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Registration number: 04732923

Door & Joinery Solutions Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Door & Joinery Solutions Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 11

 

Door & Joinery Solutions Limited

Company Information

Directors

A C Goldsbury

A Heder

M Sirvell

R E M Stuart

E Goldsbury

Company secretary

E L Goldsbury

Registered office

Units 8-10 Battista Road
Stretton
Burton on Trent
DE13 0FW

Independent Auditors

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Door & Joinery Solutions Limited

(Registration number: 04732923)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Non-current assets

 

Property, plant and equipment

4

1,855,373

2,036,909

Current assets

 

Inventories

5

264,608

191,022

Receivables

6

898,362

704,992

Cash at bank and in hand

 

2,118,916

1,170,269

 

3,281,886

2,066,283

Payables: Amounts falling due within one year

7

(928,131)

(921,050)

Net current assets

 

2,353,755

1,145,233

Total assets less current liabilities

 

4,209,128

3,182,142

Provisions for liabilities

8

(131,270)

(167,205)

Net assets

 

4,077,858

3,014,937

Equity

 

Called up share capital

9

6

6

Capital redemption reserve

3

3

Retained earnings

4,077,849

3,014,928

Shareholder's funds

 

4,077,858

3,014,937

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

The financial statements of Door & Joinery Solutions Limited were approved and authorised for issue by the Board on 7 November 2024 and signed on its behalf by:
 

.........................................

A C Goldsbury
Director

 

Door & Joinery Solutions Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

Door & Joinery Solutions Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The directors have considered financial projections for the company over the foreseeable future and have also reviewed the ongoing committed financial support from the company's parent undertaking and are confident that this will be available for the foreseeable future. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least twelve months from the date of signing the revised financial statements. Accordingly, they continue to adopt the going concern basis in preparing the revised financial statements.

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its ultimate parent undertaking, Lagercrantz AB, which may be obtained from https:www.lagercrantz.com. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

 

Door & Joinery Solutions Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

15% on cost

Motor vehicles

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and is subject to insignificant risk of change in value.

 

Door & Joinery Solutions Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Rentals payable under operating leases are recognised in the Statement of Income and Retained Earnings on a straight line basis over the lease term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Door & Joinery Solutions Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 35).

 

Door & Joinery Solutions Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

4

Property, plant and equipment

Long leasehold
£

Equipment & fittings
£

Motor vehicles
£

Total
£

Cost

At 1 April 2023

1,232,951

1,524,441

253,843

3,011,235

Additions

-

3,885

39,495

43,380

Disposals

-

-

(27,879)

(27,879)

At 31 March 2024

1,232,951

1,528,326

265,459

3,026,736

Depreciation

At 1 April 2023

88,483

815,808

70,035

974,326

Charge for the year

24,659

131,849

55,775

212,283

Eliminated on disposal

-

-

(15,246)

(15,246)

At 31 March 2024

113,142

947,657

110,564

1,171,363

Carrying amount

At 31 March 2024

1,119,809

580,669

154,895

1,855,373

At 31 March 2023

1,144,468

708,633

183,808

2,036,909

5

Inventories

2024
£

2023
£

Finished goods and raw materials

264,608

191,022

6

Receivables

2024
£

2023
£

Trade receivables

883,089

682,179

Prepayments

15,273

22,813

898,362

704,992

 

Door & Joinery Solutions Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

7

Payables

Payables: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade payables

 

503,572

514,660

Corporation tax

241,021

258,742

Social security and other taxes

 

171,393

112,214

Accruals

 

12,145

35,434

 

928,131

921,050

8

Provisions for liabilities

Deferred tax
£

At 1 April 2023

167,205

Increase (decrease) in existing provisions

(35,935)

At 31 March 2024

131,270

The deferred tax provision comprises the difference between accumulated depreciation and capital allowances.

 

Door & Joinery Solutions Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

9

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary shares of £1 each

2

2

2

2

D Ordinary shares of £1 each

2

2

2

2

B Ordinary shares of £1 each

2

2

2

2

 

6

6

6

6

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

Where the company purchases its equity share capital, the consideration paid, including any attributable transaction costs, are recognised in the capital redemption reserve and deducted from the total shareholder's equity until they are cancelled or re-issued.

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £166,667.00 (2023 - £250,000.00) per ordinary share

 

1,000,000

 

1,500,000

         

11

Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £91,835 (2023 - £59,513).

Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year and are included in payables.

 

Door & Joinery Solutions Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

12

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

10,000

-

Later than one year and not later than five years

60,000

-

Later than five years

65,000

-

135,000

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £44,044 (2023 - £46,667).

13

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A of FRS 102 the "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

 

Door & Joinery Solutions Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

14

Ultimate controlling party

The company's immediate parent is Lagercrantz UK Limited; the address of its registered office is Richmond Bridge House, 419 Richmond Road, London..

 The ultimate parent is Lagercrantz AB, incorporated in Sweden.

 The most senior parent entity producing publicly available financial statements is Lagercrantz AB. These financial statements are available upon request from https://www.lagercrantz.com.

15

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

16

Audit report

The Independent Auditor's Report was qualified. We were not appointed as auditors of the company until after 31 March 2023 and thus did not observe the counting of physical inventories at the year ended 31 March 2024. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held as at 31 March 2023 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The name of the Senior Statutory Auditor who signed the audit report on 7 November 2024 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited.