CATALOGUE SURPLUS CENTRE LIMITED
Company registration number 01401322 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
CATALOGUE SURPLUS CENTRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CATALOGUE SURPLUS CENTRE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,490
1,656
Tangible assets
4
674,933
678,003
676,423
679,659
Current assets
Stocks
818,291
769,030
Debtors
5
74,097
77,381
Cash at bank and in hand
243,312
347,542
1,135,700
1,193,953
Creditors: amounts falling due within one year
6
(239,353)
(329,560)
Net current assets
896,347
864,393
Total assets less current liabilities
1,572,770
1,544,052
Creditors: amounts falling due after more than one year
7
(218,253)
(233,468)
Net assets
1,354,517
1,310,584
Capital and reserves
Called up share capital
8
300
300
Profit and loss reserves
1,354,217
1,310,284
Total equity
1,354,517
1,310,584

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CATALOGUE SURPLUS CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
Mr M McLaven
Director
Company Registration No. 01401322
CATALOGUE SURPLUS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Catalogue Surplus Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28/30 St Mary's Street, Newport, Shropshire, TF10 7AB.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

1.2
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.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Vehicle registration plates
10% pa reducing balance
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold properties
No depreciation
Plant and machinery
10% - 25% pa reducing balance
Fixtures, fittings and equipment
15% pa reducing balance
Motor vehicles
25% pa reducing balance

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.

CATALOGUE SURPLUS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -

The directors consider that freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Stocks held for distribution at no or nominal consideration are measured at 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.

1.7
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.

1.8
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.

1.9
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.

1.10
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.

CATALOGUE SURPLUS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
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 leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.15
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was as follows:

2023
2022
Number
Number
Total
35
34
CATALOGUE SURPLUS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 1 May 2022 and 30 April 2023
12,808
Amortisation and impairment
At 1 May 2022
11,152
Amortisation charged for the year
166
At 30 April 2023
11,318
Carrying amount
At 30 April 2023
1,490
At 30 April 2022
1,656
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2022
659,477
347,392
1,006,869
Additions
-
0
919
919
At 30 April 2023
659,477
348,311
1,007,788
Depreciation and impairment
At 1 May 2022
-
0
328,866
328,866
Depreciation charged in the year
-
0
3,989
3,989
At 30 April 2023
-
0
332,855
332,855
Carrying amount
At 30 April 2023
659,477
15,456
674,933
At 30 April 2022
659,477
18,526
678,003
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
72,076
77,381
Deferred tax asset
2,021
-
0
74,097
77,381
CATALOGUE SURPLUS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
15,960
15,960
Trade creditors
30,877
44,225
Taxation and social security
47,126
44,640
Other creditors
145,390
224,735
239,353
329,560
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
218,253
233,468

The bank borrowings are secured by fixed charges over 21, 23, 25 and 27-29 Willow Street, Oswestry, SY11 1AQ.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
149,815
165,031
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary Shares of £1 each
100
100
100
100
'B' Ordinary Shares of £1 each
100
100
100
100
'C' Ordinary Shares of £1 each
100
100
100
100
300
300
300
300

The "A" Ordinary Shares hold the voting rights of the company. On a winding up or a reduction in capital, the "B" Ordinary Shares shall rank pari passu with the "C" Ordinary Shares. The holders of "B" Ordinary Shares and "C" Ordinary Shares shall be entitled to a repayment of capital in priority to the "A" Ordinary Shares but subject thereto shall not be entitled to any further right to participate in the company's surplus assets.

 

The "A" Ordinary Shareholders shall in general meeting declare the dividend so decided upon by the directors in respect of the "B" Ordinary Shares or the "C" Ordinary Shares (as relevant) and shall not be entitled to reduce it.

CATALOGUE SURPLUS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
35,500
93,900
2023-04-302022-05-01false28 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr M McLavenMrs T M PhilpottMrs M J Street014013222022-05-012023-04-30014013222023-04-30014013222022-04-3001401322core:IntangibleAssetsOtherThanGoodwill2023-04-3001401322core:IntangibleAssetsOtherThanGoodwill2022-04-3001401322core:LandBuildings2023-04-3001401322core:OtherPropertyPlantEquipment2023-04-3001401322core:LandBuildings2022-04-3001401322core:OtherPropertyPlantEquipment2022-04-3001401322core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3001401322core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-3001401322core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3001401322core:Non-currentFinancialInstrumentscore:AfterOneYear2022-04-3001401322core:CurrentFinancialInstruments2023-04-3001401322core:CurrentFinancialInstruments2022-04-3001401322core:ShareCapital2023-04-3001401322core:ShareCapital2022-04-3001401322core:RetainedEarningsAccumulatedLosses2023-04-3001401322core:RetainedEarningsAccumulatedLosses2022-04-3001401322core:ShareCapitalOrdinaryShares2023-04-3001401322core:ShareCapitalOrdinaryShares2022-04-3001401322bus:Director12022-05-012023-04-3001401322core:IntangibleAssetsOtherThanGoodwill2022-05-012023-04-3001401322core:PatentsTrademarksLicencesConcessionsSimilar2022-05-012023-04-3001401322core:LandBuildingscore:OwnedOrFreeholdAssets2022-05-012023-04-3001401322core:PlantMachinery2022-05-012023-04-3001401322core:FurnitureFittings2022-05-012023-04-3001401322core:MotorVehicles2022-05-012023-04-30014013222021-05-012022-04-3001401322core:IntangibleAssetsOtherThanGoodwill2022-04-3001401322core:LandBuildings2022-04-3001401322core:OtherPropertyPlantEquipment2022-04-30014013222022-04-3001401322core:LandBuildings2022-05-012023-04-3001401322core:OtherPropertyPlantEquipment2022-05-012023-04-3001401322core:WithinOneYear2023-04-3001401322core:WithinOneYear2022-04-3001401322core:Non-currentFinancialInstruments2023-04-3001401322core:Non-currentFinancialInstruments2022-04-3001401322bus:PrivateLimitedCompanyLtd2022-05-012023-04-3001401322bus:SmallCompaniesRegimeForAccounts2022-05-012023-04-3001401322bus:FRS1022022-05-012023-04-3001401322bus:AuditExemptWithAccountantsReport2022-05-012023-04-3001401322bus:Director22022-05-012023-04-3001401322bus:CompanySecretary12022-05-012023-04-3001401322bus:FullAccounts2022-05-012023-04-30xbrli:purexbrli:sharesiso4217:GBP