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Custom Restoration Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

Registration number: 05059941

 

Custom Restoration Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Custom Restoration Ltd

Company Information

Director

E A Wrench-Buck

Company secretary

S Wrench-Buck

Registered office

18 Newport Street
Tiverton
Devon
EX16 6NL

Accountants

Withers Steele Chartered Accountants
18 Newport Street
Tiverton
Devon
EX16 6NL

 

Custom Restoration Ltd

(Registration number: 05059941)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

204,738

103,139

Debtors

5

94,964

76,847

Cash at bank and in hand

 

1,397

2,570

 

301,099

182,556

Creditors: Amounts falling due within one year

6

(238,441)

(113,555)

Total assets less current liabilities

 

62,658

69,001

Creditors: Amounts falling due after more than one year

6

(11,257)

(17,956)

Net assets

 

51,401

51,045

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

51,301

50,945

Shareholders' funds

 

51,401

51,045

For the financial 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.

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Custom Restoration Ltd

(Registration number: 05059941)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 10 September 2024
 

.........................................
E A Wrench-Buck
Director

 

Custom Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
18 Newport Street
Tiverton
Devon
EX16 6NL
England

The principal place of business is:
Southlea Service Station
Bish Mill
South Molton
Devon
EX36 3QU

These financial statements were authorised for issue by the director on 10 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Custom Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Custom Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 4).

4

Stocks

2023
£

2022
£

Work in progress

204,479

99,077

Other inventories

259

4,062

204,738

103,139

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

-

1,189

Amounts owed by related parties

10

91,947

74,834

Other debtors

 

3,017

824

   

94,964

76,847

 

Custom Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

6,826

10,737

Trade creditors

 

195,337

95,624

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

36,195

2,540

Taxation and social security

 

83

4,654

 

238,441

113,555

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

11,257

17,956

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

11,257

17,956

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,826

6,327

Bank overdrafts

-

4,410

6,826

10,737

 

Custom Restoration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Dividends

10

Related party transactions

Summary of transactions with parent

Devon 4x4 Centre Limited
 During the year the parent company charged rent to the company for the unit it occupies.
 

Summary of transactions with entities with joint control or significant interest

Group companies
 During the year the company made sales to and received goods from other group companies.
 

Income and receivables from related parties

2023

2022

Parent
£

Entities with joint control or significant influence
£

Sale of goods

12,728

160,703

Expenditure with and payables to related parties

2023

2022

Parent
£

Entities with joint control or significant influence
£

Purchase of goods

-

19,441

Rendering of services

33,750

-

33,750

19,441

11

Parent and ultimate parent undertaking

The company's immediate parent is Devon 4x4 Centre Limited, incorporated in England.