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Registration number: 07171755

Carmand Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Carmand Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Carmand Limited

(Registration number: 07171755)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

458,894

471,289

Current assets

 

Debtors

5

47,222

-

Cash at bank and in hand

 

152,693

25,652

 

199,915

25,652

Creditors: Amounts falling due within one year

6

(365,261)

(334,071)

Net current liabilities

 

(165,346)

(308,419)

Total assets less current liabilities

 

293,548

162,870

Creditors: Amounts falling due after more than one year

6

(13,143)

(22,415)

Provisions for liabilities

(224)

-

Net assets

 

280,181

140,455

Capital and reserves

 

Called up share capital

7

140

140

Retained earnings

280,041

140,315

Shareholders' funds

 

280,181

140,455

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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.

Approved and authorised by the director on 26 September 2024
 

.........................................
Mrs C Faniyi
Director

 

Carmand Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
E Factor Building
Lunar House
Crosland Road
Grimsby
N E Lincolnshire
DN37 9DS

These financial statements were authorised for issue by the director on 26 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 presented in sterling and are rounded to the nearest pound.

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 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.

 

Carmand Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Equipment

25% Reducing balance

Leasehold improvements

20 years straight line

Land

Not depreciated

Motor vehicles

25% Reducing balance

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.

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.

 

Carmand Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 37 (2023 - 37).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

559,134

108,994

93,313

761,441

Additions

-

-

22,034

22,034

Disposals

-

-

(24,889)

(24,889)

At 29 February 2024

559,134

108,994

90,458

758,586

Depreciation

At 1 March 2023

121,832

101,646

66,674

290,152

Charge for the year

23,959

1,841

6,660

32,460

Eliminated on disposal

-

-

(22,920)

(22,920)

At 29 February 2024

145,791

103,487

50,414

299,692

Carrying amount

At 29 February 2024

413,343

5,507

40,044

458,894

At 28 February 2023

437,302

7,348

26,639

471,289

Included within the net book value of land and buildings above is £60,000 (2023 - £60,000) in respect of freehold land and buildings and £353,343 (2023 - £377,302) in respect of long leasehold land and buildings.
 

 

Carmand Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Debtors

Current

2024
£

2023
£

Prepayments

47,222

-

 

47,222

-

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

130,925

98,359

Taxation and social security

 

34,214

155,696

Accruals and deferred income

 

5,100

4,950

Other creditors

 

195,022

75,066

 

365,261

334,071

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

13,143

22,415

 

Carmand Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

140

140

140

140

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,143

22,415

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Other borrowings

120,925

88,359

130,925

98,359

Bank borrowings

Bank borrowings is denominated in Sterling. The carrying amount at year end is £23,143 (2023 - £32,415).

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £486,000 (2023 - £Nil). NatWest Bank Plc has a charge over the assets of the company in relation to a mortgage taken out by the director personally to finance a property addition. The directors original property will then be used to house service users of the company and the company will then pay rental payments to the director for use of this property.