Registered number
05597104
CPS Diesels Limited
Unaudited Filleted Accounts
31 March 2023
CPS Diesels Limited
Registered number: 05597104
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 86,459 56,610
Current assets
Debtors 4 185,285 232,793
Cash at bank and in hand 641,269 381,763
826,554 614,556
Creditors: amounts falling due within one year 5 (152,825) (136,709)
Net current assets 673,729 477,847
Total assets less current liabilities 760,188 534,457
Creditors: amounts falling due after more than one year 6 (29,828) (39,108)
Provisions for liabilities (21,615) (14,153)
Net assets 708,745 481,196
Capital and reserves
Called up share capital 200 200
Profit and loss account 708,545 480,996
Shareholders' funds 708,745 481,196
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.
M Pearce
Director
Approved by the board on 30 November 2023
CPS Diesels Limited
Notes to the Accounts
for the year ended 31 March 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.
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 and machinery over 3-4 years
Fixtures, fittings, tools and equipment over 3 years
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 19,721 72,874 92,595
Additions 8,952 57,535 66,487
At 31 March 2023 28,673 130,409 159,082
Depreciation
At 1 April 2022 17,767 18,218 35,985
Charge for the year 4,036 32,602 36,638
At 31 March 2023 21,803 50,820 72,623
Net book value
At 31 March 2023 6,870 79,589 86,459
At 31 March 2022 1,954 54,656 56,610
4 Debtors 2023 2022
£ £
Trade debtors 185,285 232,793
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 9,280 8,539
Trade creditors 11,075 10,520
Taxation and social security costs 122,356 109,538
Other creditors 10,114 8,112
152,825 136,709
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 29,828 39,108
7 Loans 2023 2022
£ £
Creditors include:
Secured Hire Purchase 39,108 47,647
The lease purchase liabilities are secured on the vehicles to which they relate.
8 Other information
CPS Diesels Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Downs
Shute Lane
Wrangaton
Devon
TQ10 9HE
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