Company registration number 05844434 (England and Wales)
CGW LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CGW LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CGW LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
23,543
42,537
Current assets
Stocks
34,024
33,000
Debtors
5
263,321
203,007
Cash at bank and in hand
23,526
55,316
320,871
291,323
Creditors: amounts falling due within one year
6
(155,096)
(161,237)
Net current assets
165,775
130,086
Total assets less current liabilities
189,318
172,623
Creditors: amounts falling due after more than one year
7
(15,000)
(32,674)
Provisions for liabilities
(4,726)
(10,634)
Net assets
169,592
129,315
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
169,492
129,215
Total equity
169,592
129,315

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved and signed by the director and authorised for issue on 5 September 2024
Mr Zabir Ali
Director
Company registration number 05844434 (England and Wales)
CGW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

CGW Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 West Borough, Wimborne, East Dorset, BH21 1NF.

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. The principal accounting policies adopted are set out below.

1.2
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 (usually on dispatch of the goods), 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.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 12 years.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% reducing balance
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

CGW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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 balance sheet 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CGW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
232,754
Amortisation and impairment
At 1 December 2022 and 30 November 2023
232,754
Carrying amount
At 30 November 2023
-
0
At 30 November 2022
-
0
CGW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 December 2022
4,762
163,825
78,888
247,475
Additions
-
0
2,490
5,928
8,418
At 30 November 2023
4,762
166,315
84,816
255,893
Depreciation and impairment
At 1 December 2022
4,175
137,379
63,384
204,938
Depreciation charged in the year
117
16,732
10,563
27,412
At 30 November 2023
4,292
154,111
73,947
232,350
Carrying amount
At 30 November 2023
470
12,204
10,869
23,543
At 30 November 2022
587
26,446
15,504
42,537
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
28,561
23,913
Other debtors
234,760
179,094
263,321
203,007
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
44,027
46,054
Corporation tax
57,242
32,813
Other taxation and social security
4,659
8,965
Other creditors
39,168
63,405
155,096
161,237
CGW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,000
24,771
Other creditors
-
0
7,903
15,000
32,674
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
256,667
-
0
9
Related party transactions

The company has an existing loan with Romsey Optical Limited, a company in which Mr Zabir Ali is a director. At the year end, a balance of £28,000 (2022 - £20,000) was outstanding being included in debtors: amounts falling due within one year.

 

The company has an existing loan with Wimborne Limited, a company in which Mr Zabir Ali is a director. At the year end, a balance of £22,720 (2022 - £9,345) was outstanding being included in debtors: amounts falling due within one year.

 

The company has an existing loan with Wessex Optical Limited, a company in which Mr Zabir Ali is a director. At the year end, a balance of £151,701 (2022 - £21,000) was outstanding being included in debtors: amounts falling due within one year.

 

The company has an existing loan with Wallisdown Optical Limited, a company in which Mr Zabir Ali is a director. At the year end, a balance of £17,000 (2022 - £63,098) was outstanding being included in debtors: amounts falling due within one year.

 

During the year the company made a loan to Lymington Optical Limited, a company in which Mr Zabir Ali is a director. At the year end, a balance of £7,000 (2022 - £nil) was outstanding being included in debtors: amounts falling due within one year.

 

During the year the company made a loan to Wessex Estates Limited, a company in which Mr Zabir Ali is a director. At the year end, a balance of £3,000 (2022 - £nil) was outstanding being included in debtors: amounts falling due within one year.

 

The company has an existing loan with Zabir Ali Optical Limited, a company in which Mr Zabir Ali is a director. At the year end, a balance of £24,592 (2022 - £42,950) was outstanding being included in creditors: amounts falling due within one year.

CGW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
10
Directors' transactions

Dividends totalling £31,122 (2022 - £0) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr Zabir Ali -
-
56,480
(56,480)
-
56,480
(56,480)
-
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