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Registration number: 01338059

Dorplan Contracts Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Dorplan Contracts Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 6

Statement of Directors' Responsibilities

7

Independent Auditor's Report

8 to 10

Statement of comprehensive income

11

Statement of financial position

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 26

 

Dorplan Contracts Limited

Company Information

Directors

Mr R Evershed

Mr M Evershed

Mr A Evershed

Registered office

Dorplan
Bexwell House
Karoo Close
Business Park
Bexwell
PE38 9GA

Auditors

Hayhow & Co. 19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Dorplan Contracts 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 timber doorsets and architectural ironmongery.

Fair review of the business

The business activities are focused on the manufacture of timber doorsets with ironmongery, supplying both new build construction and refurbishment projects in a variety of sectors such as residential, commercial, healthcare, education and student accommodation.

The company is family owned and a 3rd generation business with a commitment to delivering on its founding principals of Trust, Integrity and Innovation in dealing with all its stakeholders. The directors are proud of the longstanding relationships that have been built up with customers, suppliers and employees based on these key core values.

On 29 October 2024 Dorplan Contracts Ltd became a subsidiary of Bexwell Holdings Ltd, who purchased 100% of the share capital and purchased the freehold property.

The company’s key financial performance indicators during the previous three years are as follows:

 

2024

2023

2022

 

£000s

£000s

£000s

Turnover

14,458

11,957

12,923

Gross profit

4,376

3,576

3,322

Profit before tax

2,236

1,283

1,568

Current assets

8,230

8,611

7,878

Current liabilities

(2,334)

(2,277)

(1,694)

Turnover growth

20.9%

(7.5)%

21.0%

Gross profit margin

30.3%

29.9%

25.7%

Profit before tax margin

15.5%

10.7%

12.1%

Turnover increased by 20.9% in 2024, with a total sales value of £14.5m. This growth reflects Dorplan’s focused commercial strategy, with increased project volumes, disciplined pricing, and a higher conversion rate on targeted opportunities. Capacity improvements and a commitment to shorter lead times further enhanced our competitive position, while the continued success of the SignetFire sub-brand helped strengthen our presence in the fire door replacement market.

Gross profit margin improved slightly to 30.3%, reflecting a greater proportion of higher-margin contracts, stronger pricing discipline, and efficiencies realised through leaner internal processes. Another contribution to the increased gross profit was the launch of a new procurement initiative focused on supplier rationalisation and better negotiation of high-volume stock items. Profit before tax increased by 74% to £2.24m, with continued investment in both people and systems to support scalable growth.

The Company invested approximately £417,000 in capital expenditure in 2024, including a new building, plant and machinery, process improvements, and R&D. A new building was installed in Q1 to create more on-site storage capacity, allowing room to expand over the busy summer period. A new CNC machine was also installed in Q3 to increase production capacity and meet rising demand.

 

Dorplan Contracts Limited

Strategic Report for the Year Ended 31 December 2024

The marketing and sales team returned to the Fire Safety Event at the NEC in April 2024, generating qualified leads and increasing brand visibility for SignetFire and Dorplan. The event now forms a key part of Dorplan’s marketing calendar and complements its investment in digital content, case studies, positive testimonials, and social proof campaigns throughout the year.

Headcount grew from 68 to 86, with significant recruitment in production and procurement.

Principal risks and uncertainties

Dorplan maintains a risk matrix reviewed quarterly by the senior leadership team. Key business risks are categorised by likelihood and severity, with mitigation plans and a disaster recovery plan in place.

The principal risks facing the company are:

Competition - The business remains focused on continuous improvement, its values, and its point of difference: delivering a first-class customer experience, harmonising door and ironmongery packages, and using dedicated project managers as a single point of contact throughout projects, with proactive client communication.

Business Interruption – the key risks have been considered and mitigating actions taken in the following areas: -

• Production risks are mitigated through robust maintenance regimes, standby machinery, and flexible shift planning. IT infrastructure is a cloud-based, backed up off-site, and overseen by a dedicated IT lead. Cyber awareness is now a routine part of ongoing training, with regular staff updates issued when threats arise.

Reputational damage – The company operates within multiple third-party certifications schemes and maintains full traceability for compliant product delivery. In 2024, Dorplan successfully renewed its BM Trada, Certifire, FSC, and ISO certifications. Quality control continues to be a priority, supported by ongoing system and process improvements.

