Registered number:
For the Year Ended
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DoorCo Limited
Company Information
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DoorCo Limited
Contents
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DoorCo Limited
Strategic Report
For the Year Ended 31 December 2023
The directors present their Strategic Report for the year ended 31 December 2023.
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.
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.
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DoorCo Limited
Strategic Report (continued)
For the Year Ended 31 December 2023
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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 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.
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.
The directors who served during the year were:
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.
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DoorCo Limited
Directors' Report (continued)
For the Year Ended 31 December 2023
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.
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.
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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DoorCo Limited
Directors' Report (continued)
For the Year Ended 31 December 2023
This report was approved by the board and signed on its behalf.
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DoorCo Limited
Independent Auditors' Report to the Members of DoorCo Limited
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 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).
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.
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 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 Report. 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 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.
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DoorCo Limited
Independent Auditors' Report to the Members of DoorCo Limited (continued)
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.
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.
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DoorCo Limited
Independent Auditors' Report to the Members of DoorCo Limited (continued)
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.
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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.
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 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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DoorCo Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2023
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DoorCo Limited
Registered number: 06444960
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 31 form part of these financial statements.
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DoorCo Limited
Statement of Changes in Equity
For the Year Ended 31 December 2023
Statement of Changes in Equity
For the Year Ended 31 December 2022
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DoorCo Limited
Statement of Cash Flows
For the Year Ended 31 December 2023
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DoorCo Limited
Statement of Cash Flows (continued)
For the Year Ended 31 December 2023
Analysis of Net Debt
For the Year Ended 31 December 2023
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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
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:
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
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:
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:
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.
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (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.
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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.
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
Capital redemption reserve
Profit and loss account
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.
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DoorCo Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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.
The Company is jointly controlled by D Sullivan & J E Sullivan, who each hold 40% of the Company's shares.
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