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Registered number:
For the Year Ended
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Industrial Door Systems Limited
Company Information
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Industrial Door Systems Limited
Contents
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Industrial Door Systems Limited
Strategic Report
For the Year Ended 30 September 2024
The Directors present their Strategic Report and the financial statements for the year ended 30 September 2024.
The principal activity of the Company continues to be that of the manufacture, supply and, maintenance of industrial doors and associated products.
The company has been trading for 39 years and has continued to retain its place within the industry as a leading and trusted company in the sector. The company continues to present a strong performance with year on year growth in turnover and solid ongoing pipeline of work.
In a period of heightened macroeconomic uncertainty, the Directors are closely observing all areas of the business and investing in technological advances that will drive the business forward and improve overall performance. The board acknowledges that several external and internal factors could impact the company, and ongoing vigilance is essential.
The Directors actively monitor a range of specific risks. These include: Inflation risk: We are aware of current inflationary pressures, which could lead to increased costs of stocks and raw materials. The company is actively managing these risks through strategic procurement, pricing adjustments, and cost control measures. Interest rate risk: Fluctuations in interest rates pose a potential risk to borrowing costs and the valuation of financial assets. The directors are reviewing our debt positioning and are prepared to respond to changes in interest rates to mitigate financial impact. Credit risk: The risk of customer or counterparty default remains under constant review. We implement stringent credit assessment procedures and maintain prudent provisioning to minimise the impact of potential defaults. Futhermore, stock control and operational robustness are critical focus areas that will remain under constant review. The company is committed to ongoing improvements in inventory management, process efficiencies, and system resilience to support sustainable growth. Overall, the directors are committed to identifying, assessing, and managing all these risks effectively to protect the company's assets and ensure a resilient and sustainable future.
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Industrial Door Systems Limited
Strategic Report (continued)
For the Year Ended 30 September 2024
The Directors recognise the importance of monitoring both financial and non-financial KPIs to gauge the ongoing performance and identify areas for improvement. To that end, we have established a set of relevant KPIs which are regularly reviewed by the management team and the board.
Below is a summary of our key financial KPIs for the current period compared to the previous year: Turnover: 2024: £11,081,769 2023: £10,592,353 Gross profit: 2024: £4,482,450 2023: £4,127,605 Gross profit margin: 2024: 40.4% 2023: 39.0% These KPIs provide a snapshot of our financial health, with turnover reflecting sales volume and gross margin indicating profitability efficiency. These indicators are essential in assessing operational performance and determining strategic priorities. Other key performance indicators In addition to these financial metrics, we are also tracking non-financial KPIs such as customer satisfaction scores, employee engagement levels, and operational efficiency indicators, which support the long-term growth and sustainability. The management team reviews these KPIs regularly, using the insights gained to inform decision-making and drive continuos improvement throughout the organisation.
This report was approved by the board and signed on its behalf.
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Industrial Door Systems Limited
Directors' Report
For the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 judgments 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 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.
The profit for the year, after taxation, amounted to £17,136 (2023 - £252,267).
The Directors do not recommend payment of a final dividend.
The directors who served during the year were:
The Company remains committed to investing in technology and people to retain its place as an industry leader.
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Industrial Door Systems Limited
Directors' Report (continued)
For the Year Ended 30 September 2024
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Industrial Door Systems Limited
Independent Auditors' Report to the Members of Industrial Door Systems Limited
We have audited the financial statements of Industrial Door Systems Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
We were appointed as auditor of the Company after the year-end and were therefore unable to attend the counting of physical stock at either the beginning or the end of the year. Owing to the nature of the Company's records, we were unable to satisfy ourselves by alternative means regarding:
∙the quantities and existence of opening and closing stock;
∙the quantities and existence of opening and closing work in progress; and
∙the valuation of these balances.
Since opening and closing stock and work in progress materially affect cost of sales, gross profit, operating profit, and retained earnings, we were unable to determine whether adjustments might have been necessary to those amounts.
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 Auditors' 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.
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.
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Industrial Door Systems Limited
Independent Auditors' Report to the Members of Industrial Door Systems Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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.
Because of the significance of the matters described in the Basis for qualified opinion section of our report, we have concluded that where the other information refers to stock, work in progress, or related balances such as cost of sales, it may be materially misstated.
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.
Except for the matter described in the basis for qualified opinion section of our report, 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.
Arising solely from the limitation on the scope of our work relating to stock and work in progress, referred to above:
∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
∙we were unable to determine whether adequate accounting records have been kept.
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:
∙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.
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Industrial Door Systems Limited
Independent Auditors' Report to the Members of Industrial Door Systems Limited (continued)
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 Auditors' 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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
−Identifying, evaluating, and complying with laws and regulations
−Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
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Industrial Door Systems Limited
Independent Auditors' Report to the Members of Industrial Door Systems Limited (continued)
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, 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 or intentional misrepresentations, or through collusion.
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 Auditors' 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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Industrial Door Systems Limited
Statement of Comprehensive Income
For the Year Ended 30 September 2024
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Industrial Door Systems Limited
Registered number: 02170592
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 27 form part of these financial statements.
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Industrial Door Systems Limited
Statement of Changes in Equity
For the Year Ended 30 September 2024
Statement of Changes in Equity
For the Year Ended 30 September 2023
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Industrial Door Systems Limited
Statement of Cash Flows
For the Year Ended 30 September 2024
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Industrial Door Systems Limited
Analysis of Net Debt
For the Year Ended 30 September 2024
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
Industrial Door Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom and is registered in England and Wales. The address of the Company's registered office is Unit B Focal Point, Second Avenue, Trafford Park, Manchester, M17 1FG, England, United Kingdom.
The principal activity of the company is the manufacture and maintenance of industrial door products.
2.Accounting policies
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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.
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
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 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.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the assets and liabilities within the next financial year.
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
Page 24
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
Page 25
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
Capital redemption reserve
The capital redemption reserve represents the nominal value of shares redeemed or purchased out of distributable profits. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
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Industrial Door Systems Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
The Company operates a defined contributions 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 £97,880 (2023: £94,306) . Contributions totalling £20,566 (2023: £15,069) were payable to the fund at the balance sheet date and are included in creditors.
The company is under the ultimate control of J W Barnett by virtue of his holding in the voting share capital.
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