Registered number
03866046
Specialist Joinery Products Limited
Report and Accounts
31 October 2024
Specialist Joinery Products Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6-9
Specialist Joinery Products Limited
Company Information
Directors
P J McGuire - Resigned 9th August 2024
J J Vann - resigned 15th April 2024
A Humenko
M A Finney
D T Finney
T P McGuire - Appointed 09/08/2024
Secretary
J W Vann
Bankers
Natwest plc
3 Church Street
Oldbury
West Midlands
Registered office
Unit 10 Spartan Industrial Centre
Brickhouse Lane
Great Bridge
West Midlands
Registered number
03866046
Specialist Joinery Products Limited
Registered number: 03866046
Directors' Report
The directors present their report and accounts for the year ended 31 October 2024.
Principal activities
The company's principal activity during the year continued to be suppliers of joinery products and appliances to the construction industry
Directors
The following persons served as directors during the year:
P J McGuire - Resigned 9th August 2024
J J Vann - resigned 15th April 2024
A Humenko
M A Finney
D T Finney
T P McGuire - Appointed 09/08/2024
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 23 July 2025 and signed on its behalf.
D T Finney
Director
Specialist Joinery Products Limited
Profit and Loss Account
for the year ended 31 October 2024
2024 2023
£ £
Turnover 5,140,926 3,624,597
Cost of sales (3,329,600) (2,485,604)
Gross profit 1,811,326 1,138,993
Distribution costs (356,400) (333,799)
Administrative expenses (1,188,953) (784,507)
Operating profit 265,973 20,687
Profit on the disposal of tangible fixed assets 3,419 2,500
Profit before taxation 269,392 23,187
Tax on profit (67,861) (7,695)
Profit for the financial year 201,531 15,492
Specialist Joinery Products Limited
Registered number: 03866046
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 180,537 79,790
Current assets
Stocks 380,728 439,028
Debtors 4 1,167,187 966,229
Cash at bank and in hand 312,627 198,545
1,860,542 1,603,802
Creditors: amounts falling due within one year 5 (1,292,046) (1,046,701)
Net current assets 568,496 557,101
Total assets less current liabilities 749,033 636,891
Provisions for liabilities (26,850) (13,239)
Net assets 722,183 623,652
Capital and reserves
Called up share capital 20,001 20,001
Profit and loss account 702,182 603,651
Shareholders' funds 722,183 623,652
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M A Finney
Director
Approved by the board on 23 July 2025
Specialist Joinery Products Limited
Statement of Changes in Equity
for the year ended 31 October 2024
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 November 2022 20,001 - - 588,159 608,160
Profit for the financial year 15,492 15,492
At 31 October 2023 20,001 - - 603,651 623,652
At 1 November 2023 20,001 - - 603,651 623,652
Profit for the financial year 201,531 201,531
Dividends (103,000) (103,000)
At 31 October 2024 20,001 - - 702,182 722,183
Specialist Joinery Products Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements 10%
Plant and machinery 33%
Motor vehicles 25%
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 21 22
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 25,868 195,131 168,740 389,739
Additions - 18,959 143,027 161,986
Disposals - - (56,568) (56,568)
At 31 October 2024 25,868 214,090 255,199 495,157
Depreciation
At 1 November 2023 25,868 193,825 90,256 309,949
Charge for the year - 3,316 41,193 44,509
On disposals - - (39,838) (39,838)
At 31 October 2024 25,868 197,141 91,611 314,620
Net book value
At 31 October 2024 - 16,949 163,588 180,537
At 31 October 2023 - 1,306 78,484 79,790
4 Debtors 2024 2023
£ £
Trade debtors 1,143,371 941,467
Other debtors 23,816 24,762
1,167,187 966,229
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 705,947 866,452
Taxation and social security costs 148,684 75,245
Other creditors 437,415 105,004
1,292,046 1,046,701
6 Pension commitments
The company operates defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the company in independently administered funds. At the balance sheet date unpaid contributions of £ 3,561 (2023 £ 2,974) were due to the funds. They are included in other creditors.
7 Related party transactions
The following companies are related parties by virtue of being controlled by the directors M A Finney, D T Finney, P J McGuire and J J Vann who controlled the issued share capital of each company by virtue of their own and their direct family members' shareholdings
Sales Purchases Debtor Creditor
Year 31 October 2024 £ £ £ £
Midland Building Products Ltd 537,894 43,127
Manchester Doors & Cubicles Ltd
Southern Doors & Cubicles Ltd 72
ZMR Ltd 348,030 51,542
UK Doorsets Ltd 45,759 16,117
Leeds Doors & Cubicles Ltd 36
Joinery Specialists Ltd 173
Fire & Acoustic Seals Ltd 80,065 6,597
MBP Ironmongery 13,139 1,294
Door-Kit Solutions Ltd 18,874 135,963 25,936
Year 31 October 2023 £ £ £ £
Midland Building Products Ltd 11,629 339,933 216,053
Manchester Doors & Cubicles Ltd 38,486 80 96
Southern Doors & Cubicles Ltd 15,278 745 578
ZMR Ltd 229,806 154,543
UK Doorsets Ltd 264,614 44,173
Leeds Doors & Cubicles Ltd
Joinery Specialists Ltd 1,051
Fire & Acoustic Seals Ltd 49,085 16,513
Door-Kit Solutions Ltd 21,992 69,981 50,737
Transactions with directors: 2024 2023
£ £
The company leases warehouse premises from the following:
Midland Building Products Ltd Directors Pension Scheme controlled by the directors M T Finney, P J McGuire, K F Crane and J J Vann.
Annual rental at market value 40,000 40,000
JJ Vann and MA Finney who jointly owns premises along with close family members of P J McGuire.
Annual rental at market value 58,000 48,000
8 Controlling party
During the two years ended 31 October 2024 the company was controlled by the board of directors, who by virtue of their shareholdings together with those of members of their close family, own 100% of the issued share capital.
9 Other information
Specialist Joinery Products Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 10 Spartan Industrial Centre
Brickhouse Lane
Great Bridge
West Bromwich
West Midlands
B70 0DH
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