13 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 01573970 2023-03-01 2024-02-29 01573970 2024-02-29 01573970 2023-02-28 01573970 2022-03-01 2023-02-28 01573970 2023-02-28 01573970 2022-02-28 01573970 bus:Director1 2023-03-01 2024-02-29 01573970 core:LandBuildings 2023-02-28 01573970 core:PlantMachinery 2023-02-28 01573970 core:FurnitureFittings 2023-02-28 01573970 core:MotorVehicles 2023-02-28 01573970 core:LandBuildings 2024-02-29 01573970 core:PlantMachinery 2024-02-29 01573970 core:FurnitureFittings 2024-02-29 01573970 core:MotorVehicles 2024-02-29 01573970 core:PlantMachinery 2023-03-01 2024-02-29 01573970 core:FurnitureFittings 2023-03-01 2024-02-29 01573970 core:MotorVehicles 2023-03-01 2024-02-29 01573970 core:WithinOneYear 2024-02-29 01573970 core:WithinOneYear 2023-02-28 01573970 core:AfterOneYear 2024-02-29 01573970 core:AfterOneYear 2023-02-28 01573970 core:ShareCapital 2024-02-29 01573970 core:ShareCapital 2023-02-28 01573970 core:RetainedEarningsAccumulatedLosses 2024-02-29 01573970 core:RetainedEarningsAccumulatedLosses 2023-02-28 01573970 core:LandBuildings 2023-02-28 01573970 core:PlantMachinery 2023-02-28 01573970 core:FurnitureFittings 2023-02-28 01573970 core:MotorVehicles 2023-02-28 01573970 bus:SmallEntities 2023-03-01 2024-02-29 01573970 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 01573970 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 01573970 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01573970 bus:FullAccounts 2023-03-01 2024-02-29 01573970 core:AfterOneYear 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 01573970
Controlled Repair (Instruments) Limited
Unaudited financial statements
29 February 2024
Controlled Repair (Instruments) Limited
Statement of financial position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
730,287
736,101
Current assets
Stocks
249,096
254,729
Debtors
6
569,212
643,943
Cash at bank and in hand
827,941
535,273
-----------
-----------
1,646,249
1,433,945
Creditors: Amounts falling due within one year
7
( 611,172)
( 891,568)
-----------
-----------
Net current assets
1,035,077
542,377
-----------
-----------
Total assets less current liabilities
1,765,364
1,278,478
Creditors: Amounts falling due after more than one year
8
( 715,875)
( 420,171)
Provisions
Taxation including deferred tax
( 43,156)
( 44,609)
-----------
-----------
Net assets
1,006,333
813,698
-----------
-----------
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
1,001,333
808,698
-----------
---------
Shareholders funds
1,006,333
813,698
-----------
---------
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 income statement has not been delivered.
For the year ending 29 February 2024 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 .
Controlled Repair (Instruments) Limited
Statement of financial position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
K G Taylor
Director
Company registration number: 01573970
Controlled Repair (Instruments) Limited
Notes to the financial statements
Year ended 29 February 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 9 -11, Brinell Way, Harfreys Industrial Estate, Great Yarmouth, NR31 0LU, Norfolk.
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, 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
8 years
Fixtures and fittings
-
25%
Motor vehicles
-
4 years
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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 13 (2023: 14 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
664,601
162,710
2,468
118,769
948,548
Additions
5,500
5,500
Disposals
( 3,500)
( 3,500)
---------
---------
------
---------
---------
At 29 February 2024
664,601
164,710
2,468
118,769
950,548
---------
---------
------
---------
---------
Depreciation
At 1 March 2023
124,710
( 32)
87,769
212,447
Charge for the year
1,967
( 653)
10,000
11,314
Disposals
( 3,500)
( 3,500)
---------
---------
------
---------
---------
At 29 February 2024
123,177
( 685)
97,769
220,261
---------
---------
------
---------
---------
Carrying amount
At 29 February 2024
664,601
41,533
3,153
21,000
730,287
---------
---------
------
---------
---------
At 28 February 2023
664,601
38,000
2,500
31,000
736,101
---------
---------
------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
553,056
630,838
Other debtors
16,156
13,105
---------
---------
569,212
643,943
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
56,596
80,287
Trade creditors
218,201
200,048
Social security and other taxes
122,603
91,593
Other creditors
213,772
519,640
---------
---------
611,172
891,568
---------
---------
Bank loans and overdrafts are secured on the assets owned.
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
277,875
310,171
Other creditors
438,000
110,000
---------
---------
715,875
420,171
---------
---------
Included within bank loans and overdrafts: amounts falling due after more than one year is an amount of £227,688 (2023: £215,110) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting period. Bank loans and overdrafts are secured on the assets owned. Included within other creditors are preference shares of £438,000. These shares attract a cumulative dividend at 3% above the Bank of England base rate and are redeemable at the option of the company as well as the holders (on the fifth anniversary of their acquisition) of the shares, as well as the calendar date every subsequent five years thereafter. Interest paid this year amounted to £19,008 (2023: £5,458).
9. Directors' advances, credits and guarantees
At the year end the company owed the directors £130,795 (2023: £324,749 ).