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Registration number: 07101841

Commercial Seating Company Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Commercial Seating Company Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Commercial Seating Company Ltd

Company Information

Directors

Mr B G Hemple

Ms E J Hemple-Grout

Company secretary

Mr B G Hemple

Registered office

Unit 1 Alder Close
Horizon Business Centre
Veridion Park
Erith
Kent
DA18 4AJ

Accountants

Blitz Gooday Ltd
Chartered Certified Accountants
62 Queens Road
Buckhurst Hill
Essex
IG9 5BY

 

Commercial Seating Company Ltd

(Registration number: 07101841)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

55,797

50,028

Current assets

 

Stocks

6

2,000

2,000

Debtors

7

77,399

84,232

Cash at bank and in hand

 

200,759

214,727

 

280,158

300,959

Creditors: Amounts falling due within one year

8

(71,503)

(43,871)

Net current assets

 

208,655

257,088

Net assets

 

264,452

307,116

Capital and reserves

 

Called up share capital

9

100

1

Retained earnings

264,352

307,115

Shareholders' funds

 

264,452

307,116

For the financial year 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 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 2 April 2024 and signed on its behalf by:
 

.........................................
Mr B G Hemple
Company secretary and director

 

Commercial Seating Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Unit 1 Alder Close
Horizon Business Centre
Veridion Park
Erith
Kent
DA18 4AJ

These financial statements were authorised for issue by the Board on 2 April 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.

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 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.

 

Commercial Seating Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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

Furniture, fittings and equipment

4 years straight line

Land and buildings

10 years straight line

Motor vehicles

Between 4 and 6 years straight line

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

5 years straight line

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.

 

Commercial Seating Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Commercial Seating Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

75,000

75,000

At 31 December 2023

75,000

75,000

Amortisation

At 1 January 2023

75,000

75,000

At 31 December 2023

75,000

75,000

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

90,850

51,163

64,905

206,918

Additions

11,281

17,373

-

28,654

At 31 December 2023

102,131

68,536

64,905

235,572

Depreciation

At 1 January 2023

55,114

47,689

54,087

156,890

Charge for the year

9,850

4,921

8,114

22,885

At 31 December 2023

64,964

52,610

62,201

179,775

Carrying amount

At 31 December 2023

37,167

15,926

2,704

55,797

At 31 December 2022

35,736

3,474

10,818

50,028

Included within the net book value of land and buildings above is £37,167 (2022 - £35,736) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

2,000

2,000

 

Commercial Seating Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

72,761

82,958

Prepayments

3,720

494

Other debtors

918

780

 

77,399

84,232

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

7,285

6,301

Director's loan

11

12,700

6,922

Taxation and social security

 

35,216

22,643

Other creditors

 

16,302

8,005

 

71,503

43,871

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share of £1 each

100

100

1

1

         

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £1,080.00 (2022 - £13,500.00) per ordinary share

 

108,000

 

13,500

         

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

 

Commercial Seating Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Remuneration

49,600

40,433