Company registration number 01081336 (England and Wales)
THE PRIORY SHUTTER & DOOR COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
THE PRIORY SHUTTER & DOOR COMPANY LIMITED
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2 - 8
THE PRIORY SHUTTER & DOOR COMPANY LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
FIXED ASSETS
Tangible assets
5
54,804
71,696
CURRENT ASSETS
Stocks
964,980
972,641
Debtors
6
1,437,733
1,440,242
Cash at bank and in hand
332,597
476,663
2,735,310
2,889,546
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7
(1,010,797)
(1,245,177)
NET CURRENT ASSETS
1,724,513
1,644,369
TOTAL ASSETS LESS CURRENT LIABILITIES
1,779,317
1,716,065
PROVISIONS FOR LIABILITIES
8
(1,400)
(1,400)
NET ASSETS
1,777,917
1,714,665
CAPITAL AND RESERVES
Called up share capital
10
100
100
Profit and loss reserves
1,777,817
1,714,565
TOTAL EQUITY
1,777,917
1,714,665

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 14 October 2025 and are signed on its behalf by:
Mr G M Cooper
Mrs S S Hunt
DIRECTOR
DIRECTOR
Company registration number 01081336 (England and Wales)
THE PRIORY SHUTTER & DOOR COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024
30 November 2024
- 2 -
1
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
ACCOUNTING POLICIES
COMPANY INFORMATION

The Priory Shutter & Door Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lionel Works, 89-91 Rolfe Street, Smethwick, West Midlands, B66 2AY.

2.1
ACCOUNTING CONVENTION

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
TURNOVER

Turnover is the total amount estimated to be receivable by the company for goods sold to clients during the year, excluding VAT.

Unbilled revenue is included in the balance sheet as 'Amounts recoverable on contracts'.

2.3
TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
- 10% on cost
Fixtures, fittings & equipment
- 20% on cost
Computer equipment
- 25% on cost
Motor vehicles
- 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

THE PRIORY SHUTTER & DOOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2
ACCOUNTING POLICIES
(Continued)
- 3 -
2.4
IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.5
STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Work in Progress is valued at the lower of cost and net realisable value. Cost is determined based on the direct time spent on each project and the cost of materials used to date.

Labour costs are calculated using actual time recorded at standard or agreed charge-out rates, while material costs are based on the purchase cost of items consumed in the production process.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.6
CASH AND CASH EQUIVALENTS

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.7
FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE PRIORY SHUTTER & DOOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
2
ACCOUNTING POLICIES
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.8
EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.9
EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.10
RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.11
FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2.12
LEASING

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

THE PRIORY SHUTTER & DOOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
3
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
47
45
4
INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 December 2023 and 30 November 2024
10,000
AMORTISATION AND IMPAIRMENT
At 1 December 2023 and 30 November 2024
10,000
CARRYING AMOUNT
At 30 November 2024
-
0
At 30 November 2023
-
0
5
TANGIBLE FIXED ASSETS
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
COST
At 1 December 2023
109,011
2,670
30,628
180,874
323,183
Additions
-
0
-
0
840
-
0
840
At 30 November 2024
109,011
2,670
31,468
180,874
324,023
DEPRECIATION AND IMPAIRMENT
At 1 December 2023
93,879
2,670
19,123
135,815
251,487
Depreciation charged in the year
3,281
-
0
3,036
11,415
17,732
At 30 November 2024
97,160
2,670
22,159
147,230
269,219
CARRYING AMOUNT
At 30 November 2024
11,851
-
0
9,309
33,644
54,804
At 30 November 2023
15,132
-
0
11,505
45,059
71,696
THE PRIORY SHUTTER & DOOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
6
DEBTORS
2024
2023
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Trade debtors
1,030,686
1,292,330
Amounts recoverable on contracts
56,459
27,340
Amounts due from group undertakings
338,096
105,301
Other debtors
5,419
9,019
Prepayments and accrued income
7,073
6,252
1,437,733
1,440,242
7
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Trade creditors
761,700
1,011,738
Other taxation and social security
74,286
83,291
Other creditors
42,802
7,018
Accruals and deferred income
132,009
143,130
1,010,797
1,245,177
8
PROVISIONS FOR LIABILITIES
2024
2023
£
£
Deferred tax liabilities
1,400
1,400
1,400
1,400
9
RETIREMENT BENEFIT SCHEMES
2024
2023
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit or loss in respect of defined contribution schemes
45,176
30,836

