Registered number
10831651
Composite Garden Buildings Limited
Filleted Accounts
30 June 2023
Composite Garden Buildings Limited
Registered number: 10831651
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 5,000 10,000
Tangible assets 4 132,761 147,209
137,761 157,209
Current assets
Stocks 220,120 221,877
Debtors 5 127,600 109,604
Cash at bank and in hand 1,719,368 1,539,447
2,067,088 1,870,928
Creditors: amounts falling due within one year 6 (416,025) (772,679)
Net current assets 1,651,063 1,098,249
Total assets less current liabilities 1,788,824 1,255,458
Provisions for liabilities (25,225) (27,970)
Net assets 1,763,599 1,227,488
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,763,499 1,227,388
Shareholders' funds 1,763,599 1,227,488
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J R Wilder
Director
Approved by the board on 16 October 2023
Composite Garden Buildings Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, machinery and office equipment 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 7
3 Intangible fixed assets £
Website:
Cost
At 1 July 2022 25,000
At 30 June 2023 25,000
Amortisation
At 1 July 2022 15,000
Provided during the year 5,000
At 30 June 2023 20,000
Net book value
At 30 June 2023 5,000
At 30 June 2022 10,000
Wesbite is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 68,462 145,636 214,098
Additions 10,337 12,366 22,703
At 30 June 2023 78,799 158,002 236,801
Depreciation
At 1 July 2022 21,828 45,061 66,889
Charge for the year 11,394 27,675 39,069
On disposals - (1,918) (1,918)
At 30 June 2023 33,222 70,818 104,040
Net book value
At 30 June 2023 45,577 87,184 132,761
At 30 June 2022 46,634 100,575 147,209
5 Debtors 2023 2022
£ £
Trade debtors 99,884 73,824
Other debtors 27,716 35,780
127,600 109,604
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 68,610 50,829
Directors' loans 55,143 203,599
Taxation and social security costs 216,873 245,953
Other creditors 75,399 272,298
416,025 772,679
7 Related party transactions
Interest free loan from related party 55,143 203,599
Directors' remuneration 85,635 29,415
Dividends paid to related party 83,528 233,528
Spectral Windows Ltd
Directors in common
Purchases made from related party 188,629 335,600
8 Controlling party
The controlling party are J R Wilder and N P Rudd.
9 Other information
Composite Garden Buildings Limited is a private company limited by shares and incorporated in England. Its registered office is:
Rivermead House
Mill Road
Islip
Northants
NN14 3LB
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