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Registered number: 11487754
CFS Of Leicester Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Motif Accounting
17-19 Wharf Street South
Leicester
LE1 2AA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11487754
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 191,555 173,921
191,555 173,921
CURRENT ASSETS
Stocks 5 1,283,465 995,545
Debtors 6 582,785 256,692
Cash at bank and in hand 161,458 80,225
2,027,708 1,332,462
Creditors: Amounts Falling Due Within One Year 7 (840,014 ) (983,208 )
NET CURRENT ASSETS (LIABILITIES) 1,187,694 349,254
TOTAL ASSETS LESS CURRENT LIABILITIES 1,379,249 523,175
Creditors: Amounts Falling Due After More Than One Year 8 (848,710 ) (149,498 )
NET ASSETS 530,539 373,677
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 530,439 373,577
SHAREHOLDERS' FUNDS 530,539 373,677
Page 1
Page 2
For the year ending 31 July 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 Asif Alimahomed
Director
25/11/2024
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
CFS Of Leicester Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11487754 . The registered office is 1 Grosvenor Street, Leicester, LE1 3LR.
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:
Motor Vehicles 15% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
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 year 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 asset reflects 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.
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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 27 (2023: 20)
27 20
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 August 2023 179,831 140,167 319,998
Additions 51,438 - 51,438
As at 31 July 2024 231,269 140,167 371,436
Depreciation
As at 1 August 2023 81,267 64,810 146,077
Provided during the period 22,500 11,304 33,804
As at 31 July 2024 103,767 76,114 179,881
Net Book Value
As at 31 July 2024 127,502 64,053 191,555
As at 1 August 2023 98,564 75,357 173,921
5. Stocks
2024 2023
£ £
Finished goods 1,283,465 995,545
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 161,457 172,665
Prepayments and accrued income 18,735 17,128
Other debtors 402,593 66,899
582,785 256,692
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 507,304 316,131
Other taxes and social security 18,640 11,310
VAT 126,998 430,079
Other creditors 187,072 225,688
840,014 983,208
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 699,212 -
Directors loan account 149,498 149,498
848,710 149,498
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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