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Registration number: 00357393

Staffordshire Fire Doors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Staffordshire Fire Doors Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Staffordshire Fire Doors Limited

Company Information

Directors

M Hammond

M Hammond

JL Thompson

A Hammond

A Morley

Registered office

Units 3 & 4 Llewellyn Roberts Way
Maer Lane Industrial Estate
Market Drayton
Shropshire
TF9 1QS

 

Staffordshire Fire Doors Limited

(Registration number: 00357393)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

914,096

935,082

Current assets

 

Stocks

6

108,222

155,345

Debtors

7

500,705

292,362

Cash at bank and in hand

 

133,589

68,562

 

742,516

516,269

Creditors: Amounts falling due within one year

8

(725,341)

(584,379)

Net current assets/(liabilities)

 

17,175

(68,110)

Total assets less current liabilities

 

931,271

866,972

Creditors: Amounts falling due after more than one year

8

(259,566)

(288,613)

Provisions for liabilities

(39,072)

(39,072)

Net assets

 

632,633

539,287

Capital and reserves

 

Called up share capital

9

3,000

3,000

Revaluation reserve

350,000

350,000

Retained earnings

279,633

186,287

Shareholders' funds

 

632,633

539,287

For the financial year ending 30 April 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.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
M Hammond
Director

.........................................
M Hammond
Director

.........................................
JL Thompson
Director

     
 

Staffordshire Fire Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 3 & 4 Llewellyn Roberts Way
Maer Lane Industrial Estate
Market Drayton
Shropshire
TF9 1QS

These financial statements were authorised for issue by the Board on 14 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover 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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

Staffordshire Fire Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Freehold land and buildings

No depreciation has been provided

Fixtures and Fittings

10% on reducing balance

Office furniture and equipment

20% on cost

Motor vehicles

25% on reducing balance

Plant and machinery

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 trade debtors 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.

Stocks

Stocks 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, stocks are assessed for impairment. If stocks 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.

 

Staffordshire Fire Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Staffordshire Fire Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 33).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

62,729

63,329

 

Staffordshire Fire Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

739,028

133,803

122,783

243,334

1,238,948

Additions

-

3,508

36,906

7,967

48,381

Disposals

-

-

(27,393)

-

(27,393)

At 30 April 2024

739,028

137,311

132,296

251,301

1,259,936

Depreciation

At 1 May 2023

6,414

96,148

66,089

135,215

303,866

Charge for the year

-

12,021

21,685

29,022

62,728

Eliminated on disposal

-

-

(20,754)

-

(20,754)

At 30 April 2024

6,414

108,169

67,020

164,237

345,840

Carrying amount

At 30 April 2024

732,614

29,142

65,276

87,064

914,096

At 30 April 2023

732,614

37,655

56,694

108,119

935,082

Included within the net book value of land and buildings above is £732,614 (2023 - £732,614) in respect of freehold land and buildings.
 

 

Staffordshire Fire Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Revaluation

The fair value of the company's Land and Buildings was revalued on 15 February 2022 by an independent valuer. . The name and qualification of the independent valuer are Richard Johnson MRICS, RICS Registered Valuer.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £350,000 (2023 - £350,000).

6

Stocks

2024
£

2023
£

Other inventories

108,222

155,345

7

Debtors

Current

2024
£

2023
£

Trade debtors

476,120

277,447

Prepayments

18,458

8,588

Other debtors

6,127

6,327

 

500,705

292,362

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

58,279

44,177

Trade creditors

 

184,557

136,620

Taxation and social security

 

82,816

59,942

Accruals and deferred income

 

12,972

8,519

Other creditors

 

386,717

335,121

 

725,341

584,379

Creditors include bank loans, hire purchase and invoice factoring which are secured of £376,191 (2023 - £258,385).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

259,566

288,613

Creditors include bank loans, hire purchase and invoice factoring which are secured of £259,566 (2023 - £265,632).

 

Staffordshire Fire Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3,000

3,000

3,000

3,000