Engagement with suppliers, customers and other relationships

Dorplan’s founding principles – One Team, Trust, Innovation, and Integrity – underpin its approach to stakeholder engagement. Staff turnover remains low, and relationships with customers and suppliers are long-standing.

A regular staff newsletter was introduced in 2024 to improve internal communication and celebrate team achievements. This was complemented by a weekly business update to share company performance and recent wins, helping foster a positive working environment.

Dorplan remains committed to external compliance and uses the services of qualified HR, health & safety, and legal advisers to stay current with legislative obligations and best practice.

Approved by the Board on 31 July 2025 and signed on its behalf by:

.........................................
Mr R Evershed
Director

   
     
 

Dorplan Contracts Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Dividends

The total distribution of dividends for the year ended 31st December 2024 will be £2,641,614 (2023: £657,700)

Directors of the company

The directors who held office during the year were as follows:

Mr R Evershed

Mr M Evershed

Mr A Evershed

Information included in the Strategic Report

The fair review of the business is shown within the strategic report.

Financial instruments

Objectives and policies

The management of economic risk in the business continues to be a priority. The company maintains a cautious risk appetite, with a structured account opening process and credit control policies in place to manage customer exposure, including proactive processes to work with customers to ensure they remain within their insured credit limit.

Long-standing customer and supplier accounts are subject to periodic credit reviews, and financial performance checks are carried out using external sources. The directors consider their risk management framework to be robust, supported by quarterly review and the input of professional advisers where appropriate.

Therefore, the risk management which is reviewed quarterly is robust. We use the services of external accountants and tax advisers to ensure we remain compliant and apply due diligence on all strategic decisions both high and moderate impact.

Price risk, credit risk, liquidity risk and cash flow risk

- Price Risk; The company continues to focus on product excellence and customer service, while monitoring competitor pricing. Inflationary pressures remain an ongoing risk, mitigated through strategic procurement and negotiated supplier agreements. Professional procurement resources support the business in maintaining price discipline.

- Credit Risk; Credit reviews are carried out for all customers during the sales process. Credit insurance is maintained on most debtor balances through Allianz, providing security against default.

- Liquidity risk; The company has a strong cash position and no external borrowings other than equipment finance leases. Working capital is closely managed to ensure that all obligations can be met as they fall due.

- Cashflow risk; Cash flow management remains a key focus due to the nature of the construction industry, where delays in client payments are common. The company mitigates this risk through strict credit control, phased project delivery, and ongoing monitoring of debtor exposure.

 

Dorplan Contracts Limited

Directors' Report for the Year Ended 31 December 2024

Environmental matters

The company maintains a live environmental policy, reviewed annually. In 2024, Dorplan retained its ISO 9001 accreditation and obtained ISO 14001 certification, reinforcing its commitment to sustainable business practices.

Solar panels on the factory roof contribute to reducing carbon emissions, and all wood waste and sawdust are recycled into animal bedding. Dorplan remains a member of the FSC and PEFC timber schemes and undergoes regular independent audits.

Future developments

Dorplan continues to work to its strategic plan, which is regularly reviewed and extended. It has clear medium-term goals around revenue growth, product innovation, and operational efficiency.

In 2024, the company expanded its on-site capacity and invested in a new CNC machine to meet demand and improve lead times. The SignetFire brand continues to gain traction, and the Fire Safety Event at the NEC remains a key part of the marketing strategy.

Further recruitment is planned in strategic roles across finance and operations, and the company intends to continue investing in system development, automation, and training.

Product development and research and development remain ongoing priorities to ensure Dorplan maintains its position as a market leader in design and innovation, with the agility to respond to industry modernisation and legislative changes.

Key KPIs continue to be monitored and adapted to ensure best practice and continuous improvement.

The Directors do not anticipate any future changes in the principal activities of the Company.

Going concern

In preparing the financial statements, the Directors are required to assess the Company’s ability to continue to trade as a going concern for the foreseeable future.

The directors have assessed the company’s financial position, performance, and forecasts, and are satisfied that the business remains a going concern for the foreseeable future.

The company continues to benefit from a strong order book, a healthy balance sheet, and no reliance on external borrowing.

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 Hayhow & Co. are deemed to be reappointed under section 487(2) of the Companies Act 2006.

