Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
COMPANY INFORMATION
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PRESTIGE DOORS LIMITED
CONTENTS
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PRESTIGE DOORS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present the strategic report for the year ended 31 December 2019.
The group faced difficult trading conditions in 2019, largely due to a challenging economic environment with considerable uncertainty over Brexit, an unexpected general election, and periods of adverse exchange rates. In a competitive marketplace with a backdrop of uncertainty, it was not possible to maintain turnover at the record high levels seen in 2018.
The directors are disappointed by the fall in turnover and profit, but have since taken action to increase competitiveness, and to broaden the customer base in the growing internet retailer segment. There is evidence that these actions have been successful. Despite the impact of the coronavirus pandemic, turnover levels in the second half of 2020 are expected to exceed those in the same period in 2019. Action has also been taken to reduce costs and work more efficiently, but the group will not sacrifice its reputation for quality, and leadership in environmental sustainability. The directors and senior management team continue to look at innovative ways to broaden the product offering, introduce new efficiencies, and reach new customers.
The directors are constantly reviewing market conditions and competitor activity in order to maintain continued
trade with existing customers and new customers. The risks and uncertainties surrounding the UK’s exit from the EU affect the Group, as it is exposed to exchange rate fluctuations on imported goods. Foreign exchange risks are somewhat mitigated by the use of foreign currency bank accounts and hedging. A Brexit outcome that increased waiting times related to HM Customs would impact the timescale of the Group’s imports. The directors have sought to mitigate this risk by increasing stock holding. Following the arrival of the coronavirus pandemic in the UK in early 2020, the group adopted safe working practices and implemented contingency plans for remote working where possible. This allowed the business to remain operational throughout the year and continue to service customers. Management have utilised Government schemes where appropriate to secure working capital at the height of early restrictions, but no additional debt finance has been required and the directors are satisfied with the present cash position.
The company's key financial and other performance indicators during the year were as follows:
Unit 2019 2018 Turnover £ 37,894,883 40,229,623 Turnover growth % -6 3 Gross profit margin % 20 21 Profit before tax (per P&L account) £ 313,663 203,591
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PRESTIGE DOORS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
Consideration of consequences of decisions in the long term
The directors typically consider the implications for a number of years when making significant decisions, and consider the consequences of those decisions for the shareholders, employees, suppliers and other stakeholders. Forecasting and monitoring of financial performance allows the effect of significant decisions to be measured, and allows adjustments to be made where required. A culture of continual improvement is promoted within the business. Interests of the Group’s employees The directors recognise the benefits of recruiting and retaining the best quality employees. Training is provided to staff to help them develop in their roles. Healthcare support is provided. Employees are recognised for significant contributions to the business, both financially and with awards. Fostering business relationships with suppliers, customers and other s The Group’s director of sales, and area sales managers, along with the internal sales team and customer services team, ensure relationships with customers are maintained and developed. The Group’s internationally dispersed supplier base is key to the Group’s success and long-standing relationships with suppliers are encouraged. Impact of Group’s operations on the community and environment Environmental sustainability is central to the identity of the Group. The Group offers more FSC and PEFC certified product than many comparable businesses. The Group is certified carbon neutral, and holds BSI ISO 14001 accreditation relating to environmental management. Maintaining a reputation for high standards of business conduct The business is committed to operating with the highest standards of conduct. BSI ISO 9001 accreditation is held and the Group is a member of a number of relevant guilds and federations. Qualified professional staff are employed in key areas of the business. Acting fairly between members of the Group The overall objectives of the Group’s members and directors are aligned towards building the long-term success and reputation of the business. Regular meetings and financial updates ensure that members are fully involved in the activities of the business.
This report was approved by the board on 22 December 2020
and signed on its behalf.
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PRESTIGE DOORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
The Company’s principal activity is to act as the holding company for the Group’s trading subsidiaries. The Company does not itself trade.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The directors are responsible for preparing the Group strategic report, the Directors' report and the
consolidated
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group 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 £
230,742
(2018 -
£
162,538
)
.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
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PRESTIGE DOORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
The Group will continue to invest in developing its product and service offering to enable further growth. The Group strongly believes in minimising its impact on the environment and will continue to adopt low carbon practices and offer sustainably sourced products.
The Group's principal financial instruments comprise trade debtors, trade finance, other loans, trade creditors and amounts owed to related undertakings. The main purpose of these instruments is to raise funds for the Group's operations.
