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Registration number: 08244956

CFSNET LTD

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

CFSNET LTD

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

CFSNET LTD

Company Information

Directors

Mr Andrew John McGovan

Mrs Stephanie Jane McGovan

Registered office

CFS Works
United Downs Industrial Park
Redruth
Cornwall
TR16 5HY

 

CFSNET LTD

(Registration number: 08244956)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

262,500

288,750

Tangible assets

5

118,734

120,572

 

381,234

409,322

Current assets

 

Stocks

6

723,697

732,770

Debtors

7

659,476

591,047

Cash at bank and in hand

 

1,080,047

637,120

 

2,463,220

1,960,937

Creditors: Amounts falling due within one year

8

(838,733)

(718,582)

Net current assets

 

1,624,487

1,242,355

Total assets less current liabilities

 

2,005,721

1,651,677

Provisions for liabilities

(21,081)

(18,103)

Net assets

 

1,984,640

1,633,574

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,983,640

1,632,574

Shareholders' funds

 

1,984,640

1,633,574

For the financial year ending 30 November 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 10 February 2024 and signed on its behalf by:
 

.........................................
Mr Andrew John McGovan
Director

 

CFSNET LTD

Notes to the Financial Statements for the Year Ended 30 November 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:
CFS Works
United Downs Industrial Park
Redruth
Cornwall
TR16 5HY

These financial statements were authorised for issue by the Board on 10 February 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

 

CFSNET LTD

Notes to the Financial Statements for the Year Ended 30 November 2023

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Equipment

10%-20% Reducing Balance

Motor Vehicles

25%-35% Reducing Balance

Computer Equipment

50% Reducing Balance

Short Leasehold Improvements

Straight Line over the life of the lease

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 20 years

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 receivables.

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 work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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 profit or loss.

 

CFSNET LTD

Notes to the Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 20 (2022 - 20).

 

CFSNET LTD

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

525,000

525,000

At 30 November 2023

525,000

525,000

Amortisation

At 1 December 2022

236,250

236,250

Amortisation charge

26,250

26,250

At 30 November 2023

262,500

262,500

Carrying amount

At 30 November 2023

262,500

262,500

At 30 November 2022

288,750

288,750

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 December 2022

13,733

96,232

132,639

45,878

Additions

8,636

13,183

9,779

-

At 30 November 2023

22,369

109,415

142,418

45,878

Depreciation

At 1 December 2022

11,813

84,864

66,726

4,507

Charge for the year

3,642

5,299

14,152

10,343

At 30 November 2023

15,455

90,163

80,878

14,850

Carrying amount

At 30 November 2023

6,914

19,252

61,540

31,028

At 30 November 2022

1,920

11,368

65,913

41,371

 

CFSNET LTD

Notes to the Financial Statements for the Year Ended 30 November 2023

Total
£

Cost or valuation

At 1 December 2022

288,482

Additions

31,598

At 30 November 2023

320,080

Depreciation

At 1 December 2022

167,910

Charge for the year

33,436

At 30 November 2023

201,346

Carrying amount

At 30 November 2023

118,734

At 30 November 2022

120,572

Included within the net book value of land and buildings above is £6,914 (2022 - £1,920) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

723,697

732,770

7

Debtors

2023
£

2022
£

Trade debtors

654,413

585,713

Prepayments

5,063

5,334

659,476

591,047

Current

2023
£

2022
£

Trade debtors

654,413

585,713

Prepayments

5,063

5,334

 

659,476

591,047

 

CFSNET LTD

Notes to the Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

477,833

488,354

Taxation and social security

330,580

202,762

Accruals and deferred income

6,184

3,567

Other creditors

24,136

23,899

838,733

718,582

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £94,050 (2022 - £211,400). These represent operating lease commitments.