INDUSTRIAL DOOR ENGINEERING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Company Registration No. 02618231 (England and Wales)
INDUSTRIAL DOOR ENGINEERING LIMITED
COMPANY INFORMATION
Directors
Mr J S Burton
Mrs M K A Lindholm
Mr S J L Ynner
Secretary
Ms J L Seymour
Company number
02618231
Registered office
Winnington Avenue
Northwich
Cheshire
CW8 4EQ
Auditor
DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
INDUSTRIAL DOOR ENGINEERING LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 20
INDUSTRIAL DOOR ENGINEERING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of
manufacture, installation and repair of
industrial doors.
Results and dividends
The results for the year are set out on page 6.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M Burke
(Resigned 31 August 2021)
Mr J S Burton
Mrs M K A Lindholm
Mr S J L Ynner
Post reporting date events
On 1 July 2022 the trade and net assets of the company's wholly owned subsidiary, Nassau Industrial Doors Limited, was hived-up into the company's direct parent company, ASSA ABLOY Entrance Systems Limited.
Auditor
The auditor, DSG, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Small companies disclosure exemptions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr J S Burton
Director
22 December 2022
INDUSTRIAL DOOR ENGINEERING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:
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 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.
INDUSTRIAL DOOR ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF INDUSTRIAL DOOR ENGINEERING LIMITED
- 3 -
Opinion
We have audited the financial statements of Industrial Door Engineering Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2021 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.
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 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.
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 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.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
INDUSTRIAL DOOR ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF INDUSTRIAL DOOR ENGINEERING LIMITED
- 4 -
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 identifie
d
material misstatements in the directors'
r
eport
. 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
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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.
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
.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
-
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety regulations, employment legislation and the data protection act, anti-bribery and ant-corruption laws and compliance with tax legislation.
INDUSTRIAL DOOR ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF INDUSTRIAL DOOR ENGINEERING LIMITED
- 5 -
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries which may be indicative of fraud; and reviewing transactions around the end of the reporting period to identify items which ought to have been recorded.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Angela Harrison BA FCA
Senior Statutory Auditor
For and on behalf of DSG
22 December 2022
Chartered Accountants
Statutory Auditor
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
INDUSTRIAL DOOR ENGINEERING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
Year
Period
ended
ended
31 December
31 December
2021
2020
Notes
£
£
Turnover
3
5,000,273
6,473,759
Cost of sales
(2,931,356)
(3,784,232)
Gross profit
2,068,917
2,689,527
Administrative expenses
(1,262,060)
(2,151,826)
Operating profit
4
806,857
537,701
Interest receivable and similar income
8
2,245,022
Interest payable and similar expenses
9
(1,682)
(3,330)
Profit before taxation
805,175
2,779,393
Tax on profit
10
(151,366)
(139,209)
Profit for the financial year
653,809
2,640,184
INDUSTRIAL DOOR ENGINEERING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 7 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
12
129,605
188,308
Investments
13
1,818,045
1,818,045
1,947,650
2,006,353
Current assets
Stocks
15
286,838
167,665
Debtors
16
837,594
610,154
Cash at bank and in hand
1,098,136
1,035,750
2,222,568
1,813,569
Creditors: amounts falling due within one year
17
(573,025)
(869,391)
Net current assets
1,649,543
944,178
Total assets less current liabilities
3,597,193
2,950,531
Provisions for liabilities
Deferred tax liability
19
13,560
20,707
(13,560)
(20,707)
Net assets
3,583,633
2,929,824
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
22
3,583,533
2,929,724
Total equity
3,583,633
2,929,824
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2022 and are signed on its behalf by:
Mr J S Burton
Director
Company Registration No. 02618231
INDUSTRIAL DOOR ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2019
100
468,962
2,727,283
3,196,345
Period ended 31 December 2020:
Profit and total comprehensive income for the period
-
-
2,640,184
2,640,184
Dividends
11
-
-
(2,906,705)
(2,906,705)
Transfers
-
(468,962)
468,962
-
Balance at 31 December 2020
100
2,929,724
2,929,824
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
653,809
653,809
Balance at 31 December 2021
100
3,583,533
3,583,633
INDUSTRIAL DOOR ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
1
Accounting policies
Company information
Industrial Door Engineering Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Winnington Avenue, Northwich, Cheshire, CW8 4EQ.
1.1
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.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
and
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of ASSA ABLOY AB which are publically available from: ASSA ABLOY Entrance Systems Ltd, 7 Churchill Way, Chapeltown, Sheffield, Yorkshire, S35 2PY.
The company has also taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
Revenue arises from the manufacture, installation and repair of industrial doors.
INDUSTRIAL DOOR ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 10 -
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue in respect of services provided represents the invoiced value of repair work done on the days stated net of value added tax.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Tangible fixed assets
T
he company have taken advantage of the optional exemption provided by section
35.10 (d) of FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'
and elected to use a fair value of freehold land and buildings as its deemed cost on the date of
transition to FRS102 being 1 July 2015
.
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Land is not depreciated.
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 & machinery
20% straight line
Fixtures & fittings
10% straight line
Motor vehicles
20% straight line
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
.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
INDUSTRIAL DOOR ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 11 -
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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).
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.
1.8
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, as follows:
Raw materials - purchase cost on a first in, first out basis
Finished goods - cost of direct materials and labour plus attributable overheads based
/work in progress on a normal level of activity
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.9
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.
1.10
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.
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.
