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The Custom Trader Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2021

Registration number: 05779259

 

The Custom Trader Limited

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

The Custom Trader Limited

(Registration number: 05779259)
Statement of financial position as at 31 August 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

22,500

25,000

Tangible assets

5

13,992

18,657

 

36,492

43,657

Current assets

 

Debtors

6

75,969

53,561

Cash at bank and in hand

 

68,302

66,232

 

144,271

119,793

Creditors: Amounts falling due within one year

7

(88,730)

(167,191)

Net current assets/(liabilities)

 

55,541

(47,398)

Total assets less current liabilities

 

92,033

(3,741)

Creditors: Amounts falling due after more than one year

7

(78,214)

(7,869)

Provisions for liabilities

(2,659)

-

Net assets/(liabilities)

 

11,160

(11,610)

Capital and reserves

 

Called up share capital

8

1,500

1,500

Retained earnings

9,660

(13,110)

Shareholders' funds/(deficit)

 

11,160

(11,610)

For the financial year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

The Custom Trader Limited

(Registration number: 05779259)
Statement of financial position as at 31 August 2021

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 Income statement has been taken.

Approved and authorised by the director on 27 August 2022
 

.........................................
Mr W Melliard
Director

 

The Custom Trader Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

1

General information

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

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the director on 27 August 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

The Custom Trader Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Office equipment

25% reducing balance

Furniture and fittings

25% reducing balance

Plant and machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

The Custom Trader Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

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 income statement 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 6 (2020 - 6).

 

The Custom Trader Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2020

25,000

25,000

At 31 August 2021

25,000

25,000

Amortisation

Amortisation charge

2,500

2,500

At 31 August 2021

2,500

2,500

Carrying amount

At 31 August 2021

22,500

22,500

At 31 August 2020

25,000

25,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2020

11,678

13,490

25,168

At 31 August 2021

11,678

13,490

25,168

Depreciation

At 1 September 2020

3,138

3,373

6,511

Charge for the year

2,136

2,529

4,665

At 31 August 2021

5,274

5,902

11,176

Carrying amount

At 31 August 2021

6,404

7,588

13,992

At 31 August 2020

8,540

10,117

18,657

 

The Custom Trader Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

6

Debtors

Current

2021
£

2020
£

Trade debtors

73,419

51,012

Other debtors

2,550

2,549

 

75,969

53,561

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

9

20,808

101,919

Trade creditors

 

38,568

33,735

Taxation and social security

 

18,792

24,289

Accruals and deferred income

 

1,900

3,150

Other creditors

 

8,662

4,098

 

88,730

167,191

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

78,214

7,869

 

The Custom Trader Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1.50 each

1,000

1,500

1,000

1,500

         

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

33,810

-

Hire purchase contracts

6,070

7,869

Other borrowings

38,334

-

78,214

7,869

2021
£

2020
£

Current loans and borrowings

Bank borrowings

8,380

48,861

Hire purchase contracts

2,428

3,058

Other borrowings

10,000

50,000

20,808

101,919

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £83,336 (2020 - £106,843).