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COMPANY REGISTRATION NUMBER: 07692639
CC Property Solutions Limited
Filleted Unaudited Financial Statements
31 July 2023
CC Property Solutions Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
40,206
13,226
Current assets
Debtors
6
1,661
1,477
Cash at bank and in hand
6,684
9,094
-------
--------
8,345
10,571
Creditors: amounts falling due within one year
7
35,392
35,612
--------
--------
Net current liabilities
27,047
25,041
--------
--------
Total assets less current liabilities
13,159
( 11,815)
Creditors: amounts falling due after more than one year
8
29,407
24,060
Provisions
Taxation including deferred tax
7,763
2,513
--------
--------
Net liabilities
( 24,011)
( 38,388)
--------
--------
CC Property Solutions Limited
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 24,012)
( 38,389)
--------
--------
Shareholder deficit
( 24,011)
( 38,388)
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 April 2024 , and are signed on behalf of the board by:
Mr CA Cryer
Director
Company registration number: 07692639
CC Property Solutions Limited
Notes to the Financial Statements
Year ended 31 July 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 24 Bridge Street, Newport, South Wales, NP20 4SF.
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. The financial statements are prepared in sterling rounded to the nearest pound, which is the functional currency of the entity. The principal activity of the company during the year was building and property development.
Going concern
The Director has given assurances to the company that he will continue to support it for the next 12 months.
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.
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:
Plant & Machinery
-
25% p.a. Straight line
Motor Vehicles
-
25% p.a. Straight line, Leased vehicles straight line over lease period
Equipment
-
25% p.a. Straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 August 2022
11,368
32,997
104
44,469
Additions
38,158
38,158
Disposals
( 32,997)
( 32,997)
--------
--------
----
--------
At 31 July 2023
11,368
38,158
104
49,630
--------
--------
----
--------
Depreciation
At 1 August 2022
7,765
23,374
104
31,243
Charge for the year
1,555
8,249
9,804
Disposals
( 31,623)
( 31,623)
--------
--------
----
--------
At 31 July 2023
9,320
104
9,424
--------
--------
----
--------
Carrying amount
At 31 July 2023
2,048
38,158
40,206
--------
--------
----
--------
At 31 July 2022
3,603
9,623
13,226
--------
--------
----
--------
6. Debtors
2023
2022
£
£
Trade debtors
1,661
1,477
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,017
3,915
Trade creditors
7,578
19,697
Social security and other taxes
484
1,793
Other creditors
23,313
10,207
--------
--------
35,392
35,612
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,630
11,647
Other creditors
21,777
12,413
--------
--------
29,407
24,060
--------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr CA Cryer
( 716)
( 3,080)
( 3,796)
----
-------
-------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr CA Cryer
( 855)
139
( 716)
----
----
----
10. Related party transactions
The company was under the control of Mr Cryer throughout the current and previous year. Mr Cryer is the managing director and shareholder.