Humber Doors Limited - Accounts to registrar (filleted) - small 22.3
Humber Doors Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Period 1 April 2021 to 28 February 2022 |
| for |
| HUMBER DOORS LIMITED |
| HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290) |
| Contents of the Financial Statements |
| for the period 1 APRIL 2021 TO 28 FEBRUARY 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| HUMBER DOORS LIMITED |
| Company Information |
| for the period 1 APRIL 2021 TO 28 FEBRUARY 2022 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Thistledown Barn |
| Holcot Lane |
| Sywell |
| Northampton |
| Northamptonshire |
| NN6 0BG |
| HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290) |
| Balance Sheet |
| 28 FEBRUARY 2022 |
| 2022 | 2021 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 | ( |
) | ( |
) |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Revaluation reserve | 13 |
| Retained earnings | ( |
) | (621,591 | ) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290) |
| Notes to the Financial Statements |
| for the period 1 APRIL 2021 TO 28 FEBRUARY 2022 |
| 1. | STATUTORY INFORMATION |
| Humber Doors Limited is a |
| The financial statements of Humber Doors Limited is Pounds Sterling (£), rounded to the nearest Pound. |
| Change in length of Reporting Period |
| During the previous period the reporting period of Humber Doors Limited was shortened in order to align with the new ultimate parent company. The comparatives for the financial statements are for the reporting period 01/04/2020 to 31/03/2021, covering a 12 month period. This period's financial statements have been prepared from 01/04/2021 to 28/02/2022, covering an 11 month period. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is recognised at the fair value of the consideration received or receivable for goods and service provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
| When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
| Goodwill |
| Goodwill represents the excess of the fair value of net assets acquired over the cost of acquisition. It is initially recognised as a negative asset at cost and is subsequently measured at cost plus accumulated amortisation. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost or valuation and subsequently at cost or valuation less accumulated depreciation and any impairment losses. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Plant and machinery | - | Straight line over 5 years or 10 years |
| HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290) |
| Notes to the Financial Statements - continued |
| for the period 1 APRIL 2021 TO 28 FEBRUARY 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| During the period, the company has received government support. The relevant accounting policy is set out below. |
| A government grant is recognised in the balance sheet within other receivables when there is reasonable assurance that it will be received and that the Company will comply with the conditions attached to it. Grants are recognised within other income in the income statement at a point in time to match the timing of recognition of the related expenses they are intended to compensate. Refer to Note 3 for details of government grants and support received in the period. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete or slow moving stock. Cost includes all costs incurred in bringing each product to its present location and condition on a first in first out basis. Net realisable value is based on estimated selling. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290) |
| Notes to the Financial Statements - continued |
| for the period 1 APRIL 2021 TO 28 FEBRUARY 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| These financial statements have been prepared on a going concern basis. The company has net liabilities of £654,614 (2021: £620,591) and made a loss after taxation of £226,950 (2021: profit of £57,963) for this period. The company has the financial support of other group companies who have confirmed willingness to continue to support the company for the foreseeable future. The directors have considered the impact of COVID-19 and have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2021 |
| and 28 February 2022 | ( |
) |
| AMORTISATION |
| At 1 April 2021 | ( |
) |
| Amortisation for period | ( |
) |
| At 28 February 2022 | ( |
) |
| NET BOOK VALUE |
| At 28 February 2022 | ( |
) |
| At 31 March 2021 | ( |
) |
| HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290) |
| Notes to the Financial Statements - continued |
| for the period 1 APRIL 2021 TO 28 FEBRUARY 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST OR VALUATION |
| At 1 April 2021 |
| Additions |
| Revaluations |
| At 28 February 2022 |
| DEPRECIATION |
| At 1 April 2021 |
| Charge for period |
| At 28 February 2022 |
| NET BOOK VALUE |
| At 28 February 2022 |
| At 31 March 2021 |
| Cost or valuation at 28 February 2022 is represented by: |
| Plant and |
| machinery |
| £ |
| Valuation in 2022 | 192,927 |
| Cost | 1,381,438 |
| 1,574,365 |
| Plant and machinery was valued on a fair value basis on 28 February 2022 by Marriott & Co . |
| Marriott & Co are specialist Machinery and Business Asset Valuers. |
