Southern Doors & Cubicles Limited |
Registered number: |
04112088 |
Directors' Report |
|
The directors present their report and accounts for the year ended 31 January 2024. |
|
Principal activities |
The company's principal activity during the year continued to be suppliers of joinery products and appliances to the construction industry. |
|
Directors |
The following persons served as directors during the year: |
|
|
M T Finney - Resigned 12/06/2023 |
|
P J McGuire - Resigned 1/3/2024 |
|
J J Vann - Resigned 15/5/2024 |
|
S D Poore |
|
M A Finney - Appointed 12/06/2023 |
|
D T Finney - Appointed 12/06/2023 |
|
T P McGuire Appointed 1/3/2024 |
|
Small company provisions |
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
This report was approved by the board on 29 October 2024 and signed on its behalf. |
|
|
|
|
|
D T Finney |
Director |
|
Southern Doors & Cubicles Limited |
Notes to the Accounts |
for the year ended 31 January 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold improvements |
over 5 years |
|
Plant and machinery |
over 4 years |
|
Fixtures, fittings, tools and equipment |
over 3/4 years |
|
Motor vehicles |
over 4 years |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
28 |
|
30 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 February 2023 |
343,654 |
|
667,800 |
|
190,637 |
|
1,202,091 |
|
Additions |
- |
|
60,158 |
|
50,437 |
|
110,595 |
|
At 31 January 2024 |
343,654 |
|
727,958 |
|
241,074 |
|
1,312,686 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 February 2023 |
343,400 |
|
511,536 |
|
135,100 |
|
990,036 |
|
Charge for the year |
254 |
|
51,918 |
|
17,829 |
|
70,001 |
|
At 31 January 2024 |
343,654 |
|
563,454 |
|
152,929 |
|
1,060,037 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 January 2024 |
- |
|
164,504 |
|
88,145 |
|
252,649 |
|
At 31 January 2023 |
254 |
|
156,264 |
|
55,537 |
|
212,055 |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
716,479 |
|
668,872 |
|
Other debtors |
130,551 |
|
97,536 |
|
|
|
|
|
|
847,030 |
|
766,408 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Trade creditors |
742,854 |
|
818,827 |
|
Taxation and social security costs |
140,987 |
|
154,608 |
|
Other creditors |
795,275 |
|
1,072,206 |
|
|
|
|
|
|
1,679,116 |
|
2,045,641 |
|
|
|
|
|
|
|
|
|
|
6 |
Capital commitments |
2024 |
|
2023 |
£ |
£ |
|
|
Amounts contracted for but not provided in the accounts |
- |
|
60,158 |
|
|
|
|
|
|
|
|
|
|
7 |
Related party transactions |
|
|
The following companies are related parties due the directors, MT Finney, PJ McGuire, JJ Vann, MA Finney, DT Finney, TP McGuire and their immediate families holding a controlling interest in each company. |
|
|
|
Sales of |
|
Purchases |
|
Amount due |
|
Amount due |
|
|
Products |
|
of Materials |
|
from related |
|
to related |
|
|
|
|
& Services |
|
party |
|
party |
|
Year 31 January 2024 |
£ |
|
£ |
|
£ |
|
£ |
|
|
Midland Building Products Ltd |
7,661 |
|
1,715,212 |
|
6,328 |
|
421,677 |
|
Manchester Doors & Cubicles Ltd |
778 |
|
242 |
|
- |
|
- |
|
Specialist Joinery Products Ltd |
- |
|
3,970 |
|
- |
|
- |
|
ZMR Limited |
- |
|
391,807 |
|
- |
|
14,654 |
|
UK Doorsets Limited |
84,131 |
|
748,675 |
|
- |
|
82,308 |
|
Leeds Doors & Cubicles Ltd |
- |
|
33 |
|
- |
|
- |
|
Joinery Specialists Limited |
5,742 |
|
7,599 |
|
- |
|
2,121 |
|
Fire & Acoustic Seals Ltd |
- |
|
173,122 |
|
- |
|
13,528 |
|
Door-kit Solutions Ltd |
- |
|
7,117 |
|
- |
|
- |
|
IBS Building Products Ltd |
16,223 |
|
545 |
|
838 |
|
- |
|
|
Year 31 January 2023 |
£ |
|
£ |
|
£ |
|
£ |
|
|
Midland Building Products Ltd |
- |
|
2,378,255 |
|
- |
|
139,561 |
|
Manchester Doors & Cubicles Ltd |
157 |
|
1,155 |
|
- |
|
- |
|
Specialist Joinery Products Ltd |
10,732 |
|
27,169 |
|
894 |
|
11,542 |
|
ZMR Limited |
- |
|
471,648 |
|
- |
|
15,857 |
|
UK Doorsets Limited |
84,131 |
|
1,309,370 |
|
- |
|
62,344 |
|
Leeds Doors & Cubicles Ltd |
- |
|
- |
|
- |
|
- |
|
Joinery Specialists Limited |
5,742 |
|
23,037 |
|
- |
|
2,121 |
|
Fire & Acoustic Seals Ltd |
- |
|
200,306 |
|
- |
|
13,528 |
|
Door-kit Solutions Ltd |
- |
|
315 |
|
- |
|
- |
|
IBS Building Products Ltd |
16,223 |
|
- |
|
19,468 |
|
- |
|
|
The directors of this company own the commercial premises occupied by the company. The annual rent is £225,000. At the balance sheet date the amount due for outstanding rent was £45,000 (2023 £45,000). |
|
|
Transactions with related parties are at market value. |
|
|
8 |
Controlling party |
|
|
During the two years ended 31 January 2024 the company has been controlled by the board of directors who, by virtue of their own and family shares, own 100% of the issued share capital. |
|
|
9 |
Other information |
|
|
Southern Doors & Cubicles Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 10 Spartan Industrial Centre |
|
Brickhouse Lane |
|
Great Bridge |
|
West Midlands |
|
B70 0DH |