REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Period |
1 July 2022 to 31 December 2023 |
for |
C.G. Fixings Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Period |
1 July 2022 to 31 December 2023 |
for |
C.G. Fixings Limited |
C.G. Fixings Limited (Registered number: 04666779) |
Contents of the Financial Statements |
for the Period 1 July 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Cash Flow Statement | 10 |
Notes to the Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 |
C.G. Fixings Limited |
Company Information |
for the Period 1 July 2022 to 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
C.G. Fixings Limited (Registered number: 04666779) |
Strategic Report |
for the Period 1 July 2022 to 31 December 2023 |
The directors present their strategic report for the period ended 31 December 2023. |
REVIEW OF BUSINESS |
Through good management and business decisions the company has achieved significant growth in the last few years with turnover increasing above £60 million for the 18 month period. The company's gross profit margin of 13.6% is considered satisfactory. Profit before taxation for the 18 month period amounted to £1,305,317 (2022: £849,554). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors consider the principal risks to the company to be the stock purchasing costs and the stock availability required to service the level of sales. The company takes measures to mitigate the risk of changing purchasing costs and stock availability by buying in bulk. |
DEVELOPMENT AND PERFORMANCE |
Results for the months post period end show sustained turnover and gross profit in line with the previous financial period. This is expected to continue throughout the year to 31 December 2024. |
KEY PERFORMANCE INDICATORS |
The management team use turnover and gross margin analysis as the Key Performance Indicators. Given the straightforward nature of the business, the company's directors are of the opinion that analysis using other Key Performance Indicators is not necessary for an understanding of the development and performance of the entity. |
FUTURE DEVELOPMENTS |
The outlook for the company continues to be positive, as the management team continue to use their knowledge and experience in the industry to maintain and increase its position in the market both locally and nationally. |
ON BEHALF OF THE BOARD: |
C.G. Fixings Limited (Registered number: 04666779) |
Report of the Directors |
for the Period 1 July 2022 to 31 December 2023 |
The directors present their report with the financial statements of the company for the period 1 July 2022 to 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of the sale of power tools and related items. |
DIVIDENDS |
The total distribution of dividends for the period ended 31 December 2023 will be £685,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
C.G. Fixings Limited |
Opinion |
We have audited the financial statements of C.G. Fixings Limited (the 'company') for the period ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
C.G. Fixings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions. |
We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. |
Report of the Independent Auditors to the Members of |
C.G. Fixings Limited |
Auditors' responsibilities for the audit of the financial statements (continued) |
Audit procedures performed by the engagement team included: |
- | Enquiry of management and those charged with governance around actual and potential litigation and claims. |
- | Enquiry of entity staff to identify any instances of non-compliance with laws and regulations. |
- | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- | Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
- | Challenging estimates and judgements made by management in their significant accounting estimates. |
- | Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
C.G. Fixings Limited (Registered number: 04666779) |
Statement of Comprehensive |
Income |
for the Period 1 July 2022 to 31 December 2023 |
Period |
1.7.22 |
to | Year Ended |
31.12.23 | 30.6.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,445,819 | 924,960 |
Other operating income |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
C.G. Fixings Limited (Registered number: 04666779) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
C.G. Fixings Limited (Registered number: 04666779) |
Statement of Changes in Equity |
for the Period 1 July 2022 to 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
C.G. Fixings Limited (Registered number: 04666779) |
Cash Flow Statement |
for the Period 1 July 2022 to 31 December 2023 |
Period |
1.7.22 |
to | Year Ended |
31.12.23 | 30.6.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
HP repayments in year | ( |
) | ( |
) |
Loan repayments in year | (471,139 | ) | (305,250 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
4,341,625 |
Cash and cash equivalents at end of period |
2 |
930,384 |
1,546,866 |
C.G. Fixings Limited (Registered number: 04666779) |
Notes to the Cash Flow Statement |
for the Period 1 July 2022 to 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.7.22 |
to | Year Ended |
31.12.23 | 30.6.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 175,529 | 87,464 |
1,814,508 | 1,136,628 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 December 2023 |
31.12.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 930,384 | 1,546,866 |
Year ended 30 June 2022 |
30.6.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 1,546,866 | 4,341,625 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.7.22 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 1,546,866 | (616,482 | ) | 930,384 |
1,546,866 | ( |
) | 930,384 |
Debt |
Finance leases | (288,566 | ) | 124,483 | (164,083 | ) |
Debts falling due within 1 year | (316,246 | ) | 16,662 | (299,584 | ) |
Debts falling due after 1 year | (1,502,669 | ) | 454,477 | (1,048,192 | ) |
(2,107,481 | ) | 595,622 | (1,511,859 | ) |
Total | (560,615 | ) | (20,860 | ) | (581,475 | ) |
C.G. Fixings Limited (Registered number: 04666779) |
Notes to the Financial Statements |
for the Period 1 July 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
C.G. Fixings Limited is a |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
The company has changed its accounting reference period from 30 June to 31 December for administrative purposes. The comparative figures therefore shown in these financial statements are not entirely comparable as they represent 12 months trading to 30 June 2022 compared to 18 months trading to 31 December 2023. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the companies accounting policies. the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. 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. |
The judgement (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that has the most significant effect on the amounts recognised in the financial statements is the value of rebates receivable that is included in the carrying amount of closing stock at the balance sheet date. This value is based on an average percentage of total rebates expected to be received in the year from a given purchasing level that has been achieved. |
