CP Funding Solutions Limited 13298930 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is financial services Digita Accounts Production Advanced 6.30.9574.0 true true 13298930 2023-04-01 2024-03-31 13298930 2024-03-31 13298930 core:CurrentFinancialInstruments 2024-03-31 13298930 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13298930 core:FurnitureFittings 2024-03-31 13298930 1 2024-03-31 13298930 bus:SmallEntities 2023-04-01 2024-03-31 13298930 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13298930 bus:FilletedAccounts 2023-04-01 2024-03-31 13298930 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13298930 bus:Director1 2023-04-01 2024-03-31 13298930 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13298930 core:FurnitureFittings 2023-04-01 2024-03-31 13298930 countries:EnglandWales 2023-04-01 2024-03-31 13298930 1 2023-04-01 2024-03-31 13298930 2023-03-31 13298930 core:FurnitureFittings 2023-03-31 13298930 1 2023-03-31 13298930 2022-04-01 2023-03-31 13298930 2023-03-31 13298930 core:CurrentFinancialInstruments 2023-03-31 13298930 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13298930 core:FurnitureFittings 2023-03-31 13298930 1 2023-03-31 13298930 1 2022-04-01 2023-03-31 13298930 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 13298930

CP Funding Solutions Limited

Unaudited Filleted Financial Statements

31 March 2024

 

CP Funding Solutions Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

CP Funding Solutions Limited

(Registration number: 13298930)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

366

550

Current assets

 

Debtors

5

8,226

24,435

Cash at bank and in hand

 

3,536

10,136

 

11,762

34,571

Creditors: Amounts falling due within one year

6

(22,202)

(9,619)

Net current (liabilities)/assets

 

(10,440)

24,952

Net (liabilities)/assets

 

(10,074)

25,502

Capital and reserves

 

Called up share capital

500

500

Profit and loss account

(10,574)

25,002

Shareholders' (deficit)/funds

 

(10,074)

25,502

 

CP Funding Solutions Limited

(Registration number: 13298930)
Statement of Financial Position as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 29 April 2024 and signed on its behalf by:
 


Mr C A Preston
Director

 

CP Funding Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is Procters Barn, Spriddlestone, Plymouth, Devon, PL9 0DW.

Principal activity

The principal activity of the company is that of financial services.

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 compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current
assets.

The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

 

CP Funding Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Tax

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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

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 - 20% 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

 

CP Funding Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which 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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

CP Funding Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2023

918

918

At 31 March 2024

918

918

Depreciation

At 1 April 2023

368

368

Charge for the year

184

184

At 31 March 2024

552

552

Carrying amount

At 31 March 2024

366

366

At 31 March 2023

550

550

5

Debtors

2024
£

2023
£

Trade debtors

-

19,508

Other debtors

8,226

4,927

8,226

24,435

 

CP Funding Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

-

8,466

Accruals and deferred income

1,224

1,140

Other creditors

20,978

13

22,202

9,619

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Directors

4,927

(38,312)

12,480

(20,905)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Directors

(6,472)

(312)

11,711

4,927