 

Dorplan Contracts Limited

Directors' Report for the Year Ended 31 December 2024

Approved by the Board on 31 July 2025 and signed on its behalf by:

.........................................
Mr R Evershed
Director

   
     
 

Dorplan Contracts Limited

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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Dorplan Contracts Limited

Independent Auditor's Report to the Members of Dorplan Contracts Limited

Opinion

We have audited the financial statements of Dorplan Contracts Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, Statement of financial position, Statement of Changes in Equity, Statement of Cash Flows, 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.

 

Dorplan Contracts Limited

Independent Auditor's Report to the Members of Dorplan Contracts 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:

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

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 7], 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:

 

Dorplan Contracts Limited

Independent Auditor's Report to the Members of Dorplan Contracts Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity, and motivations for fraud. As part of this discussion, we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the Company that were contrary to these laws and regulations, including fraud.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

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.

......................................
Julie Gladman (Senior Statutory Auditor)
For and on behalf of Hayhow & Co., Statutory Auditor
 19 King Street
King's Lynn
Norfolk
PE30 1HB

31 July 2025

 

Dorplan Contracts Limited

Statement of comprehensive income for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

14,457,826

11,956,580

Cost of sales

 

(10,081,707)

(8,380,761)

Gross profit

 

4,376,119

3,575,819

Administrative expenses

 

(2,396,320)

(2,457,998)

Other operating income

4

127,641

94,018

Operating profit

6

2,107,440

1,211,839

Other interest receivable and similar income

8

129,241

75,189

Interest payable and similar expenses

9

(535)

(4,274)

   

128,706

70,915

Profit before tax

 

2,236,146

1,282,754

Tax on profit

13

(469,047)

(269,431)

Profit for the financial year

 

1,767,099

1,013,323

The above results were derived from continuing operations.

 

Dorplan Contracts Limited

(Registration number: 01338059)
Statement of financial position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

14

711,344

1,283,783

Current assets

 

Stocks

15

1,036,779

1,546,675

Debtors

16

3,811,085

4,203,689

Cash at bank and in hand

 

3,382,256

2,861,042

 

8,230,120

8,611,406

Creditors: Amounts falling due within one year

18

(2,333,919)

(2,276,830)

Net current assets

 

5,896,201

6,334,576

Total assets less current liabilities

 

6,607,545

7,618,359

Provisions for liabilities

19

(134,523)

(112,161)

Net assets

 

6,473,022

7,506,198

Capital and reserves

 

Called up share capital

119

119

Revaluation reserve

-

158,661

Retained earnings

6,472,903

7,347,418

Shareholders' funds

 

6,473,022

7,506,198

Approved and authorised by the Board on 31 July 2025 and signed on its behalf by:
 

.........................................
Mr R Evershed
Director

   
     
 

Dorplan Contracts Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2024

119

158,661

7,347,418

7,506,198

Profit for the year

-

-

1,767,099

1,767,099

Other comprehensive income

-

(158,661)

-

(158,661)

Total comprehensive income

-

(158,661)

1,767,099

1,608,438

Dividends

-

-

(2,641,614)

(2,641,614)

At 31 December 2024

119

-

6,472,903

6,473,022

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2023

100

158,661

6,991,795

7,150,556

Profit for the year

-

-

1,013,323

1,013,323

Dividends

-

-

(657,700)

(657,700)

New share capital subscribed

19

-

-

19

At 31 December 2023

119

158,661

7,347,418

7,506,198

 

Dorplan Contracts Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,767,099

1,013,323

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

198,466

150,078

(Profit)/loss on disposal of tangible assets

5

(288,049)

12,812

Finance income

8

(129,241)

(75,189)

Finance costs

9

535

4,274

Income tax expense

13

469,047

269,431

 

2,017,857

1,374,729

Working capital adjustments

 

Decrease/(increase) in stocks

15

509,896

(207,345)

Decrease/(increase) in trade debtors

16

392,604

(973,462)

(Decrease)/increase in trade creditors

18

(28,777)

531,183

Cash generated from operations

 

2,891,580

725,105

Income taxes paid

13

(250,696)

(298,426)

Net cash flow from operating activities

 

2,640,884

426,679

Cash flows from investing activities

 

Interest received

8

129,241

75,189

Acquisitions of tangible assets

(417,026)

