2023-04-012024-03-312024-03-31false04608510CGM Cumbria Granite & Marble 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CGM Cumbria Granite & Marble Limited

Registered Number
04608510
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

CGM Cumbria Granite & Marble Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

AGNEW, Jacqueline
AGNEW, Robert

Registered Address

Unit 27 Escott Business Park
Rome Street
Carlisle
CA2 5LE

Registered Number

04608510 (England and Wales)
CGM Cumbria Granite & Marble Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3181,006219,920
181,006219,920
Current assets
Stocks4120,000105,000
Debtors579,302116,987
Cash at bank and on hand314,007344,244
513,309566,231
Creditors amounts falling due within one year6(141,626)(249,024)
Net current assets (liabilities)371,683317,207
Total assets less current liabilities552,689537,127
Provisions for liabilities7(45,200)(31,400)
Net assets507,489505,727
Capital and reserves
Called up share capital200200
Profit and loss account507,289505,527
Shareholders' funds507,489505,727
The financial statements were approved and authorised for issue by the Board of Directors on 22 August 2024, and are signed on its behalf by:
AGNEW, Robert
Director
Registered Company No. 04608510
CGM Cumbria Granite & Marble Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Vehicles25
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight-line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year45
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 April 23677,753171,5092,235851,497
Additions2,891157,195-160,086
Disposals-(207,204)-(207,204)
At 31 March 24680,644121,5002,235804,379
Depreciation and impairment
At 01 April 23596,74332,6312,203631,577
Charge for year20,5543,865824,427
On disposals-(32,631)-(32,631)
At 31 March 24617,2973,8652,211623,373
Net book value
At 31 March 2463,347117,63524181,006
At 31 March 2381,010138,87832219,920
4.Stocks

2024

2023

££
Raw materials and consumables120,000105,000
Total120,000105,000
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables72,992109,854
Prepayments and accrued income6,3107,133
Total79,302116,987
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables8,0653,304
Taxation and social security40,87186,558
Other creditors76,575151,749
Accrued liabilities and deferred income16,1157,413
Total141,626249,024
7.Provisions for liabilities
The provision for deferred tax relates to accelerated capital allowances on fixed assets and is made up as follows:

2024

2023

££
Net deferred tax liability (asset)45,20031,400
Total45,20031,400
8.Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,518 (2023 - £1,853). The Company also contributes to the directors personal pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £120,380 (2023 - £80,267).
9.Related party transactions
During the year the directors had a loan account with the company. At the balance sheet date the company owed the directors £64,463 (2022 - £151,385). This loan is unsecured, interest free and repayable upon demand.