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Filleted

Registration number: 09632159

CPC (New Quay) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

CPC (New Quay) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

CPC (New Quay) Limited

Company Information

Directors

Mr Malcolm Thomas

Mr Daniel Oliver Thomas

Mrs Trudi Anne Thomas

Registered office

Creme Pen Cei
South John Street
New Quay
Ceredigion
SA45 9NN

 

CPC (New Quay) Limited

(Registration number: 09632159)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

1,336

Tangible assets

6

100,251

100,341

Other financial assets

7

-

50,150

 

100,251

151,827

Current assets

 

Stocks

8

8,500

16,477

Debtors

9

25,706

4,840

Cash at bank and in hand

 

70,121

7,587

 

104,327

28,904

Creditors: Amounts falling due within one year

10

(52,692)

(47,502)

Net current assets/(liabilities)

 

51,635

(18,598)

Net assets

 

151,886

133,229

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

151,883

133,226

Total equity

 

151,886

133,229

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

CPC (New Quay) Limited

(Registration number: 09632159)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 25 October 2024 and signed on its behalf by:
 

.........................................
Mr Malcolm Thomas
Director

.........................................
Mr Daniel Oliver Thomas
Director

.........................................
Mrs Trudi Anne Thomas
Director

     
 

CPC (New Quay) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Creme Pen Cei
South John Street
New Quay
Ceredigion
SA45 9NN

These financial statements were authorised for issue by the Board on 25 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

CPC (New Quay) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing Balance

Motor vehicles

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

CPC (New Quay) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

CPC (New Quay) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

17,612

13,013

Amortisation expense

1,336

2,333

 

CPC (New Quay) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

20,000

20,000

At 31 January 2024

20,000

20,000

Amortisation

At 1 February 2023

18,664

18,664

Amortisation charge

1,336

1,336

At 31 January 2024

20,000

20,000

Carrying amount

At 31 January 2024

-

-

At 31 January 2023

1,336

1,336

Revalued assets for the year ended 31 January 2023

6

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

205,567

7,088

212,655

Additions

17,522

-

17,522

At 31 January 2024

223,089

7,088

230,177

Depreciation

At 1 February 2023

111,192

1,122

112,314

Charge for the year

16,120

1,492

17,612

At 31 January 2024

127,312

2,614

129,926

Carrying amount

At 31 January 2024

95,777

4,474

100,251

At 31 January 2023

94,375

5,966

100,341

 

CPC (New Quay) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2023

25,000

25,150

50,150

Additions

2,000

-

2,000

Disposals

(27,000)

(25,150)

(52,150)

At 31 January 2024

-

-

-

Impairment

Carrying amount

At 31 January 2024

-

-

-

8

Stocks

2024
£

2023
£

Finished goods and goods for resale

8,500

16,477

9

Debtors

2024
£

2023
£

Trade debtors

4,840

4,840

Other debtors

20,866

-

25,706

4,840

 

CPC (New Quay) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

12

36,016

45,156

Trade creditors

 

2,257

-

Taxation and social security

 

6,838

-

Other related parties

 

210

-

Corporation tax liability

 

5,691

-

Other creditors

 

1,680

2,346

 

52,692

47,502

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

         

12

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

36,016

45,156

13

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Interest free loan repayable on demand

-

16,157

(16,366)

(210)