42 01/04/2023 31/01/2024 2024-01-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI018656 2023-04-01 2024-01-31 NI018656 2024-01-31 NI018656 2023-03-31 NI018656 2022-04-01 2023-03-31 NI018656 2023-03-31 NI018656 2022-03-31 NI018656 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-01-31 NI018656 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-01-31 NI018656 core:PlantMachinery 2023-04-01 2024-01-31 NI018656 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-01-31 NI018656 bus:RegisteredOffice 2023-04-01 2024-01-31 NI018656 bus:LeadAgentIfApplicable 2023-04-01 2024-01-31 NI018656 bus:Director1 2023-04-01 2024-01-31 NI018656 bus:Director2 2023-04-01 2024-01-31 NI018656 bus:Director3 2023-04-01 2024-01-31 NI018656 bus:Director6 2023-04-01 2024-01-31 NI018656 bus:Director7 2023-04-01 2024-01-31 NI018656 bus:CompanySecretary1 2023-04-01 2024-01-31 NI018656 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 NI018656 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 NI018656 core:PlantMachinery 2023-03-31 NI018656 core:FurnitureFittingsToolsEquipment 2023-03-31 NI018656 core:MotorVehicles 2023-03-31 NI018656 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 NI018656 core:LandBuildings core:LongLeaseholdAssets 2024-01-31 NI018656 core:FurnitureFittingsToolsEquipment 2024-01-31 NI018656 core:MotorVehicles 2024-01-31 NI018656 core:WithinOneYear 2024-01-31 NI018656 core:WithinOneYear 2023-03-31 NI018656 core:AfterOneYear 2024-01-31 NI018656 core:AfterOneYear 2023-03-31 NI018656 core:MotorVehicles 2023-04-01 2024-01-31 NI018656 core:ShareCapital 2024-01-31 NI018656 core:ShareCapital 2023-03-31 NI018656 core:RetainedEarningsAccumulatedLosses 2024-01-31 NI018656 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI018656 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 NI018656 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 NI018656 core:FurnitureFittingsToolsEquipment 2023-03-31 NI018656 core:MotorVehicles 2023-03-31 NI018656 bus:Director1 2023-03-31 NI018656 bus:Director1 2024-01-31 NI018656 bus:Director1 2022-03-31 NI018656 bus:Director1 2023-03-31 NI018656 bus:Director1 2022-04-01 2023-03-31 NI018656 bus:SmallEntities 2023-04-01 2024-01-31 NI018656 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-01-31 NI018656 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-01-31 NI018656 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-01-31 NI018656 bus:FullAccounts 2023-04-01 2024-01-31 NI018656 core:Buildings 2023-03-31 NI018656 core:InvestmentPropertyIncludedWithinPPE 2024-01-31 NI018656 core:InvestmentPropertyIncludedWithinPPE 2023-03-31 NI018656 core:InvestmentPropertyIncludedWithinPPE 2023-04-01 2024-01-31 NI018656 core:AllAssociates 2023-04-01 2024-01-31 NI018656 1 2023-04-01 2024-01-31
Company registration number: NI018656
The Door Store Limited
Unaudited filleted financial statements
31 January 2024
The Door Store Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
The Door Store Limited
Directors and other information
Directors Mr IT Annesley
Mrs AE Annesley
Mr SWS Annesley
Mrs AA Pearse
Mrs VA Turner
Secretary Mrs AE Annesley
Company number NI018656
Registered office Hill Vellacott
Chamber of Commerce House
22 Great Victoria Street
Belfast
BT2 7BA
Business address 3 Longwood Road
Newtonabbey
BT37 9UL
Accountants Hill Vellacott
22 Great Victoria Street
Belfast
Antrim
BT2 7BA
Bankers Danske Bank
Donegall Square West
Belfast
BT1 6LS
Solicitors Carson McDowell
Murray House
4 Murray Street
Belfast
BT1 6DN
Report to the board of directors on the preparation of the
unaudited statutory financial statements of The Door Store Limited
Period ended 31 January 2024
In accordance with the engagement letter dated 18 September 2023, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the period ended 31 January 2024 which comprise the statement of financial position and related notes from the company's accounting records and information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements detailed at www.charteredaccountants.ie/Professional-Standards/Home.
This report is made solely to the Company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this 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 Board of Directors, as a body, for our work, or for this report.
We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by the Institute of Chartered Accountants Ireland.
