REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Period 3 April 2023 to 31 March 2024 |
for |
Door-Stop International Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Period 3 April 2023 to 31 March 2024 |
for |
Door-Stop International Limited |
Door-Stop International Limited (Registered number: 06498960) |
Contents of the Financial Statements |
for the Period 3 April 2023 to 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
Door-Stop International Limited |
Company Information |
for the Period 3 April 2023 to 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants, |
Chartered Tax Advisers and Statutory Auditors |
Boston House |
Henley-on-Thames |
RG9 1DY |
Door-Stop International Limited (Registered number: 06498960) |
Strategic Report |
for the Period 3 April 2023 to 31 March 2024 |
The directors present their strategic report for the period 3 April 2023 to 31 March 2024. |
The company operates a US financial calendar which is split between periods of 4 and 5 weeks, which means that the financial year-end date is different each year. |
PRINCIPAL ACTIVITY |
The principal activity of the company was that of the manufacture and delivery of composite doors within the UK. |
REVIEW OF THE BUSINESS |
On 3 April 2023 the trade and assets of the business were hived up to its parent Premdor Crosby Limited, therefore the business did not trade during the period. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Since the hive-up the company is now a dormant entity. The recovery of the company's remaining assets, being a receivable due from Premdor Crosby Limited, is therefore largely dependent on Premdor Crosby Limited being able to meet its commitments to the company if required. |
SECTION 172(1) STATEMENT |
The directors of the Company must act in accordance with the duties detailed in section 172 of the Companies Act 2006 which is summarised: |
A director of the company must act in a way considered to be in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regards (amongst other matters) to: |
a) The likely consequences of any decision in the long term; |
b) The interest of the company's employees |
c) The need to foster the company's business relationships with suppliers, customers, and others; |
d) The impact of the company's operations on the community and the environment; |
e) The desirability of the company maintaining a reputation for high standards of business conduct; and |
f) The need to act fairly as between members of the company |
The Board regularly reviews the business's principal stakeholders and how we engage with them. The sections below set out a more detailed summary of the company's relationships with its key stakeholders and how the business engages with those stakeholders. |
The Board is comprised of: |
C O Ball (Appointed 14 July 2023) |
C Doyle (Resigned 14 July 2023) |
V Philemon (Resigned 14 July 2023) |
G J Vaughton (Appointed 14 July 2023) |
Shareholders |
As the Board of Directors, our intention is to behave responsibly towards our shareholders and treat them fairly and equally so they too may benefit from the successful delivery of our plan. We report to our group leadership on a monthly basis reporting the performance of the business against agreed budgets and forecasts. |
No dividends were paid during the period. |
Other stakeholders |
Other major stakeholder groups include the company's insurers, bankers, surety providers, advisors, regulators, and HMRC. With all these stakeholder groups, the Directors maintain regular and open dialogue to ensure that all parties are kept informed and are listed to. The Directors believe this is essential to building strong working relationships. |
Door-Stop International Limited (Registered number: 06498960) |
Strategic Report |
for the Period 3 April 2023 to 31 March 2024 |
Section 172(1) Statement (continued) |
Decision making and principal decisions |
The Board has made numerous decisions through the fiscal year, either directly through Board meetings or via delegation to senior management or committee. The Board has remained mindful and considerate of the potential impacts on key stakeholders and factored their respective needs to concerns into all discussions and decision making in accordance with s172 of the Companies Act 2006. Not every decision made by the Board impacts all stakeholders and decisions will have differing levels of impact of respective shareholders. Major decisions and considerations made by the Board during the fiscal year include: |
o Approval of the 2022 Annual Accounts and Financial statements. |
o Approval of the hive up of assets and liabilities of the company to Premdor Crosby Limited on 3 April 2023. |
Future Developments |
In order to simplify the legal structure of the Masonite UK group the Company was hived into Premdor Crosby Limited, its parent, on 3 April 2023. As a result, the entity has not been trading since that date. This does not have any impact on recorded asset and liability values as all amounts were transferred at book value to Premdor Crosby Limited on 3 April 2023 as part of the hive-up agreement. |
Since the hive-up the company is now a dormant entity. The recovery of the Company's remaining assets, being a receivable due from Premdor Crosby Limited, is therefore largely dependent on Premdor Crosby Limited being able to meet its commitments to the Company if required. |
ON BEHALF OF THE BOARD: |
Door-Stop International Limited (Registered number: 06498960) |
Report of the Directors |
for the Period 3 April 2023 to 31 March 2024 |
The directors present their report with the financial statements of the company for the period 3 April 2023 to 31 March 2024. |
The directors present in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the company has prepared a Strategic Report, which includes information that previously would have been included in the Directors' Report. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of Manufacture and delivery of composite doors within the UK |
