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Registration number: 09070053

Cedar Carpentry (UK) Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Cedar Carpentry (UK) Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Cedar Carpentry (UK) Ltd

(Registration number: 09070053)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,519

9,699

Current assets

 

Debtors

5

16,575

22,702

Creditors: Amounts falling due within one year

6

(14,690)

(22,080)

Net current assets

 

1,885

622

Total assets less current liabilities

 

11,404

10,321

Creditors: Amounts falling due after more than one year

6

(8,834)

(8,433)

Provisions for liabilities

(1,808)

(1,843)

Net assets

 

762

45

Capital and reserves

 

Called up share capital

1

1

Retained earnings

761

44

Shareholders' funds

 

762

45

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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 October 2024
 

Mr J Maddex
Director

   
     
 

Cedar Carpentry (UK) Ltd

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 and Wales.

The address of its registered office is:
44 Astral Close
Lower Stondon
Beds
SG16 6EL
United Kingdom

These financial statements were authorised for issue by the director on 29 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

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 the fair value of the consideration received or receivable for the 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.

 

Cedar Carpentry (UK) Ltd

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

Plant and machinery

25% Straight Line

Motor Vehicles

20% Reducing Balance

Office equipment

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed annually for bad debts and any adjustment is made accordingly through profit and loss.

 

Cedar Carpentry (UK) Ltd

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

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 at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Cedar Carpentry (UK) Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

991

15,000

14,330

30,321

Additions

-

-

2,970

2,970

At 31 March 2024

991

15,000

17,300

33,291

Depreciation

At 1 April 2023

799

7,104

12,719

20,622

Charge for the year

192

1,579

1,379

3,150

At 31 March 2024

991

8,683

14,098

23,772

Carrying amount

At 31 March 2024

-

6,317

3,202

9,519

At 31 March 2023

192

7,896

1,611

9,699

5

Debtors

Current

2024
£

2023
£

Trade debtors

1,536

3,081

Prepayments

3

69

Other debtors

15,036

19,552

 

16,575

22,702

 

Cedar Carpentry (UK) Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

5,858

8,535

Trade creditors

 

264

478

Taxation and social security

 

7,288

11,961

Accruals and deferred income

 

1,257

1,106

Other creditors

 

23

-

 

14,690

22,080


Creditors include bank loans and overdrafts which are secured of £5,858 (2023: £8,535).

 

Cedar Carpentry (UK) Ltd

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

8,834

8,433


The company has a loan under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy. The amount disclosed as due less than one year is £2,086 (2023: £4,089) and £8,834 (2023: £8,443) is due after more than one year.

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,834

8,433

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

3,772

4,446

Other borrowings

2,086

4,089

5,858

8,535

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

         

9

Dividends

2024

2023

£

£

Interim dividend of £35,335.00 (2023 - £46,150.00) per ordinary share

35,335

46,150

 

 
 

Cedar Carpentry (UK) Ltd

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

10

Related party transactions

At the balance sheet date, the company owed £21 to the director Mr J Maddex, (2023: owed £2,388). The amount is repayable on demand and there was no interest charged.

11

Ultimate controlling party

The ultimate controlling party is Mr J Maddex, director and shareholder.