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

10
CALLED UP SHARE CAPITAL
2024
2023
2024
2023
ORDINARY SHARE CAPITAL
Number
Number
£
£
ISSUED AND FULLY PAID
Ordinary of £1 each
100
100
100
100

THE PRIORY SHUTTER & DOOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
11
AUDIT REPORT INFORMATION

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

OPINION

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 November 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.

Senior Statutory Auditor:
Neal Aston FCA FCCA
Statutory Auditor:
JW Hinks LLP
Date of audit report:
14 October 2025
12
RELATED PARTY TRANSACTIONS

The company has taken advantage of Section 33 of FRS102 related party disclosures, not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, the brother-in-law of M Cooper (shareholder of Smethwick Maintenance Company Limited) was paid £nil (2023: £465) for the provision of IT services.

During the financial year, M Cooper, a director and shareholder of the company, advanced funds to the company totalling £50,000. These funds were provided on an unsecured, interest-free basis and with no formal repayment terms. An amount of £30,000 was repaid by the company to M Cooper during the year. As at the balance sheet date, the amount outstanding is £20,000, which remains payable to M Cooper.

13
PARENT COMPANY

The company is a subsidiary of Smethwick Maintenance Company Limited, a company incorporated in England.

The consolidated financial statements of Smethwick Maintenance Company Limited are available from their registered office, 336 Spon Lane South, West Bromwich, West Midlands, B70 6AZ.

14
PRIOR PERIOD ADJUSTMENT

A prior year adjustment has been included in respect of the year ended 30 November 20 23. The adjustment relates to amounts written off in respect of inter company balances to the value of £3,412,917. This has resulted in a reduction of Profit and Loss Account reserves of £3,412,917 as at 30 November 20 23.

CHANGES TO THE BALANCE SHEET
As previously reported
Adjustment
As restated at 30 Nov 2023
£
£
£
CURRENT ASSETS
Debtors due within one year
5,389,625
(3,949,383)
1,440,242
CREDITORS DUE WITHIN ONE YEAR
Other creditors
(1,690,234)
528,348
(1,161,886)
THE PRIORY SHUTTER & DOOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
14
PRIOR PERIOD ADJUSTMENT
As previously reported
Adjustment
As restated at 30 Nov 2023
£
£
£
(Continued)
- 8 -
PROVISIONS FOR LIABILITIES
Other provisions
(8,118)
8,118
-
0
Net assets
5,127,582
(3,412,917)
1,714,665
CAPITAL AND RESERVES
Profit and loss reserves
5,127,482
(3,412,917)
1,714,565
CHANGES TO THE PROFIT AND LOSS ACCOUNT
As previously reported
Adjustment
As restated
PERIOD ENDED 30 NOVEMBER 2023
£
£
£
Exceptional items
-
(3,412,917)
(3,412,917)
Profit/(loss) for the financial period
245,611
(3,412,917)
(3,167,306)
RECONCILIATION OF CHANGES IN EQUITY
1 December
30 November
2022
2023
£
£
ADJUSTMENTS TO PRIOR YEAR
-
(3,412,917)
Equity as previously reported
4,881,971
5,127,582
Equity as adjusted
4,881,971
1,714,665
ANALYSIS OF THE EFFECT UPON EQUITY
Profit and loss reserves
-
(3,412,917)
RECONCILIATION OF CHANGES IN PROFIT/(LOSS) FOR THE PREVIOUS FINANCIAL PERIOD
2023
£
ADJUSTMENTS TO PRIOR YEAR
(3,412,917)
Profit as previously reported
245,611
Loss as adjusted
(3,167,306)
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