Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-3121truetruefalse2024-01-01falseNo description of principal activity22truefalse 03924954 2024-01-01 2024-12-31 03924954 2023-01-01 2023-12-31 03924954 2024-12-31 03924954 2023-12-31 03924954 1 2024-01-01 2024-12-31 03924954 1 2023-01-01 2023-12-31 03924954 d:CompanySecretary1 2024-01-01 2024-12-31 03924954 d:Director2 2024-01-01 2024-12-31 03924954 d:Director2 2024-12-31 03924954 d:Director4 2024-01-01 2024-12-31 03924954 d:Director5 2024-01-01 2024-12-31 03924954 d:Director5 2024-12-31 03924954 d:Director6 2024-01-01 2024-12-31 03924954 d:Director6 2024-12-31 03924954 d:Director7 2024-01-01 2024-12-31 03924954 d:Director7 2024-12-31 03924954 d:RegisteredOffice 2024-01-01 2024-12-31 03924954 e:MotorVehicles 2024-01-01 2024-12-31 03924954 e:MotorVehicles 2024-12-31 03924954 e:MotorVehicles 2023-12-31 03924954 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03924954 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 03924954 e:FurnitureFittings 2024-01-01 2024-12-31 03924954 e:FurnitureFittings 2024-12-31 03924954 e:FurnitureFittings 2023-12-31 03924954 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03924954 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 03924954 e:OfficeEquipment 2024-01-01 2024-12-31 03924954 e:OfficeEquipment 2024-12-31 03924954 e:OfficeEquipment 2023-12-31 03924954 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03924954 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 03924954 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03924954 e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 03924954 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 03924954 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 03924954 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 03924954 e:CurrentFinancialInstruments 2024-12-31 03924954 e:CurrentFinancialInstruments 2023-12-31 03924954 e:Non-currentFinancialInstruments 2024-12-31 03924954 e:Non-currentFinancialInstruments 2023-12-31 03924954 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 03924954 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 03924954 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 03924954 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 03924954 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 03924954 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 03924954 e:ShareCapital 2024-12-31 03924954 e:ShareCapital 2023-12-31 03924954 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 03924954 e:RetainedEarningsAccumulatedLosses 2024-12-31 03924954 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03924954 e:RetainedEarningsAccumulatedLosses 2023-12-31 03924954 e:RetainedEarningsAccumulatedLosses 2023-01-01 03924954 d:OrdinaryShareClass1 2024-01-01 2024-12-31 03924954 d:OrdinaryShareClass1 2024-12-31 03924954 d:OrdinaryShareClass1 2023-12-31 03924954 d:OrdinaryShareClass2 2024-01-01 2024-12-31 03924954 d:OrdinaryShareClass2 2024-12-31 03924954 d:OrdinaryShareClass2 2023-12-31 03924954 d:FRS102 2024-01-01 2024-12-31 03924954 d:Audited 2024-01-01 2024-12-31 03924954 d:FullAccounts 2024-01-01 2024-12-31 03924954 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03924954 e:WithinOneYear 2024-12-31 03924954 e:WithinOneYear 2023-12-31 03924954 e:BetweenOneFiveYears 2024-12-31 03924954 e:BetweenOneFiveYears 2023-12-31 03924954 e:HirePurchaseContracts e:WithinOneYear 2024-12-31 03924954 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 03924954 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-12-31 03924954 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 03924954 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 03924954 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03924954 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 03924954 2 2024-01-01 2024-12-31 03924954 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2024-01-01 2024-12-31 03924954 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 03924954







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


DREAM DOORS LTD






































img0b69.png                        

 


DREAM DOORS LTD
 


 
COMPANY INFORMATION


Directors
J Shell (resigned 9 December 2024)
P J Carr 
G C Brown (appointed 9 December 2024)
M Davis (appointed 9 December 2024)
H Robertson (appointed 9 December 2024)




Company secretary
G C Brown



Registered number
03924954



Registered office
Neighbourly Training Centre
Building 4 Brackley Campus, Buckingham Road

Brackley

Northamptonshire

United Kingdom

NN13 7EL




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


DREAM DOORS LTD
 



CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Notes to the financial statements
10 - 20


 


DREAM DOORS LTD
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Strategic Report for Dream Doors Ltd for the year ended 31 December 2024.
Dream Doors is the franchisor of a kitchen makeover brand which trains and supports the franchisees to build a successful sustainable business. The Company prides itself on the quality of its products and workmanship and high customer satisfaction.
 
