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Registration number: 02416532

Censol Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Censol Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Censol Limited

Company Information

Directors

J. R. Counsell

L. Counsell

A. J. Counsell

Company secretary

L. Counsell

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Censol Limited

(Registration number: 02416532)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

10

10

Tangible assets

5

1,465,007

1,428,562

 

1,465,017

1,428,572

Current assets

 

Stocks

6

1,005,229

1,041,539

Debtors

7

2,095,152

1,719,613

Cash at bank and in hand

 

1,769,384

1,388,387

 

4,869,765

4,149,539

Creditors: Amounts falling due within one year

8

(1,872,543)

(1,499,636)

Net current assets

 

2,997,222

2,649,903

Total assets less current liabilities

 

4,462,239

4,078,475

Provisions for liabilities

(69,231)

(41,216)

Net assets

 

4,393,008

4,037,259

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

4,392,008

4,036,259

Shareholders' funds

 

4,393,008

4,037,259

 

Censol Limited

(Registration number: 02416532)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

.........................................
J. R. Counsell
Director

 

Censol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the Board on 20 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Censol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Not depreciated

Freehold property

2% straight line

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

 

Censol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and and goods for resale comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Censol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a reducing balance basis over the useful life of the asset. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 24).

 

Censol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

41,000

41,000

At 30 April 2023

41,000

41,000

Amortisation

At 1 May 2022

40,990

40,990

At 30 April 2023

40,990

40,990

Carrying amount

At 30 April 2023

10

10

At 30 April 2022

10

10

5

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

1,468,710

151,987

393,908

2,014,605

Additions

12,350

11,123

154,530

178,003

Disposals

-

-

(95,960)

(95,960)

At 30 April 2023

1,481,060

163,110

452,478

2,096,648

Depreciation

At 1 May 2022

251,566

114,141

220,336

586,043

Charge for the year

23,120

12,298

73,960

109,378

Eliminated on disposal

-

-

(63,780)

(63,780)

At 30 April 2023

274,686

126,439

230,516

631,641

Carrying amount

At 30 April 2023

1,206,374

36,671

221,962

1,465,007

At 30 April 2022

1,217,144

37,846

173,572

1,428,562

 

Censol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

1,005,229

1,041,539

7

Debtors

Current

2023
£

2022
£

Trade debtors

996,422

964,415

Prepayments

83,730

75,198

Other debtors

1,015,000

680,000

 

2,095,152

1,719,613

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

297,227

142,212

Taxation and social security

157,001

136,534

Accruals and deferred income

82,834

66,666

Other creditors

1,335,481

1,154,224

1,872,543

1,499,636

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         
 

Censol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

10

Related party transactions

Summary of transactions with other related parties

During the year the company paid rent of £18,000 (2022 - £18,000) to an entity controlled by the directors.

During the year the company paid dividends amounting to £319,430 (2022 - £595,000) to the directors and close family.

During the year the company sold goods to the value of £2,698 (2022 - £76,154) and made purchases of £1,049,796 (2022 - £989,728) and recharged carriage of £35,840 (2022 - £47,483) from a company controlled by a director. At the balance sheet date Censol Limited owed £1,175,600 (2022 -£1,030,839) to the related party.

At the year end Censol Limited was owed £1,015,000 (2022 - £680,000) by a company with a common director and shareholder.