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Registration number: 02369593

CPM (Contracts) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

CPM (Contracts) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

CPM (Contracts) Limited

Balance Sheet

as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

101,959

47,375

Current assets

 

Debtors

6

265,005

529,053

Cash at bank and in hand

 

488,771

81

 

753,776

529,134

Creditors: Amounts falling due within one year

7

(433,323)

(343,666)

Net current assets

 

320,453

185,468

Total assets less current liabilities

 

422,412

232,843

Creditors: Amounts falling due after more than one year

7

(46,497)

(53,435)

Provisions for liabilities

(20,980)

(11,058)

Net assets

 

354,935

168,350

Capital and reserves

 

Allotted, called up and fully paid share capital

6

6

Share premium reserve

20,134

20,134

Capital redemption reserve

3

3

Profit and loss account

334,792

148,207

Shareholders' funds

 

354,935

168,350

Registration number: 02369593

 

CPM (Contracts) Limited

Balance Sheet

as at 31 January 2024 (continued)

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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
Mr P Selina
Director

 

CPM (Contracts) Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 January 2024

1

General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 02369593.

The address of its registered office is:
Kyte Business Centre
Great North Road
Pontefract
West Yorkshire
WF8 3HR

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.

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.

 

CPM (Contracts) Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

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

Plant and machinery

20% straight line

Fixtures, fittings and equipment

20% straight line

Motor vehicles

25% straight line

Intangible assets

Intangible assets which includes software costs are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets include directly attributable incremantal costs incurred in their acquisition, development and installation.

 

CPM (Contracts) Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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

Software

25% straight line

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.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

CPM (Contracts) Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 January 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 19 (2023 - 19).

 

CPM (Contracts) Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 January 2024 (continued)

4

Intangible assets

Software
 £

Total
£

Cost or valuation

At 1 February 2023

21,000

21,000

At 31 January 2024

21,000

21,000

Amortisation

At 1 February 2023

21,000

21,000

At 31 January 2024

21,000

21,000

Net book value:

At 31 January 2024

-

-

5

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 February 2023

34,899

106,665

7,065

148,629

Additions

6,049

68,474

1,794

76,317

At 31 January 2024

40,948

175,139

8,859

224,946

Depreciation

At 1 February 2023

30,947

64,423

5,884

101,254

Charge for the year

1,868

19,396

469

21,733

At 31 January 2024

32,815

83,819

6,353

122,987

Net book value

At 31 January 2024

8,133

91,320

2,506

101,959

At 31 January 2023

3,952

42,242

1,181

47,375

 

CPM (Contracts) Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 January 2024 (continued)

6

Debtors

Current

2024
£

2023
£

Trade debtors

92,946

321,101

Prepayments

50,217

69,934

Other debtors

121,842

138,018

 

265,005

529,053

7

Creditors

2024
£

2023
£

Due within one year

Bank borrowings

10,162

122,366

Trade creditors

142,886

132,248

HP and finance lease liabilities

11,585

9,093

Taxation and social security

27,145

28,932

Corporation tax liability

82,002

16,114

Accruals and deferred income

147,117

24,568

Other creditors

9,143

10,345

Directors loan accounts

3,283

-

433,323

343,666

The bank overdraft of £nil (2023 - £112,455) is secured by way of fixed and floating charges over all assets of the company.

Due after one year

 

Bank borrowings

13,949

24,111

HP and finance lease liabilities

 

32,548

29,324

 

46,497

53,435

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,000 (2023 - £56,000).

 

CPM (Contracts) Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 January 2024 (continued)

9

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to directors
£

Repayments by director
£

At 31 January 2024
£

Directors

35,324

-

(34,958)

366