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COMPANY REGISTRATION NUMBER: 04725870
CSC Screeding Limited
Filleted Unaudited Financial Statements
30 April 2024
CSC Screeding Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
CSC Screeding Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
467,904
481,264
Current assets
Stocks
37,223
36,528
Debtors
6
1,302,940
1,022,070
Cash at bank and in hand
68,027
58,788
------------
------------
1,408,190
1,117,386
Creditors: amounts falling due within one year
7
706,477
414,123
------------
------------
Net current assets
701,713
703,263
------------
------------
Total assets less current liabilities
1,169,617
1,184,527
Creditors: amounts falling due after more than one year
8
186,055
251,807
Provisions
Taxation including deferred tax
105,700
64,463
------------
------------
Net assets
877,862
868,257
------------
------------
Capital and reserves
Called up share capital
9
4
4
Profit and loss account
877,858
868,253
----------
----------
Shareholders funds
877,862
868,257
----------
----------
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 income and retained earnings has not been delivered.
For the year ending 30 April 2024 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CSC Screeding Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 1 November 2024 , and are signed on behalf of the board by:
Mr S L Warner
Director
Company registration number: 04725870
CSC Screeding Limited
Notes to the Financial Statements
Year ended 30 April 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 Printing House, 66 Lower Road, Harrow, HA2 0DH.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Short leasehold property
-
Amortise over the period of lease
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% reducing balance
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 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 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 statement of financial position 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.
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 statement of financial position 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.
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 8 (2023: 7 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
553,463
251,642
59,603
864,708
Additions
90,490
55,826
452
146,768
Disposals
( 1,671)
( 54,318)
( 55,989)
----------
----------
--------
----------
At 30 April 2024
642,282
253,150
60,055
955,487
----------
----------
--------
----------
Depreciation
At 1 May 2023
157,526
180,262
45,656
383,444
Charge for the year
111,892
18,598
3,524
134,014
Disposals
( 1,178)
( 28,697)
( 29,875)
----------
----------
--------
----------
At 30 April 2024
268,240
170,163
49,180
487,583
----------
----------
--------
----------
Carrying amount
At 30 April 2024
374,042
82,987
10,875
467,904
----------
----------
--------
----------
At 30 April 2023
395,937
71,380
13,947
481,264
----------
----------
--------
----------
6. Debtors
2024
2023
£
£
Trade debtors
871,742
542,683
Prepayments and accrued income
18,795
41,599
Corporation tax repayable
29,706
Other debtors
412,403
408,082
------------
------------
1,302,940
1,022,070
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
17,942
17,380
Trade creditors
559,623
226,530
Accruals and deferred income
8,518
8,515
Corporation tax
17,659
Social security and other taxes
13,727
5,870
Obligations under finance leases and hire purchase contracts
47,810
102,316
Director loan accounts
29,973
30,844
Other creditors
11,225
22,668
----------
----------
706,477
414,123
----------
----------
Obligations under finance leases and hire purchase contracts are secured by the assets purchased under these contracts.
Bank loans and overdrafts include a Coronavirus Business Interruption Loan which is secured by a Government Guarantee.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
38,804
56,746
Obligations under finance leases and hire purchase contracts
147,251
195,061
----------
----------
186,055
251,807
----------
----------
Obligations under finance leases and hire purchase contracts are secured by the assets purchased under these contracts.
Bank loans and overdrafts include a Coronavirus Business Interruption Loan which is secured by a Government Guarantee.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary 'A' shares of £ 1 each
1
1
1
1
Ordinary 'B' shares of £ 1 each
1
1
1
1
Ordinary 'C' shares of £ 1 each
1
1
1
1
Ordinary 'D' shares of £ 1 each
1
1
1
1
----
----
----
----
4
4
4
4
----
----
----
----
10. Related party transactions
Transactions with related parties, such as are required to be disclosed under FRS 102 were as follows:
20242023
££
Other related parties:
Balances owed by/(owed to):393,573329,538
--------------------
The amounts owed by/(owed to) related parties are in respect of short term interest free loans.