DIVIDENDS |
Dividends paid in the period are £Nil (2 April 2023: £Nil). |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
The directors who have held office during the period from 3 April 2023 to the date of this report are as follows: |
GOING CONCERN |
The Directors are required to consider the Company's ability to continue as a going concern. |
In order to simplify the legal structure of the Masonite UK group the Company was hived into Premdor Crosby Limited, its parent, on 3 April 2023. As a result, the entity has not been trading since that date and the financial statements have been prepared on a basis other than that of a going concern. This does not have any impact on recorded asset and liability values at 2 April 2023 as all amounts were transferred at book value to Premdor Crosby Limited on 3 April 2023 as part of the hive-up agreement. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Under company law the directors must not approve the financial statements unless they are 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 directors are required to: |
o select suitable accounting policies and then apply them consistently; |
o make judgments and accounting estimates that are reasonable and prudent; |
o state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
o prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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. |
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. |
Door-Stop International Limited (Registered number: 06498960) |
Report of the Directors |
for the Period 3 April 2023 to 31 March 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are 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 each director 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. |
The auditors Villars Hayward LLP were appointed on 11 June 2024. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Door-Stop International Limited |
Opinion |
We have audited the financial statements of Door-Stop International Limited (the 'company') for the period ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 March 2024; |
- | 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. |
Emphasis of matter - financial statements prepared other than going concern |
We draw attention to Note 1 to the financial statements which explains that the company has ceased trading and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1. Our opinion is not modified in respect of this matter. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements. |
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 Directors. |
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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Door-Stop International Limited |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. |
Our approach was as follows: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax laws and regulations in the UK. |
We understood how Door-Stop International Limited is complying with those frameworks by making enquiries of management, including those responsible for legal and compliance procedures, to understand how the company maintains and communicates its policies and procedures in these areas. We corroborated our enquiries through our review of board minutes and papers provided to the Board, and made inquiries of management to identify if there are matters where there is a risk of breach of such frameworks that could have a material adverse impact on the company, as well as consideration of the results of our audit procedures across the company. |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was a susceptibility to fraud. We considered the programmes and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements are free from fraud and error. |
Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. In addition to those set out above, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Financial Statements with the requirements of the relevant accounting standards and UK legislation |
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 |
Door-Stop International 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 |
Chartered Accountants, |
Chartered Tax Advisers and Statutory Auditors |
Boston House |
Henley-on-Thames |
RG9 1DY |
Door-Stop International Limited (Registered number: 06498960) |
Income Statement |
for the Period 3 April 2023 to 31 March 2024 |
Period | Period |
3.4.23 to 31.3.24 | 3.1.22 to 2.4.23 |
Notes | £'000 | £'000 | £'000 | £'000 |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
- | 15,669 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL PERIOD |
Door-Stop International Limited (Registered number: 06498960) |
Other Comprehensive Income |
for the Period 3 April 2023 to 31 March 2024 |
Period | Period |
3.4.23 | 3.1.22 |
to | to |
31.3.24 | 2.4.23 |
Notes | £'000 | £'000 |
PROFIT FOR THE PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
Door-Stop International Limited (Registered number: 06498960) |
Statement of Financial Position |
31 March 2024 |
31.3.24 | 2.4.23 |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Door-Stop International Limited (Registered number: 06498960) |
Statement of Changes in Equity |
for the Period 3 April 2023 to 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£'000 | £'000 | £'000 |
Balance at 3 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 2 April 2023 |
Changes in equity |
Balance at 31 March 2024 |
Door-Stop International Limited (Registered number: 06498960) |
Notes to the Financial Statements |
for the Period 3 April 2023 to 31 March 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are made up to the Sunday nearest to the 31 March for this period. |
The principal activities of the company and the nature of its operations are set out in the strategic report on pages 2 to 3. |
The financial statements have been prepared in accordance with applicable UK law and accounting standards, and under the historical cost convention, and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. |
