REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 March 2023 |
for |
Cavendish (Northern) Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 March 2023 |
for |
Cavendish (Northern) Limited |
Cavendish (Northern) Limited (Registered number: 01673242) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
Cavendish (Northern) Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Registered Auditors |
6 Queens Court |
Third Avenue |
Team Valley |
Gateshead |
Tyne and Wear |
NE11 0BU |
Cavendish (Northern) Limited (Registered number: 01673242) |
Strategic Report |
for the Year Ended 31 March 2023 |
The director presents his strategic report for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
During the year the company's turnover was £18,741,006 (2022:£23,009,095) and although the company turnover decreased it achieved an increase in its gross margin to 22% (2022:16.5%). The profit for the year before taxation amounted to £2,175,782 (2022:£1,440,163).The net profit for the year ended 31 March 2023 includes exceptional income of £Nil (2022:£341,983). |
PRINCIPAL RISKS AND UNCERTAINTIES |
There are a number of risks and uncertainties which could affect the company's long term performance. The principle risks are: |
1) That the company fails to deliver continued sales growth whilst still maintaining a lead over its competitors. |
2) Liquidity, the company seeks to manage and minimise financial risk by ensuring that sufficient liquidity is available at all times to meet foreseeable needs. |
DEVELOPMENT AND PERFORMANCE |
The company remains focused on delivering a consistently high level of service to existing key clients whilst continuing to secure further major projects from Blue Chip organisations. |
FINANCIAL KEY PERFORMANCE INDICATORS |
Turnover, gross profit and operational costs are the principal financial indicators used by the management to assess the company's performance. |
ON BEHALF OF THE BOARD: |
15 March 2024 |
Cavendish (Northern) Limited (Registered number: 01673242) |
Report of the Director |
for the Year Ended 31 March 2023 |
The director presents his report with the financial statements of the company for the year ended 31 March 2023. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 March 2023 will be £ |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Cavendish (Northern) Limited (Registered number: 01673242) |
Report of the Director |
for the Year Ended 31 March 2023 |
AUDITORS |
The auditors, Inspire Compliance Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Cavendish (Northern) Limited |
Opinion |
We have audited the financial statements of Cavendish (Northern) Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
Cavendish (Northern) Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Cavendish (Northern) Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company and its industry, we identified that the principal risks of non compliance with laws and regulations related to compliance with UK tax regulations as well as compliance with the Companies Act 2006, and we considered the extent to which non compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent misrepresentation of the financial statements (including risk of override of controls) and determined that the principal risks were relating to posting inappropriate journals to manipulate financial results along with potential fraud as a result of fictitious employees. Audit procedures performed by the audit team included: |
a) Identifying and testing journal entries. |
b) Discussions with management, including consideration of known or suspected instances of non compliance with laws and regulations and fraud. |
c) Reviewing and testing payroll procedures and controls. |
d) Reviewing financial statement disclosures and testing these to supporting documentation. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Cavendish (Northern) Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Registered Auditors |
6 Queens Court |
Third Avenue |
Team Valley |
Gateshead |
Tyne and Wear |
NE11 0BU |
Cavendish (Northern) Limited (Registered number: 01673242) |
Income Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,132,921 | 1,037,241 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
2,176,731 | 1,442,622 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Cavendish (Northern) Limited (Registered number: 01673242) |
Other Comprehensive Income |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Cavendish (Northern) Limited (Registered number: 01673242) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Cavendish (Northern) Limited (Registered number: 01673242) |
Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Cavendish (Northern) Limited (Registered number: 01673242) |
Cash Flow Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 155,485 | 307,090 |
Amount withdrawn by directors | (483,971 | ) | (186,100 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
3,034,045 |
Cash and cash equivalents at end of year |
2 |
1,721,464 |
3,693,233 |
Cavendish (Northern) Limited (Registered number: 01673242) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.23 | 31.3.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 949 | 2,459 |
Finance income | (43,810 | ) | (34,383 | ) |
2,192,122 | 1,542,363 |
Increase in stocks | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,721,464 | 3,693,233 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 3,693,233 | 3,034,045 |
Cavendish (Northern) Limited (Registered number: 01673242) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,693,233 | (1,971,769 | ) | 1,721,464 |
3,693,233 | ( |
) | 1,721,464 |
Debt |
Debts falling due within 1 year | (7,500 | ) | (2,500 | ) | (10,000 | ) |
Debts falling due after 1 year | (35,000 | ) | 12,500 | (22,500 | ) |
(42,500 | ) | 10,000 | (32,500 | ) |
