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COMPANY REGISTRATION NUMBER: 02036463
C&S Builders Merchants (Stamford Hill) Limited
Financial Statements
31 July 2023
C&S Builders Merchants (Stamford Hill) Limited
Financial Statements
Year ended 31 July 2023
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Consolidated statement of income and retained earnings
7
Company statement of income and retained earnings
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of cash flows
11
Notes to the financial statements
12
C&S Builders Merchants (Stamford Hill) Limited
Strategic Report
Year ended 31 July 2023
The directors present the strategic report for the group for the year ended 31 July 2023. a) a fair review of the group's business The directors are satisfied with the results of the business. The group's key performance indicator is pre-tax profit, which was £2.3m for the year (2022:£2.6m). Turnover is another performance indicator which fell by around 10% on last year. This was partly due to the fall in demand in the general economy, partly due to higher commodity and fuel costs. The group still has a strong net asset base of £22.5m as at 31 July 2023 in comparison to 2022 at £20.7m
b) a description of the principal risks and uncertainties facing the group. The group's main risk is the general economic conditions specifically the construction and property development market London and South East of England. Based on taxation changes and increased material costs many developers are delaying projects. However, fortunately the company is maintaining its margins in this economic climate. Additionally, the company is reducing its credit risk by carrying out detailed credit checks. Liquidity risk is low as the company has healthy cash reserves and has no loans to service c) future developments The group is still looking for further sites for retail and stock holding depots.
This report was approved by the board of directors on 12 April 2024 and signed on behalf of the board by:
MS Sumal
Director
Registered office:
150 Blackhorse Lane
Walthamstow
London
E17 5QU
C&S Builders Merchants (Stamford Hill) Limited
Directors' Report
Year ended 31 July 2023
The directors present their report and the financial statements of the group for the year ended 31 July 2023 .
Directors
The directors who served the company during the year were as follows:
MS Sumal
GS Singh
MS Singh
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
These are detailed in the Strategic Report.
Disclosure of information in the strategic report
This is included as a separate report within these accounts.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 12 April 2024 and signed on behalf of the board by:
MS Sumal
Director
Registered office:
150 Blackhorse Lane
Walthamstow
London
E17 5QU
C&S Builders Merchants (Stamford Hill) Limited
Independent Auditor's Report to the Members of C&S Builders Merchants (Stamford Hill) Limited
Year ended 31 July 2023
Opinion
We have audited the financial statements of C&S Builders Merchants (Stamford Hill) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 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 group's and of the parent company's affairs as at 31 July 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 directors' 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 group's or the parent 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 directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an Auditors' Report 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 a fraud or error and are considered material if, individually or in aggregate, they could be reasonably expected to influence the economic decisions of the user of the financial statements. - Irregularities, including fraud, are instances of non-compliance with laws and regulations; We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, are now detailed below - Enquiring of management around actual and potential litigation claims; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; - Performing audit work over the risks of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk we will not detect all irregularities, including those leading to a material misstatement in the financial statements or a non-compliance with a a law or regulation. This risk increases the more compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of the instances of non-compliance. A further description of our responsibilities for the audit of the financial statements is located on the FRC website at: www.frc.org.uk/auditorsresponsibilties. This description forms part of our Auditors 'Report. 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 an auditor's report 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.
Mr Shenol Moustafa
(Senior Statutory Auditor)
For and on behalf of
Hurshens Limited
Chartered accountants & statutory auditor
Unit 2, 32-34 Station Close
Herts
EN6 1TL
12 April 2024
C&S Builders Merchants (Stamford Hill) Limited
Consolidated Statement of Income and Retained Earnings
Year ended 31 July 2023
2023
2022
Note
£
£
Turnover
4
11,582,045
12,907,145
Cost of sales
6,281,640
6,848,549
-------------
-------------
Gross profit
5,300,405
6,058,596
Administrative expenses
3,499,984
4,086,527
Other operating income
5
462,432
637,649
------------
------------
Operating profit
6
2,262,853
2,609,718
Gain on financial assets at fair value through profit or loss
375,000
Other interest receivable and similar income
10
10,270
347
------------
------------
Profit before taxation
2,273,123
2,985,065
Tax on profit
11
570,037
650,554
------------
------------
Profit for the financial year and total comprehensive income
1,703,086
2,334,511
------------
------------
Dividends paid and payable
12
( 2,999,999)
Retained earnings at the start of the year
20,716,357
21,381,845
-------------
-------------
Retained earnings at the end of the year
22,419,443
20,716,357
-------------
-------------
All the activities of the group are from continuing operations.
