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REGISTERED NUMBER: 09608644 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

DRS DOORS LTD

DRS DOORS LTD (REGISTERED NUMBER: 09608644)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DRS DOORS LTD

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTORS: Mr M J Thomas
Mr B K Thomas





REGISTERED OFFICE: 1 Riverside Avenue West
Lawford
Manningtree
Essex
CO11 1UN





REGISTERED NUMBER: 09608644 (England and Wales)





ACCOUNTANTS: Sexty & Co
Chartered Certified Accountants
124 Thorpe Road
Norwich
Norfolk
NR1 1RS

DRS DOORS LTD (REGISTERED NUMBER: 09608644)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 24,894 29,046
Tangible assets 6 22,855 30,483
47,749 59,529

CURRENT ASSETS
Stocks 20,000 20,000
Debtors 7 347,067 383,211
Cash at bank and in hand 37,282 95,690
404,349 498,901
CREDITORS
Amounts falling due within one year 8 369,309 373,411
NET CURRENT ASSETS 35,040 125,490
TOTAL ASSETS LESS CURRENT
LIABILITIES

82,789

185,019

CREDITORS
Amounts falling due after more than one
year

9

(48,231

)

(102,939

)

PROVISIONS FOR LIABILITIES - (4,500 )
NET ASSETS 34,558 77,580

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 34,458 77,480
SHAREHOLDERS' FUNDS 34,558 77,580

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DRS DOORS LTD (REGISTERED NUMBER: 09608644)

BALANCE SHEET - continued
31 May 2024


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 31 January 2025 and were signed on its behalf by:





Mr B K Thomas - Director


DRS DOORS LTD (REGISTERED NUMBER: 09608644)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024

1. STATUTORY INFORMATION

DRS Doors Ltd 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

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.

Leasehold property - 20% on cost
Plant and machinery etc - 25% on reducing balance

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

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 balance sheet date.

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.

DRS DOORS LTD (REGISTERED NUMBER: 09608644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

3. ACCOUNTING POLICIES - continued

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.

Invoice discounting
Trade debtors are subject to an invoice discounting facility whereby an advance is received based upon and secured upon trade debtors.

Where the company has retained significant risks and rewards relating to discounted debts, separate presentation is adopted whereby the gross debts and a corresponding liability in respect of the advance received is shown separately. The interest element of the invoice discounter's charge is recognised as it accrues and is included in the profit and loss account within finance costs.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 19 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 41,500
AMORTISATION
At 1 June 2023 12,454
Charge for year 4,152
At 31 May 2024 16,606
NET BOOK VALUE
At 31 May 2024 24,894
At 31 May 2023 29,046

DRS DOORS LTD (REGISTERED NUMBER: 09608644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 16,158 91,920 108,078
DEPRECIATION
At 1 June 2023 16,158 61,437 77,595
Charge for year - 7,628 7,628
At 31 May 2024 16,158 69,065 85,223
NET BOOK VALUE
At 31 May 2024 - 22,855 22,855
At 31 May 2023 - 30,483 30,483

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 24,721
DEPRECIATION
At 1 June 2023 17,167
Charge for year 1,888
At 31 May 2024 19,055
NET BOOK VALUE
At 31 May 2024 5,666
At 31 May 2023 7,554

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 242,846 268,612
Other debtors 104,221 114,599
347,067 383,211

DRS DOORS LTD (REGISTERED NUMBER: 09608644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 105,632 106,756
Taxation and social security 85,444 97,640
Other creditors 168,233 159,015
369,309 373,411

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 48,231 102,939

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 161,483 144,453

Other loans relate to an invoice discounting advance and are secured by a fixed and floating charge over the assets of the company.