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Registration number: 00603426

Holders of Congresbury Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2021

 

Holders of Congresbury Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Holders of Congresbury Limited

(Registration number: 00603426)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

886,899

884,331

Current assets

 

Stocks

5

666,771

714,417

Debtors

6

1,848,892

1,656,307

Cash at bank and in hand

 

986,379

857,395

 

3,502,042

3,228,119

Creditors: Amounts falling due within one year

7

(434,097)

(514,970)

Net current assets

 

3,067,945

2,713,149

Net assets

 

3,954,844

3,597,480

Capital and reserves

 

Called up share capital

55,000

55,000

Profit and loss account

3,899,844

3,542,480

Shareholders' funds

 

3,954,844

3,597,480

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 6 September 2022 and signed on its behalf by:
 

J S Baker
Director

   
     
 

Holders of Congresbury Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
The Coach House
Aust Road
Olverston
Bristol
BS35 4DE

These financial statements were authorised for issue by the Board on 6 September 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

In light of the ongoing Coronavirus "Covid-19" pandemic, the directors have reviewed and tested projections and budgets for the next twelve months. Following this review, the directors consider there to be little impact on the Company's ability to act as a going concern.

The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 September 2022 was Guy Armitage-Norton, who signed for and on behalf of Milsted Langdon LLP.

 

Holders of Congresbury Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Revenue recognition

Turnover is recognised to the extnt that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, 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 good is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probably that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transacion can be measured reliably.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Government grants

Government grants have been recognised on an accruals basis and have been recognised in the same period in which the related expense has been incurred.

Finance income and costs policy

Interest income is recognised in profit or loss using the effective interest method.

Tax

The tax expense for the period comprises current 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.

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.

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:

 

Holders of Congresbury Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Asset class

Depreciation method and rate

Freehold land and buildings

2% straight line

Plant and machinery

20% straight line

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 stocks 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.

Consignment stock held by the company is not recognised due to the commerical reality being that the stock remains an asset of the manufacturer.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Holders of Congresbury Limited

Notes to the Financial Statements for the Year Ended 31 December 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 21 (2020 - 23).

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2021

897,756

529,717

1,427,473

Additions

-

31,781

31,781

At 31 December 2021

897,756

561,498

1,459,254

Depreciation

At 1 January 2021

50,418

492,724

543,142

Charge for the year

7,182

22,031

29,213

At 31 December 2021

57,600

514,755

572,355

Carrying amount

At 31 December 2021

840,156

46,743

886,899

At 31 December 2020

847,338

36,993

884,331

Included within the net book value of land and buildings above is £840,156 (2020 - £847,338) in respect of freehold land and buildings.
 

5

Stocks

2021
£

2020
£

Work in progress

1,247

-

Finished goods for resale

665,524

714,417

666,771

714,417

 

Holders of Congresbury Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

6

Debtors

Note

2021
£

2020
£

Trade debtors

 

15,912

-

Receivables from related parties

9

1,780,578

1,555,813

Prepayments

 

21,544

22,542

Other debtors

 

30,858

77,952

 

1,848,892

1,656,307

7

Creditors

Due within one year

Note

2021
£

2020
£

 

Trade creditors

 

131,086

309,487

Amounts due to related parties

9

-

89

Social security and other taxes

 

97,731

64,935

Other creditors

 

98,839

103,637

Accruals

 

25,810

16,123

Corporation tax liability

80,631

20,699

 

434,097

514,970

8

Pension commitments

The Company operates a defined contributions pension scheme and the assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,519 (2020 - £14,453).

9

Related party transactions

The company has taken advantage of the exemption available under The Small Companies and Groups Regulations 2008, Schedule 1 paragraph 66(4) from disclosing details of any transactions entered into between two or more members of a group where they are wholly owned members of this group.

 

Holders of Congresbury Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

10

Parent and ultimate parent undertaking

The company's immediate parent is XT Holdings Limited, incorporated in England and Wales.

  These financial statements are available upon request from The Coach House Aust Road, Olveston, Bristol, BS35 4DE