Doorstop International Limited is a company incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is given on page 1. The nature of the Company's activities and its principal operations are set out in the Strategic Report on page 2. |
The functional currency of Doorstop International Limited is considered to be pound sterling (£) which is also the functional currency of the company. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirement of paragraph 33.7. |
Turnover |
Turnover represents the net invoiced value for goods and services supplied within the normal course of business, net of trade discounts, VAT and other sales related taxes. Turnover is recognised on delivery of goods to the customer. |
Tangible fixed assets |
Fixed assets are stated at cost, net of depreciation and any provision for impairment. |
Depreciation is provided to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows: |
Motor vehicles - 5 years / 20% per annum |
Plant and machinery - 10 years /10% per annum |
Fixtures, fittings and tools - 5 years/ 20% per annum |
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. |
Freehold land and assets under construction are not depreciated. Once an asset under construction is placed in to service, it is transferred to an asset category and depreciated in line with policy. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate. |
Door-Stop International Limited (Registered number: 06498960) |
Notes to the Financial Statements - continued |
for the Period 3 April 2023 to 31 March 2024 |
1. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Taxation |
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. |
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
Research and development |
Expenditure on research and development is written off to the income statement in the period in which it is incurred. |
Foreign currencies |
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account. |
Employee benefits |
For defined contribution schemes the amount charged to the income statement in respect of pension costs and other retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the statement of financial position. |
Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date. |
Going concern |
The Directors are required to consider the Company's ability to continue as a going concern. |
In order to simplify the legal structure of the Masonite UK group the Company was hived into Premdor Crosby Limited, its parent, on 3 April 2023. As a result, the entity has not been trading since that date and the financial statements have been prepared on a basis other than that of a going concern. This does not have any impact on recorded asset and liability values at 2 April 2023 as all amounts were transferred at book value to Premdor Crosby Limited on 3 April 2023 as part of the hive-up agreement. |
The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The directors' report further describes the financial position of the company; its cash flows, liquidity position and borrowing facilities; the company's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposure to credit risk and liquidity risk. |
Door-Stop International Limited (Registered number: 06498960) |
Notes to the Financial Statements - continued |
for the Period 3 April 2023 to 31 March 2024 |
1. | ACCOUNTING POLICIES - continued |
Operating leases |
Operating lease rentals are charged to the income statement on a straight-line basis over the period of the lease. |
Financial assets and liabilities |
All financial assets and liabilities are initially measured at transaction price (including transaction costs) and subsequently measured at their amortised cost, unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured 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 only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
2. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the entity's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in 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 following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
Revenue recognition |
In making its judgement, management considered the detailed criteria for the recognition of revenue from the sale of goods set out in FRS 102 Section 23 Revenue and, in particular, whether the Company had transferred to the buyer the significant risks and rewards of ownership of the goods. Management considers the significant risks and rewards of ownership of the goods to have transferred to the buyer at the point at which the buyer accepts delivery. Revenue is only recognised after that point. |
The following are the Company's key sources of estimation uncertainty: |
Stock provision |
An estimate of the provision for slow-moving and obsolete stock is considered to be a key accounting estimate. Management perform an assessment of the required provision based on commercial conditions and stock movement trends. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market for the period ended 2 April 2023 is given below: |
£'000 |
United Kingdom |
Europe |
This analysis is not considered to be applicable to the period ended 31 March 2024. |
Door-Stop International Limited (Registered number: 06498960) |
Notes to the Financial Statements - continued |
for the Period 3 April 2023 to 31 March 2024 |
4. | EMPLOYEES AND DIRECTORS |
Period | Period |
3.4.23 | 3.1.22 |
to | to |
31.3.24 | 2.4.23 |
£'000 | £'000 |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period | Period |
3.4.23 | 3.1.22 |
to | to |
31.3.24 | 2.4.23 |
Administration | - | 1 |
Selling and distribution | - | 25 |
Production | - | 199 |
5. | DIRECTORS' EMOLUMENTS |
Period | Period |
3.4.23 | 3.1.22 |
to | to |
31.3.24 | 2.4.23 |
£ | £ |
Directors' remuneration |
All of the current directors are remunerated elsewhere within the group and it is not practical to allocate the expense to this company. |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period | Period |
