Company registration number 09665071 (England and Wales)
CFI GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CFI GROUP LTD
COMPANY INFORMATION
Directors
Mr J L Gray
Mrs F Gray
Company number
09665071
Registered office
1 Hafren Way
Stourport
Worcestershire
DY13 8SJ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
NatWest Bank Plc
High Street
Kidderminster
Worcestershire
DY10 2DL
CFI GROUP LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
CFI GROUP LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CFI GROUP LTD FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CFI Group Ltd for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of CFI Group Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of CFI Group Ltd and state those matters that we have agreed to state to the board of directors of CFI Group Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CFI Group Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that CFI Group Ltd 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 profit of CFI Group Ltd. You consider that CFI Group Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of CFI Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
4 July 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
CFI GROUP LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
881,053
561,792
Investments
4
2,999,102
2,999,102
3,880,155
3,560,894
Current assets
Debtors
5
1,235,523
791,853
Cash at bank and in hand
1,927,059
1,685,581
3,162,582
2,477,434
Creditors: amounts falling due within one year
6
(948,247)
(1,026,950)
Net current assets
2,214,335
1,450,484
Total assets less current liabilities
6,094,490
5,011,378
Provisions for liabilities
7
(175,848)
(82,648)
Net assets
5,918,642
4,928,730
Capital and reserves
Called up share capital
8
200
4
Other reserves
9
1,499,000
1,499,000
Profit and loss reserves
4,419,442
3,429,726
Total equity
5,918,642
4,928,730

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 December 2023 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 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.

CFI GROUP LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 4 July 2024 and are signed on its behalf by:
Mr J L Gray
Director
Company registration number 09665071 (England and Wales)
CFI GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

CFI Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Hafren Way, Stourport, Worcestershire, DY13 8SJ.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

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:

Fixtures and fittings
5% on cost
Plant and machinery
20% on reducing balance
Exhibition furniture
15% on cost
Motor vehicles
20% on reducing balance

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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Taxation

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

CFI GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.

1.6
Employee benefits

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

1.7
Retirement benefits

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).

2023
2022
Number
Number
Total
2
2
CFI GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Plant and machinery
Exhibition furniture
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
13,769
31,374
204,971
456,956
707,070
Additions
-
0
13,573
257,491
232,436
503,500
Disposals
-
0
-
0
-
0
(33,995)
(33,995)
At 31 December 2023
13,769
44,947
462,462
655,397
1,176,575
Depreciation and impairment
At 1 January 2023
688
8,688
42,423
93,479
145,278
Depreciation charged in the year
688
6,801
51,612
102,021
161,122
Eliminated in respect of disposals
-
0
-
0
-
0
(10,878)
(10,878)
At 31 December 2023
1,376
15,489
94,035
184,622
295,522
Carrying amount
At 31 December 2023
12,393
29,458
368,427
470,775
881,053
At 31 December 2022
13,081
22,686
162,548
363,477
561,792
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
2,999,102
2,999,102
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
969,147
528,755
Other debtors
266,376
263,098
1,235,523
791,853
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
940,784
1,025,015
Taxation and social security
5,527
-
0
Other creditors
1,936
1,935
948,247
1,026,950
CFI GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
175,848
82,648
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
-
4
-
4
Ordinary A of £1 each
170
-
170
-
Ordinary B of £1 each
30
-
30
-
200
4
200
4

During the year, the company underwent a share reorganisation.

 

The company issued a further 196 Ordinary shares of £1 each via a bonus issue. Subsequently, the company then passed a special resolution by reclassifying 200 Ordinary £1 shares into 170 Ordinary A £1 shares and 30 Ordinary B £1 shares. The rights and privileges attached to these shares remain unaltered.

9
Other reserves
Merger reserve
£
At the beginning of the year
1,499,000
At the end of the year
1,499,000
10
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

CFI GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
11
Directors' transactions

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

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan accounts
2.25
263,098
401,450
1,828
(400,000)
266,376
263,098
401,450
1,828
(400,000)
266,376

The directors' loan accounts were fully repaid within nine months of the year end.

12
Ultimate controlling party

The ultimate controlling party is Mr J L Gray and Mrs F Gray.

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