1 January 2023 v2024.36.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP084280572023-01-012023-12-31084280572023-12-31084280572022-12-3108428057core:WithinOneYear2023-12-3108428057core:WithinOneYear2022-12-3108428057core:AfterOneYear2023-12-3108428057core:AfterOneYear2022-12-3108428057core:ShareCapital2023-12-3108428057core:ShareCapital2022-12-3108428057core:RetainedEarningsAccumulatedLosses2023-12-3108428057core:RetainedEarningsAccumulatedLosses2022-12-3108428057bus:Director12023-01-012023-12-3108428057bus:RegisteredOffice2023-01-012023-12-3108428057core:FurnitureFittings2023-01-012023-12-3108428057core:OfficeEquipment2023-01-012023-12-31084280572022-01-012022-12-3108428057core:PlantMachinery2023-12-3108428057core:PlantMachinery2023-01-0108428057core:PlantMachinery2023-01-012023-12-3108428057core:PlantMachinery2022-12-310842805712023-01-012023-12-3108428057countries:EnglandWales2023-01-012023-12-3108428057bus:AuditExemptWithAccountantsReport2023-01-012023-12-3108428057bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108428057bus:SmallEntities2023-01-012023-12-3108428057bus:FullAccounts2023-01-012023-12-31
Company registration number:
08428057
CV22 Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2023
CV22 Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of CV22 Limited
Year ended
31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
CV22 Limited
for the year ended
31 December 2023
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
CV22 Limited
, as a body, in accordance with the terms of my engagement letter dated 12 March 2024. My work has been undertaken solely to prepare for your approval the
financial statements
of
CV22 Limited
and state those matters that I have agreed to state to the Board of Directors of
CV22 Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
CV22 Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
CV22 Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and loss of
CV22 Limited
. You consider that
CV22 Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of CV22 Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Emery & Co Accountants Limited
Office Suite 10
The Old Cottage Hospital
Leicester Road
Ashby-De-La-Zouch
LE65 1DB
United Kingdom
Date:
6 August 2024
CV22 Limited
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
47,007
 
64,124
 
Current assets    
Stocks
15,290
 
11,841
 
Debtors 6
16,883
 
11,961
 
Cash at bank and in hand
14,615
 
26,938
 
46,788
 
50,740
 
Creditors: amounts falling due within one year 7
(270,538
)
(263,419
)
Net current liabilities
(223,750
)
(212,679
)
Total assets less current liabilities (176,743 ) (148,555 )
Creditors: amounts falling due after more than one year 8
(19,291
)
(29,624
)
Net liabilities
(196,034
)
(178,179
)
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(196,134
)
(178,279
)
Shareholders deficit
(196,034
)
(178,179
)
For the year ending
31 December 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
6 August 2024
, and are signed on behalf of the board by:
Mr O Taylor
Director
Company registration number:
08428057
CV22 Limited
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
2 Lawrence Sheriff Street
,
Rugby
,
Warwickshire
,
CV22 5EJ
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
The director has considered available cash resources over the next 12 months, and he feels that the company is in a position to meet its liabilities as and when they fall due for a period of at least 12 months from the signing of these accounts.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
25% Reducing Balance
Office equipment
33% straight line

Impairment

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.

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 stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured at fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2022:
1.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2023
and
31 December 2023
114,911
 
Depreciation  
At
1 January 2023
50,787
 
Charge
17,117
 
At
31 December 2023
67,904
 
Carrying amount  
At
31 December 2023
47,007
 
At 31 December 2022
64,124
 

6 Debtors

20232022
££
Trade debtors
3,951
 
6,339
 
Other debtors
12,932
 
5,622
 
16,883
 
11,961
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
10,454
 
10,575
 
Trade creditors
13,284
 
32,229
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
237,631
 
203,551
 
Taxation and social security
6,399
 
8,357
 
Other creditors
2,770
 
8,707
 
270,538
 
263,419
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
19,291
 
29,624
 

9 Director's advances, credit and guarantees

Included in other debtors is an amount of £6,603 (2022: other creditors: £4,172) representing amounts due to the director, Mr O Taylor. This loan is interest free and repayable on demand. The loan was repaid by Mr O Taylor within 9 months of the year end.

11 Controlling party

The ultimate controlling party is the director, Mr O Taylor, by virtue of his majority shareholding.