Dream Doors Ltd generates its income from selling new territories and royalties received from the franchise network. The Directors aim to maintain the management policies which have resulted in the Company’s growth and profitability in recent years. This will include selling vacant franchise territories and driving organic growth within the existing network.

Business review
 
The KBB (Kitchen, Bedrooms, Bathrooms) sector which Dream Doors operates in a very competitive market. Dream Doors
maintains the No.1 position in kitchen makeovers which is a niche within the overall KBB market. They have significant presence in this space through investment in digital marketing.
The Company recorded a turnover of £13.3m (2023: £12.9m). It is in line with expectations in a challenging marketplace.
As at 31st December 2024 the cash and net assets were strong, standing at £32.4m (2023: £32.0m).
In 2024 the directors continued to invest in a new CRM system. This will support the franchise network to maximise the return from leads generated by their investment in digital marketing. The Company has also invested in a Learning and Development platform to better support the franchise network in customer service, enquiry management and lead development. 

Principal risks and uncertainties
 
Whilst consumer demand for home improvements is down from its peak in 2021, Dream Doors has continued to trade well as it offers an affordable alternative to a full kitchen replacement. The company takes a risk-adverse approach to its trading activities and as such, in the short term, no particular risk is considered fundamental to the business. At the date of the approval of the annual report and financial statements there remains considerable economic uncertainty in the UK economy. The Board continues to monitor the situation on a day-to-day basis and take action to mitigate the impact on the Company especially in relation to the growing challenges around cost inflation, where unavoidable price increases are to be passed on to our customers. The Company is not directly exposed to the increases in interest rates. The directors are confident that they have procedures in place to identify any risks which may arise which affect the business.

Future Developments

The company continue to invest in IT to drive efficiencies across the network. The current investments on CRM systems and Learning and Development will support in the coming years to maximise returns.


This report was approved by the board and signed on its behalf.



H Robertson
Director

Date: 28 July 2025

Page 1

 


DREAM DOORS LTD
 


 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £476,710 (2023 - £461,470).

During the period the directors did not pay any dividends to shareholders.

Directors

The directors who served during the year were:

J Shell (resigned 9 December 2024)
P J Carr 
G C Brown (appointed 9 December 2024)
M Davis (appointed 9 December 2024)
H Robertson (appointed 9 December 2024)

Future developments

See strategic report.

Matters covered in the Strategic report

The Company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 it must be stated in the Directors' Report that it has done so. This includes information that would have been included in the business review and the principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.

Page 2

 


DREAM DOORS LTD
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





H Robertson
Director

Date: 28 July 2025

Page 3

 


DREAM DOORS LTD
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DREAM DOORS LTD

Opinion


We have audited the financial statements of Dream Doors Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe 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's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 financial statements are 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 


DREAM DOORS LTD


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DREAM DOORS LTD (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the 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 the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 2, 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.


Page 5

 


DREAM DOORS LTD


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DREAM DOORS LTD (CONTINUED)

Auditor's 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial
reporting legislation, and general regulations such as health and safety. There are no industry specific laws andregulations which would be deemed to have a significant impact on the financial statements. We assessed the extentof compliance with the appropriate laws and regulations as part of our procedures on the related financial statementitems.