C&S Builders Merchants (Stamford Hill) Limited
Company Statement of Income and Retained Earnings
Year ended 31 July 2023
2023
2022
Note
£
£
Profit for the financial year and total comprehensive income
1,445,358
1,658,210
Dividends paid and payable
12
( 2,999,999)
Retained earnings at the start of the year
17,838,272
19,180,061
-------------
-------------
Retained earnings at the end of the year
19,283,630
17,838,272
-------------
-------------
C&S Builders Merchants (Stamford Hill) Limited
Consolidated Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
13
11,897,935
12,339,115
Investments
14
1,300
1,300
-------------
-------------
11,899,235
12,340,415
Current assets
Stocks
15
2,741,311
3,086,761
Debtors
16
4,469,382
4,430,594
Cash at bank and in hand
4,704,561
3,408,345
-------------
-------------
11,915,254
10,925,700
Creditors: amounts falling due within one year
17
1,291,297
2,446,009
-------------
-------------
Net current assets
10,623,957
8,479,691
-------------
-------------
Total assets less current liabilities
22,523,192
20,820,106
Provisions
Taxation including deferred tax
18
93,750
93,750
-------------
-------------
Net assets
22,429,442
20,726,356
-------------
-------------
Capital and reserves
Called up share capital
21
9,999
9,999
Profit and loss account
22
22,419,443
20,716,357
-------------
-------------
Shareholders funds
22,429,442
20,726,356
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
MS Sumal
Director
Company registration number: 02036463
C&S Builders Merchants (Stamford Hill) Limited
Company Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
13
7,497,124
7,938,304
Investments
14
1,301
1,301
------------
------------
7,498,425
7,939,605
Current assets
Stocks
15
2,741,311
3,086,761
Debtors
16
5,845,018
5,931,230
Cash at bank and in hand
4,474,549
3,242,933
-------------
-------------
13,060,878
12,260,924
Creditors: amounts falling due within one year
17
1,265,674
2,352,258
-------------
-------------
Net current assets
11,795,204
9,908,666
-------------
-------------
Total assets less current liabilities
19,293,629
17,848,271
-------------
-------------
Net assets
19,293,629
17,848,271
-------------
-------------
Capital and reserves
Called up share capital
21
9,999
9,999
Profit and loss account
22
19,283,630
17,838,272
-------------
-------------
Shareholders funds
19,293,629
17,848,271
-------------
-------------
The profit for the financial year of the parent company was £ 1,445,358 (2022: £ 1,658,210 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
MS Sumal
Director
Company registration number: 02036463
C&S Builders Merchants (Stamford Hill) Limited
Consolidated Statement of Cash Flows
Year ended 31 July 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
1,703,086
2,334,511
Adjustments for:
Depreciation of tangible assets
441,180
520,221
Gain on financial assets at fair value through profit or loss
(375,000)
Other interest receivable and similar income
( 10,270)
( 347)
Loss on disposal of tangible assets
15,369
Tax on profit
570,037
650,554
Accrued (income)/expenses
( 22,870)
35,649
Changes in:
Stocks
345,450
( 232,566)
Trade and other debtors
( 38,788)
( 3,752,497)
Trade and other creditors
( 1,159,957)
1,127,034
------------
------------
Cash generated from operations
1,827,868
322,928
Interest received
10,270
347
Tax paid
( 541,922)
( 691,274)
------------
---------
Net cash from/(used in) operating activities
1,296,216
( 367,999)
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 84,500)
Proceeds from sale of tangible assets
20,616
------------
---------
Net cash used in investing activities
( 63,884)
------------
---------
Cash flows from financing activities
Dividends paid
( 2,999,999)
------------
------------
Net cash used in financing activities
( 2,999,999)
------------
------------
Net increase/(decrease) in cash and cash equivalents
1,296,216
( 3,431,882)
Cash and cash equivalents at beginning of year
3,408,345
6,840,227
------------
------------
Cash and cash equivalents at end of year
4,704,561
3,408,345
------------
------------
C&S Builders Merchants (Stamford Hill) Limited
Notes to the Financial Statements
Year ended 31 July 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 150 Blackhorse Lane, Walthamstow, London, E17 5QU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approvaing the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of C&S Builders Merchants (Stamford Hill) Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Stock provisions- The company sells timber and building products. When calculating stock provisions and write downs,management have to consider market conditions and recoverability of stock held at the year end. See Note 15 for the net carrying amount of the stock. aterial adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Recoverability of trade debtors- The company makes estimates for the recoverability of trade debtors. This may be based upon the trading history with each customer and the stage in the company's legal debt recovery process. See Note 16 for the net carrying amount of trade debtors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred taxation is provided using the liability method on all timing differences which are expected to reverse in the future without being replaced, calculated at the rate at which it is anticipated the timing differences will reverse. It is only provided where it is material to the accounts. of the assets concerned
