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COMPANY REGISTRATION NUMBER: 07733362
CCF (UK) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
CCF (UK) LIMITED
FINANCIAL STATEMENTS
Year ended 31 October 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
CCF (UK) LIMITED
BALANCE SHEET
31 October 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
410,347
1,172,551
CURRENT ASSETS
Stocks
39,696
50,666
Debtors
6
2,469,177
1,794,107
Cash at bank and in hand
445,847
981,456
------------
------------
2,954,720
2,826,229
CREDITORS: amounts falling due within one year
7
( 1,237,042)
( 1,430,659)
------------
------------
NET CURRENT ASSETS
1,717,678
1,395,570
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,128,025
2,568,121
CREDITORS: amounts falling due after more than one year
8
( 112,675)
( 893,971)
PROVISIONS
( 100,779)
( 111,992)
------------
------------
NET ASSETS
1,914,571
1,562,158
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
1,914,471
1,562,058
------------
------------
SHAREHOLDERS FUNDS
1,914,571
1,562,158
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 October 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CCF (UK) LIMITED
BALANCE SHEET (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mrs N Fisher
Director
Company registration number: 07733362
CCF (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 October 2023
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 1a-1c Wern Trading Estate, Rogerstone, Newport, NP10 9FQ, Wales.
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 measured at fair value through profit or loss.
Turnover
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.
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.
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:
Freehold property
-
2% straight line
Plant and machinery
-
2% - 20% straight line
Fixtures and fittings
-
15% straight line
Motor vehicles
-
20% straight line
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 balance sheet 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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 persons employed by the company during the year amounted to 32 (2022: 33 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
836,828
419,366
99,801
276,330
1,632,325
Additions
75,915
5,508
85,145
166,568
Disposals
( 836,828)
( 90,000)
( 926,828)
---------
---------
---------
---------
------------
At 31 October 2023
495,281
105,309
271,475
872,065
---------
---------
---------
---------
------------
Depreciation
At 1 November 2022
54,563
227,157
64,025
114,029
459,774
Charge for the year
3,661
17,795
12,419
54,793
88,668
Disposals
( 58,224)
( 28,500)
( 86,724)
---------
---------
---------
---------
------------
At 31 October 2023
244,952
76,444
140,322
461,718
---------
---------
---------
---------
------------
Carrying amount
At 31 October 2023
250,329
28,865
131,153
410,347
---------
---------
---------
---------
------------
At 31 October 2022
782,265
192,209
35,776
162,301
1,172,551
---------
---------
---------
---------
------------
Included within the carrying value of tangible assets is £Nil (2022: £782,265) relating to buildings that have been pledged as security for a bank loan.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 October 2023
----
At 31 October 2022
145,369
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
874,873
999,392
Amounts owed by group undertakings and undertakings in which the company has a participating interest
705,264
Other debtors
889,040
794,715
------------
------------
2,469,177
1,794,107
------------
------------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
98,842
Trade creditors
575,767
812,465
Corporation tax
255,556
153,456
Social security and other taxes
67,633
89,367
Other creditors
239,244
375,371
------------
------------
1,237,042
1,430,659
------------
------------
Included in creditors due within one year is an amount of £26,932 (2022: £44,088) relating to finance leases and hire purchases. This amount is secured on the assets to which the agreements relate. Included in creditors due within one year is an amount of £Nil (2022: £78,622) relating to secured bank loans. This amount is secured on the freehold property and other assets of the company.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
67,989
710,367
Other creditors
44,686
183,604
---------
---------
112,675
893,971
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £236,490) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is repayable in equal monthly instalments ending in May 2038. The bank loan carries a variance interest rate of the Bank of England base rate plus 3%.
Included in creditors due after more than one year is an amount of £44,686 (2022: £102,604) relating to finance leases and hire purchases. This amount is secured on the assets to which the agreements relate. Included in creditors due after more than one year is an amount of £Nil (2022: £262,559) relating to secured bank loans. This amount is secured on the freehold property and other assets of the company.
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Included in other debtors is the following balance due from the director:
2023 2022
£ £
Shareholders loan account 146,145
---- ---------
In respect of the overdrawn loan account, the following transactions took place during the year:
£
Opening balance from the director 146,145
Advances/(credits) to the director 339,602
Amounts repaid by the director (485,747)
Closing balance due to the company 0
The loan is interest free and repayable on demand.