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REGISTERED NUMBER: 11865140 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

PERFORMANCE JOINERY LIMITED

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PERFORMANCE JOINERY LIMITED

COMPANY INFORMATION
for the year ended 30 September 2024







DIRECTORS: J Burdett
A Malhan





REGISTERED OFFICE: Magma House
16 Davy Court
Castle Mound Way
Rugby
Warwickshire
CV23 0UZ





REGISTERED NUMBER: 11865140 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

BALANCE SHEET
30 September 2024

2024 2023
(Unaudited)
Notes £    £   
FIXED ASSETS
Tangible assets 4 - 539,876

CURRENT ASSETS
Stocks - 377,757
Debtors 5 1,298,188 1,413,481
Cash at bank and in hand 713 70,704
1,298,901 1,861,942
CREDITORS
Amounts falling due within one year 6 (240,049 ) (901,494 )
NET CURRENT ASSETS 1,058,852 960,448
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,058,852

1,500,324

CREDITORS
Amounts falling due after more than one
year

7

-

(141,397

)

PROVISIONS FOR LIABILITIES 9 - (134,615 )
NET ASSETS 1,058,852 1,224,312

CAPITAL AND RESERVES
Called up share capital 10 395,001 420,001
Capital redemption reserve 25,000 -
Retained earnings 638,851 804,311
SHAREHOLDERS' FUNDS 1,058,852 1,224,312

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 May 2025 and were signed on its behalf by:





A Malhan - Director


PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024


1. STATUTORY INFORMATION

Performance Joinery Limited is a limited company, registered in England and Wales. The company's registered number is 11865140 and registered office address is Magma House, 16 Davy Court, Castle Mound Way, Rugby, Warwickshire, England, CV23 0UZ.

2. ACCOUNTING POLICIES

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

The financial statements are prepared in Sterling (£), which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
The directors have decided to begin an orderly closure of the business and orderly transfer of trade and assets were transferred to the parent company in July 2024. This is ongoing at 30 September 2024. The directors consider it appropriate to retain the existing accounting policies until there is certainty over cessation of the company's operations.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company’s sales channels have been met.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery-20% straight line
Fixtures and fittings-10% straight line
Computer equipment-25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, 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.

(i) Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

(ii) Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Operating and finance lease commitments
At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

(i) Finance leased assets
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the company’s incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


2. ACCOUNTING POLICIES - continued

(ii) Operating leased assets
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

(iii) Lease incentives
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments.

Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.

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.

Share capital
Ordinary shares are classified as equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 57 (2023 - 56 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 October 2023 843,419 184,682 4,814 1,032,915
Additions 209,516 - - 209,516
Disposals (1,052,935 ) (184,682 ) (4,814 ) (1,242,431 )
At 30 September 2024 - - - -
DEPRECIATION
At 1 October 2023 469,281 21,602 2,156 493,039
Charge for year 143,735 10,501 3,386 157,622
Eliminated on disposal (613,016 ) (32,103 ) (5,542 ) (650,661 )
At 30 September 2024 - - - -
NET BOOK VALUE
At 30 September 2024 - - - -
At 30 September 2023 374,138 163,080 2,658 539,876

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Trade debtors 14,377 1,363,350
Amounts owed by group undertakings 1,283,811 -
Other debtors - 50,131
1,298,188 1,413,481

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Bank loans and overdrafts - 10,000
Hire purchase contracts (see note 8) - 137,255
Trade creditors 1,243 488,661
Amounts owed to group undertakings 13,611 -
Tax - 29,072
Social security and other taxes - 35,297
Pension - 6,941
VAT 199,307 115,394
Other creditors - 16,758
Accruals and deferred income 25,888 62,116
240,049 901,494

The Bounce Back Loan, included within Bank loans and overdrafts falling due within one year and more than one year in the prior year, had been partially guaranteed by the UK Government. The loan has been fully repaid in the year ended 30 September 2024.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
(Unaudited)
£    £   
Bank loans - 1-2 years - 16,667
Hire purchase contracts (see note 8) - 124,730
- 141,397

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
(Unaudited
£    £   
Net obligations repayable:
Within one year - 137,255
Between one and five years - 124,730
- 261,985

In August 2024, Performance Joinery Limited entered into a novation agreement with immediate parent company, Integrated Doorset Solution Limited to transfer its rights and obligations of it's hire purchase contracts.

9. PROVISIONS FOR LIABILITIES
2024 2023
(Unaudited)
£    £   
Deferred tax - 134,615

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 October 2023 134,615
Utilised during year (134,615 )
Balance at 30 September 2024 -

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
395,001 Ordinary £1 395,001 420,001

On 29 February 2024, 25,000 treasury shares were cancelled.

On the same date, 395,001 Ordinary shares were purchased by Integrated Doorset Solutions Limited for total consideration of £987,503.

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We were not appointed as auditor of the company until after 30 September 2024 and thus did not observe the counting of physical stocks at the year end 30 September 2023. We were unable to satisfy ourselves by alternative means concerning the stock quantities and value held at 30 September 2023, which were included in the balance sheet at £377,757 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

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 Auditor’s 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 qualified opinion.

Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP

12. RELATED PARTY DISCLOSURES

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

During the year, sales of £nil (2023: £1,387) were made to, and purchases of £21,000 (2023: £37,200) were made from, a company with common directors. At the period end, £nil (2023: £5,040) was due to this related company.

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


13. ULTIMATE CONTROLLING PARTY

From 29 February 2024, 100% of the share capital was purchased by Integrated Doorset Solutions Limited. From this date Integrated Doorset Solutions Limited became the immediate parent company.

The ultimate parent company is IDSL Group Holdings Limited by virtue of its majority shareholding in the immediate parent company.

There was no ultimate controlling party in the current or the prior period, as no single shareholder has control of the ultimate parent company by virtue of shareholding.