Capital Resolve Limited |
Registered number: |
02856749 |
Balance Sheet |
as at 31 October 2023 |
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Notes |
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2023 |
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2022 |
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£ |
£ |
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£ |
£ |
Fixed assets |
Tangible assets |
3 |
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289,586 |
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274,447 |
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Current assets |
Work in progress |
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248,000 |
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231,000 |
Debtors |
4 |
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202,325 |
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396,997 |
Cash at bank and in hand |
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564,054 |
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309,377 |
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1,014,379 |
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937,374 |
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Creditors: amounts falling due within one year |
5 |
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(656,444) |
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(598,090) |
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Net current assets |
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357,935 |
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339,284 |
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Total assets less current liabilities |
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647,521 |
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613,731 |
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Creditors: amounts falling due after more than one year |
6 |
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(31,748) |
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(51,276) |
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Provisions for liabilities |
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(57,568) |
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(53,062) |
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Net assets |
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558,205 |
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509,393 |
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Capital and reserves |
Called up share capital |
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1,500 |
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1,500 |
Capital redemption reserve |
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250 |
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250 |
Profit and loss account |
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556,455 |
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507,643 |
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Shareholder's funds |
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558,205 |
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509,393 |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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B A Philips |
Director |
Approved by the board on 11 March 2024 |
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Capital Resolve Limited |
Notes to the Accounts |
for the year ended 31 October 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the rendering of services and is recognised when the work is performed. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computers |
20% writing down |
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Fixtures and fittings |
15% writing down |
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Motor Vehicles |
25% writing down |
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Stocks |
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Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. |
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Debtors |
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Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are also recognised at transaction price including any transaction costs. |
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Creditors |
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Short term creditors are measured at transaction price. Loans and other financial liabilities are also recognised at transaction price net of any transaction costs. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
46 |
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41 |
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3 |
Tangible fixed assets |
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Computers |
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Fixtures and fittings |
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Motor vehicles |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 November 2022 |
809,623 |
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42,268 |
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58,900 |
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910,791 |
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Additions |
80,500 |
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- |
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- |
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80,500 |
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Disposals |
(409,046) |
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- |
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- |
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(409,046) |
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At 31 October 2023 |
481,077 |
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42,268 |
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58,900 |
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582,245 |
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Depreciation |
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At 1 November 2022 |
588,847 |
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40,135 |
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7,362 |
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636,344 |
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Charge for the year |
52,156 |
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320 |
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12,885 |
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65,361 |
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On disposals |
(409,046) |
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- |
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- |
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(409,046) |
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At 31 October 2023 |
231,957 |
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40,455 |
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20,247 |
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292,659 |
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Net book value |
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At 31 October 2023 |
249,120 |
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1,813 |
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38,653 |
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289,586 |
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At 31 October 2022 |
220,776 |
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2,133 |
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51,538 |
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274,447 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
156,276 |
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336,439 |
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Prepayments and accrued income |
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46,049 |
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60,558 |
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202,325 |
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396,997 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank loans |
10,000 |
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10,000 |
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Obligations under finance lease and hire purchase contracts |
9,525 |
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14,145 |
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Trade creditors |
497,998 |
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412,956 |
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Corporation tax |
39,446 |
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42,244 |
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Other taxes and social security costs |
89,764 |
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107,828 |
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Directors loans |
1,711 |
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3,453 |
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Accruals and deferred income |
8,000 |
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7,464 |
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656,444 |
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598,090 |
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6 |
Creditors: amounts falling due after one year |
2023 |
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2022 |
£ |
£ |
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Bank loan |
16,667 |
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26,667 |
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Obligations under finance lease and hire purchase contracts |
15,081 |
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24,609 |
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31,748 |
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51,276 |
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7 |
Pension commitments |
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The company operates a defined contribution scheme for the benefit of the director and certain employees. It also operates an auto- enrolement defined contribution scheme in respect of other employees eligible and wishing to enrole. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company and amounted to £24,066 (2022 £23,550) |
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8 |
Other financial commitments |
2023 |
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2022 |
£ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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165,666 |
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23,000 |
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9 |
Controlling party |
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The company was under the control of B Phillips until 13 September 2023 when the entire share capital was acquired by Ceverine Holdings Ltd, a company incorporated in England and Wales. |
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10 |
Other information |
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Capital Resolve Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Fountain Court |
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Crab Apple Way, Vale Park |
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Evesham |
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Worcestershire |
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WR11 1LS |