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COMPANY REGISTRATION NUMBER: 02033963
Attenborough Doors Limited
Filleted Financial Statements
29 February 2024
Attenborough Doors Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
468,576
333,033
Current assets
Stocks
158,559
219,110
Debtors
6
723,720
757,858
Cash at bank and in hand
190,548
283,991
------------
------------
1,072,827
1,260,959
Creditors: amounts falling due within one year
7
670,566
687,246
------------
------------
Net current assets
402,261
573,713
---------
---------
Total assets less current liabilities
870,837
906,746
Creditors: amounts falling due after more than one year
8
52,500
82,500
Provisions
Taxation including deferred tax
85,028
53,792
---------
---------
Net assets
733,309
770,454
---------
---------
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
50
50
Profit and loss account
733,159
770,304
---------
---------
Shareholders funds
733,309
770,454
---------
---------
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 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: 02033963
Attenborough 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 & Wales. The address of the registered office is Merlin Way, Quarry Hill Industrial Estate, Ilkeston, Derbyshire, DE7 4RA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
Leasehold improvements
-
10% straight line
Plant and equipment
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost is calculated using the first in, first out (FIFO) method. Where appropriate, provision is made for damaged, defective, slow moving or obsolete items.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 42 (2023: 39 ).
5. Tangible assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
62,658
247,514
160,141
490,302
960,615
Additions
19,519
13,254
9,551
176,931
219,255
Disposals
( 5,968)
( 14,000)
( 19,968)
--------
---------
---------
---------
------------
At 29 February 2024
82,177
260,768
163,724
653,233
1,159,902
--------
---------
---------
---------
------------
Depreciation
At 1 March 2023
40,993
182,433
133,714
270,442
627,582
Charge for the year
2,956
11,019
4,362
61,500
79,837
Disposals
( 3,173)
( 12,920)
( 16,093)
--------
---------
---------
---------
------------
At 29 February 2024
43,949
193,452
134,903
319,022
691,326
--------
---------
---------
---------
------------
Carrying amount
At 29 February 2024
38,228
67,316
28,821
334,211
468,576
--------
---------
---------
---------
------------
At 28 February 2023
21,665
65,081
26,427
219,860
333,033
--------
---------
---------
---------
------------
6. Debtors
2024
2023
£
£
Trade debtors
646,877
584,754
Amounts owed by group undertakings and undertakings in which the company has a participating interest
32,837
132,664
Other debtors
44,006
40,440
---------
---------
723,720
757,858
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
30,000
30,000
Trade creditors
383,899
448,414
Corporation tax
24,466
55,441
Social security and other taxes
90,440
111,229
Payroll creditors
1,409
21,130
Other creditors
140,352
21,032
---------
---------
670,566
687,246
---------
---------
The bank holds an unlimited debenture incorporating a fixed and floating charge.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
52,500
82,500
--------
--------
The company received a Coronavirus Business Interruption Loan in 2021. The loan term is for 72 months and interest is charged on the loan at 2.14% above the Bank of England Base Rate. The first 12 months of the term was a capital repayment holiday and interest accrued during this period was paid by the government as part of a nationwide business recovery initiative following the Coronavirus pandemic.
The bank holds an unlimited debenture incorporating a fixed and floating charge.
9. 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 .
10. 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
603
603
Mrs P Whorley
2,035
( 1,872)
163
----
-------
-------
----
2,638
( 1,872)
766
----
-------
-------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Whorley
Mrs P Whorley
----
----
----
----
----
----
----
----
The company has loans with the directors which are interest free and repayable on demand. At the year end the amount owing to the directors was £ nil (2023 - £ nil).
11. Ethical standards
In accordance with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities, provide bookkeeping and payroll services and to assist with the preparation of the financial statements.