Company Registration No. 03635778 (England and Wales)
Central Contracts (S-O-T) Limited
Unaudited accounts
for the year ended 31 January 2024
Central Contracts (S-O-T) Limited
Unaudited accounts
Contents
Central Contracts (S-O-T) Limited
Company Information
for the year ended 31 January 2024
Directors
Gareth Roberts
Brynley Jones
Marc Hallsworth
Michael Lloyd
Timothy Alcock
Company Number
03635778 (England and Wales)
Registered Office
Central House
Trentham Business Quarter Bellringer Roa
Stoke on Trent
Staffordshire
ST4 8GB
United Kingdom
Central Contracts (S-O-T) Limited
Statement of financial position
as at 31 January 2024
Tangible assets
158,532
148,316
Cash at bank and in hand
218,929
219,787
Creditors: amounts falling due within one year
(748,512)
(670,453)
Net current assets
505,560
429,309
Total assets less current liabilities
664,092
577,625
Creditors: amounts falling due after more than one year
(64,847)
(109,645)
Provisions for liabilities
Deferred tax
(16,420)
(24,604)
Net assets
582,825
443,376
Called up share capital
616
616
Profit and loss account
582,209
442,760
Shareholders' funds
582,825
443,376
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by
Michael Lloyd
Director
Company Registration No. 03635778
Central Contracts (S-O-T) Limited
Notes to the Accounts
for the year ended 31 January 2024
Central Contracts (S-O-T) Limited is a private company, limited by shares, registered in England and Wales, registration number 03635778. The registered office is Central House, Trentham Business Quarter Bellringer Roa, Stoke on Trent, Staffordshire, ST4 8GB, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Significant judgements and estimates
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.
(a) Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See tangible assets note for the carrying amount of the assets and the accounting policy for the useful economic lives for each class of assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Central Contracts (S-O-T) Limited
Notes to the Accounts
for the year ended 31 January 2024
Tangible fixed assets and depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Computer software & equipment held at valuation is stated at deemed cost at the date of transition to FRS 102 less accumulated depreciation and accumulated impairment losses. The company has adopted the transitional exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
A review for indicators of impairment is carried out at each reporting date, with 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 purpose 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. The cash- generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or group of assets.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
15% reducing balance
Computer equipment
20% straight line
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Central Contracts (S-O-T) Limited
Notes to the Accounts
for the year ended 31 January 2024
4
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 February 2023
7,191
104,930
173,707
348,709
634,537
Additions
-
36,698
2,533
7,533
46,764
Disposals
-
-
(11,660)
(3,588)
(15,248)
At 31 January 2024
7,191
141,628
164,580
352,654
666,053
At 1 February 2023
7,191
30,974
105,857
342,199
486,221
Charge for the year
-
18,489
9,730
3,492
31,711
On disposals
-
-
(6,823)
(3,588)
(10,411)
At 31 January 2024
7,191
49,463
108,764
342,103
507,521
At 31 January 2024
-
92,165
55,816
10,551
158,532
At 31 January 2023
-
73,956
67,850
6,510
148,316
Amounts falling due within one year
Trade debtors
255,738
237,641
Accrued income and prepayments
50,749
54,731
Other debtors
728,656
587,603
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
45,106
45,755
Trade creditors
167,872
108,156
Taxes and social security
382,693
244,727
Other creditors
73,796
93,544
7
Creditors: amounts falling due after more than one year
2024
2023
The company is party to a cross guarantee and debenture dated 29 January 2008 between the company and Hallsworth Lloyd Associates Limited and Barclays Bank PLC covering the bank borrowings of itself and Hallsworth Lloyd Associates Limited.
The total liable amounts including it's own borrowings at 31 January 2024, amount to £206,357.
Central Contracts (S-O-T) Limited
Notes to the Accounts
for the year ended 31 January 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
B Jones
142,641
287,802
280,000
150,443
M Hallsworth
154,875
160,324
160,000
155,199
M Lloyd
175,274
169,406
165,760
178,920
472,806
617,532
605,760
484,578
10
Transactions with related parties
Transactions with directors are under normal market conditions and/or not material.
11
Post balance sheet events
There were no material events up to the date of approval of the financial statements by the board.
12
Average number of employees
During the year the average number of employees was 37 (2023: 38).