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold Property
-
2% straight line
Plant and Equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the income statement. Valuations are mostly based on comparable property prices in the same geographic region. If a reliable measure of fair value is no longer available,it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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. For the purposes of impairment testing, 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.
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 stock to its 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
The group has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all its financial instruments. The company holds investments,debtors,creditors and cash balances which are all classed as basic. Inter company loans are classed as basic financial instrument, and are interest free and are repayable on demand. As a result they are not held at amortised value, but instead these loans are stated at fair value .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
11,582,045
12,907,145
-------------
-------------
Details of turnover by UK geographical analysis has not been disclosed as this is felt to be prejudicial and against the interests of the group.
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Rental income
462,432
637,649
---------
---------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Depreciation of tangible assets
441,180
520,221
Loss on disposal of tangible assets
15,369
Impairment of trade debtors
45,245
(4,555)
---------
---------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
31,994
31,194
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Distribution staff
48
50
Management staff
3
3
----
----
51
53
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
1,974,401
2,473,128
Social security costs
206,164
315,858
Other pension costs
4,182
6,314
------------
------------
2,184,747
2,795,300
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
213,985
437,500
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2023
2022
£
£
Aggregate remuneration
114,578
258,500
---------
---------
10. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
10,270
347
--------
----
11. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
570,037
556,804
Deferred tax:
Origination and reversal of timing differences
93,750
---------
---------
Tax on profit
570,037
650,554
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 21 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
2,273,123
2,985,065
------------
------------
Profit on ordinary activities by rate of tax
477,480
495,912
Effect of capital allowances and depreciation
92,557
60,892
Deferred tax movement
93,750
------------
------------
Tax on profit
570,037
650,554
------------
------------
12. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Equity dividends on ordinary shares
2,999,999
----
------------
13. Tangible assets
Group
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022 and 31 July 2023
14,326,893
998,673
1,165,443
16,491,009
-------------
---------
------------
-------------
Depreciation
At 1 August 2022
2,374,936
913,538
863,420
4,151,894
Charge for the year
198,521
41,637
201,022
441,180
-------------
---------
------------
-------------
At 31 July 2023
2,573,457
955,175
1,064,442
4,593,074
-------------
---------
------------
-------------
Carrying amount
At 31 July 2023
11,753,436
43,498
101,001
11,897,935
-------------
---------
------------
-------------
At 31 July 2022
11,951,957
85,135
302,023
12,339,115
-------------
---------
------------
-------------
Company
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022 and 31 July 2023
9,926,082
998,673
1,165,443
12,090,198
-------------
---------
------------
-------------
Depreciation
At 1 August 2022
2,374,936
913,538
863,420
4,151,894
Charge for the year
198,521
41,637
201,022
441,180
-------------
---------
------------
-------------
At 31 July 2023
2,573,457
955,175
1,064,442
4,593,074
-------------
---------
------------
-------------
Carrying amount
At 31 July 2023
7,352,625
43,498
101,001
7,497,124
-------------
---------
------------
-------------
At 31 July 2022
7,551,146
85,135
302,023
7,938,304
-------------
---------
------------
-------------
Included within the above is investment property as follows:
Group
Company
£
£
At 1 August 2022 and 31 July 2023
4,400,811
4,400,811
-------------
------------
At 1 August 2022
4,400,811
4,400,811
-------------
------------
Tangible assets held at valuation
Freehold properties include investment properties not depreciated at market value of £4,400,811(2022: £4,400,811). These properties were valued by the directors at 31 July 2023 based upon local knowledge and advice of potential resale values from its property advisors. The increase in the valuation of £- (2022 :£375,000) has ben included in the profit and loss account.
