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Registered number: 06172378
Central Conveyors Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Association of Chartered Certified Accountants (ACCA)
Key Accountants
Office 5, The Forest Rock Offices
Leicester Road, Whitwick
Leicestershire
LE67 5GQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06172378
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 115,928 118,695
115,928 118,695
CURRENT ASSETS
Stocks 5 29,969 108,698
Debtors 6 300,692 316,459
Cash at bank and in hand 107,595 186,669
438,256 611,826
Creditors: Amounts Falling Due Within One Year 7 (237,078 ) (333,222 )
NET CURRENT ASSETS (LIABILITIES) 201,178 278,604
TOTAL ASSETS LESS CURRENT LIABILITIES 317,106 397,299
Creditors: Amounts Falling Due After More Than One Year 8 (39,000 ) (91,000 )
NET ASSETS 278,106 306,299
CAPITAL AND RESERVES
Called up share capital 9 6 6
Revaluation reserve 10 56,933 56,933
Profit and Loss Account 221,167 249,360
SHAREHOLDERS' FUNDS 278,106 306,299
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stephen Wheatley
Director
26th July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Central Conveyors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06172378 . The registered office is Unit 13 & 14 Kernan Drive, Swingbridge Trading Estate, Loughborough, Leicestershire, LE11 5JF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance basis
Motor Vehicles 25% reducing balance basis
Fixtures & Fittings 25% reducing balance basis
Computer Equipment 25% reducing balance basis
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2023: 17)
17 17
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 104,000 11,913 7,630 30,369 153,912
Additions - - - 1,210 1,210
As at 31 March 2024 104,000 11,913 7,630 31,579 155,122
Depreciation
As at 1 April 2023 - 2,978 6,422 25,817 35,217
Provided during the period - 2,234 302 1,441 3,977
As at 31 March 2024 - 5,212 6,724 27,258 39,194
Net Book Value
As at 31 March 2024 104,000 6,701 906 4,321 115,928
As at 1 April 2023 104,000 8,935 1,208 4,552 118,695
5. Stocks
2024 2023
£ £
Stock 29,969 108,698
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 108,519 171,345
Prepayments and accrued income 10,567 10,567
Other debtors 12,275 9,165
Corporation tax recoverable assets 118,193 56,348
Amounts owed by group undertakings 3,438 3,438
Amounts owed by other participating interests 47,700 65,596
300,692 316,459
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 135,095 192,335
Bank loans and overdrafts 52,000 52,000
Other taxes and social security 855 12,393
VAT 40,502 70,109
Accruals and deferred income 8,626 6,385
237,078 333,222
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 39,000 91,000
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
4 Ordinary A shares of £ 1.00 each 4 4
1 Ordinary B shares of £ 1.00 each 1 1
1 Ordinary C shares of £ 1.00 each 1 1
6 6
10. Reserves
Revaluation Reserve
£
As at 1 April 2023 56,933
As at 31 March 2024 56,933
11. Ultimate Controlling Party
The company's ultimate controlling party is Central Conveyors Holdings Ltd by virtue of an ownership of 100% of the issued share capital in the company.
Page 5