Company registration number 04812217 (England and Wales)
CMT FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CMT FLOORING LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CMT FLOORING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,963
6,439
Current assets
Stock
10,868
7,163
Debtors
5
173,352
52,949
Cash at bank and in hand
151,827
133,070
336,047
193,182
Creditors: amounts falling due within one year
6
(157,645)
(42,783)
Net current assets
178,402
150,399
Total assets less current liabilities
183,365
156,838
Provisions for liabilities
7
(1,241)
(1,198)
Net assets
182,124
155,640
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
182,024
155,540
Total equity
182,124
155,640
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
The financial statements were approved and signed by the director and authorised for issue on 15 September 2023
Mr C M Tarmey
Director
Company Registration No. 04812217
CMT FLOORING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
100
159,871
159,971
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
15,669
15,669
Dividends
-
(20,000)
(20,000)
Balance at 31 March 2022
100
155,540
155,640
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
56,484
56,484
Dividends
-
(30,000)
(30,000)
Balance at 31 March 2023
100
182,024
182,124
CMT FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
CMT Flooring Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS.
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of services provided to date, based on a relevant proportion of the total expected consideration at completion.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is fully amortised.
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.
Depreciation 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:
Plant and equipment
20% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on reducing balance
Motor vehicles
25% on 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.
1.5
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
1.6
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.
CMT FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
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, calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
47,316
Amortisation and impairment
At 1 April 2022 and 31 March 2023
47,316
Carrying amount
At 31 March 2023
At 31 March 2022
CMT FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
22,900
548
1,091
13,384
37,923
Depreciation and impairment
At 1 April 2022
20,495
173
802
10,014
31,484
Depreciation charged in the year
482
56
95
843
1,476
At 31 March 2023
20,977
229
897
10,857
32,960
Carrying amount
At 31 March 2023
1,923
319
194
2,527
4,963
At 31 March 2022
2,405
375
289
3,370
6,439
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,497
3,698
Amounts recoverable on contracts
-
46,077
Other debtors
136,855
3,174
173,352
52,949
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
513
4,039
Trade creditors
4,722
23
Taxation and social security
16,393
12,673
Other creditors
136,017
26,048
157,645
42,783
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,241
1,198
CMT FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
CMT Rentals Limited
100,000
-
CMT Rentals Limited is related to the company because it is under the common control of the director.