REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 November 2023 |
for |
Dura Beds Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 November 2023 |
for |
Dura Beds Ltd |
Dura Beds Ltd (Registered number: 04264434) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 |
Dura Beds Ltd |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Dura Beds Ltd (Registered number: 04264434) |
Strategic Report |
for the Year Ended 30 November 2023 |
The Directors present their strategic report for the year ended 30th November 2023. |
REVIEW OF BUSINESS |
The results for the year and financial position of the Company are shown in the following detailed accounts. The Company's principal activity continued to be the manufacture of beds |
The Company recorded a profit before tax of £133,064 (2022 - £121,913). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Company operates in a highly competitive market and there are new products and technologies emerging in the market continually. |
Management continue to monitor risks relevant to their market on an ongoing basis, by keeping abreast of competitor developments, in order to maintain their reputation for being innovative. |
The Company regularly monitors it's product range compared to its competitors, and also monitors key performance indicators including staff costs to sales ratio as the business is labour intensive. |
KEY PERFORMANCE INDICATORS |
The key performance indicators include monitoring sales and gross profit margins on a product by product basis, as well as overall. Further key performance indicators include staff costs to sales ratios and labour retention. |
2023 | 2022 |
Turnover | £12,707,750 | £12,892,758 |
Gross Profit Margin | 39.25% | 36.77% |
Net Profit Margin | 0.84% | 0.72% |
Staff Costs to Sales | 19.86% | 20.52% |
FUTURE DEVELOPMENT |
In order to remain competitive, profits will be invested into staff to ensure that they are able to respond to advances in the market and customer demand. |
ON BEHALF OF THE BOARD: |
Dura Beds Ltd (Registered number: 04264434) |
Report of the Directors |
for the Year Ended 30 November 2023 |
The directors present their report with the financial statements of the Company for the year ended 30 November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the Company in the year under review was that of manufacture of mattresses. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 November 2023 will be £295,400 (2022 - £393,600). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the group and the company financial statements in accordance with United Kingdom generally accepted accounting practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The financial reporting standard applicable in the UK and Republic of Ireland’, and applicable law). |
Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period. In preparing the financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business; |
- | state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Dura Beds Ltd (Registered number: 04264434) |
Report of the Directors |
for the Year Ended 30 November 2023 |
AUDITORS |
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Dura Beds Ltd |
Opinion |
We have audited the financial statements of Dura Beds Ltd (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
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 Auditors' 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. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Dura Beds Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
Report of the Independent Auditors to the Members of |
Dura Beds Ltd |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included: |
- | Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- | Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- | Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations; |
- | Challenging assumptions and judgements made by management in its significant accounting estimates, in particular: |
- |
Depreciation of fixed assets - we carried out a review and recalculation of depreciation of fixed assets , and reviewed the estimates of useful economic lives of assets, |
- |
Bad debt provisions - we carried out a review of debtors to assess its appropriateness for inclusion within the financial statements. |
- |
Tax provisions - we carried out a review and recalculation of tax provisions to assess its appropriateness for inclusion within the financial statements; |
- | Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. |
Our audit did not identify any significant matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Dura Beds Ltd (Registered number: 04264434) |
Statement of Comprehensive Income |
for the Year Ended 30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
4,846,617 | 4,621,425 |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
143,000 | 121,913 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Dura Beds Ltd (Registered number: 04264434) |
Statement of Financial Position |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Dura Beds Ltd (Registered number: 04264434) |
Statement of Changes in Equity |
for the Year Ended 30 November 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 December 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2023 |
Dura Beds Ltd (Registered number: 04264434) |
Statement of Cash Flows |
for the Year Ended 30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | (7,809 | ) | - |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,418,080 |
Cash and cash equivalents at end of year | 2 | 1,573,727 | 1,220,913 |
Dura Beds Ltd (Registered number: 04264434) |
Notes to the Statement of Cash Flows |
for the Year Ended 30 November 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.11.23 | 30.11.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 1,728 | - |
Finance income | (1,428 | ) | (2,297 | ) |
339,744 | 288,442 |
Decrease/(increase) in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 November 2023 |
30.11.23 | 1.12.22 |
£ | £ |
Cash and cash equivalents | 1,573,727 | 1,220,913 |
Year ended 30 November 2022 |
30.11.22 | 1.12.21 |
£ | £ |
