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REGISTERED NUMBER: 04666779 (England and Wales)













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: Mrs S Guy
C M Guy





REGISTERED OFFICE: Park 2000
Millenium Way
Newton Aycliffe
DL5 6AR





REGISTERED NUMBER: 04666779 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
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 M Guy - Director


17 September 2024

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.

Mrs S Guy
C M Guy

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:





C M Guy - Director


17 September 2024

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.




Helen Wilson FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

18 September 2024

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 61,043,404 31,301,777

Cost of sales 52,724,579 26,527,432
GROSS PROFIT 8,318,825 4,774,345

Administrative expenses 6,873,006 3,849,385
1,445,819 924,960

Other operating income 35,027 12,058
OPERATING PROFIT 5 1,480,846 937,018


Interest payable and similar expenses 6 175,529 87,464
PROFIT BEFORE TAXATION 1,305,317 849,554

Tax on profit 7 322,000 236,819
PROFIT FOR THE FINANCIAL PERIOD 983,317 612,735

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

983,317

612,735

C.G. Fixings Limited (Registered number: 04666779)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 52,547 110,603
Tangible assets 10 1,753,852 1,866,907
Investments 11 1,300 1,300
1,807,699 1,978,810

CURRENT ASSETS
Stocks 12 6,698,635 7,166,385
Debtors 13 3,836,964 1,600,849
Cash at bank 930,384 1,546,866
11,465,983 10,314,100
CREDITORS
Amounts falling due within one year 14 6,754,361 5,497,182
NET CURRENT ASSETS 4,711,622 4,816,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,519,321

6,795,728

CREDITORS
Amounts falling due after more than one
year

15

(1,124,465

)

(1,709,189

)

PROVISIONS FOR LIABILITIES 19 (105,000 ) (95,000 )
NET ASSETS 5,289,856 4,991,539

CAPITAL AND RESERVES
Called up share capital 20 200 200
Retained earnings 21 5,289,656 4,991,339
SHAREHOLDERS' FUNDS 5,289,856 4,991,539

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





C M Guy - Director


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 200 4,797,112 4,797,312

Changes in equity
Dividends - (418,508 ) (418,508 )
Total comprehensive income - 612,735 612,735
Balance at 30 June 2022 200 4,991,339 4,991,539

Changes in equity
Dividends - (685,000 ) (685,000 )
Total comprehensive income - 983,317 983,317
Balance at 31 December 2023 200 5,289,656 5,289,856

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 1,232,220 (1,157,650 )
Interest paid (159,851 ) (72,438 )
Interest element of hire purchase payments
paid

(15,678

)

(15,026

)
Tax paid (230,000 ) (696,819 )
Net cash from operating activities 826,691 (1,941,933 )

Cash flows from investing activities
Purchase of intangible fixed assets - (7,171 )
Purchase of tangible fixed assets (162,551 ) (43,482 )
Net cash from investing activities (162,551 ) (50,653 )

Cash flows from financing activities
HP repayments in year (124,483 ) (78,415 )
Loan repayments in year (471,139 ) (305,250 )
Equity dividends paid (685,000 ) (418,508 )
Net cash from financing activities (1,280,622 ) (802,173 )

Decrease in cash and cash equivalents (616,482 ) (2,794,759 )
Cash and cash equivalents at beginning of
period

2

1,546,866

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 1,305,317 849,554
Depreciation charges 332,641 199,610
Loss on disposal of fixed assets 1,021 -
Finance costs 175,529 87,464
1,814,508 1,136,628
Decrease/(increase) in stocks 467,750 (3,089,884 )
Increase in trade and other debtors (2,236,115 ) (95,084 )
Increase in trade and other creditors 1,186,077 890,690
Cash generated from operations 1,232,220 (1,157,650 )

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 (616,482 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost and 10% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 25% on cost

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 1,518,023 755,862
Social security costs 143,535 70,312
Other pension costs 31,540 15,992
1,693,098 842,166

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
38 31

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 27,300 17,312

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 274,585 156,729
Loss on disposal of fixed assets 1,021 -
Software licences amortisation 26,527 21,862
Website valuation amortisation 31,529 21,019
Auditors remuneration 21,500 15,900

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.7.22
to Year Ended
31.12.23 30.6.22
£    £   
Bank loan interest and charges 159,851 72,438
Hire purchase 15,678 15,026
175,529 87,464

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 312,000 230,000
Prior year under/(over) provision of tax - (3,181 )
Total current tax 312,000 226,819

Deferred taxation 10,000 10,000
Tax on profit 322,000 236,819

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 1,305,317 849,554
Profit multiplied by the standard rate of corporation tax in the UK of
22.190% (2022 - 19%)

289,650

161,415

Effects of:
Expenses not deductible for tax purposes 9,453 55,779
Adjustments to tax charge in respect of previous periods - 22,236
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 685,000 418,508

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 55,000 87,445 105,095 247,540
AMORTISATION
At 1 July 2022 55,000 60,918 21,019 136,937
Amortisation for period - 26,527 31,529 58,056
At 31 December 2023 55,000 87,445 52,548 194,993
NET BOOK VALUE
At 31 December 2023 - - 52,547 52,547
At 30 June 2022 - 26,527 84,076 110,603

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 1,422,718 655,654 279,130 67,044 2,424,546
Additions - 50,001 85,211 27,339 162,551
Disposals - (649 ) (1,363 ) - (2,012 )
At 31 December 2023 1,422,718 705,006 362,978 94,383 2,585,085
DEPRECIATION
At 1 July 2022 133,159 263,216 124,354 36,910 557,639
Charge for period 42,682 134,812 72,619 24,472 274,585
Eliminated on disposal - (108 ) (883 ) - (991 )
At 31 December 2023 175,841 397,920 196,090 61,382 831,233
NET BOOK VALUE
At 31 December 2023 1,246,877 307,086 166,888 33,001 1,753,852
At 30 June 2022 1,289,559 392,438 154,776 30,134 1,866,907

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 1,300
NET BOOK VALUE
At 31 December 2023 1,300
At 30 June 2022 1,300

12. STOCKS
2023 2022
£    £   
Goods for resale 6,698,635 7,166,385

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,000 -
Other debtors 309,370 -
Prepayments and accrued income 3,509,594 1,600,849
3,836,964 1,600,849

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 299,584 316,246
Hire purchase contracts (see note 17) 87,810 82,046
Trade creditors 5,567,777 4,602,692
Taxation 312,000 230,000
Social security and other taxes 37,138 19,468
VAT 102,422 121,947
Other creditors - 3,292
Accruals and deferred income 347,630 121,491
6,754,361 5,497,182

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 16) 1,048,192 1,502,669
Hire purchase contracts (see note 17) 76,273 206,520
1,124,465 1,709,189

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 299,584 316,246

Amounts falling due between one and two years:
Bank loans - greater than 1 year 555,112 1,306,953

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 1,347,776 1,818,915
Hire purchase contracts 164,083 288,566
1,511,859 2,107,481

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 95,000
Provided during period 10,000
Balance at 31 December 2023 105,000

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: £    £   
100 Ordinary shares £1 100 100
100 Ordinary A shares £1 100 100
200 200

21. RESERVES
Retained
earnings
£   

At 1 July 2022 4,991,339
Profit for the period 983,317
Dividends (685,000 )
At 31 December 2023 5,289,656

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).