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Company registration number: 07552739
Curdan Plant Limited
Unaudited filleted financial statements
30 June 2023
Curdan Plant Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Curdan Plant Limited
Directors and other information
Directors Mr Gary Bell
Mrs Linzi Bell
Secretary Mrs Linzi Bell
Company number 07552739
Registered office Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
Accountants Forshaws Accountants Limited
Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
Curdan Plant Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Curdan Plant Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Curdan Plant Limited for the year ended 30 June 2023 which comprise the statement of financial position and 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 Curdan Plant 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 Curdan Plant Limited and state those matters that we have agreed to state to the board of directors of Curdan Plant 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 Curdan Plant Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Curdan Plant 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 Curdan Plant Limited. You consider that Curdan Plant 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 Curdan Plant 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.
Forshaws Accountants Limited
Chartered Accountants
Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
20 March 2024
Curdan Plant Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 46,717 63,571
_______ _______
46,717 63,571
Current assets
Stocks 602,150 402,135
Debtors 6 169,451 242,013
Cash at bank and in hand 636,560 398,353
_______ _______
1,408,161 1,042,501
Creditors: amounts falling due
within one year 7 ( 406,203) ( 190,716)
_______ _______
Net current assets 1,001,958 851,785
_______ _______
Total assets less current liabilities 1,048,675 915,356
Creditors: amounts falling due
after more than one year 8 ( 22,500) ( 32,500)
Provisions for liabilities 9 ( 837) -
_______ _______
Net assets 1,025,338 882,856
_______ _______
Capital and reserves
Called up share capital 11 100 100
Profit and loss account 1,025,238 882,756
_______ _______
Shareholders funds 1,025,338 882,856
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
Mr Gary Bell
Director
Company registration number: 07552739
Curdan Plant Limited
Notes to the financial statements
Year ended 30 June 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 Crossens Way Business Park, Crossens Way, Southport, PR9 9LY.
The principal activity of the company is that of sale of plant and spares.
2. Statement of compliance
The financial statements have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Fittings fixtures and equipment - 33.33 % straight line
Motor vehicles - 25 % straight line
Computer equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Computer Equipment Total
£ £ £ £
Cost
At 1 July 2022 and 30 June 2023 365 64,500 2,570 67,435
_______ _______ _______ _______
Depreciation
At 1 July 2022 279 3,225 360 3,864
Charge for the year 86 16,125 643 16,854
_______ _______ _______ _______
At 30 June 2023 365 19,350 1,003 20,718
_______ _______ _______ _______
Carrying amount
At 30 June 2023 - 45,150 1,567 46,717
_______ _______ _______ _______
At 30 June 2022 86 61,275 2,210 63,571
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors - 91,141
Other debtors 169,451 150,872
_______ _______
169,451 242,013
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 215,530 7,000
Corporation tax 133,706 146,027
Other creditors 46,967 27,689
_______ _______
406,203 190,716
_______ _______
At the balance sheet date, other creditors included amounts due to the Directors and Shareholders of the company. Information in respect of the Directors is included in Note 13. Amounts due to Shareholders, who are not Directors is £6,000 (2022: £NIL)
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 22,500 32,500
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 July 2022 - -
Additions 837 837
_______ _______
At 30 June 2023 837 837
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 9) 837 -
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 837 -
_______ _______
837 -
_______ _______
11. Called up share capital
Authorised share capital
2023 2022
No £ No £
Ordinary of £ - each (2022: £1.00 ) - - 100 100
Ordinary A shares of £ 1.00 each 51 51 - -
Ordinary B shares of £ 1.00 each 39 39 - -
Ordinary C shares of £ 1.00 each 5 5 - -
Ordinary D shares of £ 1.00 each 5 5 - -
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary of £ - each (2022: £1.00 ) - - 100 100
Ordinary A shares of £ 1.00 each 51 51 - -
Ordinary B shares of £ 1.00 each 39 39 - -
Ordinary C shares of £ 1.00 each 5 5 - -
Ordinary D shares of £ 1.00 each 5 5 - -
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Brought Forward Drawings Repaid Carried Forward
£ £ £ £
Mr & Mrs Bell 23,620 358,262 ( 381,935) ( 53)
_______ _______ _______ _______
2022
Brought Forward Drawings Repaid Carried Forward
£ £ £ £
Mr & Mrs Bell ( 44,140) 215,440 ( 147,680) 23,620
_______ _______ _______ _______
13. Related party transactions
At the balance sheet date a creditor of £24,545 (2022 £24,545) was owed to Maron Plant Limited, a company in which Mr and Mrs G Bell are beneficially interested as directors and shareholders. Amounts were unsecured and interest free, the balance is repayable on demand. In the previous year, a debtor of £102,933 was owed by a connected party to Mr and Mrs G Bell. Amounts were unsecured and charged at an interest rate of 3% per annum, the balance is repayable on demand. This balance was repaid on 31st March 2023.
14. Controlling party
The company is under the ultimate control of Mr G Bell by virtue of his controlling shareholding in the company.