(375,009)

Proceeds from sale of tangible assets

 

920,387

500

Net cash flows from investing activities

 

632,602

(299,320)

Cash flows from financing activities

 

Interest paid

9

(535)

(4,274)

Proceeds from issue of ordinary shares, net of issue costs

 

-

19

Payments to finance lease creditors

 

(11,563)

(10,930)

Dividends paid

24

(2,641,614)

(657,700)

Net cash flows from financing activities

 

(2,653,712)

(672,885)

Net increase/(decrease) in cash and cash equivalents

 

619,774

(545,526)

Cash and cash equivalents at 1 January

 

2,762,482

3,308,008

Cash and cash equivalents at 31 December

 

3,382,256

2,762,482

 

Dorplan Contracts Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Dorplan
Bexwell House
Karoo Close
Business Park
Bexwell
PE38 9GA

These financial statements were authorised for issue by the Board on 31 July 2025.

2

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 United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Stock is provided for on the basis of the age and condition of the goods in line with the valuation of completed goods.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Dorplan Contracts Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is a reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 statement of financial position 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.

The freehold property is not being depreciated, as when depreciated this does not show a true reflection of the property value. This was shown when the property was revalued to which an adjustment has been made when the valuation was completed.

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

Freehold Property - Temporary Building

4% reducing balance

 

Dorplan Contracts Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Plant and Machinery

20% reducing balance

Fixtures, fittings and equipment

20% reducing balance

Motor Vehicles

30% reducing balance

Computer Equipment

30% straight line

Software

20% straight line

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 amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of comprehensive income 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.

 

Dorplan Contracts Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

14,457,826

11,956,580

The analysis of the company's turnover for the year by market is as follows:

2024
£

2023
£

UK

14,457,826

11,956,580

 

Dorplan Contracts Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Sub lease rental income

22,808

20,800

Miscellaneous other operating income

104,833

73,218

127,641

94,018

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain/(loss) on disposal of tangible assets

288,049

(12,812)

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

198,466

150,077

Research and development cost

11,625

48,346

Operating lease expense - plant and machinery

35,462

41,056

Operating lease expense - other

9,392

11,224

(Profit)/loss on disposal of property, plant and equipment

(288,049)

12,812

The total research and development cost is the figure above, along with additional costs posted within wages and salaries.

7

Government grants

A west norfolk rural business capital grant was received for the purchase of new equipment, and has been deducted from the cost of the fixed asset.

The amount of grants recognised in the financial statements was £100,000 (2023 - £Nil).

8

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

126,911

72,859

Other finance income

2,330

2,330

129,241

75,189

 

Dorplan Contracts Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

-

274

Interest on obligations under finance leases and hire purchase contracts

518

1,049

Interest expense on other finance liabilities

17

2,951

535

4,274

10

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,823,710

2,221,774

Social security costs

287,103

214,912

Other short-term employee benefits

7,930

5,545

Pension costs, defined contribution scheme

53,314

40,008

Other employee expense

139,231

53,614

3,311,288

2,535,853

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

52

46

Administration and support

12

11

Sales, marketing and distribution

22

11

86

68

11

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

47,784

21,703

Benefits in kind relate to a company car.

12

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

9,000

5,000

 

Dorplan Contracts Limited

Notes to the Financial Statements for the Year Ended 31 December 2024


 

13

Taxation

Tax charged/(credited) in the statement of comprehensive income

2024
£

2023
£

Current taxation

UK corporation tax

446,685

250,696

Deferred taxation

Arising from origination and reversal of timing differences

22,362

18,735

Tax expense in the income statement

469,047

269,431

Deferred tax

14

Tangible assets

Freehold Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

853,482

891,481

314,185

2,059,148

Additions

66,811

275,928

74,287

417,026

Disposals

(853,482)

(115,862)

(58,733)

(1,028,077)

At 31 December 2024

66,811

1,051,547

329,739

1,448,097

Depreciation

At 1 January 2024

165,465

431,120

178,782

775,367

Charge for the year

2,672

141,178

54,616

198,466

Eliminated on disposal

(165,465)

(29,335)

(42,280)

(237,080)

At 31 December 2024

2,672

542,963

191,118

736,753

Carrying amount

At 31 December 2024

64,139

508,584

138,621

711,344

At 31 December 2023

688,018

460,362

135,403

1,283,783

Included within the net book value of land and buildings above is £64,139 (2023 - £688,018) in respect of freehold land and buildings. The current value of £64,139 relates to a temporary building only.

