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Company Registration number: 04491955

Carlisle Business Supplies Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 August 2024

 

Carlisle Business Supplies Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

Carlisle Business Supplies Limited

Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

70,184

50,555

Current assets

 

Stocks

7

26,393

30,803

Debtors

8

312,515

305,884

Cash at bank and in hand

 

121,658

61,865

 

460,566

398,552

Creditors: Amounts falling due within one year

9

(413,164)

(381,276)

Net current assets

 

47,402

17,276

Total assets less current liabilities

 

117,586

67,831

Creditors: Amounts falling due after more than one year

9

(39,782)

(23,952)

Provisions for liabilities

(13,335)

(9,605)

Net assets

 

64,469

34,274

Capital and reserves

 

Called up share capital

100

100

Retained earnings

64,369

34,174

Shareholders' funds

 

64,469

34,274

 

Carlisle Business Supplies Limited

Balance Sheet as at 31 August 2024 (continued)

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 04491955

Approved and authorised by the director on 27 November 2024
 

.........................................
Miss R Percival
Director

 

Carlisle Business Supplies Limited

Notes to the financial statements for the Year Ended 31 August 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:
Long Island Park
James Street
Carlisle
CA2 5AS

These financial statements were authorised for issue by the director on 27 November 2024.

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 were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the historical cost basis and in accordance with the applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Carlisle Business Supplies Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 corporation 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Carlisle Business Supplies Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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

Fixtures, fittings and office equipment

20% and 25% straight line

Property improvements

15 years straight line

Motor vehicles

25% reducing balance

Plant and machinery

20% 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

7.5 Years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Leases

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 Balance Sheet as a finance lease obligation.

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

 

Carlisle Business Supplies Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.

 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 12 (2023 - 12).

4

PROFIT BEFORE TAX

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

11,386

17,225

 

Carlisle Business Supplies Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

5

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

30,000

30,000

At 31 August 2024

30,000

30,000

Amortisation

At 1 September 2023

30,000

30,000

At 31 August 2024

30,000

30,000

Carrying amount

At 31 August 2024

-

-

 

Carlisle Business Supplies Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

6

TANGIBLE ASSETS

Property improvements
£

Fixtures, fittings and office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

55,665

18,751

83,941

2,208

160,565

Additions

-

1,244

44,520

-

45,764

Disposals

-

(644)

(34,961)

-

(35,605)

At 31 August 2024

55,665

19,351

93,500

2,208

170,724

Depreciation

At 1 September 2023

55,665

18,751

34,862

732

110,010

Charge for the year

-

311

10,780

295

11,386

Eliminated on disposal

-

(644)

(20,212)

-

(20,856)

At 31 August 2024

55,665

18,418

25,430

1,027

100,540

Carrying amount

At 31 August 2024

-

933

68,070

1,181

70,184

At 31 August 2023

-

-

49,079

1,476

50,555

 

Carlisle Business Supplies Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

7

STOCKS

2024
£

2023
£

Stock

26,393

30,803

8

DEBTORS

Current

2024
£

2023
£

Trade debtors

213,165

204,056

Prepayments

4,505

3,763

Other debtors

94,845

98,065

 

312,515

305,884

9

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

18,600

16,103

Trade creditors

 

186,508

179,437

Taxation and social security

 

27,459

19,758

Accruals and deferred income

 

7,419

7,219

Other creditors

 

173,178

158,759

 

413,164

381,276


Creditors include HSBC invoice financing of £172,698 (2023 - £158,551) and net obligations under finance lease and hire purchase contracts which are secured of £18,600 (2023 - £16,103).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

39,782

23,952


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £39,782 (2023 - £23,952).

 

Carlisle Business Supplies Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

10

RELATED PARTY TRANSACTIONS

Transactions with the director

2024

At 1 September 2023
£

Advances to director
£

At 31 August 2024
£

Miss R Percival

Directors loan account

75,354

(2,871)

72,483

2023

At 1 September 2022
£

Advances to director
£

At 31 August 2023
£

Miss R Percival

Directors loan account

73,877

1,477

75,354