Company registration number 07438471 (England and Wales)
BLOCK AND CLEAVER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BLOCK AND CLEAVER LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BLOCK AND CLEAVER LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
22,501
27,001
Tangible assets
5
310,149
229,535
332,650
256,536
Current assets
Stocks
193,932
173,039
Debtors
6
1,451,483
1,285,311
Cash at bank and in hand
332,359
83,295
1,977,774
1,541,645
Creditors: amounts falling due within one year
7
(1,860,309)
(1,462,397)
Net current assets
117,465
79,248
Total assets less current liabilities
450,115
335,784
Creditors: amounts falling due after more than one year
8
(192,141)
(145,081)
Net assets
257,974
190,703
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
257,972
190,701
Total equity
257,974
190,703
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 13 September 2024
G Preston
Director
Company Registration No. 07438471
BLOCK AND CLEAVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Block and Cleaver Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4m, Button Street Business Park, Button Street, Swanley, Kent, BR8 8DX.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
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:
Leasehold land and buildings
10 years on cost
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computer equipment
33% on cost
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.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
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.
BLOCK AND CLEAVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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
39
33
BLOCK AND CLEAVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
45,001
Amortisation and impairment
At 1 December 2022
18,000
Amortisation charged for the year
4,500
At 30 November 2023
22,500
Carrying amount
At 30 November 2023
22,501
At 30 November 2022
27,001
5
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2022
100,000
250,822
249,246
13,686
57,350
671,104
Additions
2,000
47,232
1,979
142,750
193,961
Disposals
(35,350)
(35,350)
At 30 November 2023
100,000
252,822
296,478
15,665
164,750
829,715
Depreciation and impairment
At 1 December 2022
40,000
153,916
200,228
13,109
34,316
441,569
Depreciation charged in the year
10,000
24,727
24,062
1,057
37,428
97,274
Eliminated in respect of disposals
(19,277)
(19,277)
At 30 November 2023
50,000
178,643
224,290
14,166
52,467
519,566
Carrying amount
At 30 November 2023
50,000
74,179
72,188
1,499
112,283
310,149
At 30 November 2022
60,000
96,906
49,018
577
23,034
229,535
BLOCK AND CLEAVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,263,312
1,046,469
Other debtors
188,171
238,842
1,451,483
1,285,311
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
53,984
54,063
Trade creditors
947,779
746,474
Taxation and social security
151,151
96,227
Other creditors
707,395
565,633
1,860,309
1,462,397
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
91,259
145,081
Other creditors
100,882
192,141
145,081
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2