Company registration number 03254437 (England and Wales)
CABLE FIRST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CABLE FIRST LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
CABLE FIRST LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
18,507
66,619
Tangible assets
5
274,949
286,282
293,456
352,901
Current assets
Stocks
1,383,946
1,134,860
Debtors
6
2,008,966
1,800,372
Cash at bank and in hand
52,447
111,449
3,445,359
3,046,681
Creditors: amounts falling due within one year
7
(886,700)
(939,764)
Net current assets
2,558,659
2,106,917
Total assets less current liabilities
2,852,115
2,459,818
Creditors: amounts falling due after more than one year
8
(94,072)
(135,230)
Provisions for liabilities
(48,637)
(44,862)
Net assets
2,709,406
2,279,726
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
2,709,404
2,279,724
Total equity
2,709,406
2,279,726

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
Mr A Lodge
Director
Company registration number 03254437 (England and Wales)
CABLE FIRST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Cable First Limited is a private company limited by shares incorporated in England and Wales. The registered office is 32-40 Harwell Road, Nuffield Industrial Estate, Poole, Dorset, BH17 0GE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Gemaco Holdings Ltd.These consolidated financial statements are available from its registered office, 32-40 Harwell Road, Poole, Dorset, BH17 0GE.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

CABLE FIRST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs
10 years straight line from commencement of production
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CABLE FIRST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
CABLE FIRST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

1.13
Retirement benefits

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

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
48
39
CABLE FIRST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
434,727
Amortisation and impairment
At 1 January 2023
368,108
Amortisation charged for the year
48,112
At 31 December 2023
416,220
Carrying amount
At 31 December 2023
18,507
At 31 December 2022
66,619
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
1,356,423
Additions
89,921
Disposals
(68,965)
At 31 December 2023
1,377,379
Depreciation and impairment
At 1 January 2023
1,070,141
Depreciation charged in the year
91,651
Eliminated in respect of disposals
(59,362)
At 31 December 2023
1,102,430
Carrying amount
At 31 December 2023
274,949
At 31 December 2022
286,282
CABLE FIRST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
583,393
795,176
Amounts owed by group undertakings
1,413,109
988,936
Other debtors
12,464
16,260
2,008,966
1,800,372

Trade debtors disclosed above are measured at amortised cost.

7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
299,354
302,187
Amounts owed to group undertakings
94,645
26,947
Taxation and social security
371,465
501,579
Other creditors
121,236
109,051
886,700
939,764
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
94,072
135,230
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 ordinary shares of £1 each
2
2
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
James Hill
Statutory Auditor:
Hill Osborne Ltd
Date of audit report:
25 September 2024
CABLE FIRST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
97,956
97,956
12
Financial commitments, guarantees and contingent liabilities

The company's bankers hold a multilateral guarantee, limited to £6.4 million over the company's assets and its fellow subsidiary companies assets.

14
Parent company

The ultimate parent company is Gemaco Holdings Limited, a company registered in England and Wales.

The ultimate controlling party is Mr P Lodge, by virtue of the fact that he owns 50.0025% of the 'A' class ordinary shares issued of Gemaco Holdings Limited.

Group accounts are prepared by Gemaco Holdings Limited; 32-40 Harwell Road, Poole, BH17 0GE.

2023-12-312023-01-01false25 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr A LodgeMr A Lodgefalsefalse032544372023-01-012023-12-31032544372023-12-31032544372022-12-3103254437core:IntangibleAssetsOtherThanGoodwill2023-12-3103254437core:IntangibleAssetsOtherThanGoodwill2022-12-3103254437core:OtherPropertyPlantEquipment2023-12-3103254437core:OtherPropertyPlantEquipment2022-12-3103254437core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103254437core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103254437core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103254437core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103254437core:CurrentFinancialInstruments2023-12-3103254437core:CurrentFinancialInstruments2022-12-3103254437core:ShareCapital2023-12-3103254437core:ShareCapital2022-12-3103254437core:RetainedEarningsAccumulatedLosses2023-12-3103254437core:RetainedEarningsAccumulatedLosses2022-12-3103254437bus:CompanySecretaryDirector12023-01-012023-12-3103254437core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103254437core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3103254437core:PlantMachinery2023-01-012023-12-3103254437core:FurnitureFittings2023-01-012023-12-3103254437core:MotorVehicles2023-01-012023-12-31032544372022-01-012022-12-3103254437core:IntangibleAssetsOtherThanGoodwill2022-12-3103254437core:OtherPropertyPlantEquipment2022-12-3103254437core:OtherPropertyPlantEquipment2023-01-012023-12-3103254437core:WithinOneYear2023-12-3103254437core:WithinOneYear2022-12-3103254437core:Non-currentFinancialInstruments2023-12-3103254437core:Non-currentFinancialInstruments2022-12-3103254437bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103254437bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103254437bus:FRS1022023-01-012023-12-3103254437bus:Audited2023-01-012023-12-3103254437bus:Director12023-01-012023-12-3103254437bus:CompanySecretary12023-01-012023-12-3103254437bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP