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Registration number: 03515010

Cameron Fuller Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Cameron Fuller Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

Cameron Fuller Ltd

(Registration number: 03515010)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

311

469

Tangible assets

5

4,088,358

4,621,707

Investment property

6

446,840

-

 

4,535,509

4,622,176

Current assets

 

Stocks

8

576,000

510,728

Debtors

9

181,453

222,507

Investments

7

1,711,997

1,568,896

Cash at bank and in hand

 

2,644,686

1,736,095

 

5,114,136

4,038,226

Creditors: Amounts falling due within one year

10

(466,298)

(283,338)

Net current assets

 

4,647,838

3,754,888

Total assets less current liabilities

 

9,183,347

8,377,064

Provisions for liabilities

(133,151)

(119,149)

Net assets

 

9,050,196

8,257,915

Capital and reserves

 

Called up share capital

2

2

Fair value reserve

180,433

62,472

Profit and loss account

8,869,761

8,195,441

Shareholders' funds

 

9,050,196

8,257,915

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Cameron Fuller Ltd

(Registration number: 03515010)
Statement of Financial Position as at 31 January 2024 (continued)

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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 


Mr J C C Fuller
Company secretary and director

 

Cameron Fuller Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Devonshire Way
Heathpark
Honiton
Devon
EX14 1ST

Principal activity

The principal activity of the company is the manufacture of fittings for soft furnishings.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Cameron Fuller Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. 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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises current and deferred 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.

 

Cameron Fuller Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

4% straight line

Plant and machinery

15% reducing balance / 33% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Cameron Fuller Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patent

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Cameron Fuller Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 22).

 

Cameron Fuller Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Intangible assets

Other intangible asset
£

Patents
 £

Total
£

Cost or valuation

At 1 February 2023

20,000

1,575

21,575

At 31 January 2024

20,000

1,575

21,575

Amortisation

At 1 February 2023

20,000

1,106

21,106

Amortisation charge

-

158

158

At 31 January 2024

20,000

1,264

21,264

Carrying amount

At 31 January 2024

-

311

311

At 31 January 2023

-

469

469

5

Tangible assets

Freehold property
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

4,445,380

954,433

5,399,813

Additions

-

1,166

1,166

Transfer to investment properties

(435,542)

-

(435,542)

At 31 January 2024

4,009,838

955,599

4,965,437

Depreciation

At 1 February 2023

222,853

555,253

778,106

Charge for the year

38,921

60,052

98,973

At 31 January 2024

261,774

615,305

877,079

Carrying amount

At 31 January 2024

3,748,064

340,294

4,088,358

At 31 January 2023

4,222,527

399,180

4,621,707

 

Cameron Fuller Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Investment properties

2024
£

Additions

11,298

Transfers to and from owner-occupied property

435,542

At 31 January

446,840

The investment properties are subject to valuation by the directors, and as at the year end their value is considered to be £446,840 (2023:Nil).

There has been no valuation of investment property by an independent valuer.

 

Cameron Fuller Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

7

Investments

Investments
£

Total
£

Current financial assets

Cost or valuation

At 1 February 2023

1,568,896

1,568,896

Additions

143,101

143,101

At 31 January 2024

1,711,997

1,711,997

Impairment

Carrying amount

At 31 January 2024

1,711,997

1,711,997

8

Stocks

2024
£

2023
£

Finished goods and goods for resale

576,000

510,728

9

Debtors

2024
£

2023
£

Trade debtors

147,564

193,446

Other debtors

19,326

17,817

Prepayments

14,563

11,244

181,453

222,507

 

Cameron Fuller Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

5,674

1,956

Taxation and social security

287,017

143,173

Accruals and deferred income

6,649

7,575

Other creditors

166,958

130,634

466,298

283,338

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

117,961

117,961

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(22,765)

(22,765)

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Cameron Fuller Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

12

Directors Loan Account

During the year the directors entered into the following advances and credits with the company:

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Director

(104,527)

(12,737)

3,537

(113,727)

         
       

 

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

Director

(106,584)

2,057

(104,527)

 

Directors’ loans are repayable on demand and subject to interest on overdrawn balances at the official rate.