Company registration number 02564168 (England and Wales)
CADONMAIN LIMITED
TRADING AS SALESMARK UK
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
CADONMAIN LIMITED
TRADING AS SALESMARK UK
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
CADONMAIN LIMITED
TRADING AS SALESMARK UK
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CADONMAIN LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cadonmain Limited for the year ended 29 February 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Cadonmain Limited, as a body, in accordance with the terms of our engagement letter dated 28 June 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Cadonmain Limited and state those matters that we have agreed to state to the board of directors of Cadonmain Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cadonmain Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Cadonmain 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 Cadonmain Limited. You consider that Cadonmain 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 Cadonmain 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.
Carpenter Box
18 November 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
CADONMAIN LIMITED
TRADING AS SALESMARK UK
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,994
38,745
Current assets
Stocks
299,802
320,323
Debtors
4
841,190
828,911
Cash at bank and in hand
522,657
448,191
1,663,649
1,597,425
Creditors: amounts falling due within one year
5
(399,667)
(516,263)
Net current assets
1,263,982
1,081,162
Total assets less current liabilities
1,288,976
1,119,907
Creditors: amounts falling due after more than one year
6
(20,617)
(39,707)
Provisions for liabilities
(5,900)
(9,300)
Net assets
1,262,459
1,070,900
Capital and reserves
Called up share capital
7
80
80
Capital redemption reserve
20
20
Profit and loss reserves
1,262,359
1,070,800
Total equity
1,262,459
1,070,900
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 18 November 2024
Mr M Fisher
Director
Company Registration No. 02564168
CADONMAIN LIMITED
TRADING AS SALESMARK UK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Cadonmain Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Aspen Court, Marlborough Road, Lancing Business Park, Lancing, West Sussex, BN15 8UN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertaintiestrue and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery/vans
20% straight line per annum
Fixtures and fittings
15% straight line per annum
Office equipment
33.3% diminishing balance per annum
Motor vehicles
25% diminishing balance per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
CADONMAIN LIMITED
TRADING AS SALESMARK UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CADONMAIN LIMITED
TRADING AS SALESMARK UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15 (2023 - 16).
3
Tangible fixed assets
Plant and machinery/vans
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
62,560
3,171
15,730
66,175
147,636
Additions
284
284
Disposals
(26,475)
(26,475)
At 29 February 2024
62,560
3,171
15,730
39,984
121,445
Depreciation and impairment
At 1 March 2023
52,985
866
14,120
40,920
108,891
Depreciation charged in the year
5,908
475
531
6,108
13,022
Eliminated in respect of disposals
(25,462)
(25,462)
At 29 February 2024
58,893
1,341
14,651
21,566
96,451
Carrying amount
At 29 February 2024
3,667
1,830
1,079
18,418
24,994
At 28 February 2023
9,575
2,305
1,610
25,255
38,745
CADONMAIN LIMITED
TRADING AS SALESMARK UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
363,986
350,763
Other debtors
477,204
478,148
841,190
828,911
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,216
11,132
Trade creditors
218,086
295,889
Taxation and social security
156,192
143,715
Other creditors
15,173
65,527
399,667
516,263
Included with bank loans is a bounce back loan secured by a government guarantee.
Included within other creditors in note 5, are amounts relating to hire purchase and factoring accounts totalling £10,228 (2023 - £62,720). These are secured on trade debtors and the assets they relate to.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,617
29,701
Other creditors
10,006
20,617
39,707
Included with bank loans is a bounce back loan secured by a government guarantee.
The other creditors in note 6 relate to hire purchase contracts which are secured upon the assets they relate to.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class 'A' Ordinary Shares of £1 each
65
65
65
65
Class 'B' Ordinary Shares of £1 each
15
15
15
15
80
80
80
80
CADONMAIN LIMITED
TRADING AS SALESMARK UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
21,654
93,815
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Overdrawn director's account
-
290,000
10,000
(20,000)
280,000
290,000
10,000
(20,000)
280,000