| The net book value of tangible fixed assets includes £ 208,826 in respect of assets held under hire purchase contracts. |
| 6. | STOCKS |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Raw materials |
| Work-in-progress |
| HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290) |
| Notes to the Financial Statements - continued |
| for the period 1 APRIL 2021 TO 28 FEBRUARY 2022 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 10) |
| Amounts owed to group undertakings |
| Other creditors |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290) |
| Notes to the Financial Statements - continued |
| for the period 1 APRIL 2021 TO 28 FEBRUARY 2022 |
| 10. | LEASING AGREEMENTS - continued |
| Non-cancellable operating | leases |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Operating lease payments recognised as an expense during the year was £64,314 (2021 - £56,206). |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Invoice discounting | 883,790 | - |
| Hire purchase | 80,423 | 141,030 |
| The obligations under hire purchase contracts are secured on the assets to which they relate. |
| The Company has the following securities at the balance sheet date: |
| Shawbrook Bank Limited holds a fixed and floating charge over the assets of the Company in respect of the Brand K Group facility of up to £23m. The group facilities include invoice discounting over receivables of up to £20m, in aggregate with the inventory facility, which is up to £5m, a cashflow facility of up to £3m and a hire purchase agreement with a purchase price of £1m. The cashflow facility is repayable in 36 monthly instalments. The advance rate for the invoice discounting facility is 85%. There is a group cross company guarantee in place as security for the charge. The bank also holds a right of group set-off. |
| The total balances secured at the year end across the group are as follows: confidential invoice discounting facility: £13,518,769, inventory facility: £2,675,000, cashflow facility: £2,206,666 and hire purchase balance: £725,700. |
| The balance due on the Company's confidential invoice discount facility at the balance sheet date was £883,790 (2021 - £nil). No other facility was used by the Company during the year and no other balance was due to Shawbrook Bank Limited directly by the Company at the year end. |
| Bridgewood Holdings Ltd and SL2 Prop Co Ltd hold a fixed and floating charge over all freehold and leasehold properties owned by Brand K Ltd and all other companies in which it holds an interest, as security against group lease commitments. |
| HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290) |
| Notes to the Financial Statements - continued |
| for the period 1 APRIL 2021 TO 28 FEBRUARY 2022 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | as restated |
| £ | £ |
| ordinary | £1 | 1,000 | 1,000 |
| 13. | RESERVES |
| Revaluation |
| reserve |
| £ |
| Fair value movement | 192,927 |
| At 28 February 2022 |
| 14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was qualified on the following basis: |
| Basis for Qualified Opinion |
| With respect to opening stock having a carrying amount of £427,767 (at 31 March 2021) the audit evidence available was limited because the corresponding figures were unaudited and we were unable to obtain sufficient audit evidence regarding the stock quantity and valuation at that date using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary for the year ended 31 March 2021 or whether there was any consequential effect on cost of sales for either that period or the period ended 28 February 2022. |
| 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
| for and on behalf of |
| 15. | RELATED PARTY DISCLOSURES |
| Humber Doors Limited. has taken advantage of the provisions under section 33.1A of FRS 102 and has not disclosed transactions with wholly owned group members. |
| There were no other related party transactions. |
| HUMBER DOORS LIMITED (REGISTERED NUMBER: 11652290) |
| Notes to the Financial Statements - continued |
| for the period 1 APRIL 2021 TO 28 FEBRUARY 2022 |
| 16. | ULTIMATE CONTROLLING PARTY |
| The immediate parent company of the entity is Summerbridge Holdings Limited which owns 100% of the ordinary share capital of the company. The parent company is incorporated in the United Kingdom and registered in England and Wales. Their registered offices are the same as for the company. |
| On 6 January 2022, the entire ordinary share capital of the parent company was acquired by Brand K Limited, a company incorporated in the United Kingdom and registered in England and Wales. |
| At 28 February 2022, the ultimate parent company was Brand K Limited. The registered office of the ultimate parent company was Thistle Down Barn, Holcot Lane, Sywell, Northampton, NN6 0BG. The group accounts of Brand K Limited can be obtained from Companies House. |
| As of 28 February 2022, Brand K Limited was under the control of the board of directors, with no one individual being an ultimate controlling party. |
| On 24 August 2022, Brand K Limited was acquired by Brand K Holdings Limited, the registered office of which is Thistle Down Barn, Holcot Lane, Sywell, Northampton, NN6 0BG. On 24 August 2022, Alex Norford assumed control of the ultimate parent company. |