22 31/01/2023 2023-01-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-02-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 3515010 2022-02-01 2023-01-31 3515010 2023-01-31 3515010 2022-01-31 3515010 2021-02-01 2022-01-31 3515010 2022-01-31 3515010 core:IntangibleAssetsOtherThanGoodwill 2022-02-01 2023-01-31 3515010 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 3515010 bus:Director1 2022-02-01 2023-01-31 3515010 core:WithinOneYear 2023-01-31 3515010 core:WithinOneYear 2022-01-31 3515010 core:IntangibleAssetsOtherThanGoodwill 2022-01-31 3515010 core:IntangibleAssetsOtherThanGoodwill 2023-01-31 3515010 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-31 3515010 core:PlantMachinery 2022-01-31 3515010 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 3515010 core:PlantMachinery 2023-01-31 3515010 core:PlantMachinery 2022-02-01 2023-01-31 3515010 core:ShareCapital 2023-01-31 3515010 core:ShareCapital 2022-01-31 3515010 core:HedgingReserve 2023-01-31 3515010 core:HedgingReserve 2022-01-31 3515010 core:RetainedEarningsAccumulatedLosses 2023-01-31 3515010 core:RetainedEarningsAccumulatedLosses 2022-01-31 3515010 core:MoreThanFiveYears 2023-01-31 3515010 core:MoreThanFiveYears 2022-01-31 3515010 core:IntangibleAssetsOtherThanGoodwill 2022-01-31 3515010 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-31 3515010 core:PlantMachinery 2022-01-31 3515010 bus:Director1 2022-01-31 3515010 bus:Director1 2023-01-31 3515010 bus:Director1 2021-01-31 3515010 bus:Director1 2022-01-31 3515010 bus:Director1 2021-02-01 2022-01-31 3515010 bus:SmallEntities 2022-02-01 2023-01-31 3515010 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 3515010 bus:FullAccounts 2022-02-01 2023-01-31 3515010 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 3515010 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31
Company registration number: 3515010
Cameron Fuller Limited
Unaudited filleted financial statements
31 January 2023
CAMERON FULLER LIMITED
STATEMENT OF FINANCIAL POSITION
31 JANUARY 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 469 627
Tangible assets 6 4,621,707 4,244,081
_________ _________
4,622,176 4,244,708
Current assets
Stocks 510,728 485,676
Debtors 7 222,507 198,570
Investments 8 1,568,896 1,570,594
Cash at bank and in hand 1,736,095 1,804,234
_________ _________
4,038,226 4,059,074
Creditors: amounts falling due
within one year 9 ( 283,338) ( 471,305)
_________ _________
Net current assets 3,754,888 3,587,769
_________ _________
Total assets less current liabilities 8,377,064 7,832,477
Provisions for liabilities ( 119,149) ( 98,487)
_________ _________
Net assets 8,257,915 7,733,990
_________ _________
Capital and reserves
Called up share capital 2 2
Fair value reserve 10 62,472 85,237
Profit and loss account 10 8,195,441 7,648,751
_________ _________
Shareholders funds 8,257,915 7,733,990
_________ _________
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
Mr J C C Fuller
Director
Company registration number: 3515010
CAMERON FULLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Devonshire Way, Heathpark, Honiton, EX14 1ST.
Principal activity
The principal activity of the company during the year was the manufacture of fittings for soft furnishings.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Patent - 10 % 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 is subsequently stated at cost less any accumulated depreciation and any 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:
Freehold property - 4 % straight line
Plant and machinery - 15% Reducing balance / 33% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2022: 23 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 February 2022 and 31 January 2023 21,575 21,575
_________ _________
Amortisation
At 1 February 2022 20,948 20,948
Charge for the year 158 158
_________ _________
At 31 January 2023 21,106 21,106
_________ _________
Carrying amount
At 31 January 2023 469 469
_________ _________
At 31 January 2022 627 627
_________ _________
In respect of intangible assets other than goodwill, the aggregate cost, amortisation and the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 January 2023
Aggregate cost 21,575
Aggregate amortisation -
_________
Carrying amount 21,575
_________
At 31 January 2022
Aggregate cost 21,575
Aggregate amortisation -
_________
Carrying amount 21,575
_________
6. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 February 2022 4,009,838 933,086 4,942,924
Additions 435,542 84,325 519,867
Disposals - ( 62,978) ( 62,978)
_________ _________ _________
At 31 January 2023 4,445,380 954,433 5,399,813
_________ _________ _________
Depreciation
At 1 February 2022 185,957 512,886 698,843
Charge for the year 36,896 72,470 109,366
Disposals - ( 30,103) ( 30,103)
_________ _________ _________
At 31 January 2023 222,853 555,253 778,106
_________ _________ _________
Carrying amount
At 31 January 2023 4,222,527 399,180 4,621,707
_________ _________ _________
At 31 January 2022 3,823,881 420,200 4,244,081
_________ _________ _________
7. Debtors
2023 2022
£ £
Trade debtors 193,446 168,254
Other debtors 29,061 30,316
_________ _________
222,507 198,570
_________ _________
8. Investments
2023 2022
£ £
Short term investments 1,591,661 1,570,594
_________ _________
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,956 94,381
Accruals and deferred income 7,575 7,359
Social security and other taxes 143,173 262,981
Other creditors 130,634 106,584
_________ _________
283,338 471,305
_________ _________
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 5 years 70,000 70,000
_________ _________
The company rents the property from Cameron Fuller Ltd Excutive Pension plan at an annual rent of £70,000.
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors ( 106,584) - 2,057 ( 104,527)
_________ _________ _________ _________
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors ( 95,736) ( 10,848) - ( 106,584)
_________ _________ _________ _________
13. Coronavirus Job Retention Scheme
During the year the company was the recepient of economic benefits as a result of participating in the UK Government's Coronavirus Job Retention Scheme. The total funds recognised on an accruals basis from the UK Government during the year was nil (2022 : £6,454).