Registration number:
Todd Doors Limited
for the Year Ended 31 December 2024
Todd Doors Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Todd Doors Limited
Company Information
|
Directors |
Mr M C Todd Ms S Doyle Mr R H Mitchell |
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Company secretary |
Ms S Doyle |
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Registered office |
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Auditors |
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Todd Doors Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is retail and wholesale supply of doors and related products.
Fair review of the business
The company experienced a higher level of turnover growth in 2024 together with a slight improvement in the gross profit margin compared to 2023. This reflects strong demand across key markets and the successful execution of the company’s commercial strategy.
Profit before tax for the year was slightly up from the prior year which was primarily due to the improved gross profit margin together with close control of expenses.
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2024 |
2023 |
|
|
Turnover |
£ |
21,452,216 |
19,909,199 |
|
Turnover growth/(decline) |
% |
8 |
5 |
|
Gross profit margin |
% |
36 |
35 |
|
Profit before tax |
£ |
1,235,017 |
1,115,945 |
Principal risks and uncertainties
The directors understand the need to manage the risks to the company and continue to monitor trading performance on a regular basis and consider the following matters to be the principal risks and uncertainties.
Economic and financial conditions:
Changes in consumer confidence and buying habits may impact on the company's trading performance. The company continues to build its customer base through all its channels and develop a range of products to mitigate this risk.
Currency risk:
The company operates solely in the UK but makes purchases of products from other countries where payments to suppliers are in USD and Euros. The company monitors and reviews exchange rate movements and hedges its risk with forward contracts.
Interest rate risk:
The company pays interest on amounts due on bank loans and overdrafts based on market rates which are subject to floating interest rates. The company does not hedge the floating rate to a fixed rate and accordingly the company is subject to interest rate risk through fluctuations in base rates.
Approved and authorised by the
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......................................... |
Todd Doors Limited
Director's Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The directors are responsible for managing the financial risks the company is exposed to and closely monitor such risks to mitigate them to the greatest possible extent.
Price risk, credit risk, liquidity risk and cash flow risk
The company's principal financial instruments comprise bank balances, trade debtors, trade creditors and loans. The main purpose of these instruments is to finance the business's operations.
In respect of bank balances and borrowings, advice on the financial risks is closely monitored by the company to maintain appropriate balances and to ensure all such risks are mitigated to an acceptable level.
Trade debtors are monitored by the company, managing the credit risks through the appropriate use of financial references, deposits and regular monitoring of amounts outstanding. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and during the year the company hedged some of its foreign currency exposure through forward contracts.
Todd Doors Limited
Director's Report for the Year Ended 31 December 2024
Statement of directors' responsibilities
The directors acknowledge their responsibilities 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). 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:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
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.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Xeinadin Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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......................................... |
Todd Doors Limited
Independent Auditor's Report to the Members of Todd Doors Limited
Opinion
We have audited the financial statements of Todd Doors Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, 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 December 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 auditor 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Todd Doors Limited
Independent Auditor's Report to the Members of Todd Doors Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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. |
Responsibilities of directors
As explained more fully in the statement of directors' responsibilities [set out on page 4], 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 is 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.
Auditor 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 an auditor’s report 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:
Todd Doors Limited
Independent Auditor's Report to the Members of Todd Doors Limited
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Todd Doors Limited
Independent Auditor's Report to the Members of Todd 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 an auditor’s report 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
Statutory Auditors
Leavesden Park
5 Hercules Way
Hertfordshire
WD25 7GS
Todd Doors Limited
Profit and Loss Account and Statement of Retained Earnings
for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
46,287 |
(15,870) |
||
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Retained earnings brought forward |
2,140,657 |
1,467,026 |
|
|
Dividends paid |
( |
( |
|
|
Retained earnings carried forward |
2,206,032 |
2,140,657 |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Todd Doors Limited
(Registration number: 01945019)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|||
|
£ |
£ |
£ |
£ |
||
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Fixed assets |
|||||
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Intangible assets |
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|||
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Tangible assets |
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|||
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Current assets |
|||||
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Stocks |
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|||
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Debtors |
|
|
|||
|
Cash at bank and in hand |
|
|
|||
|
|
|
||||
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Creditors: Amounts falling due within one year |
( |
( |
|||
|
Net current assets |
|
|
|||
|
Total assets less current liabilities |
|
|
|||
|
Creditors: Amounts falling due after more than one year |
- |
( |
|||
|
Provisions for liabilities |
( |
( |
|||
|
Net assets |
|
|
|||
|
Capital and reserves |
|||||
|
Called up share capital |
|
|
|||
|
Retained earnings |
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|
|||
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Shareholders' funds |
|
|
|||
Approved and authorised by the
.........................................
Mr M C Todd
Director
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Viking House
Unit 6 Northolt Trading Estate
Belvue Road
Northolt
Middlesex
UB5 5QS
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared under the going concern basis and using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional and presentational currency used in these financial statements is £ sterling.
