Company registration number 01755056 (England and Wales)
CENTRAL OFFICE EQUIPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
CENTRAL OFFICE EQUIPMENT LIMITED
COMPANY INFORMATION
Directors
J M Dove
J Coleman
D M Coleman
T K Hopkins
(Appointed 1 November 2022)
Secretary
D M Coleman
Company number
01755056
Registered office
10 New Street
Oundle
Peterborough
Northamptonshire
PE8 4EA
Accountants
Ellacotts LLP
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
CENTRAL OFFICE EQUIPMENT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
CENTRAL OFFICE EQUIPMENT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CENTRAL OFFICE EQUIPMENT LIMITED FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Central Office Equipment Limited for the year ended 31 October 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Central Office Equipment Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Central Office Equipment Limited and state those matters that we have agreed to state to the Board of Directors of Central Office Equipment Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Central Office Equipment Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Central Office Equipment Limited 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 Central Office Equipment Limited. You consider that Central Office Equipment Limited 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 Central Office Equipment Limited. 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.
Ellacotts LLP
Chartered Accountants
Vantage House
2700 Kettering Parkway
Kettering
Northamptonshire
NN15 6XR
Date:
14 March 2024
CENTRAL OFFICE EQUIPMENT LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
891,660
917,263
Current assets
Stocks
160,706
173,717
Debtors
4
68,330
57,436
Cash at bank and in hand
177,570
202,953
406,606
434,106
Creditors: amounts falling due within one year
5
(423,346)
(543,821)
Net current liabilities
(16,740)
(109,715)
Net assets
874,920
807,548
Capital and reserves
Called up share capital
6
1,000
1,000
Share premium account
9,000
9,000
Profit and loss reserves
864,920
797,548
Total equity
874,920
807,548
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 March 2024 and are signed on its behalf by:
J M Dove
Director
Company registration number 01755056 (England and Wales)
CENTRAL OFFICE EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Central Office Equipment Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 New Street, Oundle, Peterborough, Northamptonshire, PE8 4EA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Despite net current liabilities, having reviewed the future trading and cashtrue requirements of the company for at least 12 months from the date of signing these accounts, the directors consider it appropriate to continue to prepare the accounts on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
CENTRAL OFFICE EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
15
11
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
1,054,323
90,282
1,667
1,146,272
Additions
417
417
Disposals
(40,690)
(40,690)
At 31 October 2023
1,054,323
49,592
2,084
1,105,999
Depreciation and impairment
At 1 November 2022
149,239
79,353
417
229,009
Depreciation charged in the year
19,518
1,023
417
20,958
Eliminated in respect of disposals
(35,628)
(35,628)
At 31 October 2023
168,757
44,748
834
214,339
Carrying amount
At 31 October 2023
885,566
4,844
1,250
891,660
At 31 October 2022
905,084
10,929
1,250
917,263
Included within freehold land and buildings is land at cost of £80,044 (2022: £80,044) which is not depreciated.
CENTRAL OFFICE EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
54,916
44,022
Other debtors
13,414
13,414
68,330
57,436
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
104,450
88,131
Taxation and social security
16,146
17,440
Other creditors
300,000
435,000
Accruals and deferred income
2,750
3,250
423,346
543,821
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000