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Company registration number: 08112174
Complete Wall Solutions Limited
Unaudited filleted financial statements
31 March 2024
Complete Wall Solutions Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Complete Wall Solutions Limited
Directors and other information
Directors T Banks
R Payne
B J Gillibrand
P Graham
P O'Donnell
S Mooney
A Deary
Company number 08112174
Registered office Parkgates
Bury New Road
Prestwich
Manchester
M25 0JW
Business address The Factory
34a Water Lane Street
Radcliffe
Manchester
M26 4BG
Accountants Alexander Bursk Limited
Parkgates
Bury N ew Road
Prestwich
Manchester
M25 0JW
Complete Wall Solutions Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Complete Wall Solutions Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Complete Wall Solutions Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Complete Wall Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Complete Wall Solutions Limited and state those matters that we have agreed to state to the board of directors of Complete Wall Solutions Limited as a body, in this report To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Complete Wall Solutions Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Complete Wall Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Complete Wall Solutions Limited. You consider that Complete Wall Solutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Complete Wall Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Alexander Bursk Limited
Parkgates
Bury N ew Road
Prestwich
Manchester
M25 0JW
30 July 2024
Complete Wall Solutions Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 70,630 94,903
_______ _______
70,630 94,903
Current assets
Stocks 1,000,000 1,300,000
Debtors 6 1,624,193 2,003,355
Cash at bank and in hand 125,717 28,870
_______ _______
2,749,910 3,332,225
Creditors: amounts falling due
within one year 7 ( 1,853,110) ( 3,029,804)
_______ _______
Net current assets 896,800 302,421
_______ _______
Total assets less current liabilities 967,430 397,324
Creditors: amounts falling due
after more than one year 8 - ( 25,245)
_______ _______
Net assets 967,430 372,079
_______ _______
Capital and reserves
Called up share capital 117 117
Share premium account 18,690 18,690
Profit and loss account 948,623 353,272
_______ _______
Shareholders funds 967,430 372,079
_______ _______
For the 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.
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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 November 2024 , and are signed on behalf of the board by:
T Banks
Director
Company registration number: 08112174
Complete Wall Solutions Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Parkgates, Bury New Road, Prestwich, Manchester, M25 0JW.
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 Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 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 or 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 in finance costs 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 18 (2023: 15 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 82,589 12,878 55,574 151,041
Additions 15,695 1,647 15,000 32,342
Disposals ( 49,835) - - ( 49,835)
_______ _______ _______ _______
At 31 March 2024 48,449 14,525 70,574 133,548
_______ _______ _______ _______
Depreciation
At 1 April 2023 22,523 3,713 29,902 56,138
Charge for the year 5,460 1,623 10,168 17,251
Disposals ( 10,471) - - ( 10,471)
_______ _______ _______ _______
At 31 March 2024 17,512 5,336 40,070 62,918
_______ _______ _______ _______
Carrying amount
At 31 March 2024 30,937 9,189 30,504 70,630
_______ _______ _______ _______
At 31 March 2023 60,066 9,165 25,672 94,903
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 1,422,531 1,588,792
Other debtors 201,662 414,563
_______ _______
1,624,193 2,003,355
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 235,535 143,484
Trade creditors 1,411,015 2,539,813
Social security and other taxes 7,864 24,762
Other creditors 198,696 321,745
_______ _______
1,853,110 3,029,804
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors - 25,245
_______ _______
9. Directors advances, credits and guarantees
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Complete Fire Solutions NW Ltd - - (7,584) (7,446)
Complete Housing Solutions Ltd - - 2,384 2,384
Complete Cutting Services Limited - - (88) -
_______ _______ _______ _______
R Payne , T Banks and B Gillibrand are also directors of Complete Fire Solutions NW Ltd. R Payne, T Banks , B Gillibrand and P Graham are also directors of Complete Housing Solutions Ltd.
11. Controlling party
The company is controlled by Mr T Banks and Mr R Payne, who are both directors