REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Audited Financial Statements for the Year Ended 31 August 2024 |
for |
Express Bi Folding Doors Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Audited Financial Statements for the Year Ended 31 August 2024 |
for |
Express Bi Folding Doors Limited |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Express Bi Folding Doors Limited |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Accountants and Business Advisers |
West Hill House |
Allerton Hill |
Chapel Allerton |
Leeds |
West Yorkshire |
LS7 3QB |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Strategic Report |
for the Year Ended 31 August 2024 |
The director presents his strategic report for the year ended 31 August 2024. |
FAIR REVIEW OF THE BUSINESS |
A successful year despite challenges in the marketplace with high interest rates affecting home owners borrowing to fund projects. |
We maintained our presence at the Homebuilding, Grand Designs and IDEAL home shows which provides the opportunity to present from our show stand and over the last 12 months continued investment into Brand Awareness, which includes TV advertising campaigns and a large arrange of digital advertising. |
We relocated and opened a new impressive showroom in Glasgow, which is now fully established and is generating more revenue than ever before. We're also still actively trying to win back market share in London. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company is well placed to identify and manage its financial, operational and regulatory compliance risks successfully. |
As the business continues to grow, we are acutely aware of the importance of brand reputation, quality of products, service levels and safety aspects in all parts of the operation. Procedures are established to monitor and manage these key strategic areas accordingly. |
KEY PERFORMANCE INDICATORS |
Using strong working procedures ensures the company delivers the management information required to monitor performance in key financial and non-financial areas. This enables us to make strategic decisions to maintain and improve; product quality, production efficiency, customer satisfaction, turnover levels and gross/net margins. |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Strategic Report |
for the Year Ended 31 August 2024 |
FUTURE DEVELOPMENTS |
In October 2024 we opened our first boutique showroom in Bournemouth. The South coast of England is a relatively untapped location for us so the new showroom should be a real positive for the business. |
We have purchased and commissioned a world leading CNC machine which will significantly increase and speed up our machining capacity and allow us to bring more niche products into our product portfolio. |
2025 will see us launch a whole host of new products including pivot doors, frameless sliding doors and bioclimatic pergolas. We're also updating some of our core products including reducing the sightlines of our best selling bi-fold and sliding doors and increasing the thermal performance of our windows in readiness for the upcoming change in building regulations. |
Because of the 2025 product updates we are significantly redeveloping our Flagship Leeds showroom with its biggest upgrade since opening in 2016. The redevelopment will properly demonstrate our latest products and give us the opportunity to invite homeowners, builders and architects to see our newly improved world class showroom. |
Once the Leeds update is complete we will carry out similar updates to all our showrooms but on a smaller scale. |
We are continuing to invest in brand awareness and as part of this policy we have increased our marketing budget and TV campaign by 20% and created a new showroom focused TV advert. We are also building a second exhibition stand so that we can showcase more products at National exhibitions than ever before. We are operating within a challenging and delicate market so are investing in our brand awareness to make sure that we continue to increase our market share and not be adversely affected by external economic factors. |
Due to an impressive manufacturing and storage capacity, we are continuing and expanding the trade side of our business with an 'express selection' of products that is held in stock and ready for Express delivery. |
Express is very well placed for another successful twelve months. We look forward to reaping the benefits of our new Glasgow and Bournemouth showrooms and are really excited about the new products that will launch this year. |
Senior Management are also consulting with Government and industry officials regarding the future homes legislation likely to bring significant changes to the industry in 2025. We already have the product range to suit the regulation changes but will follow developments very closely to ensure we can capitalise on any market shifts. |
ON BEHALF OF THE BOARD: |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Report of the Director |
for the Year Ended 31 August 2024 |
The director presents his report with the financial statements of the company for the year ended 31 August 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of manufacturers of folding doors. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 August 2024 will be £ |
FUTURE DEVELOPMENTS |
Likely future developments are discussed in the strategic report. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Express Bi Folding Doors Limited |
Opinion |
We have audited the financial statements of Express Bi Folding Doors Limited (the 'company') for the year ended 31 August 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 August 2024 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Express Bi Folding Doors Limited |
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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework within which the company operates, focusing on those laws and regulations that directly effects how material balances are determined and also the disclosures in the financial statements. the laws and regulations considered by us in this context were the Companies Act 2006 and various taxation legislation. |
We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be revenue and cost recognition, override of controls by management and related party transactions. Our audit procedures to respond to revenue and cost recognition risks included sample testing a sample of income/costs across the year to agree to supporting documentation and reviewing income and costs either side of the year end to ensure they have been recognised correctly. Our audit procedures to respond to management override risks included enquiries of management about their own identification and an assessment of the risks of irregularities, reviewing the posting of journals and reviewing the accounting estimates for bias. Our audit procedures to respond to related party transaction risks included enquiries of management about all related parties and the transactions with them, to ensure they are all within the normal course of business. |
