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COMPANY REGISTRATION NUMBER: 01746004
Central Plate Services Limited
Filleted Unaudited Financial Statements
31 March 2024
Central Plate Services Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
Central Plate Services Limited
Officers and Professional Advisers
The board of directors
Mr T Horton
Mrs A R Horton
Registered office
Richards Street
Darlaston
West Midlands
WS10 8BZ
Accountants
BSN Associates Limited
Chartered Accountants
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Central Plate Services Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
121,313
185,782
Current assets
Stocks
1,049,799
1,336,697
Debtors
6
2,091,331
2,859,224
Cash at bank and in hand
1,690,669
1,324,597
------------
------------
4,831,799
5,520,518
Creditors: amounts falling due within one year
7
1,561,597
2,236,453
------------
------------
Net current assets
3,270,202
3,284,065
------------
------------
Total assets less current liabilities
3,391,515
3,469,847
Creditors: amounts falling due after more than one year
8
28,441
51,232
Provisions
Taxation including deferred tax
10
17,609
20,042
------------
------------
Net assets
3,345,465
3,398,573
------------
------------
Capital and reserves
Called up share capital
11
666
666
Capital redemption reserve
12
333
333
Profit and loss account
12
3,344,466
3,397,574
------------
------------
Shareholders funds
3,345,465
3,398,573
------------
------------
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.
For the 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 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 .
Central Plate Services Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr T Horton
Director
Company registration number: 01746004
Central Plate Services Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is limited by shares and registered in England and Wales. The principal activity of the company is that of steel stockholding. The company's registered office is at Richards Street, Darlaston, West Midlands,WS10 8BZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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. The length of reporting period has changed from 13 to 12 months as the company extended the period in the prior year and therefore comparatives are not entirely comparable.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
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. 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 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:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
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 as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 13 (2023: 13 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
88,688
40,282
238,773
367,743
Additions
4,112
566
4,678
Disposals
( 31,729)
( 31,729)
--------
--------
---------
---------
At 31 March 2024
88,688
44,394
207,610
340,692
--------
--------
---------
---------
Depreciation
At 1 April 2023
43,676
26,491
111,794
181,961
Charge for the year
6,212
4,290
43,310
53,812
Disposals
( 16,394)
( 16,394)
--------
--------
---------
---------
At 31 March 2024
49,888
30,781
138,710
219,379
--------
--------
---------
---------
Carrying amount
At 31 March 2024
38,800
13,613
68,900
121,313
--------
--------
---------
---------
At 31 March 2023
45,012
13,791
126,979
185,782
--------
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2024
41,058
--------
At 31 March 2023
71,583
--------
6. Debtors
2024
2023
£
£
Trade debtors
1,878,816
2,836,026
Amounts owed by group undertakings
103,865
Prepayments and accrued income
22,931
23,198
Other debtors
85,719
------------
------------
2,091,331
2,859,224
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
85,719
--------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,328,895
2,109,225
Accruals and deferred income
10,304
9,478
Corporation tax
128,140
56,602
Social security and other taxes
82,793
43,470
Obligations under finance leases and hire purchase contracts
8,257
14,550
Other creditors
3,208
3,128
------------
------------
1,561,597
2,236,453
------------
------------
Bank loans and overdrafts are secured over the debts of the company.
Hire purchase obligations included above are secured over the specific asset of the company they relate to.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
28,441
51,232
--------
--------
Hire purchase obligations included above are secured over the specific asset of the company they relate to.
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
8,257
14,550
Later than 1 year and not later than 5 years
28,441
51,232
--------
--------
36,698
65,782
--------
--------
10. Provisions
Deferred tax
£
At 1 April 2023
20,042
Additions
( 2,433)
--------
At 31 March 2024
17,609
--------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary Shares shares of £ 1 each
582
582
582
582
B Ordinary Shares shares of £ 1 each
50
50
50
50
C Ordinary Shares shares of £ 1 each
34
34
34
34
----
----
----
----
666
666
666
666
----
----
----
----
All shares rank equally except in relation to dividends, where dividends can be voted to each class of shares as the directors decide.
12. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
13. Related party transactions
During the period the company made sales of £330,450 (2023: £431,621) to Aldridge Builders Beams Limited, a company in which T Horton is a director and shareholder, of which £58,722 (2023: £96,683) is outstanding at year end. The company made purchases of £Nil (2023: £20,010) of which £Nil (2023: £Nil) was owed to Aldridge Builders Beams Limited at the year end. At the year end, there is a balance owed to the company by Aldridge Builders Beams Limited of £85,719 (2023: £Nil) which is included within other debtors. During the year the company paid dividends of £400,414 to Central Plate Services Holdings Limited, its parent company.
14. Controlling party
The ultimate parent company is Central Plate Services Holdings Limited, a company registered in England and Wales. Their registered office address is Phoenix Works, Richards Street, Wednesbury, United Kingdom WS10 8BZ.