Company registration number 03464321 (England and Wales)
CATHEDRAL PRODUCTS (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CATHEDRAL PRODUCTS (UK) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
CATHEDRAL PRODUCTS (UK) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CATHEDRAL PRODUCTS (UK) LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cathedral Products (UK) Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Cathedral Products (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 29 November 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Cathedral Products (UK) Limited and state those matters that we have agreed to state to the board of directors of Cathedral Products (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cathedral Products (UK) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Cathedral Products (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cathedral Products (UK) Limited. You consider that Cathedral Products (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cathedral Products (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Malcolm Piper & Company Limited
22 September 2023
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
CATHEDRAL PRODUCTS (UK) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
77,071
19,560
Investments
4
48,736
90,010
125,807
109,570
Current assets
Stock
755,323
955,296
Debtors
6
677,798
805,790
Cash at bank and in hand
36,146
114,770
1,469,267
1,875,856
Creditors: amounts falling due within one year
7
(414,860)
(916,412)
Net current assets
1,054,407
959,444
Total assets less current liabilities
1,180,214
1,069,014
Creditors: amounts falling due after more than one year
8
(208,023)
(32,798)
Provisions for liabilities
(15,489)
(1,408)
Net assets
956,702
1,034,808
Capital and reserves
Called up share capital
10
210,280
210,280
Revaluation reserve
11
-
0
21,000
Capital redemption reserve
69,720
69,720
Profit and loss reserves
12
676,702
733,808
Total equity
956,702
1,034,808

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 31 March 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.

CATHEDRAL PRODUCTS (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 22 September 2023 and are signed on its behalf by:
Mr B Fisher
Mr N E Joels
Director
Director
Company Registration No. 03464321
CATHEDRAL PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Cathedral Products (UK) 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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:

Leasehold land and buildings
Fully depreciated
Plant and equipment
20% on reducing balance
Office equipment
33% 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.

From the beginning of the year, the directors changed the depreciation method used from 33% on a straight line basis for all assets, to the above specific rates on a reducing balance basis, because it was felt these better reflect the useful lives of each asset category. As a result of this change of accounting estimate, the depreciation charge for the year is £13,118 lower than it would have been under the previous basis.

CATHEDRAL PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Stock

Stock is stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to its present location and condition.

1.6
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.

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.

1.7
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.

2
Employees

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

2023
2022
Number
Number
Total
15
9
CATHEDRAL PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
14,115
78,199
75,059
-
0
167,373
Additions
-
0
69,623
4,043
19,000
92,666
Disposals
-
0
-
0
-
0
(19,000)
(19,000)
At 31 March 2023
14,115
147,822
79,102
-
0
241,039
Depreciation and impairment
At 1 April 2022
14,115
65,601
68,097
-
0
147,813
Depreciation charged in the year
-
0
13,430
2,725
-
0
16,155
At 31 March 2023
14,115
79,031
70,822
-
0
163,968
Carrying amount
At 31 March 2023
-
0
68,791
8,280
-
0
77,071
At 31 March 2022
-
0
12,598
6,962
-
0
19,560
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
48,736
90,010
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
90,010
Valuation changes
(21,000)
At 31 March 2023
69,010
Impairment
At 1 April 2022
-
Impairment losses
20,274
At 31 March 2023
20,274
Carrying amount
At 31 March 2023
48,736
At 31 March 2022
90,010
CATHEDRAL PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cardinal Manufacturing Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary
100.00
Cathedral Security Products Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary
100.00
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
653,640
698,504
Amounts owed by group undertakings
-
0
56,386
Other debtors
24,158
50,900
677,798
805,790
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,897
9,999
Trade creditors
117,072
274,263
Amounts owed to group undertakings
46,860
-
0
Taxation and social security
74,114
61,447
Other creditors
166,917
570,703
414,860
916,412
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,071
32,798
Other creditors
184,952
-
0
208,023
32,798
CATHEDRAL PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
9
Loans and overdrafts
2023
2022
£
£
Bank loans
32,346
42,048
Bank overdrafts
622
749
Other loans
254,688
511,876
287,656
554,673
Payable within one year
79,633
521,875
Payable after one year
208,023
32,798

The bank loan of £32,346 (2022 - £42,048) is underwritten by the government under the Bounce Back Loans legislation.

Invoice financing advances of £15,378 (2022 - £511,876) are secured upon £657,650 of trade debtors subject to financing.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
210,280
210,280
210,280
210,280
11
Revaluation reserve
2023
2022
£
£
At the beginning of the year
21,000
21,000
Other movements
(21,000)
-
At the end of the year
-
0
21,000
12
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
733,808
722,721
(Loss)/profit for the year
(57,106)
11,087
At the end of the year
676,702
733,808
CATHEDRAL PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
13
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
£
£
326,015
429,032
14
Parent company

The company is a subsidiary of Sandlido Limited, a company incorporated in England and Wales, whose registered office address is Suite 3 Middlesex House, Rutherford Close, Stevenage, Hertfordshire, SG1 2EF.

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