Codem Composites Limited 06963305 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the manufacture of carbon fibre components predominantly to the motor and satelite industries. Digita Accounts Production Advanced 6.30.9574.0 true 06963305 2023-04-01 2024-03-31 06963305 2024-03-31 06963305 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 06963305 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 06963305 core:CurrentFinancialInstruments 2024-03-31 06963305 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06963305 core:Non-currentFinancialInstruments 2024-03-31 06963305 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06963305 core:FurnitureFittings 2024-03-31 06963305 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 06963305 core:MotorVehicles 2024-03-31 06963305 core:OfficeEquipment 2024-03-31 06963305 core:PlantMachinery 2024-03-31 06963305 bus:SmallEntities 2023-04-01 2024-03-31 06963305 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06963305 bus:FullAccounts 2023-04-01 2024-03-31 06963305 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06963305 bus:RegisteredOffice 2023-04-01 2024-03-31 06963305 bus:Director1 2023-04-01 2024-03-31 06963305 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06963305 core:Goodwill 2023-04-01 2024-03-31 06963305 core:FurnitureFittings 2023-04-01 2024-03-31 06963305 core:LandBuildings 2023-04-01 2024-03-31 06963305 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 06963305 core:MotorVehicles 2023-04-01 2024-03-31 06963305 core:OfficeEquipment 2023-04-01 2024-03-31 06963305 core:PlantMachinery 2023-04-01 2024-03-31 06963305 countries:England 2023-04-01 2024-03-31 06963305 2023-03-31 06963305 core:FurnitureFittings 2023-03-31 06963305 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 06963305 core:MotorVehicles 2023-03-31 06963305 core:OfficeEquipment 2023-03-31 06963305 core:PlantMachinery 2023-03-31 06963305 2022-04-01 2023-03-31 06963305 2023-03-31 06963305 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 06963305 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 06963305 core:CurrentFinancialInstruments 2023-03-31 06963305 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06963305 core:Non-currentFinancialInstruments 2023-03-31 06963305 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06963305 core:FurnitureFittings 2023-03-31 06963305 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 06963305 core:MotorVehicles 2023-03-31 06963305 core:OfficeEquipment 2023-03-31 06963305 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06963305

Codem Composites Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Codem Composites Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Codem Composites Limited

(Registration number: 06963305)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

489,613

546,428

Current assets

 

Stocks

91,987

93,584

Debtors

764,288

604,698

Cash at bank and in hand

 

147,625

63,929

 

1,003,900

762,211

Creditors: Amounts falling due within one year

5

(882,812)

(939,140)

Net current assets/(liabilities)

 

121,088

(176,929)

Total assets less current liabilities

 

610,701

369,499

Creditors: Amounts falling due after more than one year

5

(184,739)

(312,001)

Provisions for liabilities

(95,227)

(38,237)

Net assets

 

330,735

19,261

Capital and reserves

 

Called up share capital

1

1

Retained earnings

330,734

19,260

Shareholders' funds

 

330,735

19,261

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Codem Composites Limited

(Registration number: 06963305)
Balance Sheet as at 31 March 2024

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 his 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.

Approved and authorised by the director on 21 October 2024
 

Mr K R J Doherty

Director

 

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
First Floor, Bank House
The Lawns
33 Thorpe Road
Peterborough
Cambridgeshire
PE3 6AB

These financial statements were authorised for issue by the director on 21 October 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 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.

Government grants

Grants have been received in respect of training support for Apprenticeships during the course of the year. The monies have been included in full in the financial statements in the period they were received.

 

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 balance sheet 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

Leasehold Improvements

10% straight line basis

Plant and machinery

10%/20% straight line basis

Fixtures and fittings

20% straight line basis

Office equipment

20% straight line basis

Amortisation

Asset class

Amortisation method and rate

Goodwill

Fully amortised

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.

 

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 31 (2023 - 30).

 

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

372,524

62,472

836,266

15,314

24,995

Additions

1,712

2,661

6,530

1,990

45,393

At 31 March 2024

374,236

65,133

842,796

17,304

70,388

Depreciation

At 1 April 2023

155,610

55,582

514,409

14,547

24,995

Charge for the year

37,295

4,371

68,256

471

4,708

At 31 March 2024

192,905

59,953

582,665

15,018

29,703

Carrying amount

At 31 March 2024

181,331

5,180

260,131

2,286

40,685

At 31 March 2023

216,914

6,890

321,857

767

-

Total
£

Cost or valuation

At 1 April 2023

1,311,571

Additions

58,286

At 31 March 2024

1,369,857

Depreciation

At 1 April 2023

765,143

Charge for the year

115,101

At 31 March 2024

880,244

Carrying amount

At 31 March 2024

489,613

At 31 March 2023

546,428

 

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Included within the net book value of land and buildings above is £181,331 (2023 - £216,914) in respect of short leasehold land and buildings.
 

 

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

(152,877)

(80,458)

Trade creditors

 

213,511

191,272

Taxation and social security

 

585,938

529,155

Accruals and deferred income

 

36,741

76,457

Other creditors

 

199,499

222,714

 

882,812

939,140

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

184,739

312,001

6

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

71,105

148,993

Hire purchase contracts

113,634

163,008

184,739

312,001

2024
£

2023
£

Current loans and borrowings

Bank borrowings

89,433

160,518

Hire purchase contracts

67,988

39,105

Other borrowings

(310,298)

(280,081)

(152,877)

(80,458)

 

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

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 £221,362 (2023 - £281,362). The financial commitment relates to the balance of a 10 year property lease entered into in 2018 from which the company operates.

Amounts disclosed in the balance sheet

Included in the balance sheet are guarantees of £166,715 (2023 - £189,624). A fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital and buildings.