Company registration number 06158207 (England and Wales)
CI NOTTINGHAM LTD
(FORMERLY PALMERS KITCHENS BEDROOMS & BATHROOMS LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CI NOTTINGHAM LTD
(FORMERLY PALMERS KITCHENS BEDROOMS & BATHROOMS LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CI NOTTINGHAM LTD
(FORMERLY PALMERS KITCHENS BEDROOMS & BATHROOMS LIMITED)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
44,415
59,217
Tangible assets
4
6,430
9,261
50,845
68,478
Current assets
Stocks
71,427
144,360
Debtors
5
1,011
15,413
72,438
159,773
Creditors: amounts falling due within one year
6
(380,016)
(319,223)
Net current liabilities
(307,578)
(159,450)
Total assets less current liabilities
(256,733)
(90,972)
Creditors: amounts falling due after more than one year
7
(25,933)
(32,960)
Net liabilities
(282,666)
(123,932)
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss reserves
(287,666)
(128,932)
Total equity
(282,666)
(123,932)
CI NOTTINGHAM LTD
(FORMERLY PALMERS KITCHENS BEDROOMS & BATHROOMS LIMITED)
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 12 December 2024 and are signed on its behalf by:
Mr S J Bennett
Director
Company registration number 06158207 (England and Wales)
CI NOTTINGHAM LTD
(FORMERLY PALMERS KITCHENS BEDROOMS & BATHROOMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
CI Nottingham Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 11 Radcliffe Road, West Bridgford, Nottingham, NG2 5FF. The company registration number is 06158207.
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 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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
CI NOTTINGHAM LTD
(FORMERLY PALMERS KITCHENS BEDROOMS & BATHROOMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold improvements
10% on cost
Fixtures and fittings
10% on cost
Computers
25% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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.
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Basic financial liabilities
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
1.9
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.
CI NOTTINGHAM LTD
(FORMERLY PALMERS KITCHENS BEDROOMS & BATHROOMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
296,049
Amortisation and impairment
At 1 July 2023
236,832
Amortisation charged for the year
14,802
At 30 June 2024
251,634
Carrying amount
At 30 June 2024
44,415
At 30 June 2023
59,217
CI NOTTINGHAM LTD
(FORMERLY PALMERS KITCHENS BEDROOMS & BATHROOMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
22,007
91,003
113,010
Additions
525
525
At 30 June 2024
22,007
91,528
113,535
Depreciation and impairment
At 1 July 2023
22,007
81,742
103,749
Depreciation charged in the year
3,356
3,356
At 30 June 2024
22,007
85,098
107,105
Carrying amount
At 30 June 2024
6,430
6,430
At 30 June 2023
9,261
9,261
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
780
Other debtors
1,011
14,633
1,011
15,413
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
42,139
35,907
Trade creditors
96,861
94,511
Taxation and social security
43,717
35,689
Other creditors
197,299
153,116
380,016
319,223
CI NOTTINGHAM LTD
(FORMERLY PALMERS KITCHENS BEDROOMS & BATHROOMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,933
30,854
Other creditors
2,106
25,933
32,960