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Company registration number: 05032842
Caerphilly Funeral Services Limited
Unaudited filleted financial statements
31 March 2024
Caerphilly Funeral Services Limited
Contents
Balance sheet
Notes to the financial statements
Caerphilly Funeral Services Limited
Balance sheet
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 580,511 630,242
_________ _________
580,511 630,242
Current assets
Stocks 17,200 14,000
Debtors 7 37,620 112,928
Cash at bank and in hand 69,984 19,441
_________ _________
124,804 146,369
Creditors: amounts falling due
within one year 8 ( 220,415) ( 212,145)
_________ _________
Net current liabilities ( 95,611) ( 65,776)
_________ _________
Total assets less current liabilities 484,900 564,466
Creditors: amounts falling due
after more than one year 9 ( 157,566) ( 123,897)
Provisions for liabilities ( 38,432) ( 18,284)
_________ _________
Net assets 288,902 422,285
_________ _________
Capital and reserves
Called up share capital 10 100 100
Revaluation reserve 79,016 79,016
Profit and loss account 209,786 343,169
_________ _________
Shareholders funds 288,902 422,285
_________ _________
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.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
...................................................
Mr D.C. Thomas
Director
Company registration number: 05032842
Caerphilly Funeral Services Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Parc Avenue Funeral Home, Parc Avenue, Caerphilly, South Wales, CF83 3AZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Straight line over fifty years
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 33% (Funeral Vehicles - 15%) Reducing Balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. All of the financial instruments applicable to the company are basic as defined in the Accounting Standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 20 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024 139,999
_________
Amortisation
At 1 April 2023 and 31 March 2024 139,999
_________
Carrying amount
At 31 March 2024 -
_________
At 31 March 2023 -
_________
6. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 310,000 115,286 511,746 937,032
Additions - 1,268 21,949 23,217
Disposals - - ( 6,800) ( 6,800)
_________ _________ _________ _________
At 31 March 2024 310,000 116,554 526,895 953,449
_________ _________ _________ _________
Depreciation
At 1 April 2023 12,400 73,546 220,844 306,790
Charge for the year 6,200 6,761 59,556 72,517
Disposals - - ( 6,369) ( 6,369)
_________ _________ _________ _________
At 31 March 2024 18,600 80,307 274,031 372,938
_________ _________ _________ _________
Carrying amount
At 31 March 2024 291,400 36,247 252,864 580,511
_________ _________ _________ _________
At 31 March 2023 297,600 41,740 290,902 630,242
_________ _________ _________ _________
7. Debtors
2024 2023
£ £
Trade debtors 29,538 107,163
Prepayments 5,776 5,765
Other debtors 2,306 -
_________ _________
37,620 112,928
_________ _________
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 25,486 44,219
Trade creditors 63,834 12,567
Accruals and deferred income 55,597 55,198
Social security and other taxes 7,301 7,453
Obligations under finance leases 43,798 61,286
Director loan accounts 23,432 30,547
Other creditors 967 875
_________ _________
220,415 212,145
_________ _________
The bank loans are secured by a mortgage over the company's freehold property.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 96,361 21,667
Obligations under finance leases 61,205 102,230
_________ _________
157,566 123,897
_________ _________
The bank loans are secured by a mortgage over the company's freehold property.
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_________ _________ _________ _________