C & M D.I.Y CENTRE LTD 06433057 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is DIY Shop Digita Accounts Production Advanced 6.30.9574.0 true 06433057 2023-03-01 2024-02-29 06433057 2024-02-29 06433057 core:RetainedEarningsAccumulatedLosses 2024-02-29 06433057 core:ShareCapital 2024-02-29 06433057 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-02-29 06433057 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-02-29 06433057 core:CurrentFinancialInstruments 2024-02-29 06433057 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 06433057 core:Non-currentFinancialInstruments 2024-02-29 06433057 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 06433057 core:Goodwill 2024-02-29 06433057 core:MotorVehicles 2024-02-29 06433057 core:PlantMachinery 2024-02-29 06433057 bus:SmallEntities 2023-03-01 2024-02-29 06433057 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 06433057 bus:FilletedAccounts 2023-03-01 2024-02-29 06433057 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 06433057 bus:RegisteredOffice 2023-03-01 2024-02-29 06433057 bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 06433057 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06433057 core:Goodwill 2023-03-01 2024-02-29 06433057 core:MotorVehicles 2023-03-01 2024-02-29 06433057 core:PlantMachinery 2023-03-01 2024-02-29 06433057 countries:EnglandWales 2023-03-01 2024-02-29 06433057 2023-02-28 06433057 core:Goodwill 2023-02-28 06433057 core:MotorVehicles 2023-02-28 06433057 core:PlantMachinery 2023-02-28 06433057 2022-03-01 2023-02-28 06433057 2023-02-28 06433057 core:RetainedEarningsAccumulatedLosses 2023-02-28 06433057 core:ShareCapital 2023-02-28 06433057 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 06433057 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 06433057 core:CurrentFinancialInstruments 2023-02-28 06433057 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 06433057 core:Non-currentFinancialInstruments 2023-02-28 06433057 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 06433057 core:Goodwill 2023-02-28 06433057 core:MotorVehicles 2023-02-28 06433057 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 06433057

C & M D.I.Y CENTRE LTD

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 29 February 2024

 

C & M D.I.Y CENTRE LTD

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

C & M D.I.Y CENTRE LTD

(Registration number: 06433057)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3

3

Tangible assets

5

8,209

13,402

 

8,212

13,405

Current assets

 

Stocks

6

128,238

133,780

Debtors

7

4,052

4,484

Cash at bank and in hand

 

14,966

11,524

 

147,256

149,788

Creditors: Amounts falling due within one year

8

(60,870)

(56,574)

Net current assets

 

86,386

93,214

Total assets less current liabilities

 

94,598

106,619

Creditors: Amounts falling due after more than one year

8

(2,615)

(6,337)

Provisions for liabilities

(1,560)

(2,546)

Net assets

 

90,423

97,736

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

90,323

97,636

Shareholders' funds

 

90,423

97,736

For the financial year ending 29 February 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.

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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

C & M D.I.Y CENTRE LTD

(Registration number: 06433057)
Statement of Financial Position as at 29 February 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

.........................................

Mr S J Prangley
Company secretary and director

 

C & M D.I.Y CENTRE LTD

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is: 20 High Street, Andover, Hampshire, SP10 1NJ.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

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

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

C & M D.I.Y CENTRE LTD

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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

25% straight line

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

12 years straight line

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.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

C & M D.I.Y CENTRE LTD

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

C & M D.I.Y CENTRE LTD

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

32,763

32,763

At 29 February 2024

32,763

32,763

Amortisation

At 1 March 2023

32,760

32,760

At 29 February 2024

32,760

32,760

Carrying amount

At 29 February 2024

3

3

At 28 February 2023

3

3

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

23,879

13,795

37,674

Disposals

-

(6,295)

(6,295)

At 29 February 2024

23,879

7,500

31,379

Depreciation

At 1 March 2023

17,596

6,676

24,272

Charge for the year

2,293

1,406

3,699

Eliminated on disposal

-

(4,801)

(4,801)

At 29 February 2024

19,889

3,281

23,170

Carrying amount

At 29 February 2024

3,990

4,219

8,209

At 28 February 2023

6,283

7,119

13,402

 

C & M D.I.Y CENTRE LTD

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

128,238

133,780

7

Debtors

2024
£

2023
£

Trade debtors

-

267

Other debtors

361

295

Prepayments

3,691

3,922

4,052

4,484

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

9

4,448

4,917

Trade creditors

 

33,013

30,979

Taxation and social security

 

8,868

6,236

Accruals and deferred income

 

3,959

3,892

Other creditors

 

10,582

10,550

 

60,870

56,574

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,615

4,210

Hire purchase contracts

-

2,127

2,615

6,337

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,321

2,790

Hire purchase contracts

2,127

2,127

4,448

4,917