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COMPANY REGISTRATION NUMBER: 03329640
Attenborough Industrial Doors Limited
Filleted Financial Statements
29 February 2024
Attenborough Industrial Doors Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
1,333,665
1,108,919
Investments
5
85,675
85,675
------------
------------
1,419,340
1,194,594
Current assets
Debtors
6
1,515
1,515
Cash at bank and in hand
389,848
507,916
---------
---------
391,363
509,431
Creditors: amounts falling due within one year
7
61,135
156,975
---------
---------
Net current assets
330,228
352,456
------------
------------
Total assets less current liabilities
1,749,568
1,547,050
Provisions
Taxation including deferred tax
71,258
53,435
------------
------------
Net assets
1,678,310
1,493,615
------------
------------
Capital and reserves
Called up share capital
100
100
Other reserves
511,061
511,061
Profit and loss account
1,167,149
982,454
------------
------------
Shareholders funds
1,678,310
1,493,615
------------
------------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Attenborough Industrial Doors Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 9 September 2024 , and are signed on behalf of the board by:
Mr M Whorley
Director
Company registration number: 03329640
Attenborough Industrial Doors Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
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.
Related party exemption
The company has taken advantage of the exemption conferred by FRS 102 1A not to disclose transactions with wholly owned subsidiaries.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Turnover is generated from the provision of assets on an operating lease basis.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery depreciation
-
20% reducing balance
Investment property
The investment property is stated at fair value, with fair value being assessed on an annual basis.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in subsidiaries accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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.
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. Short term debtors are measured at transaction price, less any impairment. Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Short term creditors are measured at the transaction price. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans and hire purchase agreements from banks and other third parties, and loans to and from related parties.
4. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost or fair value
At 1 March 2023
1,107,208
12,747
1,119,955
Additions
225,089
225,089
------------
--------
------------
At 29 February 2024
1,332,297
12,747
1,345,044
------------
--------
------------
Depreciation
At 1 March 2023
11,036
11,036
Charge for the year
343
343
------------
--------
------------
At 29 February 2024
11,379
11,379
------------
--------
------------
Carrying amount
At 29 February 2024
1,332,297
1,368
1,333,665
------------
--------
------------
At 28 February 2023
1,107,208
1,711
1,108,919
------------
--------
------------
The property was revalued on 7 February 2022 to current market value and the increase in value of £350,000 allocated to the fair value reserve. The property was revalued by Simon P Dare of Innes England, a RICS registered chartered surveyor. During the year the company built an additional workshop on the site. The directors are satisfied that the property's value has remained consistent since the revaluation, with the increase in value being the cost of the new workshop.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 29 February 2024
Aggregate cost
766,905
Aggregate depreciation
---------
Carrying value
766,905
---------
At 28 February 2023
Aggregate cost
541,816
Aggregate depreciation
---------
Carrying value
541,816
---------
5. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
50
85,625
85,675
----
--------
--------
Impairment
At 1 March 2023 and 29 February 2024
----
--------
--------
Carrying amount
At 29 February 2024
50
85,625
85,675
----
--------
--------
At 28 February 2023
50
85,625
85,675
----
--------
--------
6. Debtors
2024
2023
£
£
Other debtors
1,515
1,515
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
32,839
132,665
Corporation tax
19,047
15,571
Social security and other taxes
4,529
4,529
Other creditors
4,720
4,210
--------
---------
61,135
156,975
--------
---------
The bank holds an unlimited debenture incorporating a fixed and floating charge against the company. It also holds 1st legal charges over the commercial freehold factory, building agreement and postponement of loan. No debt is owed to the bank by the company at the year end.
8. Summary audit opinion
The auditor's report dated 9 September 2024 was unqualified .
The senior statutory auditor was Peter Stewart FCA , for and on behalf of Gregory Priestley & Stewart .
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Whorley
13,226
57,375
( 57,630)
12,971
Mrs P Whorley
( 15,146)
55,125
( 55,370)
( 15,391)
--------
---------
---------
--------
( 1,920)
112,500
( 113,000)
( 2,420)
--------
---------
---------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Whorley
51,008
51,000
( 88,782)
13,226
Mrs P Whorley
8,326
58,194
( 81,666)
( 15,146)
--------
---------
---------
--------
59,334
109,194
( 170,448)
( 1,920)
--------
---------
---------
--------
The directors' loans are interest free and repayable on demand.
10. Ethical standards
In accordance with many other business of our size and nature we use our auditors to prepare and submit returns to the tax authorities, provide bookkeeping services and to assist with the preparation of the financial statements