Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 04988533 Mr Robert Passmore Mrs Alison Passmore Mrs Alison Passmore iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04988533 2022-12-31 04988533 2023-12-31 04988533 2023-01-01 2023-12-31 04988533 frs-core:CurrentFinancialInstruments 2023-12-31 04988533 frs-core:Non-currentFinancialInstruments 2023-12-31 04988533 frs-core:NetGoodwill 2023-12-31 04988533 frs-core:NetGoodwill 2023-01-01 2023-12-31 04988533 frs-core:NetGoodwill 2022-12-31 04988533 frs-core:MotorVehicles 2023-12-31 04988533 frs-core:MotorVehicles 2023-01-01 2023-12-31 04988533 frs-core:MotorVehicles 2022-12-31 04988533 frs-core:PlantMachinery 2023-12-31 04988533 frs-core:PlantMachinery 2023-01-01 2023-12-31 04988533 frs-core:PlantMachinery 2022-12-31 04988533 frs-core:ShareCapital 2023-12-31 04988533 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 04988533 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04988533 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 04988533 frs-bus:SmallEntities 2023-01-01 2023-12-31 04988533 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04988533 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04988533 frs-bus:Director1 2023-01-01 2023-12-31 04988533 frs-bus:Director2 2023-01-01 2023-12-31 04988533 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 04988533 frs-countries:EnglandWales 2023-01-01 2023-12-31 04988533 2021-12-31 04988533 2022-12-31 04988533 2022-01-01 2022-12-31 04988533 frs-core:CurrentFinancialInstruments 2022-12-31 04988533 frs-core:Non-currentFinancialInstruments 2022-12-31 04988533 frs-core:ShareCapital 2022-12-31 04988533 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 04988533
Central Embroidery Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04988533
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 7,500 10,000
Tangible Assets 5 10,408 13,010
17,908 23,010
CURRENT ASSETS
Stocks 1,250 1,250
Debtors 6 14,184 21,830
Cash at bank and in hand 91,638 82,571
107,072 105,651
Creditors: Amounts Falling Due Within One Year 7 (80,934 ) (95,687 )
NET CURRENT ASSETS (LIABILITIES) 26,138 9,964
TOTAL ASSETS LESS CURRENT LIABILITIES 44,046 32,974
Creditors: Amounts Falling Due After More Than One Year 8 (16,647 ) (27,003 )
NET ASSETS 27,399 5,971
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 27,299 5,871
SHAREHOLDERS' FUNDS 27,399 5,971
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Passmore
Director
24/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Central Embroidery Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04988533 . The registered office is 47 Palace Avenue, Paignton, TQ3 3EN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was as 5 (2022: 5)
5 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 25,000
As at 31 December 2023 25,000
Amortisation
As at 1 January 2023 15,000
Provided during the period 2,500
As at 31 December 2023 17,500
Net Book Value
As at 31 December 2023 7,500
As at 1 January 2023 10,000
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5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2023 61,485 10,500 71,985
As at 31 December 2023 61,485 10,500 71,985
Depreciation
As at 1 January 2023 58,800 175 58,975
Provided during the period 537 2,065 2,602
As at 31 December 2023 59,337 2,240 61,577
Net Book Value
As at 31 December 2023 2,148 8,260 10,408
As at 1 January 2023 2,685 10,325 13,010
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 14,184 21,830
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 6,259 8,168
Bank loans and overdrafts 9,936 9,516
Corporation tax 6,692 2,098
VAT 11,867 6,805
Other creditors 4,103 2,523
Directors' loan accounts 42,077 66,577
80,934 95,687
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 16,647 27,003
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2023 2022
£ £
Mr Robert Passmore 1,000 2,000
Mrs Alison Passmore 1,000 2,000
11. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 2,000 4,000
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