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COMPANY REGISTRATION NUMBER: 00980328
C. & P. Limited
Filleted Unaudited Financial Statements
31 May 2023
C. & P. Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
C. & P. Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
154,488
162,330
Current assets
Debtors
7
18,530
24,169
Cash at bank and in hand
186,239
217,975
---------
---------
204,769
242,144
Creditors: amounts falling due within one year
8
168,750
194,917
---------
---------
Net current assets
36,019
47,227
---------
---------
Total assets less current liabilities
190,507
209,557
Creditors: amounts falling due after more than one year
9
35,537
47,645
Provisions
Taxation including deferred tax
55
327
---------
---------
Net assets
154,915
161,585
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
154,815
161,485
---------
---------
Shareholders funds
154,915
161,585
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
C. & P. Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
Mr K G Post
Director
Company registration number: 00980328
C. & P. Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Mickleburgh Hill, Herne Bay, Kent, CT6 6DT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less nimpairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 37 (2022: 48 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
1,600
-------
Amortisation
At 1 June 2022 and 31 May 2023
1,600
-------
Carrying amount
At 31 May 2023
-------
At 31 May 2022
-------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2022 and 31 May 2023
285,870
52,457
1,600
6,843
346,770
---------
--------
-------
-------
---------
Depreciation
At 1 June 2022
125,953
50,265
1,440
6,782
184,440
Charge for the year
5,717
2,024
40
61
7,842
---------
--------
-------
-------
---------
At 31 May 2023
131,670
52,289
1,480
6,843
192,282
---------
--------
-------
-------
---------
Carrying amount
At 31 May 2023
154,200
168
120
154,488
---------
--------
-------
-------
---------
At 31 May 2022
159,917
2,192
160
61
162,330
---------
--------
-------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
14,340
14,691
Other debtors
4,190
9,478
--------
--------
18,530
24,169
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
12,767
12,483
Trade creditors
15,789
12,148
Corporation tax
4,740
8,406
Social security and other taxes
19,578
18,960
Other creditors
115,876
142,920
---------
---------
168,750
194,917
---------
---------
The bank loans are secured by way of a fixed charge over the property owned by the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,537
47,645
--------
--------
The bank loans are secured by way of a fixed charge over the property owned by the company.
10. Related party transactions
At the year end the company owed the directors £19,578 (2022: £16,559).