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COMPANY REGISTRATION NUMBER: 06667173
Complete Equipment Group Ltd
Unaudited financial statements
31 December 2023
Complete Equipment Group Ltd
Statement of financial position
31 December 2023
31 Dec 23
31 Mar 23
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,129,668
2,679,375
Investments
6
100
100
-----------
-----------
3,129,768
2,679,475
Current assets
Stocks
10,000
10,800
Debtors
7
154,516
357,920
Cash at bank and in hand
278
97
---------
---------
164,794
368,817
Creditors: Amounts falling due within one year
8
( 926,206)
( 995,817)
---------
---------
Net current liabilities
( 761,412)
( 627,000)
-----------
-----------
Total assets less current liabilities
2,368,356
2,052,475
Creditors: Amounts falling due after more than one year
9
( 1,278,623)
( 1,170,327)
Provisions
Taxation including deferred tax
( 191,155)
( 116,217)
-----------
-----------
Net assets
898,578
765,931
-----------
-----------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
605,470
605,470
Profit and loss account
292,108
159,461
---------
---------
Shareholders funds
898,578
765,931
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 December 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Complete Equipment Group Ltd
Statement of financial position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 March 2024 , and are signed on behalf of the board by:
B Bowles
Director
Company registration number: 06667173
Complete Equipment Group Ltd
Notes to the financial statements
Period from 1 April 2023 to 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6a, Solopark Trading Estate, Station Road, Pampisford, Cambridge, CB22 3HB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The directors firmly believe that the tangible asset valuation that is reflected within these financial statements should continually reflect the real-world resale valuation for the assets on an "in-situ" basis. Regular appraisals of the company's Asset Registers are performed both internally by the directors themselves using market intelligence, valuations achieved from in-year disposals and by appointed external parties. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
5% straight line
Plant and machinery
-
7.5% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
15% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the period was 2 (2023: 2 ).
5. Tangible assets
Property improve- ments
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
18,017
3,702,086
29,475
3,749,578
Additions
1,936
574,167
61,765
4,816
642,684
Disposals
( 183,188)
( 500)
( 183,688)
Transfers
96,343
96,343
-------
-----------
-------
-------
-----------
At 31 December 2023
19,953
4,189,408
61,765
33,791
4,304,917
-------
-----------
-------
-------
-----------
Depreciation
At 1 April 2023
3,101
1,053,949
13,153
1,070,203
Charge for the period
705
169,627
5,147
3,256
178,735
Disposals
( 73,389)
( 300)
( 73,689)
-------
-----------
-------
-------
-----------
At 31 December 2023
3,806
1,150,187
5,147
16,109
1,175,249
-------
-----------
-------
-------
-----------
Carrying amount
At 31 December 2023
16,147
3,039,221
56,618
17,682
3,129,668
-------
-----------
-------
-------
-----------
At 31 March 2023
14,916
2,648,137
16,322
2,679,375
-------
-----------
-------
-------
-----------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 December 2023
100
----
Impairment
At 1 April 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
100
----
At 31 March 2023
100
----
7. Debtors
31 Dec 23
31 Mar 23
£
£
Trade debtors
2,005
1,812
Other debtors
152,511
356,108
---------
---------
154,516
357,920
---------
---------
8. Creditors: Amounts falling due within one year
31 Dec 23
31 Mar 23
£
£
Bank loans and overdrafts
65,926
62,849
Trade creditors
98,230
93,373
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,708
51,986
Social security and other taxes
14,695
Other creditors
740,647
787,609
---------
---------
926,206
995,817
---------
---------
The following liabilities disclosed under creditors falling due within one year are secured on the assets of the company: Bank loans and overdrafts - £54,846 (2023 - £54,011) Hire purchase and finance lease agreements - £697,711 (2023 - £736,235)
9. Creditors: Amounts falling due after more than one year
31 Dec 23
31 Mar 23
£
£
Bank loans and overdrafts
40,321
42,988
Other creditors
1,238,302
1,127,339
-----------
-----------
1,278,623
1,170,327
-----------
-----------
The following liabilities disclosed under creditors falling due after one year are secured on the assets of the company: Bank loans and overdrafts - £40,321 (2023 - £42,988) Hire purchase and finance lease agreements - £1,203,901 (2023 - £1,084,877)
10. Directors' advances, credits and guarantees
Included within debtors at the year end are directors' loan accounts totalling £3,413 (2023: £Nil). The maximum overdrawn balance during the year was £38,507. Interest of £53 (2023: £346) was charged at the official rate.