We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures and the company secretary. We corroborated
our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any
issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
°Understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations

As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger and payroll activity.
°Manipulation of amounts subject to significant judgment or estimate.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 6

 


DREAM DOORS LTD


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DREAM DOORS LTD (CONTINUED)

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 2006Our 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.





Andrew Galliers FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

29 July 2025
Page 7

 


DREAM DOORS LTD
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

  

Turnover
 4 
13,282,204
12,947,807

Cost of sales
  
(5,636,547)
(5,781,804)

Gross profit
  
7,645,657
7,166,003

Administrative expenses
  
(7,184,704)
(6,753,133)

Other operating income
  
18,906
47,972

Operating profit
 6 
479,859
460,842

Interest receivable and similar income
 9 
-
114

Interest payable and similar expenses
 10 
(3,779)
-

Profit before tax
  
476,080
460,956

Tax on profit
 11 
630
514

Profit after tax
  
476,710
461,470

  

  

Retained earnings at the beginning of the year
  
31,970,660
31,509,190

  
31,970,660
31,509,190

Profit for the year
  
476,710
461,470

Retained earnings at the end of the year
  
32,447,370
31,970,660
The notes on pages 10 to 20 form part of these financial statements.

Page 8

 


DREAM DOORS LTD
REGISTERED NUMBER:03924954



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
930,052
690,435

Tangible assets
 13 
150,090
387

  
1,080,142
690,822

Current assets
  

Debtors: amounts falling due within one year
 14 
33,402,809
33,779,684

Cash at bank and in hand
  
936,262
542,867

  
34,339,071
34,322,551

Creditors: amounts falling due within one year
 15 
(2,851,833)
(3,037,487)

Net current assets
  
 
 
31,487,238
 
 
31,285,064

Total assets less current liabilities
  
32,567,380
31,975,886

Creditors: amounts falling due after more than one year
  
(115,414)
-

Provisions for liabilities
  

Deferred tax
 18 
(4,496)
(5,126)

  
 
 
(4,496)
 
 
(5,126)

Net assets
  
32,447,470
31,970,760


Capital and reserves
  

Called up share capital 
 19 
100
100

Profit and loss account
 20 
32,447,370
31,970,660

  
32,447,470
31,970,760


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




H Robertson
Director

Date: 28 July 2025

The notes on pages 10 to 20 form part of these financial statements.

Page 9

 


DREAM DOORS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Dream Doors Limited is a private company limited by shares, incorporated in England and Wales. The address of its registered office and the principal place of activity is disclosed on the company information page. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of TDG Group Holding Company as at 31
December 2024 and these financial statements may be obtained from 1020 N. University Parks Dr. Waco, TX
76707.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 10

 


DREAM DOORS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 11

 


DREAM DOORS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
4
years

 
2.10

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight-line or reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% Reducing Balance
Fixtures and fittings
-
20% reducing balance
Office equipment
-
20% reducing balance

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

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

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future
Page 12

 


DREAM DOORS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors do not consider they have made any significant judgements or
estimations.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rendering of services
13,282,204
12,947,807

13,282,204
12,947,807


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£



Other operating income
289,101
47,972

289,101
47,972


6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
10
-

Other operating lease rentals
25,747
16,378

Page 13

 


DREAM DOORS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
13,900
13,250


8.


Employees

2024
2023
£
£

Wages and salaries
1,024,841
973,315

Social security costs
136,195
121,779

Cost of defined contribution scheme
25,544
27,894

1,186,580
1,122,988


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Admin
21
22


9.


