Company Registration No. 09539748 (England and Wales)
Cherwell Design and Build Limited
Unaudited accounts
for the year ended 29 April 2024
Cherwell Design and Build Limited
Unaudited accounts
Contents
Cherwell Design and Build Limited
Company Information
for the year ended 29 April 2024
Company Number
09539748 (England and Wales)
Registered Office
1&3 Kings Meadow
Osney Mead
Oxford
Oxfordshire
OX2 0DP
UK
Cherwell Design and Build Limited
Statement of financial position
as at 29 April 2024
Tangible assets
34,650
42,753
Cash at bank and in hand
3,403
29,937
Creditors: amounts falling due within one year
(104,124)
(72,913)
Net current liabilities
(73,447)
(16,357)
Total assets less current liabilities
(38,797)
26,396
Creditors: amounts falling due after more than one year
(24,032)
(41,085)
Provisions for liabilities
Deferred tax
(6,584)
(2,148)
Net liabilities
(69,413)
(16,837)
Called up share capital
1
2
Capital redemption reserve
1
-
Profit and loss account
(69,415)
(16,839)
Shareholders' funds
(69,413)
(16,837)
For the year ending 29 April 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 January 2025 and were signed on its behalf by
C J Drury
Director
Company Registration No. 09539748
Cherwell Design and Build Limited
Notes to the Accounts
for the year ended 29 April 2024
Cherwell Design and Build Limited is a private company, limited by shares, registered in England and Wales, registration number 09539748. The registered office is 1&3 Kings Meadow, Osney Mead, Oxford, Oxfordshire, OX2 0DP, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
15% reducing balance
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 a teach 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.
Cherwell Design and Build Limited
Notes to the Accounts
for the year ended 29 April 2024
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, 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.
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.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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 statement of financial position 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.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Cherwell Design and Build Limited
Notes to the Accounts
for the year ended 29 April 2024
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the director has made the following judgements:
Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Determine whether leases are entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 30 April 2023
13,646
59,495
10,862
84,003
At 29 April 2024
13,646
59,495
12,139
85,280
At 30 April 2023
6,647
30,581
4,022
41,250
Charge for the year
1,050
7,229
1,101
9,380
At 29 April 2024
7,697
37,810
5,123
50,630
At 29 April 2024
5,949
21,685
7,016
34,650
At 29 April 2023
6,999
28,914
6,840
42,753
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
17,586
23,447
Cherwell Design and Build Limited
Notes to the Accounts
for the year ended 29 April 2024
Amounts falling due within one year
Trade debtors
20,834
17,819
Accrued income and prepayments
458
6,050
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
2,969
2,419
Trade creditors
41,415
43,188
Taxes and social security
6,603
5,994
Other creditors
21,338
336
Loans from directors
9,872
3,611
The total amount of creditors for which security has been given amounted to £15,252 (2023 : £17,671). Net obligations under hire purchase is secured by fixed charges on the assets concerned.
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
13,199
15,252
8
Operating lease commitments
2024
2023
At 29 April 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
1,827
4,386
Later than one year and not later than five years
-
1,827
9
Average number of employees
During the year the average number of employees was 3 (2023: 3).