The value of rebates receivable is calculated based on managements best estimations using historic and current information and 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction can be measured reliably. This is usually on the dispatch of the goods. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, was amortised evenly over its estimated useful life. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost or valuation less any accumulated amortisation and any accumulated impairment losses. |
Website valuation is being amortised evenly over its estimated useful life of five years. |
Software licences are being amortised evenly over their estimated useful lives of five years. |
C.G. Fixings Limited (Registered number: 04666779) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Stocks |
Stocks are stated at the lower of cost (less rebates receivable) 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 stock to its present location and condition. Cost is calculated using the average cost formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
C.G. Fixings Limited (Registered number: 04666779) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors and creditors receivable / payable within one year |
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. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives. |
The interest element of these obligations is charged to the profit and loss over the relevant period. The capital element of the future payments is treated as a liability. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.7.22 |
to | Year Ended |
31.12.23 | 30.6.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.7.22 |
to | Year Ended |
31.12.23 | 30.6.22 |
Management & administration | 2 | 2 |
Operational | 36 | 29 |
C.G. Fixings Limited (Registered number: 04666779) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
Period |
1.7.22 |
to | Year Ended |
31.12.23 | 30.6.22 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.7.22 |
to | Year Ended |
31.12.23 | 30.6.22 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Software licences amortisation |
Website valuation amortisation |
Auditors remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.7.22 |
to | Year Ended |
31.12.23 | 30.6.22 |
£ | £ |
Bank loan interest and charges |
Hire purchase |
C.G. Fixings Limited (Registered number: 04666779) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 December 2023 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.7.22 |
to | Year Ended |
31.12.23 | 30.6.22 |
£ | £ |
Current tax: |
UK corporation tax |
Prior year under/(over) provision of tax | - | (3,181 | ) |
Total current tax |
Deferred taxation |
Tax on profit |
UK corporation tax has been charged at 22.19% (2022 - 19%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.7.22 |
to | Year Ended |
31.12.23 | 30.6.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods |
Other adjustments | (470 | ) | 276 |
Capital allowances super deduction | (6,701 | ) | (2,887 | ) |
Deferred tax change in rate | 30,068 | - |
Total tax charge | 322,000 | 236,819 |
8. | DIVIDENDS |
Period |
1.7.22 |
to | Year Ended |
31.12.23 | 30.6.22 |
£ | £ |
Ordinary shares shares of £1 each |
Interim |
C.G. Fixings Limited (Registered number: 04666779) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 December 2023 |
9. | INTANGIBLE FIXED ASSETS |
Software | Website |
Goodwill | licences | valuation | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 |
and 31 December 2023 |
AMORTISATION |
At 1 July 2022 |
Amortisation for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2022 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2022 |
Included in the total net book value of plant and machinery was £251,905 (2022: £349,824) in respect of assets held under hire purchase contracts. |
C.G. Fixings Limited (Registered number: 04666779) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 December 2023 |
11. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 July 2022 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2022 |
12. | STOCKS |
2023 | 2022 |
£ | £ |
Goods for resale |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Taxation |
Social security and other taxes |
VAT | 102,422 | 121,947 |
Other creditors |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
C.G. Fixings Limited (Registered number: 04666779) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 December 2023 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans - less than 1 year |
Amounts falling due between one and two years: |
Bank loans - greater than 1 year |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans - more than 5 years | 493,080 | 195,716 |
17. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year | 78,415 | 74,945 |
Between one and five years | 288,566 | 336,126 |
In more than five years | - | 30,855 |
366,981 | 441,926 |
C.G. Fixings Limited (Registered number: 04666779) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 December 2023 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 164,083 | 288,566 |
Bank loans and overdrafts are secured by a first legal charge over the freehold land and buildings, a debenture over the assets of the company. |
Hire purchase liabilities are secured on the assets to which they relate. |
Included in the bank loans are: |
A bank loan of £411,139 repayable by 120 monthly instalments of £3,949 commencing October 2021 and a final installment of an amount sufficient to repay the loan and interest in full. Interest is charged at base rate plus 2.9%. |
A bank loan of £506,000 repayable by 60 monthly instalments of £2,943 commencing September 2018 and a final instalment of an amount sufficient to repay the loan and interest in full. Interest is charged at base rate plus 2.8%. |
A bank loan of £1,300,000 granted under the Coronavirus Business Interruption Scheme. No interest or capital repayments were payable by the company during the first 12 months. The loan is repayable 72 months after drawdown (April 2026) by 60 monthly instalments of £21,667 commencing May 2021. Interest is charged at base rate plus 3.89%. |
The security for the above loans is detailed above. |
19. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 105,000 | 95,000 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Provided during period |
Balance at 31 December 2023 |
C.G. Fixings Limited (Registered number: 04666779) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 December 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
Ordinary A shares | £1 | 100 | 100 |
200 | 200 |
21. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2022 |
Profit for the period |
Dividends | ( |
) |
At 31 December 2023 |
Retained earnings |
Retained earnings represents cumulative profits and losses net of dividends and other adjustments. |
22. | PENSION COMMITMENTS |
The company operates a defined contributions pension scheme. The pension cost charge to the profit & loss represents contributions payable by the company to the fund and amounted to £31,540 (2022: £15,992). Contributions outstanding at the year end amounted to £nil (2022: £3,292). |