INDUSTRIAL DOOR ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
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
and
loans from
fellow group companies 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.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
INDUSTRIAL DOOR ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Determining residual values and useful economic lives of tangible fixed assets
Tangible fixed assets, other than land, are depreciated over their useful lives taking into account residual
values, where appropriate. The actual lives of the assets and residual values are assessed annually and
may vary depending on the number of factors. In re-assessing asset lives, factors such as technological
innovation, product life cycles and maintenance
programmes are taken into account. Residual value
assessments consider
issues such as future market conditions, the remaining life of the asset and
projected disposal values.
INDUSTRIAL DOOR ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
3
Turnover
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
4,961,851
6,407,199
Other Europe
38,422
66,040
Rest of the World
-
520
5,000,273
6,473,759
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(1,247)
4,013
Research and development costs
23,910
Depreciation of owned tangible fixed assets
58,118
119,444
Profit on disposal of tangible fixed assets
(5,351)
(5,250)
Operating lease charges
116,212
133,456
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,645
11,250
For other services
All other non-audit services
375
27,716
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Production
24
32
Administration
10
12
Directors
1
1
Total
35
45
INDUSTRIAL DOOR ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
6
Employees
(Continued)
- 15 -
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
1,369,404
2,013,809
Social security costs
149,538
213,980
Pension costs
39,733
93,176
1,558,675
2,320,965
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
153,038
Company pension contributions to defined contribution schemes
12,276
165,314
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
22
Income from fixed asset investments
Income from shares in group undertakings
2,065,000
Income from other fixed asset investments
180,000
Total income
2,245,022
9
Interest payable and similar expenses
2021
2020
£
£
Interest on bank overdrafts and loans
242
3,018
Interest on finance leases and hire purchase contracts
312
Other interest
1,440
1,682
3,330
INDUSTRIAL DOOR ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
10
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
159,896
161,301
Adjustments in respect of prior periods
(1,383)
Total current tax
158,513
161,301
Deferred tax
Origination and reversal of timing differences
(7,147)
(22,092)
Total tax charge
151,366
139,209
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
805,175
2,779,393
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
152,983
528,085
Tax effect of expenses that are not deductible in determining taxable profit
(2,203)
4,889
Tax effect of income not taxable in determining taxable profit
(392,350)
Adjustments in respect of prior years
(1,383)
Permanent capital allowances in excess of depreciation
1,969
(1,415)
Taxation charge for the year
151,366
139,209
11
Dividends
2021
2020
£
£
Final paid
2,906,705
INDUSTRIAL DOOR ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
12
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2021
234,919
142,161
266,559
643,639
Additions
2,034
6,889
8,923
Disposals
(1,483)
(57,266)
(58,749)
At 31 December 2021
236,953
147,567
209,293
593,813
Depreciation and impairment
At 1 January 2021
179,186
107,424
168,721
455,331
Depreciation charged in the year
13,012
6,636
38,470
58,118
Eliminated in respect of disposals
(1,483)
(47,758)
(49,241)
At 31 December 2021
192,198
112,577
159,433
464,208
Carrying amount
At 31 December 2021
44,755
34,990
49,860
129,605
At 31 December 2020
55,733
34,737
97,838
188,308
13
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
14
1,818,045
1,818,045
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Nassau Industrial Doors Limited
England, UK
Supply and installation of industrial doors
Ordinary
100.00
15
Stocks
2021
2020
£
£
Work in progress
55,931
29,398
Finished goods and goods for resale
230,907
138,267
286,838
167,665
INDUSTRIAL DOOR ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
16
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
526,642
518,245
Amounts owed by group undertakings
238,175
35,608
Other debtors
27,500
27,500
Prepayments and accrued income
45,277
28,801
837,594
610,154
17
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans and overdrafts
18
700
350
Trade creditors
273,597
301,014
Amounts owed to group undertakings
13,210
Corporation tax
62,807
140,745
Other taxation and social security
143,772
331,008
Other creditors
78,939
96,274
573,025
869,391
18
Loans and overdrafts
2021
2020
£
£
Bank overdrafts
700
350
Payable within one year
700
350
Bank loans have been repaid during the period.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
20,458
22,842
Provisions
(6,898)
(2,135)
13,560
20,707
INDUSTRIAL DOOR ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
19
Deferred taxation
(Continued)
- 19 -
2021
Movements in the year:
£
Liability at 1 January 2021
20,707
Credit to profit or loss
(7,147)
Liability at 31 December 2021
13,560
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
20
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,733
93,176
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.
21
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
22
Profit and loss reserves
This reserve represents all current and prior period retained profits and losses.
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
163,811
147,065
Between two and five years
302,425
350,586
466,236
497,651
INDUSTRIAL DOOR ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 20 -
24
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption under FRS 102 not to disclose transactions between group entities on the grounds that it is a wholly-owned subsidiary undertaking.
true
25
Events after the reporting date
On 1 July 2022 the trade and net assets of the company's wholly owned subsidiary, Nassau Industrial Doors Limited, was hived-up into the company's direct parent company, ASSA A
BLOY
Entrance Systems Limited.
26
Ultimate controlling party
The immediate parent company is
ASSA ABLOY Entrance Systems Ltd
, a company incorporated in the UK. ASSA ABLOY Entrance Systems Ltd has a 100% interest in the equity of
Industrial Door Engineering
Limited.
The ultimate parent undertaking and controlling party is
ASSA ABLOY AB
, a company incorporated in Sweden.
2021-12-31
2021-01-01
false
CCH Software
CCH Accounts Production 2022.300
Mr M Burke
Mr John Steven Burton
Mrs Kristina Agneta Lindholm
Mr Sven Johan Lars Ynner
Ms J L Seymour
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