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Reports Dated : 31/10/2024 Registered Number: 02954174
England and Wales

 

 

 

CNC BUILDING SUPPLIES LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
 
 
Notes
 
31/01/2024
£
  31/01/2023
£
Fixed assets      
Tangible fixed assets 3 4,400,000    4,407,073 
4,400,000    4,407,073 
Current assets      
Stocks   170,000 
Debtors: amounts falling due within one year 75,322    (1,244)
Cash at bank and in hand 6,384    (21,811)
81,706    146,945 
Creditors: amount falling due within one year (130,295)   (269,879)
Net current assets (48,589)   (122,934)
 
Total assets less current liabilities 4,351,411    4,284,139 
Creditors: amount falling due after more than one year (1,894,535)   (1,951,244)
Provisions for liabilities (380,051)   (380,183)
Net assets 2,076,825    1,952,712 
 

Capital and reserves
     
Called up share capital 4 200,000    200,000 
Revaluation Reserves 5 1,618,868    1,618,868 
Profit and loss account 257,957    133,844 
Shareholders' funds 2,076,825    1,952,712 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 31 October 2024 and were signed by:


-------------------------------
Balwinder Chana
Director
1
General Information
CNC BUILDING SUPPLIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 02954174, registration address 34 Glenwood Gardens, Gants Hill, Ilford, Essex, IG2 6XT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors have considered the appropriateness of adopting the going concern basis in preparing the financial statements. The company has undergone a significant transition during the financial year, shifting from operating as a builders merchant to focusing solely on commercial property letting.

Current Financial Position

During the financial year, the company sold and transferred all assets related to the builders merchant business to a new owner. As a result, the company's revenue now primarily derives from the leasing of commercial property units within its building. This change has streamlined operations and reduced the company's operational expenses.

Financial Obligations

The company retains a significant loan secured against the building. Historically, the company faced challenges in generating profits due to high operational costs associated with the builders merchant business. However, the stable rental income from leasing the commercial property units has consistently contributed to the company's revenue.

Future Prospects

With the transition complete, the directors expect that the company will generate substantial profits from its property letting activities. The rental income from fully leased units is projected to be sufficient to service the existing loan and meet all other financial commitments. This expectation is based on current lease agreements and market conditions, which indicate strong demand for the company's rental units.

Conclusion

The directors have reviewed the company's budgets and cash flow projections for the next 12 months and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

This assessment is based on the following considerations:

The completion of the business transition to a commercial property letting company.
The stable and sufficient rental income from fully leased units.
The ability to meet financial obligations, including servicing the loan, from the rental income.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts and the invoiced value of rental income from letting activities.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
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 taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.

Deferred tax is measured using 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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 33% Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 3 (2023 : 5).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £   £
At 01 February 2023 2,401,398    26,349    55,046    51,982    4,866    2,539,641 
Additions          
Disposals   (26,349)   (55,046)   (51,982)   (4,866)   (138,243)
Revaluations 1,998,602            1,998,602 
At 31 January 2024 4,400,000            4,400,000 
Depreciation
At 01 February 2023   26,045    52,771    47,488    4,866    131,170 
Charge for year          
On disposals   (26,045)   (52,771)   (47,488)   (4,866)   (131,170)
At 31 January 2024          
Net book values
Closing balance as at 31 January 2024 4,400,000            4,400,000 
Opening balance as at 01 February 2023 4,400,000    304    2,275    4,494      4,407,073 

Revaluation

The director commissioned an RICS registered professional to revalue the company's land and buildings. The valuation was conducted by Glennleigh Commercial and has revalued for £4,400,000. 

4.

Share Capital

Allotted, called up and fully paid
31/01/2024
£
  31/01/2023
£
200,000 Class A shares of £1.00 each 200,000    200,000 
200,000    200,000 

2