3.4.23 | 3.1.22 |
to | to |
31.3.24 | 2.4.23 |
£'000 | £'000 |
Depreciation - owned assets |
Cost of stock recognised as expense |
All audit fees are paid elsewhere within the group. |
Door-Stop International Limited (Registered number: 06498960) |
Notes to the Financial Statements - continued |
for the Period 3 April 2023 to 31 March 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period | Period |
3.4.23 | 3.1.22 |
to | to |
31.3.24 | 2.4.23 |
£'000 | £'000 |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 25% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is the same as the standard rate of corporation tax in the UK. |
Period | Period |
3.4.23 | 3.1.22 |
to | to |
31.3.24 | 2.4.23 |
£'000 | £'000 |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Adjustments to tax charge in respect of previous periods | ( |
) |
Rate change | - | 10 |
Depreciation on ineligible assets | - | 27 |
Income not taxable | - | (52 | ) |
Expenses not deductible | - | 1 |
Total tax charge | - | 21 |
The average standard rate of tax applied to reported profit is 25% (2 April 2023:19%). |
Corporation tax is calculated at 25% (2 April 2023: 19%) of the estimated assessable profit for the year. The March 2021 Budget announced a further increase to the main rate of corporation tax to 25% from April 2023. This rate was substantively enacted on 24 May 2021 and hence at the balance sheet date, therefore consideration of deferred tax balances has been undertaken given the rise from 19% to 25% from 1 April 2023. |
Door-Stop International Limited (Registered number: 06498960) |
Notes to the Financial Statements - continued |
for the Period 3 April 2023 to 31 March 2024 |
8. | TANGIBLE FIXED ASSETS |
Fixtures | Assets |
Plant and | and | under |
machinery | fittings | construction | Totals |
£'000 | £'000 | £'000 | £'000 |
COST |
At 3 April 2023 |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 3 April 2023 |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 2 April 2023 |
9. | STOCKS |
31.3.24 | 2.4.23 |
£'000 | £'000 |
Finished goods and goods for resale |
Raw materials and consumables |
There is no material difference between the balance sheet value of stocks and their replacement cost. |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 2.4.23 |
£'000 | £'000 |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
Amounts owed by group undertakings are payable on demand and are interest free. |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 2.4.23 |
£'000 | £'000 |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Amounts owed to group undertakings are payable on demand and are interest free. |
Door-Stop International Limited (Registered number: 06498960) |
Notes to the Financial Statements - continued |
for the Period 3 April 2023 to 31 March 2024 |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 2.4.23 |
£'000 | £'000 |
Within one year |
Between one and five years |
In more than five years |
13. | PROVISIONS FOR LIABILITIES |
31.3.24 | 2.4.23 |
£'000 | £'000 |
Deferred tax | - | 180 |
Deferred |
tax |
£'000 |
Balance at 3 April 2023 |
Hive up of trade and assets | (180 | ) |
Balance at 31 March 2024 |
Deferred tax assets and liabilities are offset only where the Group has a legally enforceable right to do so and where the assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity or another entity within the group. |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 2.4.23 |
value: | £'000 | £'000 |
Ordinary | £1 | 10 | 10 |
The profit and loss reserve represents cumulative profits or losses, net of dividends and other adjustments. |
15. | RESERVES |
Retained |
earnings |
£'000 |
At 3 April 2023 |
Profit for the period |
At 31 March 2024 |
16. | ULTIMATE PARENT COMPANY |
The ultimate controlling party is Masonite International Corporation and the immediate parent company is Premdor Crosby Limited. At the period end, the smallest and largest group in which the results of the company are consolidated is that headed by Masonite International Corporation, incorporated in Canada. Copies of the consolidated financial statements of Masonite International Inc. can be obtained from www.masonite.com. |
Door-Stop International Limited (Registered number: 06498960) |
Notes to the Financial Statements - continued |
for the Period 3 April 2023 to 31 March 2024 |
17. | RELATED PARTY TRANSACTIONS |
The company is a wholly owned subsidiary within the group, and utilises the exemption contained in FRS 102 section 33 2.2, "Related Party Disclosures", not to disclose any transactions with entities that are part of the group. |
18. | POST BALANCE SHEET EVENTS |
On 15 May 2024 Masonite International Corporation was acquired by Owens Corning, a large US-listed building and construction materials company with the Mission to "build a sustainable future through material innovation". Masonite will become the Doors Division of Owens Corning alongside its existing Roofing, Insulation and Composites divisions. |
19. | SECURED DEBTS |
The company had given security by way of a fixed and floating charge, with a negative pledge over all of its property to Premdor Crosby Limited, the immediate parent company, to secure debt in that company. This charge was created on 31 January 2019 and was satisfied on 15 May 2024. |
20. | EMPLOYEE BENEFITS |
Defined contribution schemes |
All employees of Door-Stop International Limited were transferred under protected earnings to Premdor Crosby Limited as part of the hive-up effective 3 April 2023. As such, employee's defined contribution pension assets were protected and transferred into the Premdor Crosby Defined Contribution Pension Scheme. |
There were no direct employees during the accounting period. |
The charge for the period was £Nil (2 April 2023: £272,157). There were no outstanding or prepaid contributions at either the beginning or end of the financial period. |