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REGISTERED NUMBER: 04591376 (England and Wales)












Converting Initiatives Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023






Converting Initiatives Limited (Registered number: 04591376)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Converting Initiatives Limited

Company Information
for the Year Ended 31 May 2023







Directors: A Roylance
Mrs S Roylance



Secretary: A Roylance



Registered office: 1A Joel Lane
Hyde
Cheshire
SK14 5JY



Registered number: 04591376 (England and Wales)



Accountants: Warr & Co Limited
Chartered Accountants
Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ



Bankers: Nat West Bank
Warrington Street
Ashton-under-Lyne
Lancashire
OL6 6JL

Converting Initiatives Limited (Registered number: 04591376)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 428,334 442,151
Investments 6 75 75
428,409 442,226

Current assets
Stocks 77,858 97,323
Debtors 7 996,360 988,854
Cash at bank 979 4,178
1,075,197 1,090,355
Creditors
Amounts falling due within one year 8 521,107 558,158
Net current assets 554,090 532,197
Total assets less current liabilities 982,499 974,423

Provisions for liabilities 15,425 18,430
Net assets 967,074 955,993

Capital and reserves
Called up share capital 6 6
Retained earnings 967,068 955,987
Shareholders' funds 967,074 955,993

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Converting Initiatives Limited (Registered number: 04591376)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2024 and were signed on its behalf by:




A Roylance - Director



Mrs S Roylance - Director


Converting Initiatives Limited (Registered number: 04591376)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. Statutory information

Converting Initiatives Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land- not depreciated
Buildings- 2% on cost
Plant & machinery- 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Converting Initiatives Limited (Registered number: 04591376)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 June 2022
and 31 May 2023 24,000
Amortisation
At 1 June 2022
and 31 May 2023 24,000
Net book value
At 31 May 2023 -
At 31 May 2022 -

Converting Initiatives Limited (Registered number: 04591376)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. Tangible fixed assets
Land and Plant and
buildings machinery Totals
£    £    £   
Cost
At 1 June 2022 358,890 123,735 482,625
Additions 1,997 - 1,997
At 31 May 2023 360,887 123,735 484,622
Depreciation
At 1 June 2022 14,837 25,637 40,474
Charge for year 1,099 14,715 15,814
At 31 May 2023 15,936 40,352 56,288
Net book value
At 31 May 2023 344,951 83,383 428,334
At 31 May 2022 344,053 98,098 442,151

6. Fixed asset investments
Other
investments
£   
Cost
At 1 June 2022
and 31 May 2023 75
Net book value
At 31 May 2023 75
At 31 May 2022 75

7. Debtors: amounts falling due within one year
31.5.23 31.5.22
£    £   
Trade debtors 654 1,366
Loan 995,706 985,230
Prepayments - 2,258
996,360 988,854

Converting Initiatives Limited (Registered number: 04591376)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

8. Creditors: amounts falling due within one year
31.5.23 31.5.22
£    £   
Trade creditors 245 7,394
Corporation tax 8,723 6,110
VAT 11,614 6,514
Associated company 498,209 535,393
Directors' current accounts 1,297 1,797
Accrued expenses 1,019 950
521,107 558,158