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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. |
Report of the Independent Auditors to the Members of |
Express Bi Folding Doors Limited |
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 Auditors |
Accountants and Business Advisers |
West Hill House |
Allerton Hill |
Chapel Allerton |
Leeds |
West Yorkshire |
LS7 3QB |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Statement of Comprehensive |
Income |
for the Year Ended 31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
544,310 | 1,215,704 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
Investment property | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Statement of Changes in Equity |
for the Year Ended 31 August 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 September 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2024 |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Cash Flow Statement |
for the Year Ended 31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of investment property | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
4,974,568 |
Cash and cash equivalents at end of year | 2 | 4,385,363 | 4,982,046 |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Notes to the Cash Flow Statement |
for the Year Ended 31 August 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.8.24 | 31.8.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
Finance income | (154,246 | ) | (75,066 | ) |
986,679 | 1,846,682 |
(Increase)/decrease in stocks | ( |
) |
(Increase)/decrease 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 Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 August 2024 |
31.8.24 | 1.9.23 |
£ | £ |
Cash and cash equivalents | 4,385,363 | 4,982,046 |
Year ended 31 August 2023 |
31.8.23 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 4,982,046 | 4,974,568 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.23 | Cash flow | At 31.8.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,982,046 | (596,683 | ) | 4,385,363 |
4,982,046 | ( |
) | 4,385,363 |
Total | 4,982,046 | (596,683 | ) | 4,385,363 |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Express Bi Folding Doors Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable for goods and services provided, net of value added tax. |
Revenue from the sale of goods is normally recognised on dispatch of goods. This is the point when the significant risks and rewards of ownership are passed to the customer, the amount of revenue can be reliably measured, it is probable that economic benefits associated with the transaction will flow to the entity and that costs incurred can be measured reliably. |
Revenue from contracts where there is a provision of services involved, is recognised on completion of a contract or, where a contract can be split into definable parts, when each part is fully completed. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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 items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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 balance sheet date. |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
The benefits of lease incentives connected with property leases are recognised in the Statement of Comprehensive Income over the term of the leases. |
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. |
3. | EMPLOYEES AND DIRECTORS |
31.8.24 | 31.8.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.8.24 | 31.8.23 |
Directors | 1 | 1 |
Administration | 18 | 18 |
Selling and marketing | 33 | 32 |
Production and installation | 178 | 195 |
31.8.24 | 31.8.23 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.8.24 | 31.8.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
(Profit)/loss on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Property operating lease rentals |
Vehicle operating lease rentals |
The company's auditors were also paid £4,000 (2023 - £4,000) for tax advisory and other services, other than auditing of the company's accounts. |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.8.24 | 31.8.23 |
£ | £ |
Current tax: |
UK corporation tax |
Under over provisions | (169,487 | ) | (179,225 | ) |
Total current tax | ( |
) |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 21.52%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.8.24 | 31.8.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Adjustment relating to earlier years | (170,876 | ) | (179,225 | ) |
Change in tax rate | - | (54,876 | ) |
Total tax charge | 56,352 | 180,529 |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
6. | DIVIDENDS |
31.8.24 | 31.8.23 |
£ | £ |
Ordinary 'A' shares of £1 each |
Interim |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
8. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
The fair value of investment properties has been determined by the director, by reference to recent market prices of similar properties in the area. If the assets were being carried under the cost model, the carrying amount would be £845,142. |
9. | STOCKS |
31.8.24 | 31.8.23 |
£ | £ |
Stocks |
Work-in-progress |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Loan from holding company | 11,376 | 5,097 |
Directors' current accounts | 260 | 260 |
Accrued expenses |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Accruals and deferred income |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.8.24 | 31.8.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
14. | PROVISIONS FOR LIABILITIES |
31.8.24 | 31.8.23 |
£ | £ |
Deferred tax | 202,397 | 134,165 |
Deferred |
tax |
£ |
Balance at 1 September 2023 |
Charge to Statement of Comprehensive Income during year |
Balance at 31 August 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
value: | £ | £ |
Ordinary 'A' | £1 | 85 | 85 |
Ordinary 'B' | £1 | 5 | 5 |
Ordinary 'C' | £1 | 5 | 5 |
Ordinary 'D' | £1 | 5 | 5 |
100 | 100 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 September 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 August 2024 |
17. | ULTIMATE PARENT COMPANY |
S and L UK Holdings Limited is regarded by the director as being the company's ultimate parent company. |
The registered office address is: Unit 23 Millshaw Park Industrial Estate, Morley, Leeds, LS11 0BL. |
Express Bi Folding Doors Limited (Registered number: 06177269) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
18. | CAPITAL COMMITMENTS |
31.8.24 | 31.8.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
This represents the cost of a new CNC machine and the cost of a new company vehicle, the deposits having both been paid within the year. Both the machine and the vehicle have been delivered post year end. |
19. | RELATED PARTY DISCLOSURES |
Disclosure re members of the Key Management Personnel: |
Key Management Personnel compensation £127,059 (2023 - £ |
Balances with Key Management Personnel: Creditors - £260 (2023 - £260). |
Transactions with entities either controlled by Key Management Personnel or which have Key Management Personnel in common who control this company: |
Sales - £nil (2023 - £nil). |
Purchases - £ |
Debtors - £nil (2023 - £ |
Creditors - £28,659 (2023 - £17,965) |