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REGISTERED NUMBER: 05102372 (England and Wales)















Custance & Son Ltd

Unaudited Financial Statements

For The Year Ended

31st May 2023






Custance & Son Ltd (Registered number: 05102372)

Contents of the Financial Statements
For The Year Ended 31st May 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8

Chartered Accountants' Report 9

Custance & Son Ltd

Company Information
For The Year Ended 31st May 2023







DIRECTORS: L D Custance
Mrs C R Custance





SECRETARY: Mrs C R Custance





REGISTERED OFFICE: Unit 4
Keelan Close
Norwich
Norfolk
NR6 6QZ





REGISTERED NUMBER: 05102372 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
Yare House
62-64 Thorpe Road
Norwich
Norfolk
NR1 1RY

Custance & Son Ltd (Registered number: 05102372)

Balance Sheet
31st May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 147,987 119,096

CURRENT ASSETS
Stocks 36,067 36,588
Debtors 5 89,924 83,283
Cash at bank and in hand 422,094 436,265
548,085 556,136
CREDITORS
Amounts falling due within one year 6 173,289 243,784
NET CURRENT ASSETS 374,796 312,352
TOTAL ASSETS LESS CURRENT LIABILITIES 522,783 431,448

CREDITORS
Amounts falling due after more than one year 7 (41,835 ) (54,545 )

PROVISIONS FOR LIABILITIES (23,616 ) (11,850 )
NET ASSETS 457,332 365,053

CAPITAL AND RESERVES
Called up share capital 1,002 1,002
Retained earnings 456,330 364,051
SHAREHOLDERS' FUNDS 457,332 365,053

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Custance & Son Ltd (Registered number: 05102372)

Balance Sheet - continued
31st May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st March 2024 and were signed on its behalf by:





L D Custance - Director


Custance & Son Ltd (Registered number: 05102372)

Notes to the Financial Statements
For The Year Ended 31st May 2023


1. STATUTORY INFORMATION

Custance & Son Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - over the lease term
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Custance & Son Ltd (Registered number: 05102372)

Notes to the Financial Statements - continued
For The Year Ended 31st May 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

Custance & Son Ltd (Registered number: 05102372)

Notes to the Financial Statements - continued
For The Year Ended 31st May 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1st June 2022 70,956 17,236 10,857
Additions - 685 -
Disposals - - -
At 31st May 2023 70,956 17,921 10,857
DEPRECIATION
At 1st June 2022 14,221 11,134 8,998
Charge for year 3,212 1,307 465
Eliminated on disposal - - -
At 31st May 2023 17,433 12,441 9,463
NET BOOK VALUE
At 31st May 2023 53,523 5,480 1,394
At 31st May 2022 56,735 6,102 1,859

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st June 2022 170,531 5,078 274,658
Additions 62,405 4,207 67,297
Disposals (52,091 ) - (52,091 )
At 31st May 2023 180,845 9,285 289,864
DEPRECIATION
At 1st June 2022 117,152 4,057 155,562
Charge for year 16,565 718 22,267
Eliminated on disposal (35,952 ) - (35,952 )
At 31st May 2023 97,765 4,775 141,877
NET BOOK VALUE
At 31st May 2023 83,080 4,510 147,987
At 31st May 2022 53,379 1,021 119,096

Custance & Son Ltd (Registered number: 05102372)

Notes to the Financial Statements - continued
For The Year Ended 31st May 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st June 2022 52,091
Additions 62,405
Disposals (52,091 )
At 31st May 2023 62,405
DEPRECIATION
At 1st June 2022 35,952
Charge for year 9,101
Eliminated on disposal (35,952 )
At 31st May 2023 9,101
NET BOOK VALUE
At 31st May 2023 53,304
At 31st May 2022 16,139

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 66,614 65,130
Other debtors 23,310 18,153
89,924 83,283

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 18,182 18,182
Hire purchase contracts 3,333 866
Trade creditors 48,742 111,477
Taxation and social security 73,670 63,733
Other creditors 29,362 49,526
173,289 243,784

Custance & Son Ltd (Registered number: 05102372)

Notes to the Financial Statements - continued
For The Year Ended 31st May 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 36,363 54,545
Hire purchase contracts 5,472 -
41,835 54,545

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 8,805 866

Hire purchase contracts are secured on the assets concerned.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st May 2023 and 31st May 2022:

2023 2022
£    £   
L D Custance
Balance outstanding at start of year (41,962 ) 6,419
Amounts advanced 143,500 57,281
Amounts repaid (91,672 ) (105,662 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,866 (41,962 )

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Custance & Son Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Custance & Son Ltd for the year ended 31st May 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Custance & Son Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Custance & Son Ltd and state those matters that we have agreed to state to the Board of Directors of Custance & Son Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Custance & Son Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Custance & Son Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Custance & Son Ltd. You consider that Custance & Son Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Custance & Son Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts
Chartered Accountants
Yare House
62-64 Thorpe Road
Norwich
Norfolk
NR1 1RY


Date: .............................................