Total | 3,650,733 | (1,961,769 | ) | 1,688,964 |
Cavendish (Northern) Limited (Registered number: 01673242) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Cavendish (Northern) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
The preparations of the financial statements require management to make judgements, estimates and assumptions that affect the amounts reports. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and by their nature, will rarely equal the actual outcome. The key assumptions and sources of estimation uncertainty that has a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year is a follows: |
Asset useful lives |
Assigned lives of individual assets are reviewed by management to determine appropriate depreciation policy, allocating the cost of the asset less any residual value over the estimated useful life. |
Long Term Contracts |
The director accounts for long term contract using the stage of completion method as the contract progresses. The method requires judgement to accurately estimate the extent of progress towards contract completion and may involve estimates of the total contract costs to completion, total revenues, contract risk and other judgements. |
Accruals |
Expenses are accrued when the value and nature of the liability can be reasonably determined. |
Cavendish (Northern) Limited (Registered number: 01673242) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from a contract is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are met: |
1) The amount of revenue can be measured reliably; |
2) It is probably that the Company will receive the consideration due under the contract; |
3) The stage of completion of the contract at the end of the reported period can be measured reliably; |
4) The costs incurred and the costs to complete the contract can be measured reliably. |
Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of work carried out at the year-end by recording turnover and related costs as contract activity advances. Provisions are made to ensure the level of profit recognised is in line with the final expectations of that contract. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to the total expected costs of that contract. Revenue derived from variations on contracts is recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors and loans from banks. Accordingly, all financial instruments have been accounted for in line with Section 11 of FRS102. |
Cavendish (Northern) Limited (Registered number: 01673242) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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 |
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. |
Provisions |
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. |
When some or all of the economic benefit required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that the reimbursement will be received and the amount of the receivable can be measured reliably. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
Cavendish (Northern) Limited (Registered number: 01673242) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | EMPLOYEES AND DIRECTORS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Office and management | 15 | 15 |
Manufacturing and production | 137 | 265 |
31.3.23 | 31.3.22 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.23 | 31.3.22 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.23 | 31.3.22 |
£ | £ |
Bank loan interest |
Cavendish (Northern) Limited (Registered number: 01673242) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax |
Prior year under/(over) provision of tax | (415,175 | ) | - |
Total current tax | ( |
) |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.23 | 31.3.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Research and development enhanced tax relief | (134,824 | ) | - |
Prior years over provision of tax | (415,175 | ) | - |
Total tax (credit)/charge | (128,225 | ) | 273,537 |
8. | DIVIDENDS |
31.3.23 | 31.3.22 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Cavendish (Northern) Limited (Registered number: 01673242) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
10. | STOCKS |
31.3.23 | 31.3.22 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Amounts due on contracts | 3,633,169 | 1,221,830 |
Other debtors |
Directors' current accounts | 483,971 | 155,485 |
Prepayments and accrued income |
Cavendish (Northern) Limited (Registered number: 01673242) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans (see note 14) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
15. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 38,344 | 17,750 |
Cavendish (Northern) Limited (Registered number: 01673242) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Charge to Income Statement during year |
Balance at 31 March 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
18. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
31.3.23 | 31.3.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
During the year the director had an interest bearing loan with the company. Interest charged on the loan amounted to £10,294 (2022: £5,212). There are no formal repayment terms on the loan. |
Cavendish (Northern) Limited (Registered number: 01673242) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
19. | RELATED PARTY DISCLOSURES |
During the year there was a loan made to a related party entity under common control. The loan has no fixed repayment terms and interest is charged at 2.5% on the amount outstanding. At the 31 March 2023 the value of the loan was £2,197,211 (2022: £1,023,817). |
During the year the company paid this entity rent of £172,600 (2022:£172,600) and leased plant and machinery to the value of £327,451 (2022:£343,625). |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |