

Trade debtors
5,046,820
4,107,943

Other debtors
687,399
268,987

Prepayments and accrued income
2,733,221
1,460,158

8,467,440
5,837,088


During the year, the Company made an unsecured loan which is due after more than one year and totalled £795,000. Under the terms of the initial loan agreement, the loan was repayable in monthly instalments beginning 12 months after the loan was made, over a period of 19 years. Interest was receivable on the unpaid principal at the rate of 2.25% above Base rate per annum, beginning on 1 January 2024.
Subsequent to the year-end, the loan agreement has been re-formalised such that the loan value has been extended to £885,000 and the loan is secured on the borrowing entity's assets. The loan is repayable by December 2031, and the applicable interest rate is 2% above Base rate per annum.


17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,120,425
1,330,130


Page 26

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
889,961
2,345,777

Trade creditors
644,876
1,037,079

Corporation tax
396,754
283,223

Other taxation and social security
584,580
410,820

Obligations under finance lease and hire purchase contracts
631,347
460,665

Invoice discounting advances
3,315,006
1,910,334

Other creditors
27,401
301,948

Accruals and deferred income
621,838
188,169

7,111,763
6,938,015


Bank loans totalling £751,079 (2022: £2,012,441) are secured by a fixed and floating charge. The floating charge covers all the property or undertaking of the company.
Bank loans also include amounts due under the Coronavirus Business Interruption Loan Scheme totalling £138,882 (2022: £472,218). The Secretary of State agreed to provide the Bank with a Partial Guarantee. This is given to the Bank and not to the Company and the Company remains liable for all sums payable under this agreement, in the event of default.
Invoice discounting advances are secured by a fixed and floating charge over the undertaking and all property and assets present and future.
Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.


19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
138,882

Net obligations under finance leases and hire purchase contracts
1,065,968
1,079,548

1,065,968
1,218,430


Page 27

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

20.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
889,961
2,345,777


889,961
2,345,777

Amounts falling due 1-2 years

Bank loans
-
138,882


-
138,882


889,961
2,484,659


A bank loan totalling £751,079 is outstanding at 31 December 2023 (2022: £2,012,441) in relation to a trade facility. Interest is payable at a rate of 2.75% above SONIA. The Bank may require payment on demand of all amounts owing to it in respect of all or any goods and documents of title to goods released by the Bank to the Company under the Advances Against Trust Receipt Facility.
 
The Company entered into a loan agreement in respect of a loan from National Westminster Bank Plc and this was drawn down during May 2020. The lending facility was supported by the Coronavirus Business Interruption Loan Scheme, with interest due during the first 12 months being payable by the UK Government under the terms of the Scheme, and by the Company for the remainder of the loan term. A fixed interest rate of 2.33% is applicable. The bank loan outstanding at 31 December 2023 totalled £138,882, which is due within one year. Monthly loan repayments are being made and the final payment is due in May 2024.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
721,169
460,665

Between 1-5 years
1,151,540
1,079,548

1,872,709
1,540,213
Page 28

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

22.


Deferred taxation




2023
2022


£

£






At beginning of year
(484,828)
(409,822)


Charged to the profit or loss
(165,597)
(75,006)



At end of year
(650,425)
(484,828)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(650,425)
(484,828)

(650,425)
(484,828)


23.


Provisions




Other provisions

£





At 1 January 2023
570,956


Charged to profit or loss
65,000


Released in year
(77,956)



At 31 December 2023
558,000

The provision carried forward relates to a health and safety issue in respect of a fine, whereby legal proceedings were ongoing at the year-end. 
Subsequent to the year-end, in March 2024, legal proceedings concluded. The financial statements have not been adjusted to reflect the final amount of the fine, as it was not materially different to the amount provided for. 


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



454 (2022 - 454) Ordinary shares of £1.00 each
454
454


Page 29

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

25.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents paid up share capital.

Profit and loss account

Profit and loss account represents cumulative gains and losses net of dividends paid.


26.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
762,487
263,626


27.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £103,467 (2022 - £67,379). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
598,141
595,619

Later than 1 year and not later than 5 years
462,631
779,571

1,060,772
1,375,190

Page 30

 
DoorCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

29.


Transactions with directors

Loans made to directors during 2022 were repaid during 2023, and balances were payable by a director at 31 December 2023. Interest was charged at 2% per annum on overdrawn amounts.

Opening balance
Amounts advanced
Amounts repaid/paid
Closing balance
        £
        £
        £
        £
Director 1

(134,821)

-

134,821
 
-
 
Director 2

(134,821)

134,500

130,575
 
130,254
 

(269,642)

134,500

265,396
 
130,254
 


30.


Related party transactions

During the year, the Company entered into transactions in the ordinary course of business, with parties over which directors of the Company have control or significant influence:


2023
2022
£
£

Purchase of services and goods
744,666
1,144,736
Sales
12,557
39,478
Amounts payable to related parties
41,858
68,312
Amounts owed from related parties
89,198
-
Loan to related party (Note 16)
795,000
-

Transactions with directors (excluding Directors' loan accounts and Remuneration):

2023
2022
£
£



Dividends
40,000
534,642

Key management remuneration totalled £1,067,971 (2022: £666,417).


31.


Controlling party

The Company is jointly controlled by D Sullivan & J E Sullivan, who each hold 40% of the Company's shares.
 
Page 31