The property was sold the parent company Bexwell Holdings Ltd on 29 October 2024.
 

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

Dorplan Contracts Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

2024
£

2023
£

Motor Vehicles

-

-

Plant & Machinery

-

24,632

-

24,632

15

Stocks

2024
£

2023
£

Work in progress

28,976

2,067

Finished goods and goods for resale

1,007,803

1,544,608

1,036,779

1,546,675

16

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,543,982

2,271,722

Amounts owed by related parties

25

1,031,698

1,677,100

Other debtors

 

116,346

173,744

Prepayments

 

119,059

81,123

   

3,811,085

4,203,689

17

Cash and cash equivalents

2024
£

2023
£

Cash on hand

149

378

Cash at bank

425,380

736

Short-term deposits

2,956,708

2,859,909

Other cash and cash equivalents

19

19

3,382,256

2,861,042

Bank overdrafts

-

(98,560)

Cash and cash equivalents in statement of cash flows

3,382,256

2,762,482

 

Dorplan Contracts Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

18

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

22

-

110,123

Trade creditors

 

557,131

516,339

Amounts due to related parties

25

516,437

462,456

Social security and other taxes

 

605,077

314,436

Outstanding defined contribution pension costs

 

-

(72)

Other payables

 

7,779

491,621

Accruals

 

103,444

25,502

Tax liability

13

446,685

250,696

Dividends payable

24

-

50,000

Payments on account

 

97,366

55,729

 

2,333,919

2,276,830

19

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2024

112,161

112,161

Increase (decrease) in existing provisions

22,362

22,362

At 31 December 2024

134,523

134,523

20

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 £53,314 (2023 - £40,008).

Contributions totalling £Nil (2023 - £(72)) were payable to the scheme at the end of the year and are included in creditors.

 

Dorplan Contracts Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

3

3

3

3

Ordinary B Shares of £1 each

3

3

3

3

Ordinary C Shares of £1 each

30

30

30

30

Ordinary D Shares of £1 each

30

30

30

30

Ordinary E Shares of £1 each

15

15

15

15

Ordinary F Shares of £1 each

15

15

15

15

Ordinary G Shares of £1 each

4

4

4

4

Ordinary H Shares of £1 each

5

5

5

5

Ordinary I Shares of £1 each

5

5

5

5

Ordinary J Shares of £1 each

3

3

3

3

Ordinary K Shares of £1 each

3

3

3

3

Ordinary L Shares of £1 each

3

3

3

3

119

119

119

119

Shares in entity held by entity, subsidiaries, associates or joint ventures

The shares are held by the parent company Bexwell Holdings Ltd.

22

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

98,560

Finance lease liabilities

-

11,563

-

110,123

 

Dorplan Contracts Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

23

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

11,563

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

167,604

6,721

Later than one year and not later than five years

499,359

22,963

Later than five years

322,000

-

988,963

29,684

The amount of non-cancellable operating lease payments recognised as an expense during the year was £36,226 (2023 - £11,224).

Operating leases - lessor

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

23,400

20,800

Total contingent rents recognised as income in the period are £22,808 (2023 - £20,800).

 

Dorplan Contracts Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

24

Dividends

2024

2023

£

£

Final dividend of £2,641,614 (2023 - £657,700)

2,641,614

657,700

 

 

25

Related party transactions

Summary of transactions with other related parties

The company was invoiced by Dorplan LLP, a limited liability partnership in which all the directors of Dorplan Contracts and the company itself are members, for Wages £104,833 (2023: £73,218), Rent £59,042 (2023: £70,850), and Vehicle Expenditure £35,704 (2023: £35,704). Dorplan Contracts Limited are owed £206,027 (2023: £1,677,100) at the year end, from Dorplan LLP.

Loans from related parties

2024

Key management
£

Total
£

At start of period

462,457

462,457

Advanced

53,980

53,980

At end of period

516,437

516,437

2023

Key management
£

Total
£

At start of period

419,413

419,413

Advanced

43,044

43,044

At end of period

462,457

462,457

Terms of loans from related parties

The above amounts relate to the cumulative balance of the directors loan accounts owed by the company to the directors.