General Information
Doors and Floors Direct Limited is a private company, limited by shares, registered in England and Wales, registration number 07250463, registration address Unit 7 Blaydon Trade Park, Toll Bridge Road, Blaydon, NE21 5TR.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under going concern and the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the
reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at
the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax
losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and Buildings |
NIL Straight Line |
| Plant and Machinery |
33% Straight Line
|
| Motor Vehicles |
33% Straight Line
|
| Fixtures and Fittings |
33% Straight Line
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 10 (2023 : 9).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 January 2024 |
4,294 |
|
34,847 |
|
47,325 |
|
4,528 |
|
90,994 |
| Additions |
- |
|
- |
|
24,495 |
|
2,613 |
|
27,108 |
| Disposals |
- |
|
- |
|
(21,330) |
|
(399) |
|
(21,729) |
| At 31 December 2024 |
4,294 |
|
34,847 |
|
50,490 |
|
6,742 |
|
96,373 |
| Depreciation |
| At 01 January 2024 |
- |
|
33,619 |
|
27,143 |
|
4,134 |
|
64,896 |
| Charge for year |
- |
|
246 |
|
13,691 |
|
798 |
|
14,735 |
| On disposals |
- |
|
- |
|
(17,784) |
|
(399) |
|
(18,183) |
| At 31 December 2024 |
- |
|
33,865 |
|
23,050 |
|
4,533 |
|
61,448 |
| Net book values |
| Closing balance as at 31 December 2024 |
4,294 |
|
982 |
|
27,440 |
|
2,209 |
|
34,925 |
| Opening balance as at 01 January 2024 |
4,294 |
|
1,228 |
|
20,182 |
|
394 |
|
26,098 |
|
| 4. |
Stocks
|
2024
£ |
|
2023
£ |
| Stocks |
330,938 |
|
402,874 |
|
330,938 |
|
402,874 |
|
| 5. |
Debtors: amounts falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Debtors |
86,968 |
|
78,186 |
|
86,968 |
|
78,186 |
|
| 5. |
Debtors: amounts falling due after one year
|
2024
£ |
|
2023
£ |
| Prepayments |
26,632 |
|
21,176 |
|
26,632 |
|
21,176 |
|
| 6. |
Creditors: amount falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Creditors |
54,541 |
|
39,162 |
| Corporation Tax |
12,940 |
|
25,923 |
| PAYE & Social Security |
8,917 |
|
7,316 |
| Directors' Current Accounts |
7,600 |
|
4,970 |
| VAT |
23,342 |
|
18,270 |
|
107,340 |
|
95,641 |
|
| 7. |
Provisions for liabilities
|
2024
£ |
|
2023
£ |
| Deferred Tax |
4,143 |
|
6,558 |
| Deferred tax provision |
1,677 |
|
(2,415) |
|
5,820 |
|
4,143 |
|
| 8. |
Directors Advances, Credits & Guarantees
Included in creditors: amounts falling due within one year are amounts owed to Directors of £7,600 (2023 - £4,970).
|
| 9. |
Disclosure of Controlling Party
For the whole of the period under review the company was under the control of Kevin and Samantha Scott, directors of the company.
|
2
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