R.H. CAMBIDGE (STORAGE) LIMITED
Company registration number 00964784 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
R.H. CAMBIDGE (STORAGE) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
R.H. CAMBIDGE (STORAGE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
321,710
323,561
Investments
4
3,025,124
2,872,176
3,346,834
3,195,737
Current assets
Stocks
550
450
Debtors
5
141,644
132,871
Cash at bank and in hand
703,084
1,338,015
845,278
1,471,336
Creditors: amounts falling due within one year
6
(139,549)
(691,767)
Net current assets
705,729
779,569
Total assets less current liabilities
4,052,563
3,975,306
Provisions for liabilities
(181,044)
(129,613)
Net assets
3,871,519
3,845,693
Capital and reserves
Called up share capital
1,000
1,000
Non-distributable profits reserve
7
569,153
410,711
Distributable profit and loss reserves
3,301,366
3,433,982
Total equity
3,871,519
3,845,693
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 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.
R.H. CAMBIDGE (STORAGE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
Mr R B Cambidge
Director
Company registration number 00964784 (England and Wales)
R.H. CAMBIDGE (STORAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
R.H. Cambidge (Storage) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Argoed, Kinnerley, Oswestry, Shropshire, SY10 8DH.
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, modified to include the revaluation of certain financial instruments at fair value. 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.
1.3
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.
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:
Freehold land and buildings
Not depreciated
Plant and equipment
20% straight line
Fixtures and fittings
25% straight line
Motor vehicles
17.5% reducing balance
Freehold land and buildings are not depreciated as the current market value is greater than the cost.
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.
The depreciation rate of motor vehicles has been reduced from 25% reducing balance to 17.5% reducing balance, to reflect current market conditions.
1.4
Fixed asset investments
Investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
R.H. CAMBIDGE (STORAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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
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.
1.7
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.
1.8
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.
1.9
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.
1.10
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
R.H. CAMBIDGE (STORAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
572,216
255,814
828,030
Additions
10,191
10,191
At 31 March 2024
582,407
255,814
838,221
Depreciation and impairment
At 1 April 2023
300,603
203,866
504,469
Depreciation charged in the year
12,042
12,042
At 31 March 2024
300,603
215,908
516,511
Carrying amount
At 31 March 2024
281,804
39,906
321,710
At 31 March 2023
271,613
51,948
323,561
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
3,025,124
2,872,176
R.H. CAMBIDGE (STORAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
2,872,176
Additions
248,111
Valuation changes
301,301
Management charges
(14,236)
Disposals
(382,228)
At 31 March 2024
3,025,124
Carrying amount
At 31 March 2024
3,025,124
At 31 March 2023
2,872,176
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
51,644
54,244
Other debtors
90,000
78,627
141,644
132,871
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
120,259
103,979
Taxation and social security
13,910
82,788
Other creditors
5,380
505,000
139,549
691,767
7
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
410,711
837,390
Non distributable profits in the year
158,442
(426,679)
At the end of the year
569,153
410,711
R.H. CAMBIDGE (STORAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Charitable donations
2024
2023
£
£
Other related parties
450,802
500,000
Charitable donations were made to a charity that was founded by a director of the company.