Cash and cash equivalents | 1,220,913 | 2,418,080 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.12.22 | Cash flow | At 30.11.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,220,913 | 352,814 | 1,573,727 |
1,220,913 | 1,573,727 |
Total | 1,220,913 | 352,814 | 1,573,727 |
Dura Beds Ltd (Registered number: 04264434) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Dura Beds Ltd is a |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results my differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
. |
The following judgements and estimates are deemed to be those which have had the most significant effects on those amounts recognised within the financial statements: |
Depreciation |
Depreciation rates in respect of the fixed assets held by the company are intended to reflect management's expectation of the useful economic life of those assets based on both historical experience as well as other external information. |
Work in progress |
Work in progress if formed of mattresses and related products in production at year end. Management form an assumption of the stage of completion of the works completed with reference to the works completed at the year end, the costs incurred at that date and the remaining works required to complete the product. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is generated from the sale of mattresses and related products and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised in the period the goods are delivered to the customer which is deemed to be the point the risks and rewards of ownership have transferred. |
Dura Beds Ltd (Registered number: 04264434) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Long leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provision of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and cash equivalents, are initially measured at transaction price, including transaction costs, and are then subsequently carried at amortised cost using the effective interest method, less provision for impairment, unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future lease receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash |
equivalents, trade and other receivables due with the operating cycle fall into this category of financial instruments. |
Impairment of financial assets |
Financial assets are assessed for indicators of impairment at each reporting date. |
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying value amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. |
Financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of its liabilities. |
Dura Beds Ltd (Registered number: 04264434) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Basic financial instruments, which include trade and other payable are initially measured at their transaction price after transaction costs. When this constitute a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
Derecognition of financial instruments |
Derecognition of financial assets |
Financial assets are derecognised when their contractual right to future cash flows expire, or are settled, or when the company transfers the asset and substantially all of the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire, are discharged or cancelled. |
Taxation |
Taxation for the year comprises current and deferred tax. 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 equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
Dura Beds Ltd (Registered number: 04264434) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
30.11.23 | 30.11.22 |
£ | £ |
An analysis of turnover by geographical market is given below: |
30.11.23 | 30.11.22 |
£ | £ |
United Kingdom |
Rest of the world | 130,362 | - |
4. | EMPLOYEES AND DIRECTORS |
30.11.23 | 30.11.22 |
£ | £ |
Wages and salaries |
Social security costs |
The average number of employees during the year was as follows: |
30.11.23 | 30.11.22 |
Administration | 12 | 13 |
Manufacturing | 128 | 152 |
Sales | 6 | 6 |
The directors are considered to be key management personnel for both the current year and the prior year. |
30.11.23 | 30.11.22 |
£ | £ |
Directors' remuneration |
Dura Beds Ltd (Registered number: 04264434) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.11.23 | 30.11.22 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.11.23 | 30.11.22 |
£ | £ |
Bank interest |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.11.23 | 30.11.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.11.23 | 30.11.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Deferred tax movement | 33,104 | (8,209 | ) |
Total tax charge | 42,246 | 29,726 |
8. | DIVIDENDS |
30.11.23 | 30.11.22 |
£ | £ |
Final dividend of £295.40 (2022: £393.60) per ordinary share | 295,400 | 393,600 |
Dura Beds Ltd (Registered number: 04264434) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
9. | TANGIBLE FIXED ASSETS |
Long | Improvements | Plant and | Motor |
leasehold | to property | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
10. | STOCKS |
30.11.23 | 30.11.22 |
£ | £ |
Raw materials & goods |
for resale |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade debtors |
Other debtors |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 103,395 | 98,237 |
Other creditors |
Directors' loan accounts | 2,191 | 10,000 |
Dura Beds Ltd (Registered number: 04264434) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
13. | PROVISIONS FOR LIABILITIES |
30.11.23 | 30.11.22 |
£ | £ |
Deferred tax | 61,177 | 28,073 |
Deferred tax |
£ |
Balance at 1 December 2022 |
Charge to Statement of Comprehensive Income during year |
Balance at 30 November 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company. |
15. | RESERVES |
Retained earnings includes all current and previous periods retained profits and losses. |
16. | RELATED PARTY DISCLOSURES |
The company paid rents totalling £225,000 (2022 - £225,000) to Ikia Properties, a partnership owned by Mr I Khan and Mr I Akhtar, both directors and shareholders of Dura Beds Ltd. |
17. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the Directors, who together own the entire share capital. |