You have acknowledged on the balance sheet for the period ended 31 January 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the period.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Hill Vellacott 29 October 2024
22 Great Victoria Street
Belfast
Antrim
BT2 7BA
The Door Store Limited
Statement of financial position
31 January 2024
31/01/24 31/03/23
Note £ £ £ £
Fixed assets
Tangible assets 2,829,558 2,897,593
_______ _______
2,829,558 2,897,593
Current assets
Stocks 2,079,733 2,871,727
Debtors 6 623,859 427,210
Cash at bank and in hand 872,890 3,099,234
_______ _______
3,576,482 6,398,171
Creditors: amounts falling due
within one year 7 ( 885,641) ( 1,425,091)
_______ _______
Net current assets 2,690,841 4,973,080
_______ _______
Total assets less current liabilities 5,520,399 7,870,673
Creditors: amounts falling due
after more than one year 8 ( 55,004) ( 62,072)
_______ _______
Net assets 5,465,395 7,808,601
_______ _______
Capital and reserves
Called up share capital 683 683
Profit and loss account 5,464,712 7,807,918
_______ _______
Shareholders funds 5,465,395 7,808,601
_______ _______
For the period ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Mr IT Annesley
Director
Company registration number: NI018656
The Door Store Limited
Notes to the financial statements
Period ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Hill Vellacott, Chamber of Commerce House, 22 Great Victoria Street, Belfast, BT2 7BA.
The principal activity of the company is the retail sale of doors, door handles and floors.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectationthat the company has adequate resources to continue in operational existence for the foreseeablefuture. The company therefore continues to adopt the going concern basis in preparing its financialstatements.
Judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: Carrying value of stockStock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience. Useful economic lives of tangible assetsThe annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 4 % straight line
Long leasehold property - 4 % straight line
Plant and machinery - 33 % straight line
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 42 (2023: 44 ).
5. Tangible assets
Freehold property Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Freehold Property - Reading Total
£ £ £ £ £ £ £
Cost
At 1 April 2023 725,118 1,495,750 131,449 201,389 83,708 2,302,635 4,940,049
Additions - - - 3,110 - - 3,110
Disposals - - ( 131,449) - - - ( 131,449)
_______ _______ _______ _______ _______ _______ _______
At 31 January 2024 725,118 1,495,750 - 204,499 83,708 2,302,635 4,811,710
_______ _______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2023 466,506 979,267 131,449 168,308 6,976 289,950 2,042,456
Charge for the year 1,083 367 - 8,502 17,439 43,754 71,145
Disposals - - ( 131,449) - - - ( 131,449)
_______ _______ _______ _______ _______ _______ _______
At 31 January 2024 467,589 979,634 - 176,810 24,415 333,704 1,982,152
_______ _______ _______ _______ _______ _______ _______
Carrying amount
At 31 January 2024 257,529 516,116 - 27,689 59,293 1,968,931 2,829,558
_______ _______ _______ _______ _______ _______ _______
At 31 March 2023 258,612 516,483 - 33,081 76,732 2,012,685 2,897,593
_______ _______ _______ _______ _______ _______ _______
6. Debtors
31/01/24 31/03/23
£ £
Trade debtors 510,593 60,428
Other debtors 113,266 366,782
_______ _______
623,859 427,210
_______ _______
7. Creditors: amounts falling due within one year
31/01/24 31/03/23
£ £
Trade creditors 517,155 504,564
Corporation tax 31,456 415,906
Social security and other taxes 157,541 195,293
Other creditors 179,489 309,328
_______ _______
885,641 1,425,091
_______ _______
8. Creditors: amounts falling due after more than one year
31/01/24 31/03/23
£ £
Other creditors 55,004 62,072
_______ _______
9. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
10 Month Period ended 31/01/24
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr IT Annesley ( 2,974) ( 4,450) ( 7,424)
_______ _______ _______
14 Month Period ended 31/03/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr IT Annesley ( 10,485) 7,511 ( 2,974)
_______ _______ _______
10. Related party transactions
The company is connected to Ox Street Holdings Limited by virtue of common control. In the period the company received funds of £52,105. At the balance sheet date the amount owed from Ox Street Holdings Limited was £100 (2023 - £52,115). The loan is unsecured, interest free and repayable upon demand. The company is connected to Ox Street Limited by virtue of common control. In the period the company paid funds of £108,958. At the balance sheet date the amount owed to Ox Street Limited was £882 (2023 - £109,359). The loan is unsecured, interest free and repayable upon demand.
11. Controlling party
The immediate controlling party of The Door Store Limited is Door Store Holdings Limited. The ultimate controlling party is Mr Ian Annesley due to his shareholding in the parent company.