Company registration number 02124001 (England and Wales)
CUSTOM GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
CUSTOM GROUP LIMITED
COMPANY INFORMATION
Directors
R J Rybij
M D Johnson
R W Dallison
Secretary
M D Johnson
Company number
02124001
Registered office
Unit 8
The Ropewalk
Station Road
Ilkeston
Derbyshire
DE7 5HX
Auditor
DJH Audit Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
CUSTOM GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CUSTOM GROUP LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
230,233
236,852
Investments
5
4
4
230,237
236,856
Current assets
Stocks
6
227,878
225,744
Debtors
7
1,607,453
728,164
Cash at bank and in hand
570,467
1,452,289
2,405,798
2,406,197
Creditors: amounts falling due within one year
8
(905,029)
(910,694)
Net current assets
1,500,769
1,495,503
Total assets less current liabilities
1,731,006
1,732,359
Creditors: amounts falling due after more than one year
9
(9,925)
(59,655)
Provisions for liabilities
(39,797)
(36,278)
Net assets
1,681,284
1,636,426
Capital and reserves
Called up share capital
11
850
850
Profit and loss reserves
1,680,434
1,635,576
Total equity
1,681,284
1,636,426

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
R J Rybij
M D Johnson
Director
Company secretary and director
Company registration number 02124001 (England and Wales)
CUSTOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Custom Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, The Ropewalk, Station Road, Ilkeston, Derbyshire, DE7 5HX.

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

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the 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.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance
CUSTOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is determined using the first in, first out (FIFO) method.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CUSTOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.8
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The estimates and assumptions which have risk of causing material adjustment to the carrying amount of assets and liabilities are set out below:

 

Revenue recognition and amount recoverable on contracts

 

The company use the percentage of completion method in account for it's contracts. Use of this method requires the company to estimate the work performed to date as a proportion of the total work to be performed. The estimation of the revenue and profit recognition by reference to the stage of completion can involve considerable judgement around future costs and margins.

 

 

CUSTOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
47
48
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
136,580
89,304
354,439
580,323
Additions
25,843
2,017
46,271
74,131
Disposals
(2,439)
-
0
(41,782)
(44,221)
At 31 May 2024
159,984
91,321
358,928
610,233
Depreciation and impairment
At 1 June 2023
103,347
69,655
170,469
343,471
Depreciation charged in the year
12,524
4,333
55,450
72,307
Eliminated in respect of disposals
(2,439)
-
0
(33,339)
(35,778)
At 31 May 2024
113,432
73,988
192,580
380,000
Carrying amount
At 31 May 2024
46,552
17,333
166,348
230,233
At 31 May 2023
33,233
19,649
183,970
236,852
5
Investments
2024
2023
£
£
Investments in subsidiaries
4
4
6
Stocks
2024
2023
£
£
Stocks
227,878
225,744
CUSTOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
513,036
509,742
Amounts recoverable on contracts
221,071
153,888
Other debtors
801,350
1,610
Prepayments and accrued income
71,996
62,924
1,607,453
728,164
8
Creditors: amounts falling due within one year
2024
2023
£
£
Loans and borrowings
10
49,730
60,082
Trade creditors
303,666
252,617
Amount owed to group undertakings
21,986
21,986
Taxation and social security
415,273
398,548
Other creditors
114,374
177,461
905,029
910,694
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Loans and borrowings
10
9,925
59,655
9,925
59,655
10
Loans and borrowings
2024
2023
£
£
Hire purchase and finance lease liabilities
59,655
119,737
59,655
119,737
Payable within one year
49,730
60,082
Payable after one year
9,925
59,655

Hire purchase and finance lease liabilities are secured on the asset to which they relate.

CUSTOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
850
850
850
850
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

 

The Auditors report was unqualified.

 

The name of the senior statutory auditor who signed the audit report was Gavin Robert Booth, how signed for and on behalf of Ashgates Corporate Services Limited on 28 November 2023

Senior Statutory Auditor:
Gavin Booth
Statutory Auditor:
DJH Audit Limited
Date of audit report:
28 November 2024
13
Financial commitments, guarantees and contingent liabilities

The total amount of operating lease financial commitments not included in the balance sheet is £341,750 (2023 - £379,750).

 

The operating lease commitments under 1 year is £75,500 (2023 - £75,500).

 

The operating lease commitments between 2-5 years is £160,000 (2023- £160,500).

 

The operating lease commitment beyond 5 years is £106,250 (2023 - £143,750).

14
Directors' transactions

Amounts totalling £800,000 have been advanced to the directors of the company, no interest has been charged on the amounts.The loans were repaid in full post year end on 17th June 2024.

15
Parent company

The company is a wholly owned subsidiary of Custom Group Hold Co Limited.

In the opinion of the directors the company's ultimate controlling party is R J Rybij, the majority shareholder of Custom Group Hold Co Limited.

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