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Company No: 00819854 (England and Wales)

CONTINENTAL ENGRAVERS (PRECISION) LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

CONTINENTAL ENGRAVERS (PRECISION) LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

CONTINENTAL ENGRAVERS (PRECISION) LIMITED

BALANCE SHEET

As at 31 August 2023
CONTINENTAL ENGRAVERS (PRECISION) LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 144,907 150,110
144,907 150,110
Current assets
Stocks 1,550 1,650
Debtors 4 105,427 111,303
Cash at bank and in hand 60 30,614
107,037 143,567
Creditors: amounts falling due within one year 5 ( 73,546) ( 70,626)
Net current assets 33,491 72,941
Total assets less current liabilities 178,398 223,051
Creditors: amounts falling due after more than one year 6 ( 111,135) ( 136,012)
Provision for liabilities 231 ( 1,038)
Net assets 67,494 86,001
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account 66,494 85,001
Total shareholder's funds 67,494 86,001

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Continental Engravers (Precision) Limited (registered number: 00819854) were approved and authorised for issue by the Board of Directors on 09 November 2023. They were signed on its behalf by:

Mr R C Thomson
Director
CONTINENTAL ENGRAVERS (PRECISION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
CONTINENTAL ENGRAVERS (PRECISION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Continental Engravers (Precision) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 8 Reynolds Park Bell Close, Newnham Industrial Estate, Plympton, Plymouth, PL7 4FE, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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 and after eliminating sales within the company.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 10 years straight line
Fixtures and fittings 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 September 2022 166,990 100,714 22,796 290,500
At 31 August 2023 166,990 100,714 22,796 290,500
Accumulated depreciation
At 01 September 2022 26,630 97,664 16,096 140,390
Charge for the financial year 3,340 1,193 670 5,203
At 31 August 2023 29,970 98,857 16,766 145,593
Net book value
At 31 August 2023 137,020 1,857 6,030 144,907
At 31 August 2022 140,360 3,050 6,700 150,110

4. Debtors

2023 2022
£ £
Trade debtors 4,640 10,841
Amounts owed by Group undertakings 99,997 99,997
Other debtors 790 465
105,427 111,303

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 26,526 27,500
Trade creditors 2,762 565
Taxation and social security 1,656 6,305
Other creditors 42,602 36,256
73,546 70,626

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 111,135 136,012

NatWest bank have a fixed and floating charge over the assets of the company together with a legal charge over Unit 8 Reynolds Park Bell Close.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

8. Ultimate controlling party

Parent Company:

The company's immediate parent is Thomson Independent Traders Limited, incorporated in England and Wales.
The registered office of Thomson Independent Traders Limited is C/O Francis Clark LLP Melville Building East, Royal William Yard, Plymouth, Devon, PL1 3RP and the principal place of business is Unit 8 Reynolds Park Bell Close, Newnham Industrial Estate, Plympton, Plymouth, Devon, PL7FE.