Company registration number 02852242 (England and Wales)
CENTRAL SHOPFITTERS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
CENTRAL SHOPFITTERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CENTRAL SHOPFITTERS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
499,163
407,363
Current assets
Stocks
5
39,322
36,822
Debtors
6
1,692,960
2,142,168
Cash at bank and in hand
433,376
248,216
2,165,658
2,427,206
Creditors: amounts falling due within one year
7
(1,394,665)
(1,591,878)
Net current assets
770,993
835,328
Total assets less current liabilities
1,270,156
1,242,691
Creditors: amounts falling due after more than one year
8
(7,964)
(15,460)
Provisions for liabilities
(57,994)
(37,841)
Net assets
1,204,198
1,189,390
Capital and reserves
Called up share capital
9
24,000
24,000
Profit and loss reserves
1,180,198
1,165,390
Total equity
1,204,198
1,189,390
The notes on pages 2 to 7 form part of these financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
M J Dilks
Director
Company registration number 02852242 (England and Wales)
CENTRAL SHOPFITTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Central Shopfitters Limited is a private company limited by shares incorporated in England and Wales. The registered office is Central House, 25 Palm Street, New Basford, Nottingham, NG7 7HS.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax.
Other income comprises rents receivable by the company in respect of the rental of certain property, exclusive of Value Added Tax.
1.3
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 improvements
at varying rates on cost
Plant and machinery
15% on cost
Fixtures and fittings
15% on cost
Motor vehicles
25% on 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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow-moving stocks.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CENTRAL SHOPFITTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
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 recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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.
1.8
Contract work in progress
Profit on contract work in progress is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
CENTRAL SHOPFITTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Key sources of estimation uncertainty
The significant judgements and estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Revenue recognition and valuation of contract work in progress
The estimation of the revenue and profit is recognised by reference to the stage of completion. The stage of completion takes into consideration the total costs incurred on the contract at the review date compared to the expected overall costs to complete the contract. Until a final outcome is known then there is a considerable amount of judgement involved. At 31 January 2024, amounts recoverable on contracts included within debtors totalled £389,537 (2023: £493,140) and payments received on account included in creditors totalled £74,538 (2023: £66,183).
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
30
30
CENTRAL SHOPFITTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023
292,172
830,129
1,122,301
Additions
245,392
245,392
Disposals
(238,804)
(238,804)
At 31 January 2024
292,172
836,717
1,128,889
Depreciation and impairment
At 1 February 2023
173,209
541,729
714,938
Depreciation charged in the year
9,396
105,485
114,881
Eliminated in respect of disposals
(200,093)
(200,093)
At 31 January 2024
182,605
447,121
629,726
Carrying amount
At 31 January 2024
109,567
389,596
499,163
At 31 January 2023
118,963
288,400
407,363
Motor vehicles with a carrying amount of £112,815 (2023: £37,338) are held under hire purchase contracts and depreciation during the year on this asset was £31,656 (2023: £2,489).
5
Stocks
2024
2023
£
£
Raw materials
39,322
36,822
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,255,548
1,557,267
Amounts recoverable on contract
389,537
493,140
Corporation tax recoverable
6,383
Other debtors
41,492
91,761
1,692,960
2,142,168
CENTRAL SHOPFITTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
570,111
606,796
Amounts owed to group undertakings
162,196
69,764
Taxation and social security
462,685
551,910
Other creditors
199,673
363,408
1,394,665
1,591,878
Included within other creditors are obligations under hire purchase contracts of £63,320 (2023: £18,856) which are secured upon the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Hire purchase contracts
7,964
15,460
The obligations under hire purchase contracts are secured upon the assets to which they relate.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
24,000
24,000
24,000
24,000
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:
Sara Dawson
Statutory Auditor:
Taylor Dawson Plumb Limited
Date of audit report:
30 July 2024
CENTRAL SHOPFITTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
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, as follows:
2024
2023
£
£
25,000
33,100
12
Directors' transactions
Included within other debtors is an amount of £3,201 (2023: £Nil) owed by a director.
13
Ultimate parent undertaking
The ultimate parent undertaking is Central Group (Nottingham) Limited. The registered office is
Central House, 25 Palm Street, New Basford, Nottingham, NG7 7HS.