Custom Holds Ltd
Registered number: 07503297
Statement of Financial Position
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 148,386 149,541
Current assets
Stocks 20,250 18,572
Debtors 5 2,728 16,764
Cash at bank and in hand 2,733 1,284
25,711 36,620
Creditors: amounts falling due within one year 6 (127,291) (96,835)
Net current liabilities (101,580) (60,215)
Total assets less current liabilities 46,806 89,326
Creditors: amounts falling due after more than one year 7 (28,745) (39,254)
Provisions for liabilities (1,807) (1,803)
Net assets 16,254 48,269
Capital and reserves
Called up share capital 100 100
Profit and loss account 16,154 48,169
Shareholders' funds 16,254 48,269
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E Steel
Director
Approved by the board on 14 October 2024
Custom Holds Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold buildings Straight line over 125 years
Plant and machinery 25% reducing balance
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Exceptional items 2024 2023
£ £
Historic VAT adjustments (13,075) -
(13,075) -
3 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 2 2
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 147,112 42,060 189,172
Additions - 3,193 3,193
At 31 January 2024 147,112 45,253 192,365
Depreciation
At 1 February 2023 7,062 32,569 39,631
Charge for the year 1,177 3,171 4,348
At 31 January 2024 8,239 35,740 43,979
Net book value
At 31 January 2024 138,873 9,513 148,386
At 31 January 2023 140,050 9,491 149,541
5 Debtors 2024 2023
£ £
Trade debtors 2,728 12,253
Prepayments - 4,511
2,728 16,764
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 20,566 26,732
Trade creditors 6,824 5,434
Accruals 1,485 1,415
Corporation tax 1,464 2,236
Other taxes and social security costs 14,653 21,789
Other creditors 82,299 39,229
127,291 96,835
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 28,745 39,254
8 Other information
Custom Holds Ltd is a private company limited by shares and incorporated in England. Its registered office is:
23 Ariconium Place
Weston Under Penyard
Ross-On-Wye
HR9 7HF
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