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COMPANY REGISTRATION NUMBER: 12433269
CUSTOM GARDEN ROOMS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 January 2024
CUSTOM GARDEN ROOMS LTD
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
67,918
89,938
CURRENT ASSETS
Stocks
5,000
15,000
Debtors
7
196,350
176,616
Cash at bank and in hand
3,807
8,053
---------
---------
205,157
199,669
CREDITORS: amounts falling due within one year
8
( 229,608)
( 237,413)
---------
---------
NET CURRENT LIABILITIES
( 24,451)
( 37,744)
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
43,467
52,194
CREDITORS: amounts falling due after more than one year
9
( 25,000)
( 35,000)
PROVISIONS
( 9,959)
( 11,126)
--------
--------
NET ASSETS
8,508
6,068
--------
--------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
8,507
6,067
-------
-------
SHAREHOLDER FUNDS
8,508
6,068
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CUSTOM GARDEN ROOMS LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
P P Cafferty
Director
Company registration number: 12433269
CUSTOM GARDEN ROOMS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4, Felton, Eshott Heugh Farm, Morpeth, NE65 9QH.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of services provided, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Showroom
-
25% reducing balance
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. TAX ON PROFIT
Major components of tax (income)/expense
2024
2023
£
£
Current tax:
UK current tax expense
1,090
Deferred tax:
Origination and reversal of timing differences
( 1,167)
11,126
-------
--------
Tax on profit
( 77)
11,126
-------
--------
6. TANGIBLE ASSETS
Showroom
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023 and 31 January 2024
125,253
6,583
31,500
163,336
---------
-------
--------
---------
Depreciation
At 1 February 2023
61,783
1,827
9,788
73,398
Charge for the year
15,877
714
5,429
22,020
---------
-------
--------
---------
At 31 January 2024
77,660
2,541
15,217
95,418
---------
-------
--------
---------
Carrying amount
At 31 January 2024
47,593
4,042
16,283
67,918
---------
-------
--------
---------
At 31 January 2023
63,470
4,756
21,712
89,938
---------
-------
--------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
20,533
7,777
Other debtors
175,817
168,839
---------
---------
196,350
176,616
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
58,064
91,975
Corporation tax
17,489
16,399
Social security and other taxes
126,126
100,137
Other creditors
17,929
18,902
---------
---------
229,608
237,413
---------
---------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,000
35,000
--------
--------