14. Investments
Group
Shares in group undertakings
£
Cost
At 1 August 2022 and 31 July 2023
1,300
-------
Impairment
At 1 August 2022 and 31 July 2023
-------
Carrying amount
At 1 August 2022 and 31 July 2023
1,300
-------
At 31 July 2022
1,300
-------
Company
Shares in group undertakings
£
Cost
At 1 August 2022 and 31 July 2023
1,301
-------
Impairment
At 1 August 2022 and 31 July 2023
-------
Carrying amount
At 1 August 2022 and 31 July 2023
1,301
-------
At 31 July 2022
1,301
-------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
C&S Investments (Walthamstow) Ltd
Ordinary
100
The nature of the business the subsidiary undertaking was that of property investment It's registered office is 151 Blackhorse Lane,London E17 5QU.
15. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
2,741,311
3,086,761
2,741,311
3,086,761
------------
------------
------------
------------
16. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
2,028,227
1,989,218
2,028,227
1,989,218
Amounts owed by group undertakings
2,430,000
2,430,000
3,805,636
3,930,636
Prepayments and accrued income
2,660
2,660
2,660
2,660
Other debtors
8,495
8,716
8,495
8,716
------------
------------
------------
------------
4,469,382
4,430,594
5,845,018
5,931,230
------------
------------
------------
------------
17. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
650,873
775,673
650,872
775,673
Accruals and deferred income
21,061
43,931
19,289
19,289
Corporation tax
370,997
342,882
302,594
250,345
Social security and other taxes
243,366
1,278,523
292,919
1,306,951
Other creditors
5,000
5,000
------------
------------
------------
------------
1,291,297
2,446,009
1,265,674
2,352,258
------------
------------
------------
------------
18. Provisions
Group
Deferred tax (note 19)
£
At 1 August 2022 and 31 July 2023
93,750
--------
The company does not have any provisions.
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 18)
93,750
93,750
--------
--------
----
----
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 4,182 (2022: £ 6,314 ).
21. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
9,999
9,999
9,999
9,999
-------
-------
-------
-------
22. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.This includes £375,000 that is not distributable relating to a revaluation of an investment property .
23. Analysis of changes in net debt
At 1 Aug 2022
Cash flows
At 31 Jul 2023
£
£
£
Cash at bank and in hand
3,408,345
1,296,216
4,704,561
------------
------------
------------
24. Related party transactions
Company
Key management and directors are the same, and their remuneration has been disclosed in the notes to these accounts. The company has taken advantage of not disclosing related party transactions where there is 100% ownership between companies. The company has sold goods to related party companies at arms length value of £249,824 (2022:£426,452). Amount due at the year end from these companies was £2,564,920 (2022:£2,487,904). These balances are interest free and unsecured, and repayable on demand .
25. Controlling party
The company is not under the control of any one shareholder or groups of shareholders.