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REGISTERED NUMBER: 02507627 (England and Wales)















DOVER TRUSSED ROOF COMPANY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






DOVER TRUSSED ROOF COMPANY LIMITED (REGISTERED NUMBER: 02507627)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


DOVER TRUSSED ROOF COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr A G Stead
Mr L L Fuller



REGISTERED OFFICE: Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX



BUSINESS ADDRESS: Shelvin Manor
Shelvin
CANTERBURY
Kent
CT4 6RL



REGISTERED NUMBER: 02507627 (England and Wales)



SENIOR STATUTORY AUDITOR: Ashley Phillips FCCA



AUDITORS: McCabe Ford Williams
Statutory Auditors and Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
SITTINGBOURNE
Kent
ME9 8PX

DOVER TRUSSED ROOF COMPANY LIMITED (REGISTERED NUMBER: 02507627)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 330,191 376,346
330,191 376,346

CURRENT ASSETS
Stocks 82,843 341,702
Debtors 7 1,098,098 481,600
Cash at bank and in hand 112,377 524,820
1,293,318 1,348,122
CREDITORS
Amounts falling due within one year 8 159,786 321,835
NET CURRENT ASSETS 1,133,532 1,026,287
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,463,723

1,402,633

PROVISIONS FOR LIABILITIES 78,076 88,632
NET ASSETS 1,385,647 1,314,001

CAPITAL AND RESERVES
Called up share capital 10 30,000 30,000
Retained earnings 1,355,647 1,284,001
SHAREHOLDERS' FUNDS 1,385,647 1,314,001

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





Mr A G Stead - Director


DOVER TRUSSED ROOF COMPANY LIMITED (REGISTERED NUMBER: 02507627)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Dover Trussed Roof Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets, recoverability of debtors due to the current economic environment and the valuation of the deferred tax liability due to changes to substantively enacted tax rates which means that the rate applicable will vary dependent on profit levels in each year.

Turnover
Turnover represents net invoiced sales of products and services, excluding value added tax. Income is recognised when the company has obtained the right to consideration upon delivery of the products.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1990, was written off evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

DOVER TRUSSED ROOF COMPANY LIMITED (REGISTERED NUMBER: 02507627)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% -20 % on a straight line basis
Fixtures and fittings - 20% on a straight line basis
Computer equipment - 20% on a straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

DOVER TRUSSED ROOF COMPANY LIMITED (REGISTERED NUMBER: 02507627)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

DOVER TRUSSED ROOF COMPANY LIMITED (REGISTERED NUMBER: 02507627)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

Going concern
The directors have assessed the major risks to which the company is exposed and assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of approval of the financial statements. There have been no significant risks identified that would prevent the company from continuing as a going concern.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 25 ) .

DOVER TRUSSED ROOF COMPANY LIMITED (REGISTERED NUMBER: 02507627)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 50,000
AMORTISATION
At 1 April 2023
and 31 March 2024 50,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 728,883 170 317 729,370
Disposals (26,133 ) - - (26,133 )
At 31 March 2024 702,750 170 317 703,237
DEPRECIATION
At 1 April 2023 352,539 169 316 353,024
Charge for year 46,148 1 1 46,150
Eliminated on disposal (26,128 ) - - (26,128 )
At 31 March 2024 372,559 170 317 373,046
NET BOOK VALUE
At 31 March 2024 330,191 - - 330,191
At 31 March 2023 376,344 1 1 376,346

DOVER TRUSSED ROOF COMPANY LIMITED (REGISTERED NUMBER: 02507627)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023 65,500
Transfer to ownership (65,500 )
At 31 March 2024 -
DEPRECIATION
At 1 April 2023 26,746
Charge for year 6,550
Transfer to ownership (33,296 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 38,754

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 467,457 237,696
Amounts owed by group undertakings 630,641 243,904
1,098,098 481,600

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts - 3,736
Trade Creditors 95,547 91,806
Amounts owed to group undertakings - 3,561
Other creditors 5,477 4,546
Other taxes and PAYE 52,297 179,309
Accrued expenses 6,465 38,877
159,786 321,835

9. SECURED DEBTS

There is an inter-company guarantee between Calldene Limited, Triad Timber Components Limited and Dover Trussed Roof Company Limited which is unlimited.

DOVER TRUSSED ROOF COMPANY LIMITED (REGISTERED NUMBER: 02507627)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
30,000 Ordinary £1 30,000 30,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashley Phillips FCCA (Senior Statutory Auditor)
for and on behalf of McCabe Ford Williams

12. RELATED PARTY DISCLOSURES

During the year the company made sales to Pinewood Structures Limited of £nil (2023: £27,701). At the balance sheet date the company was owed £nil (2023: £nil) in respect of these sales.Pinewood Structures Limited is a company which shares directors with Dover Trussed Roof Company Limited.

During the year the company purchased goods and services from Hardwood Limited totalling £44,694 (2023: £40,353). As at the balance sheet date the company owed £nil (2023: £87) in respect of these goods and services, which is included in creditors. Hardwood Limited is Dover Trussed Roof Company Limited's parent company and ultimate parent company.

During the year the company purchased goods and services from Triad Timber Components Limited totalling £186,902 (2023: £734,076). As at the balance sheet date the company owed Triad Timber Components Limited £480 (2023: £3,474) in respect of these goods and services, which is included in creditors. The company also made sales to Triad Timber Components Limited during the year of £270,611 (2023: £1,021,935). At the balance sheet date the company was owed £30,640 (2023: £135,904) in respect of these sales, which is included in debtors. There was also a loan of £300,000 (2023: £nil) to Triad Timber Components Limited in the period. Triad Timber Components Limited is a fellow subsidiary of the Hardwood Group.

During the year the company paid rent to Calldene Limited totalling £90,000 (2023: £90,000) As at the balance sheet date the company owed £nil (2023: £nil) in respect of these goods and services. There was also a loan of £300,000 (2023: £nil) to Calldene Limited in the period. Calldene Limited is a fellow subsidiary of the Hardwood Group.

During the year the company purchased goods and services from Trussed Rafter Association totalling £1,762 (2023: £nil). As at the balance sheet date the company owed Trussed Roof Association Limited £1,704 (2023: £nil) in respect of these goods and services, which is included in trade creditors.

13. PARENT COMPANY AND ULTIMATE PARENT COMPANY

Hardwood Limited is both the parent company as well as the ultimate parent company.