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COMPANY REGISTRATION NUMBER: 01653703
Commercial Clay Limited
Filleted Unaudited Financial Statements
31 October 2023
Commercial Clay Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
92,075
97,229
Current assets
Stocks
100,773
85,121
Debtors
7
191,152
240,346
Cash at bank and in hand
160,196
257,333
---------
---------
452,121
582,800
Creditors: amounts falling due within one year
8
164,540
196,189
---------
---------
Net current assets
287,581
386,611
---------
---------
Total assets less current liabilities
379,656
483,840
Provisions
16,553
---------
---------
Net assets
379,656
467,287
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
379,654
467,285
---------
---------
Members' funds
379,656
467,287
---------
---------
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 ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: - The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
Commercial Clay Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
P T Stokes
Director
Company registration number: 01653703
Commercial Clay Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. Statutory information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sandbach Road, Cobridge, Stoke on Trent, ST6 2DF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(c) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
(d) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) 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:
Building alterations
-
2.5% reducing balance
Plant and machinery
-
20% reducing balance
Office equipment and heating systems
-
15% reducing balance
Motor vehicles
-
25% reducing balance
(g) 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.
(h) Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
(i) 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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
(j) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
(k) Defined contribution pension plan
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 10 ).
5. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
28,534
28,596
--------
--------
6. Tangible assets
Building alterations
Plant and machinery
Office equipment and heating systems
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
26,704
139,635
3,247
69,223
238,809
Additions
2,173
125
14,975
17,273
Disposals
( 2,226)
( 8,500)
( 10,726)
--------
---------
-------
--------
---------
At 31 October 2023
26,704
139,582
3,372
75,698
245,356
--------
---------
-------
--------
---------
Depreciation
At 1 November 2022
6,922
105,296
1,123
28,239
141,580
Charge for the year
494
6,755
327
11,756
19,332
Disposals
( 581)
( 7,050)
( 7,631)
--------
---------
-------
--------
---------
At 31 October 2023
7,416
111,470
1,450
32,945
153,281
--------
---------
-------
--------
---------
Carrying amount
At 31 October 2023
19,288
28,112
1,922
42,753
92,075
--------
---------
-------
--------
---------
At 31 October 2022
19,782
34,339
2,124
40,984
97,229
--------
---------
-------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
155,682
213,306
Other debtors
35,470
27,040
---------
---------
191,152
240,346
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
119,884
101,959
Corporation tax
31,712
Social security and other taxes
36,701
33,987
Other creditors
7,955
28,531
---------
---------
164,540
196,189
---------
---------
9. Pension commitments
At the year end, the company had a liability of £799 (2022: £696) in relation to its defined contribution pension plan.
10. Related party transactions
P T Stokes and Mrs H Stokes are related parties by virtue of their directorships of and shareholdings in the company. During the year, P T Stokes and Mrs H Stokes operated a directors' loan account with the company such that, at the year end, they were owed the combined sum of £ 2,830 (2022: £ 3,005 ). This loan was interest free and repayable on demand. During the year, the company paid equity dividends on Ordinary shares to P T Stokes and Mrs H Stokes in the sum of £ 35,000 (2022: £ 121,500 ). A personal guarantee totalling £20,650 was undertaken by P T Stokes in favour of the company's bankers as security for the indebtedness of the company to the bank. A personal guarantee totalling £30,000 was undertaken by P T Stokes & Mrs H Stokes in favour of the company's bankers as security for the indebtedness of the company to the bank.