Registered number
06514711
Leeds Doors & Cubicles Limited
Report and Accounts
29 February 2024
Leeds 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
Leeds Doors & Cubicles Limited
Company Information
Directors
MT Finney - resigned 12/06/2023
PJ McGuire - resigned 9/8/2024
JJ Vann - resigned 15/05/2024
M A Finney - appointed 12/06/2023
D T Finney - appointed 12/06/2023
S H Brown - appointed 18/09/2023
T P McGuire appointed 9/8/2024
Secretary
J W Vann
Registered office
Unit 10, Spartan Industrial Centre
Brickhouse Lane
Great Bridge
West Midlands
B70 0DH
Registered number
06514711
Leeds Doors & Cubicles Limited
Registered number: 06514711
Directors' Report
The directors present their report and accounts for the year ended 29 February 2024.
Principal activities
The company's principal activity during the period to be suppliers of products and appliances to the construction industry.
Directors
The following persons served as directors during the year:
MT Finney - resigned 12/06/2023
PJ McGuire - resigned 9/8/2024
JJ Vann - resigned 15/05/2024
M A Finney - appointed 12/06/2023
D T Finney - appointed 12/06/2023
S H Brown - appointed 18/09/2023
T P McGuire appointed 9/8/2024
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 27 November 2024 and signed on its behalf.
M A Finney
Director
Leeds Doors & Cubicles Limited
Profit and Loss Account
for the year ended 29 February 2024
2024 2023
£ £
Turnover 2,773,800 3,449,864
Cost of sales (1,936,658) (2,602,874)
Gross profit 837,142 846,990
Distribution costs (41,886) (63,074)
Administrative expenses (714,275) (663,974)
Operating profit 80,981 119,942
Profit on the disposal of tangible fixed assets 6,590 -
Profit before taxation 87,571 119,942
Tax on profit (21,737) (23,647)
Profit for the financial year 65,834 96,295
Leeds Doors & Cubicles Limited
Registered number: 06514711
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 58,841 25,630
Current assets
Stocks 129,422 147,993
Debtors 5 335,161 678,524
Cash at bank and in hand 339,180 233,837
803,763 1,060,354
Creditors: amounts falling due within one year 6 (473,732) (718,180)
Net current assets 330,031 342,174
Total assets less current liabilities 388,872 367,804
Provisions for liabilities (13,416) (3,182)
Net assets 375,456 364,622
Capital and reserves
Called up share capital 34,000 34,000
Profit and loss account 341,456 330,622
Shareholders' funds 375,456 364,622
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.
D T Finney
Director
Approved by the board on 27 November 2024
Leeds Doors & Cubicles Limited
Statement of Changes in Equity
for the year ended 29 February 2024
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 March 2022 34,000 - - 309,327 343,327
Profit for the financial year 96,295 96,295
Dividends (75,000) (75,000)
At 28 February 2023 34,000 - - 330,622 364,622
At 1 March 2023 34,000 - - 330,622 364,622
Profit for the financial year 65,834 65,834
Dividends (55,000) (55,000)
At 29 February 2024 34,000 - - 341,456 375,456
Leeds Doors & Cubicles Limited
Notes to the Accounts
for the year ended 29 February 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 13 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 4,000
At 29 February 2024 4,000
Amortisation
At 1 March 2023 4,000
At 29 February 2024 4,000
Net book value
At 29 February 2024 -
Goodwill was written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 20,919 54,295 141,800 217,014
Additions - - 60,890 60,890
Disposals - - (36,030) (36,030)
At 29 February 2024 20,919 54,295 166,660 241,874
Depreciation
At 1 March 2023 20,919 36,930 133,535 191,384
Charge for the year - 7,767 19,912 27,679
On disposals - - (36,030) (36,030)
At 29 February 2024 20,919 44,697 117,417 183,033
Net book value
At 29 February 2024 - 9,598 49,243 58,841
At 28 February 2023 - 17,365 8,265 25,630
5 Debtors 2024 2023
£ £
Trade debtors 319,995 672,848
Other debtors 15,166 5,676
335,161 678,524
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 260,889 549,411
Taxation and social security costs 37,843 48,769
Other creditors 175,000 120,000
473,732 718,180
7 Capital commitments 2024 2023
£ £
Amounts contracted for but not provided in the accounts - 60,890
8 Related party transactions
The directors MA Finney, DT Finney, PJ McGuire and JJ Vann control the following companies by virtue of their own and immediate families' shareholdings:
Transactions with the related parties:
Sales Purchases Trade Debtor Trade Creditor
2023 £ £ £ £
Midland Building Products Ltd 122,774 901,370 6,614 68,670
Manchester Doors & Cubicles Ltd 5,971 3,315 318 -
UK Doorsets Limited - 191,712 - 60,544
ZMR Limited - 326,342 - 22,683
Specialist Joinery Products Ltd - 828 - -
Southern Doors & Cubicles Ltd - - - -
Joinery Specialists Limited 20,142 - - -
Fire & Acoustic Seals Limited - 19,768 - 1,189
Door-kit Solutions Ltd - - - -
MBP Ironmongery Solutions Ltd - 612 612
Sales Purchases Trade Debtor Trade Creditor
2022 £ £ £ £
Midland Building Products Ltd 77,788 1,244,274 6,641 169,957
Manchester Doors & Cubicles Ltd 6,971 8,807 351 387
UK Doorsets Limited - 238,596 - 60,544
ZMR Limited 65 267,826 - 60,161
Specialist Joinery Products Ltd 823 802 - -
Southern Doors & Cubicles Ltd - - - -
Joinery Specialists Limited 2,727 6,761 41 -
Fire & Acoustic Seals Limited - 19,766 - 1,057
Door-kit Solutions Ltd - - - -
9 Controlling party
During the two periods ended 28 February 2024 the company has been controlled by the board of directors who, by virtue of their own and immediate families shareholdings, own 60% of the issued share capital.
10 Other information
Leeds 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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