Registered number
02856749
Capital Resolve Limited
Report and Unaudited Accounts
31 October 2023
Collins
Chartered Accountants
West Midlands
Capital Resolve Limited
Registered number: 02856749
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 289,586 274,447
Current assets
Work in progress 248,000 231,000
Debtors 4 202,325 396,997
Cash at bank and in hand 564,054 309,377
1,014,379 937,374
Creditors: amounts falling due within one year 5 (656,444) (598,090)
Net current assets 357,935 339,284
Total assets less current liabilities 647,521 613,731
Creditors: amounts falling due after more than one year 6 (31,748) (51,276)
Provisions for liabilities (57,568) (53,062)
Net assets 558,205 509,393
Capital and reserves
Called up share capital 1,500 1,500
Capital redemption reserve 250 250
Profit and loss account 556,455 507,643
Shareholder's funds 558,205 509,393
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.
B A Philips
Director
Approved by the board on 11 March 2024
Capital Resolve Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
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.
Turnover
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.
Tangible fixed assets
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:
Computers 20% writing down
Fixtures and fittings 15% writing down
Motor Vehicles 25% writing down
Stocks
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell.
Debtors
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.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are also recognised at transaction price net of any transaction costs.
Taxation
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.
Leased assets
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 46 41
3 Tangible fixed assets
Computers Fixtures and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 809,623 42,268 58,900 910,791
Additions 80,500 - - 80,500
Disposals (409,046) - - (409,046)
At 31 October 2023 481,077 42,268 58,900 582,245
Depreciation
At 1 November 2022 588,847 40,135 7,362 636,344
Charge for the year 52,156 320 12,885 65,361
On disposals (409,046) - - (409,046)
At 31 October 2023 231,957 40,455 20,247 292,659
Net book value
At 31 October 2023 249,120 1,813 38,653 289,586
At 31 October 2022 220,776 2,133 51,538 274,447
4 Debtors 2023 2022
£ £
Trade debtors 156,276 336,439
Prepayments and accrued income 46,049 60,558
202,325 396,997
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans 10,000 10,000
Obligations under finance lease and hire purchase contracts 9,525 14,145
Trade creditors 497,998 412,956
Corporation tax 39,446 42,244
Other taxes and social security costs 89,764 107,828
Directors loans 1,711 3,453
Accruals and deferred income 8,000 7,464
656,444 598,090
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 16,667 26,667
Obligations under finance lease and hire purchase contracts 15,081 24,609
31,748 51,276
7 Pension commitments
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)
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 165,666 23,000
9 Controlling party
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.
10 Other information
Capital Resolve Limited is a private company limited by shares and incorporated in England. Its registered office is:
Fountain Court
Crab Apple Way, Vale Park
Evesham
Worcestershire
WR11 1LS
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