Interest receivable

2024
2023
£
£


Other interest receivable
-
114

-
114


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
3,779
-

3,779
-

Page 14

 


DREAM DOORS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(630)
(514)

Total deferred tax
(630)
(514)


Tax on profit
(630)
(514)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
476,080
460,956


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
119,020
108,417

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
3,622

Other timing differences leading to an increase (decrease) in taxation
(575)
449

Group relief
(119,075)
(113,002)

Total tax charge for the year
(630)
(514)

Page 15

 


DREAM DOORS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets




Development expenditure

£



Cost


At 1 January 2024
698,815


Additions
256,377



At 31 December 2024

955,192



Amortisation


At 1 January 2024
8,380


Charge for the year on owned assets
16,760



At 31 December 2024

25,140



Net book value



At 31 December 2024
930,052



At 31 December 2023
690,435



Page 16

 


DREAM DOORS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
-
29,206
23,372
52,578


Additions
211,242
-
-
211,242


Disposals
(34,284)
-
-
(34,284)



At 31 December 2024

176,958
29,206
23,372
229,536



Depreciation


At 1 January 2024
-
29,206
22,985
52,191


Charge for the year on owned assets
-
-
387
387


Charge for the year on financed assets
30,179
-
-
30,179


Disposals
(3,311)
-
-
(3,311)



At 31 December 2024

26,868
29,206
23,372
79,446



Net book value



At 31 December 2024
150,090
-
-
150,090



At 31 December 2023
-
-
387
387


14.


Debtors

2024
2023
£
£


Trade debtors
775,612
1,020,035

Amounts owed by group undertakings
32,322,672
32,566,746

Other debtors
141,684
104,339

Prepayments and accrued income
162,841
88,564

33,402,809
33,779,684


Amounts owed by group undertakings are interest-free.

Page 17

 


DREAM DOORS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,140,260
999,173

Other taxation and social security
443,075
403,088

Obligations under finance lease and hire purchase contracts
35,430
-

Other creditors
244,276
112,855

Accruals and deferred income
988,792
1,522,371

2,851,833
3,037,487



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
115,414
-

115,414
-



17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
35,430
-

Between 1-5 years
115,414
-

150,844
-

Page 18

 


DREAM DOORS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Deferred taxation




2024


£






At beginning of year
(5,126)


Charged to profit or loss
630



At end of year
(4,496)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4,496)
(5,126)

(4,496)
(5,126)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



83 (2023 - 83) Ordinary shares of £1.00 each
83
83
17 (2023 - 17) Ordinary B shares of £1.00 each
17
17

100

100

Each ordinary share has equal voting and dividend rights.



20.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits or losses net of dividends paid, capital contributions and
other adjustments.


21.


Contingent liabilities

As part of the Neighbourly Group, the employees of the company, subject to meeting certain criteria, are eligible to take part in the Associate Equity Program which provides a bonus in connection with the future sale or change of control at the parent company level. Where the quantum and timeframe of these events are uncertain, no amounts are recognised in the accounts for this.

Page 19

 


DREAM DOORS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £25,544 (2023 - £27,894). Contributions totalling £40,060 (2023 - £4,436) were payable to the fund at the reporting date and are included in creditors.


23.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
103,408
197,005

Later than 1 year and not later than 5 years
-
90,004

103,408
287,009

There is no expense recorded in Dream Doors Limited regarding the rent and service charges for the Brackley Office as this is charged through Dwyer (UK Franchising) Limited.
Total expenditure on operating leases other than the above, charged through the profit and loss amount to £25,387 (2023 - £20,835).


24.Group guarantee

Dwyer (UK Franchising) Limited entered into hire purchase lease agreements in the year and holds the legal obligation of the lease. The asset and lease liability has been recognised in subsidiary companies and group companies in which the asset is being used. If any of the companies fail to meet the lease obligations, this will fall with Dwyer (UK Franchising) Limited to settle.


25.


Controlling party

The company's immediate parent is Dream Doors Holding Limited, incorporated in England and Wales.
The company is a subsidiary of Neighborly Company which is the ultimate parent company incorporated in Delaware, USA and whose principal address is 1020 N. University Parks Dr. Waco, TX 76707.
The largest group in which the results of the company are consolidated is that headed by Neighborly Company, incorporated in Delaware, USA. The smallest group in which they are consolidated is that headed by Dwyer Franchising LLC, incorporated in Delaware, USA.

 
Page 20