Company registration number 10787873 (England and Wales)
CSS Property Limited
Unaudited financial statements
For the year ended 31 October 2023
CSS Property Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
CSS Property Limited
Statement of financial position
As at 31 October 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
322,944
322,944
Current assets
Debtors
3
12,226
26,211
Cash at bank and in hand
2,532
461
14,758
26,672
Creditors: amounts falling due within one year
4
(185,220)
(174,237)
Net current liabilities
(170,462)
(147,565)
Total assets less current liabilities
152,482
175,379
Creditors: amounts falling due after more than one year
5
(245,890)
(256,918)
Net liabilities
(93,408)
(81,539)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(93,410)
(81,541)
Total equity
(93,408)
(81,539)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CSS Property Limited
Statement of financial position (continued)
As at 31 October 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr J Digwood
Mrs H Digwood
Director
Director
Company registration number 10787873 (England and Wales)
CSS Property Limited
Notes to the financial statements
For the year ended 31 October 2023
- 3 -
1
Accounting policies
Company information
CSS Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke on Trent, Staffordshire, ST1 5SQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The directors are satisfied that the company is a going concern. Financial support is provided by related companies, who continue to support the company.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. The amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Freehold land and buildings
Nil
Leasehold improvements
Nil
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CSS Property Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including bank loans & loans from fellow group companies, these are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
CSS Property Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Tangible fixed assets
Land and buildings
£
Cost
At 1 November 2022 and 31 October 2023
322,944
Depreciation and impairment
At 1 November 2022 and 31 October 2023
Carrying amount
At 31 October 2023
322,944
At 31 October 2022
322,944
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,001
Other debtors
12,226
12,210
12,226
26,211
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,947
6,470
Taxation and social security
14
1,575
Other creditors
178,259
166,192
185,220
174,237
CSS Property Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
- 6 -
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
245,890
256,918
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
246,684