Doran Kitchens Limited NI058366 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is during the year continued to be the manufacture of kitchen and bedroom furniture. Digita Accounts Production Advanced 6.30.9574.0 true true NI058366 2023-04-01 2024-03-31 NI058366 2024-03-31 NI058366 bus:Director2 1 2024-03-31 NI058366 bus:Director3 1 2024-03-31 NI058366 bus:OrdinaryShareClass1 2024-03-31 NI058366 core:CurrentFinancialInstruments 2024-03-31 NI058366 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI058366 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI058366 core:FurnitureFittings 2024-03-31 NI058366 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 NI058366 core:MotorVehicles 2024-03-31 NI058366 core:OfficeEquipment 2024-03-31 NI058366 core:PlantMachinery 2024-03-31 NI058366 bus:SmallEntities 2023-04-01 2024-03-31 NI058366 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI058366 bus:FilletedAccounts 2023-04-01 2024-03-31 NI058366 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI058366 bus:RegisteredOffice 2023-04-01 2024-03-31 NI058366 bus:Director2 2023-04-01 2024-03-31 NI058366 bus:Director2 1 2023-04-01 2024-03-31 NI058366 bus:Director3 2023-04-01 2024-03-31 NI058366 bus:Director3 1 2023-04-01 2024-03-31 NI058366 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI058366 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI058366 core:FurnitureFittings 2023-04-01 2024-03-31 NI058366 core:LandBuildings 2023-04-01 2024-03-31 NI058366 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 NI058366 core:MotorCars 2023-04-01 2024-03-31 NI058366 core:MotorVehicles 2023-04-01 2024-03-31 NI058366 core:OfficeEquipment 2023-04-01 2024-03-31 NI058366 core:PlantMachinery 2023-04-01 2024-03-31 NI058366 countries:NorthernIreland 2023-04-01 2024-03-31 NI058366 2023-03-31 NI058366 bus:Director2 1 2023-03-31 NI058366 bus:Director3 1 2023-03-31 NI058366 core:FurnitureFittings 2023-03-31 NI058366 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 NI058366 core:MotorVehicles 2023-03-31 NI058366 core:OfficeEquipment 2023-03-31 NI058366 core:PlantMachinery 2023-03-31 NI058366 2022-04-01 2023-03-31 NI058366 2023-03-31 NI058366 bus:OrdinaryShareClass1 2023-03-31 NI058366 core:CurrentFinancialInstruments 2023-03-31 NI058366 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI058366 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI058366 core:FurnitureFittings 2023-03-31 NI058366 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 NI058366 core:MotorVehicles 2023-03-31 NI058366 core:OfficeEquipment 2023-03-31 NI058366 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI058366

Doran Kitchens Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Doran Kitchens Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Doran Kitchens Limited

(Registration number: NI058366)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

110,684

93,378

Current assets

 

Stocks

5

58,151

52,865

Debtors

6

293,317

105,762

Cash at bank and in hand

 

230,106

493,691

 

581,574

652,318

Creditors: Amounts falling due within one year

7

(330,774)

(414,718)

Net current assets

 

250,800

237,600

Total assets less current liabilities

 

361,484

330,978

Creditors: Amounts falling due after more than one year

7

(12,318)

(21,427)

Provisions for liabilities

(23,823)

-

Net assets

 

325,343

309,551

Capital and reserves

 

Called up share capital

8

600

600

Retained earnings

324,743

308,951

Shareholders' funds

 

325,343

309,551

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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 Profit and Loss Account.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

 

Doran Kitchens Limited

(Registration number: NI058366)
Balance Sheet as at 31 March 2024

.........................................
Eamon Doran
Director

 

Doran Kitchens Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
62 Drumintee Road
Killeavy
Newry
County Down
BT35 8SJ
United Kingdom

The company registration number is NI058366.

These financial statements were authorised for issue by the Board on 20 November 2024.

2

Accounting policies

Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

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 is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer.

Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

 

Doran Kitchens Limited

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

Tax

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Leasehold

5% straight line

 

Doran Kitchens Limited

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

Plant & Machinery

20% reducing balance

Motor Vehicles

20% reducing balance

Fixtures & Fittings

20% reducing balance

Shed

25% straight line

Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Financial Instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Trade creditors

Trade creditors 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.

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

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.

Defined benefit pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Doran Kitchens Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 15).

 

Doran Kitchens Limited

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

4

Tangible assets

Land & Property Leasehold
£

Fixtures and fittings
£

Plant and machinery
£

Shed
£

Cost or valuation

At 1 April 2023

4,700

58,528

108,559

12,123

Additions

-

3,908

-

-

Disposals

-

-

-

-

At 31 March 2024

4,700

62,436

108,559

12,123

Depreciation

At 1 April 2023

940

47,478

51,994

4,546

Charge for the year

235

2,260

11,313

3,031

Eliminated on disposal

-

-

-

-

At 31 March 2024

1,175

49,738

63,307

7,577

Carrying amount

At 31 March 2024

3,525

12,698

45,252

4,546

At 31 March 2023

3,760

11,051

56,565

7,577

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

39,593

223,503

Additions

38,985

42,893

Disposals

(7,450)

(7,450)

At 31 March 2024

71,128

258,946

Depreciation

At 1 April 2023

25,168

130,126

Charge for the year

5,695

22,534

Eliminated on disposal

(4,398)

(4,398)

At 31 March 2024

26,465

148,262

Carrying amount

At 31 March 2024

44,663

110,684

At 31 March 2023

14,425

93,378

 

Doran Kitchens Limited

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

5

Stocks

2024
£

2023
£

Stock - finished goods

58,151

52,865

6

Debtors

Current

2024
£

2023
£

Trade debtors

153,385

105,762

Other debtors

139,932

-

 

293,317

105,762

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,183

9,932

Trade creditors

 

88,090

117,494

Taxation and social security

 

40,511

47,636

Other creditors

 

191,990

239,656

 

330,774

414,718

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12,318

21,427

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

600

600

600

600

       
 

Doran Kitchens Limited

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

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Declan Doran

(16,500)

16,500

(11,000)

(11,000)

Eamon Doran

(16,500)

136,500

(91,000)

29,000

The above loans are unsecured, interest free and repayable on demand.

A balance of £187,082 (2023: £170,704) was due to two shareholders as at 31 March 2024. This debt is non-interest bearing and repayable on demand.

Summary of transactions with parent

The company has availed of the exemptions under FRS102 in relation to the disclosures of transactions with group companies.