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Registration number: 12332908

CB Property Renovations Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

CB Property Renovations Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

CB Property Renovations Ltd

Company Information

Directors

Mr Christopher James Barlow

Mrs Georgina Clare Barlow

Registered office

6a Northenden Road
Sale
M33 3BR

Accountants

Ikara Business Solutions Limited
The Quadrant Unit 30b
99 Parkway Avenue
Sheffield
S9 4WG

 

CB Property Renovations Ltd

(Registration number: 12332908)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

13,860

18,480

Tangible assets

5

19,047

15,839

 

32,907

34,319

Current assets

 

Stocks

6

31,824

34,635

Debtors

7

21,846

25,514

Cash at bank and in hand

 

57,334

55,441

 

111,004

115,590

Creditors: Amounts falling due within one year

8

(107,470)

(93,172)

Net current assets

 

3,534

22,418

Total assets less current liabilities

 

36,441

56,737

Creditors: Amounts falling due after more than one year

8

(96,530)

(132,588)

Net liabilities

 

(60,089)

(75,851)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(60,091)

(75,853)

Shareholders' deficit

 

(60,089)

(75,851)

 

CB Property Renovations Ltd

(Registration number: 12332908)
Balance Sheet as at 30 November 2021

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 May 2022 and signed on its behalf by:
 

.........................................
Mr Christopher James Barlow
Director

 

CB Property Renovations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
6a Northenden Road
Sale
M33 3BR

These financial statements were authorised for issue by the Board on 23 May 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The director has guaranteed his financial support to the company for the foreseeable future.
On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be neccesary should this basis not continue to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

CB Property Renovations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Office equipment

25% Reducing balance

Fixtures and fittings

25% Reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise fee

20% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

CB Property Renovations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

4

Intangible assets

Franchise fee
£

Total
£

Cost or valuation

Additions acquired separately

23,100

23,100

At 30 November 2021

23,100

23,100

Amortisation

At 1 December 2020

4,620

4,620

Amortisation charge

4,620

4,620

At 30 November 2021

9,240

9,240

Carrying amount

At 30 November 2021

13,860

13,860

At 30 November 2020

18,480

18,480

 

CB Property Renovations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2020

14,624

6,495

21,119

Additions

2,173

7,497

9,670

At 30 November 2021

16,797

13,992

30,789

Depreciation

At 1 December 2020

3,656

1,624

5,280

Charge for the year

3,370

3,092

6,462

At 30 November 2021

7,026

4,716

11,742

Carrying amount

At 30 November 2021

9,771

9,276

19,047

At 30 November 2020

10,968

4,871

15,839

6

Stocks

2021
£

2020
£

Work in progress

31,824

34,635

7

Debtors

2021
£

2020
£

Trade debtors

7,379

1,440

Prepayments

10,967

20,574

Other debtors

3,500

3,500

21,846

25,514

 

CB Property Renovations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

19,471

12,756

Trade creditors

 

16,312

9,861

Taxation and social security

 

16,897

9,449

Accruals and deferred income

 

54,194

60,426

Other creditors

 

596

680

 

107,470

93,172

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

64,496

86,008

Other non-current financial liabilities

 

32,034

46,580

 

96,530

132,588