Company Registration No. 03464935 (England and Wales)
Condex (UK) Limited
Unaudited accounts
for the year ended 31 January 2024
Condex (UK) Limited
Statement of financial position
as at 31 January 2024
Tangible assets
55,434
75,714
Inventories
237,517
160,698
Cash at bank and in hand
152,701
103,397
Creditors: amounts falling due within one year
(444,808)
(401,875)
Net current assets
373,555
245,489
Total assets less current liabilities
428,989
321,203
Provisions for liabilities
Deferred tax
(9,360)
(13,022)
Net assets
419,629
308,181
Called up share capital
102
102
Profit and loss account
419,527
308,079
Shareholders' funds
419,629
308,181
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 October 2024 and were signed on its behalf by
D A Connor
Director
Company Registration No. 03464935
Condex (UK) Limited
Notes to the Accounts
for the year ended 31 January 2024
Condex (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 03464935. The registered office is White Cross, South Road, Lancaster, Lancashire, LA1 4XQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
25% straight line
Computer equipment
20% straight line
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Condex (UK) Limited
Notes to the Accounts
for the year ended 31 January 2024
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2023
175,488
42,700
35,087
253,275
Additions
2,147
-
199
2,346
At 31 January 2024
177,635
42,700
35,286
255,621
At 1 February 2023
101,836
42,027
33,698
177,561
Charge for the year
21,179
674
773
22,626
At 31 January 2024
123,015
42,701
34,471
200,187
At 31 January 2024
54,620
(1)
815
55,434
At 31 January 2023
73,652
673
1,389
75,714
Amounts falling due within one year
Trade debtors
393,313
372,484
Other debtors
34,832
10,785
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Creditors: amounts falling due within one year
2024
2023
Trade creditors
321,534
335,325
Taxes and social security
45,207
5,612
Loans from directors
-
3,015
7
Average number of employees
During the year the average number of employees was 7 (2023: 7).