Registered number
04112088
Southern Doors & Cubicles Limited
Report and Accounts
31 January 2024
Southern Doors & Cubicles Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6
Southern Doors & Cubicles Limited
Company Information
Directors
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
Secretary
J W Vann
Bankers
NatWest
267 Dudley Castle Street
Dudley
West Midlands
Registered office
Unit 10 Spartan Industrial Centre
Brickhouse Lane
Great Bridge
West Midlands
B70 0DH
Registered number
04112088
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
Profit and Loss Account
for the year ended 31 January 2024
2024 2023
£ £
Turnover 7,528,813 9,513,497
Cost of sales (5,166,891) (6,826,791)
Gross profit 2,361,922 2,686,706
Distribution costs (275,062) (311,702)
Administrative expenses (1,834,011) (1,949,248)
Other operating income 39,084 40,429
Operating profit 291,933 466,185
Profit on the disposal of tangible fixed assets - 5,667
Profit before taxation 291,933 471,852
Tax on profit (71,120) (93,588)
Profit for the financial year 220,813 378,264
Southern Doors & Cubicles Limited
Registered number: 04112088
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 252,649 212,055
Current assets
Stocks 483,801 382,043
Debtors 4 847,030 766,408
Cash at bank and in hand 1,013,183 1,521,465
2,344,014 2,669,916
Creditors: amounts falling due within one year 5 (1,679,116) (2,045,641)
Net current assets 664,898 624,275
Total assets less current liabilities 917,547 836,330
Provisions for liabilities (61,494) (51,090)
Net assets 856,053 785,240
Capital and reserves
Called up share capital 35,000 35,000
Profit and loss account 821,053 750,240
Shareholders' funds 856,053 785,240
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M A Finney
Director
Approved by the board on 29 October 2024
Southern Doors & Cubicles Limited
Statement of Changes in Equity
for the year ended 31 January 2024
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 February 2022 35,000 - - 671,976 706,976
Profit for the financial year 378,264 378,264
Dividends (300,000) (300,000)
At 31 January 2023 35,000 - - 750,240 785,240
At 1 February 2023 35,000 - - 750,240 785,240
Profit for the financial year 220,813 220,813
Dividends (150,000) (150,000)
At 31 January 2024 35,000 - - 821,053 856,053
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
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