City Distribution Limited 02198734 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is the supply of bathroom fittings and related products. Digita Accounts Production Advanced 6.30.9574.0 true true 02198734 2022-05-01 2023-04-30 02198734 2023-04-30 02198734 bus:OrdinaryShareClass1 2023-04-30 02198734 core:RetainedEarningsAccumulatedLosses 2023-04-30 02198734 core:ShareCapital 2023-04-30 02198734 core:CurrentFinancialInstruments 2023-04-30 02198734 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 02198734 core:Goodwill 2023-04-30 02198734 core:FurnitureFittingsToolsEquipment 2023-04-30 02198734 core:LandBuildings 2023-04-30 02198734 core:MotorVehicles 2023-04-30 02198734 core:OtherPropertyPlantEquipment 2023-04-30 02198734 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-30 02198734 bus:SmallEntities 2022-05-01 2023-04-30 02198734 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 02198734 bus:FullAccounts 2022-05-01 2023-04-30 02198734 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 02198734 bus:RegisteredOffice 2022-05-01 2023-04-30 02198734 bus:CompanySecretaryDirector1 2022-05-01 2023-04-30 02198734 bus:Director2 2022-05-01 2023-04-30 02198734 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 02198734 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 02198734 bus:Agent1 2022-05-01 2023-04-30 02198734 core:Goodwill 2022-05-01 2023-04-30 02198734 core:FurnitureFittings 2022-05-01 2023-04-30 02198734 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-04-30 02198734 core:LandBuildings 2022-05-01 2023-04-30 02198734 core:MotorVehicles 2022-05-01 2023-04-30 02198734 core:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 02198734 core:PlantMachinery 2022-05-01 2023-04-30 02198734 core:KeyManagementPersonnel 2022-05-01 2023-04-30 02198734 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-01 2023-04-30 02198734 countries:EnglandWales 2022-05-01 2023-04-30 02198734 2022-04-30 02198734 core:Goodwill 2022-04-30 02198734 core:FurnitureFittingsToolsEquipment 2022-04-30 02198734 core:LandBuildings 2022-04-30 02198734 core:MotorVehicles 2022-04-30 02198734 core:OtherPropertyPlantEquipment 2022-04-30 02198734 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-30 02198734 2021-05-01 2022-04-30 02198734 2022-04-30 02198734 bus:OrdinaryShareClass1 2022-04-30 02198734 core:RetainedEarningsAccumulatedLosses 2022-04-30 02198734 core:ShareCapital 2022-04-30 02198734 core:CurrentFinancialInstruments 2022-04-30 02198734 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 02198734 core:FurnitureFittingsToolsEquipment 2022-04-30 02198734 core:LandBuildings 2022-04-30 02198734 core:MotorVehicles 2022-04-30 02198734 core:OtherPropertyPlantEquipment 2022-04-30 02198734 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-30 02198734 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-05-01 2022-04-30 02198734 2021-04-30 02198734 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02198734

City Distribution Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

City Distribution Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

City Distribution Limited

Company Information

Directors

Mr MA Errington

Mr K Smith

Company secretary

Mr MA Errington

Registered office

Dugdales Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PZ

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
City Distribution Limited
for the Year Ended 30 April 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of City Distribution Limited for the year ended 30 April 2023 as set out on pages 3 to 11 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/regulation.

This report is made solely to the Board of Directors of City Distribution 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 accounts of City Distribution Limited and state those matters that we have agreed to state to the Board of Directors of City Distribution 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 City Distribution Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that City Distribution Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of City Distribution Limited. You consider that City Distribution 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 accounts of City Distribution 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 accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

30 April 2024

 

City Distribution Limited

(Registration number: 02198734)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

389,330

430,107

Current assets

 

Stocks

7

748,370

660,488

Debtors

8

808,292

888,331

Cash at bank and in hand

 

61,135

416,587

 

1,617,797

1,965,406

Creditors: Amounts falling due within one year

9

(650,153)

(879,053)

Net current assets

 

967,644

1,086,353

Total assets less current liabilities

 

1,356,974

1,516,460

Provisions for liabilities

(39,251)

(31,014)

Net assets

 

1,317,723

1,485,446

Capital and reserves

 

Called up share capital

10

150

150

Retained earnings

1,317,573

1,485,296

Shareholders' funds

 

1,317,723

1,485,446

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 April 2024 and signed on its behalf by:
 

 

City Distribution Limited

(Registration number: 02198734)
Balance Sheet as at 30 April 2023

.........................................
Mr K Smith
Director

 

City Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dugdales Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PZ

These financial statements were authorised for issue by the Board on 30 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

City Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

5% straight line

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

City Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2022 - 31).

 

City Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

71,427

62,208

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

7,500

7,500

At 30 April 2023

7,500

7,500

Amortisation

At 1 May 2022

7,500

7,500

At 30 April 2023

7,500

7,500

Carrying amount

At 30 April 2023

-

-

 

City Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

488,992

121,054

128,397

159,955

898,398

Additions

-

673

31,545

4,875

37,093

Disposals

-

-

(16,700)

-

(16,700)

At 30 April 2023

488,992

121,727

143,242

164,830

918,791

Depreciation

At 1 May 2022

266,946

74,160

31,969

95,216

468,291

Charge for the year

24,450

7,109

29,725

10,142

71,426

Eliminated on disposal

-

-

(10,256)

-

(10,256)

At 30 April 2023

291,396

81,269

51,438

105,358

529,461

Carrying amount

At 30 April 2023

197,596

40,458

91,804

59,472

389,330

At 30 April 2022

222,046

46,894

96,428

64,739

430,107

Included within the net book value of land and buildings above is £197,596 (2022 - £222,046) in respect of long leasehold land and buildings.
 

 

City Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Stocks

2023
£

2022
£

Other inventories

748,370

660,488

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

509,553

545,750

Amounts owed by related parties

11

175,455

175,455

Prepayments

 

39,107

44,832

Other debtors

 

84,177

122,294

   

808,292

888,331

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

452,768

695,344

Taxation and social security

110,293

124,902

Accruals and deferred income

63,077

56,397

Other creditors

24,015

2,410

650,153

879,053

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

150

150

150

150

         
 

City Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

11

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

121,812

121,812

Advanced

84,178

84,178

Repaid

(121,812)

(121,812)

At end of period

84,178

84,178

2022

Key management
£

Total
£

At start of period

39,593

39,593

Advanced

121,812

121,812

Repaid

(39,593)

(39,593)

At end of period

121,812

121,812

Terms of loans to related parties

Loans to directors are unsecured, repayable on demand, and interest is charged at the official rate on any balance that exceeds £10,000 throughout the year.