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Company No: 06400974 (England and Wales)

CONTROL GROUP INTERNATIONAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

CONTROL GROUP INTERNATIONAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

CONTROL GROUP INTERNATIONAL LIMITED

BALANCE SHEET

As at 31 December 2024
CONTROL GROUP INTERNATIONAL LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,482 11,886
Investments 4 10 10
2,492 11,896
Current assets
Stocks 190,247 180,434
Debtors 5 969,947 950,159
Cash at bank and in hand 6 1,736 177
1,161,930 1,130,770
Creditors: amounts falling due within one year 7 ( 1,038,105) ( 1,073,395)
Net current assets 123,825 57,375
Total assets less current liabilities 126,317 69,271
Creditors: amounts falling due after more than one year 8 ( 68,194) ( 150,637)
Net assets/(liabilities) 58,123 ( 81,366)
Capital and reserves
Called-up share capital 2 2
Profit and loss account 58,121 ( 81,368 )
Total shareholder's funds/(deficit) 58,123 ( 81,366)

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Control Group International Limited (registered number: 06400974) were approved and authorised for issue by the Board of Directors on 17 January 2025. They were signed on its behalf by:

S M Fannon
Director
CONTROL GROUP INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
CONTROL GROUP INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Control Group International Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit Cg1a Clarence Mill Clarence Road, Bollington, Macclesfield, SK10 5JZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £58,123. The Company is supported through funding from bank and other financial institutions. The directors have confirmed that the loan facilities have continued to be available for at least 12 months from the date of signing these financial statements and thus the bank and other financial institutions will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover


Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
* the Company has transferred the significant risks and rewards of ownership to the buyer;
* the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the transaction; and
* the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 28 26

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2024 216,831 216,831
At 31 December 2024 216,831 216,831
Accumulated depreciation
At 01 January 2024 204,945 204,945
Charge for the financial year 9,404 9,404
At 31 December 2024 214,349 214,349
Net book value
At 31 December 2024 2,482 2,482
At 31 December 2023 11,886 11,886
Leased assets included above:
Net book value
At 31 December 2024 1,074 1,074
At 31 December 2023 7,515 7,515

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 10
At 31 December 2024 10
Carrying value at 31 December 2024 10
Carrying value at 31 December 2023 10

5. Debtors

2024 2023
£ £
Trade debtors 158,109 155,686
Amounts owed by directors 22,141 76,242
Amounts recoverable on contracts 179,019 118,636
Deferred tax asset 38,436 12,236
Other debtors 572,242 587,359
969,947 950,159

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 1,736 177
Less: Bank overdrafts ( 122,615) ( 121,949)
(120,879) (121,772)

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 122,615 121,949
Trade creditors 292,507 218,762
Amounts owed to own subsidiaries 0 37,547
Amounts owed to directors 10,000 0
Other loans 240,444 340,100
Taxation and social security 92,403 165,831
Obligations under finance leases and hire purchase contracts 1,610 6,441
Other creditors 278,526 182,765
1,038,105 1,073,395

The bank loans and other loans are not secured over any assets.

Assets held under finance lease and hire purchase agreements are secured against the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 1,610
Other creditors 68,194 149,027
68,194 150,637

The bank loans and other loans are not secured over any assets.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 83,212 76,222
between one and five years 66,433 76,540
149,645 152,762

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 3,369 6,386

10. Related party transactions

Transactions with the entity's directors

During the year £93,265 (2023: £82,830) was advanced to a director and £70,624 (2023: £6,588) was repaid to the company. At 31 December 2024, a loan balance of £22,141 (2023: £76,242) was owed by a director to the company. The loan is unsecured, bears interest at a rate of 2% per annum, and is repayable on demand.