Registered number
04590201
CGC Design & Build Ltd.
Filleted Accounts
31 March 2023
CGC Design & Build Ltd.
Registered number: 04590201
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,062,522 1,080,241
Current assets
Stocks 5,200 126,200
Debtors 4 1,359,521 1,194,750
Cash at bank and in hand 35,747 487,095
1,400,468 1,808,045
Creditors: amounts falling due within one year 5 (795,040) (848,700)
Net current assets 605,428 959,345
Total assets less current liabilities 1,667,950 2,039,586
Creditors: amounts falling due after more than one year 6 (23,337) (266,272)
Provisions for liabilities (88,750) (88,750)
Net assets 1,555,863 1,684,564
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,555,763 1,684,464
Shareholders' funds 1,555,863 1,684,564
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.
Paul Singh
Director
Approved by the board on 22 December 2023
CGC Design & Build Ltd.
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:
Freehold buildings (exc. Land of £190k) 2% straight line
Motor vehicles 25% straight line
Fixtures, fittings, tools and equipment 20% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 6 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 1,200,251 34,949 1,235,200
Additions - 4,848 4,848
At 31 March 2023 1,200,251 39,797 1,240,048
Depreciation
At 1 April 2022 121,750 33,209 154,959
Charge for the year 20,205 2,362 22,567
At 31 March 2023 141,955 35,571 177,526
Net book value
At 31 March 2023 1,058,296 4,226 1,062,522
At 31 March 2022 1,078,501 1,740 1,080,241
Freehold land and buildings: 2023 2022
£ £
Historical cost 455,251 455,251
Cumulative depreciation based on historical cost 91,050 81,945
364,201 373,306
The freehold property valuation was reviewed during the year by the director based on the market value in the area. The director believes that the valuation stated as at the balance sheet date is their current valuation.
4 Debtors 2023 2022
£ £
Trade debtors 70,394 74,223
Amounts owed by related undertakings and undertakings in which the company has a participating interest 1,274,546 1,114,546
Other debtors 14,581 5,981
1,359,521 1,194,750
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 37,913
Trade creditors 18,906 59,628
Amounts owed to related undertakings and undertakings in which the company has a participating interest 187,713 188,542
Taxation and social security costs 10,091 51,485
Director's loan account 246,491 213,491
Other creditors 321,839 297,641
795,040 848,700
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,337 266,272
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans - 260,848
Bank loan is secured on the freehold property of the company.
8 Non-distributable reserve 2023 2022
£ £
At 1 April 2022 582,150 315,900
Gain on revaluation of land and buildings - 355,000
Deferred taxation arising on the revaluation of land and buildings - (88,750)
At 31 March 2023 582,150 582,150
Profit and loss accounts includes non-distributable profits arisen as a result of gains on the revaluation of freehold property, net of deferred taxation. These profits are not distributable and hence are stated separately in the Statement of Changes in Equity to differenciate from distributable profits.
9 Related party transactions
During the year the company had interest free inter-company loans transactions with Goldwater Ltd, Sterling Ventures London Ltd and SVL 2 Ltd. All these companies are under common control. As at the balance sheet date the balance owed by Sterling Venture London Ltd was £1,074,546 (2022: £1,114,546), balance owed by SVL 2 Ltd was £200,000 (2022: £nil) and the amount owed to Goldwater Ltd was £187,713 (2022: £188,542).
10 Other information
The company changed its name from Crystal Glass Cabinets Limited to CGC Design & Build Ltd in October 2023.
CGC Design & Build Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
205 Norwood Road
Southall
Middlesex
UB2 4JF
CGC Design & Build Ltd. 04590201 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 release 2 Paul Singh No description of principal activity 04590201 2021-04-01 2022-03-31 04590201 core:RevaluationReserve core:LandBuildings 2021-04-01 2022-03-31 04590201 core:RevaluationReserve 2021-04-01 2022-03-31 04590201 core:WithinOneYear 2022-03-31 04590201 core:AfterOneYear 2022-03-31 04590201 core:ShareCapital 2022-03-31 04590201 core:RetainedEarningsAccumulatedLosses 2022-03-31 04590201 core:RevaluationReserve 2021-03-31 04590201 2022-04-01 2023-03-31 04590201 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04590201 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04590201 bus:Director40 2022-04-01 2023-03-31 04590201 1 2022-04-01 2023-03-31 04590201 2 2022-04-01 2023-03-31 04590201 core:LandBuildings 2022-04-01 2023-03-31 04590201 core:PlantMachinery 2022-04-01 2023-03-31 04590201 core:RevaluationReserve core:LandBuildings 2022-04-01 2023-03-31 04590201 core:RevaluationReserve 2022-04-01 2023-03-31 04590201 countries:England 2022-04-01 2023-03-31 04590201 bus:FRS102 2022-04-01 2023-03-31 04590201 bus:FullAccounts 2022-04-01 2023-03-31 04590201 2023-03-31 04590201 core:WithinOneYear 2023-03-31 04590201 core:AfterOneYear 2023-03-31 04590201 core:ShareCapital 2023-03-31 04590201 core:RetainedEarningsAccumulatedLosses 2023-03-31 04590201 core:LandBuildings 2023-03-31 04590201 core:PlantMachinery 2023-03-31 04590201 core:RevaluationReserve 2023-03-31 04590201 2022-03-31 04590201 core:LandBuildings 2022-03-31 04590201 core:PlantMachinery 2022-03-31 04590201 core:RevaluationReserve 2022-03-31 iso4217:GBP xbrli:pure