Summary of disclosure exemptions
The company has taken advantage of disclosure exemptions in FRS 102 1.12 relating to Section 11 Basic Financial Instruments, Section 7 Statement of Cash Flows, Section 33 Related Party Disclosures, and Section 26 Share-based Payment.
The company has taken advantage of disclosure exemptions in FRS 102 33.1A not to disclose transactions with group undertakings that are wholly owned by the group.
Going concern
The financial statements have been prepared on a going concern basis.
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has taken delivery of the goods.
Foreign currency transactions and balances
Exchange differences are recognised in profit or loss in the period in which they arise.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold improvements |
Over term of the lease |
|
Plant and machinery |
25% straight line |
|
Motor vehicles |
33% straight line |
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Website development costs |
Straight line over 5 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.
Stocks includes consignment stock where the company bears the substantial risks and rewards incidental to ownership. Title to stock held on a consignment basis does not pass to the company until immediately before sale to customers.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Short term trade creditors are recognised at the transaction price. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, creditors are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity.
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Dividends
Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Derivative financial instruments and hedging
Derivatives
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Research and development cost |
|
( |
|
Foreign exchange losses/(gains) |
|
( |
|
Operating lease expense - property |
1,108,641 |
1,070,577 |
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
|
|
|
Loss on disposal of property, plant and equipment |
|
|
|
Fair value (gain)/loss on derivatives |
(90,664) |
6,772 |
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
- |
|
|
Interest expense on other finance liabilities |
- |
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Sales |
|
|
|
Administration and support |
|
|
|
|
|
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase pension schemes |
|
|
|
275,702 |
405,624 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Received or were entitled to receive shares under long term incentive schemes |
|
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
During the year the highest paid director received or was entitled to receive shares under a long term incentive scheme.
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Pension costs |
|
- |
|
|
|
|
2023 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Pension costs |
|
- |
|
|
|
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Website development costs |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
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Amortisation |
||
|
At 1 January 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2024 |
|
|
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Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
Amortisation of intangible fixed assets is included in administrative expenses.
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Leasehold improvements |
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
Restriction on title and pledged as security
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
The carrying amount of stocks pledged as security for liabilities amounted to £
Included in stocks is consignment stock amounting to £2,283,423 (2023 - £1,542,355). Title of these goods is retained by the supplier until it is sold to customers.
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
|
|
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank and in hand |
|
|
|
Bank overdrafts |
( |
- |
|
Cash and cash equivalents in statement of cash flows |
313,779 |
1,091,899 |
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax |
253,802 |
299,827 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
- |
|
Included within accruals is a liability for consignment stock, held on the balance sheet within stocks, amounting to £2,647,457 (2023 - £1,687,015). Title of these goods is retained by the supplier until it is sold to customers.
|
Deferred tax and other provisions |
|
Deferred tax |
|
|
At 1 January 2024 |
|
|
Increase (decrease) in existing provisions |
|
|
At 31 December 2024 |
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
- |
|
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
- |
|
|
Bank overdrafts |
|
- |
|
|
|
|
The bank borrowings and overdrafts are secured against all assets of the company.
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Dividends |
|
2024 |
2023 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
850,000 |
175,000 |
||
|
Related party transactions |
Key management personnel
Key management personnel consists of the company's directors.
Summary of transactions with key management
Certain key management personnel have been granted share options to acquire shares in the parent company.
During the year, the company purchased a fixed asset motor vehicle from a member of key management personnel (2023 - the company disposed of a fixed asset motor vehicle to a member of key management personnel).
|
Transactions with directors |
|
2024 |
At 1 January 2024 |
Advances to directors |
Repayments by directors |
At 31 December 2024 |
|
Loans to directors (interest accrued at rates of 2% - 2.25%, and repayable on demand) |
- |
|
( |
- |
|
2023 |
At 1 January 2023 |
Advances to directors |
Repayments by directors |
At 31 December 2023 |
|
Loans to directors (interest accrued at rates of 2% - 2.25%, and repayable on demand) |
|
- |
( |
- |
Todd Doors Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Income and receivables from related parties
|
2024 |
Key management |
|
Sale of property or other assets |
- |
|
|
|
|
2023 |
Key management |
|
Sale of property or other assets |
|
|
|
|
Expenditure with and payables to related parties
|
2024 |
Key management |
|
Purchase of property or other assets |
|
|
Leases |
|
|
|
|
|
|
|
|
2023 |
Key management |
|
Purchase of property or other assets |
- |
|
Leases |
|
|
|
|
|
|
|
|
Financial instruments |
Categorisation of financial instruments
|
2024 |
2023 |
|
|
Financial assets measured at fair value through profit or loss |
|
|
|
|
|
|
|
Financial liabilities measured at fair value through profit or loss |
- |
|
|
- |
|
Financial assets and liabilities measured at fair value through profit or loss comprises derivatives.
Derivatives
Foreign currency forward contracts
The fair value of foreign currency forward contracts has been determined using observable forward exchange rates at the reporting date corresponding to the maturity of the contracts.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is