Liquidity risk In respect of trade finance and other loans, the liquidity risk is managed by virtue of the flexible terms inherent within these facilities. Trade creditors and amounts owed to related undertakings all arise from trading transactions and the liquidity risk is managed from income generation and the use of the Group's borrowing facilities. Credit risk Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Foreign exchange risk The directors continually monitor relevant foreign currency exchange rates, and hedging strategies are employed to mitigate the risk of adverse movements in those exchange rates.
The information has been included in the strategic report.
The following information has been included in the strategic report:
- A business review - Principal risks and uncertainties - Financial and other key performance indicators
Each of the persons who are
directors at the time when this Directors' report is approved has confirmed that:
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PRESTIGE DOORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
On 11 March 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. The expected length or severity of this pandemic cannot reasonably be estimated at the current time.
The Directors are monitoring COVID-19 and its potential effect on the Group, however to the best of their current knowledge, they do not expect any material adverse impact. COVID-19 is considered to be a non-adjusting post balance sheet event and as such no adjustments have been made to the valuation of assets and liabilities as at 31 December 2019.
During the year, BHP LLP resigned as auditors and Simmons Gainsford LLP were appointed by the Board of Directors to replace them.
The auditors, Simmons Gainsford LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PRESTIGE DOORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE DOORS LIMITED
We have audited the financial statements of Prestige Doors Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2019, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company 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).
In our opinion the financial statements:
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 Group 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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
In forming our opinion, we have considered the adequacy of disclosures made in accounting policies concerning going concern and continued support from major creditors. The financial statements do not include the adjustments that would result if the Group and Company were unable to continue as a going concern. Our opinion is not qualified in this respect.
The directors are responsible for the other information. The other information comprises the information included
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PRESTIGE DOORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE DOORS LIMITED (CONTINUED)
in the Annual Report, other than the financial statements and our Auditors' report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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:
As explained more fully in the Directors' responsibilities statement on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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PRESTIGE DOORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRESTIGE DOORS 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.
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
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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
7-10 Chandos Street
W1G 9DQ
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PRESTIGE DOORS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
REGISTERED NUMBER:
00413483
CONSOLIDATED BALANCE SHEET
AS AT
31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
REGISTERED NUMBER:
00413483
CONSOLIDATED BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 39 form part of these financial statements.
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PRESTIGE DOORS LIMITED
REGISTERED NUMBER:
00413483
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 39 form part of these financial statements.
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PRESTIGE DOORS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Prestige Doors Limited ("the Company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is C/O PKF Littlejohn, 15 Westferry Circus, Canary Wharf, London, E14 4HD.
The Group consists of Prestige Doors Limited and all of its subsidiaries.
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The profit after tax of the parent company for the year was £NIL (2018: £NIL).
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
The Group has recognised changes in the fair value of derivatives that qualify as fair value hedges, to the extent to which are in place at the year end to meet highly probable transactions for the purchase of goods for resale where the order or contract was in place prior to the year end. The proportion of the gain or loss on the financial instrument held at fair value through the Statement of Comprehensive Income relating to the order or contract values stated in foreign currency is not recognised at the year end, but will constitute part of the cost of the transactions at the date of settlement.
In the application of the Group’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.
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Page 27
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
12.
Taxation (continued)
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Page 36
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The Group has given an unlimited composite company guarantee to HSBC Bank plc in respect of the liabilities of Birstall 140 Limited, a related company. The amount guaranteed is £3,250,962 (2018 - £3,533,654).
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The Board of Directors regard Ahmad Fadzil Mohamad, a director of the company, as the ultimate controlling party.
Ultimate parent undertaking The directors regard AFM Capital Sdn Bhd, a company incorporated and registered in Malaysia, as the ultimate parent company by virtue of its participating interest and dominant influence over the affairs of the group. Copies of the ultimate parent's group financial statements are available from: The Secretary Prestige Doors Limited XL Joinery Limited Holden Ing Way Birstall Batley West Yorkshire WF17 9AD.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.
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PRESTIGE DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
On 11 March 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. The expected length or severity of this pandemic cannot reasonably be estimated at the current time.
The Directors are monitoring COVID-19 and its potential effect on the Group, however to the best of their current knowledge, they do not expect any material adverse impact. COVID-19 is considered to be a non-adjusting post balance sheet event and as such no adjustments have been made to the valuation of assets and liabilities as at 31 December 2019. Subsequent to the year end, on 29 June 2020, 100% of the share capital of XL Joinery Limited a wholly owned subsidiary was acquired by AFM Capital Sdn Bhd from Golden Pharos (Europe) Limited.
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