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Registration number: 14047700

C/L Refurbishments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

C/L Refurbishments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

C/L Refurbishments Ltd

Company Information

Directors

Mr Lloyd Geoffrey Williams

Mr Adam Lloyd Williams

Company secretary

Mrs Christine Ann Williams

Registered office

118 Bushbury Lane
Wolverhampton
West Midlands
WV10 9TW

 

C/L Refurbishments Ltd

(Registration number: 14047700)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

699,342

283,158

Current assets

 

Stocks

5

2,152,000

2,000

Debtors

6

36,862

37,437

Cash at bank and in hand

 

598,932

577,018

 

2,787,794

616,455

Creditors: Amounts falling due within one year

7

(2,448,906)

(347,876)

Net current assets

 

338,888

268,579

Total assets less current liabilities

 

1,038,230

551,737

Provisions for liabilities

(172,964)

(31,738)

Net assets

 

865,266

519,999

Capital and reserves

 

Called up share capital

100

100

Retained earnings

865,166

519,899

Shareholders' funds

 

865,266

519,999

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

 

C/L Refurbishments Ltd

(Registration number: 14047700)
Balance Sheet as at 30 April 2024

.........................................
Mr Lloyd Geoffrey Williams
Director

.........................................
Mr Adam Lloyd Williams
Director

 

C/L Refurbishments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
118 Bushbury Lane
Wolverhampton
West Midlands
WV10 9TW

These financial statements were authorised for issue by the Board on 28 January 2025.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

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 income 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.

 

C/L Refurbishments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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

Improvements to property

20% on cost

Plant and machinery

20% on reducing balance

Fixtures and Fittings

33% on cost

Motor vehicles

20% on reducing balance

Computer equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

C/L Refurbishments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 36).

 

C/L Refurbishments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Improvements to property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

161,038

10,171

110,027

74,405

355,641

Additions

351,635

36,869

167,017

52,236

607,757

At 30 April 2024

512,673

47,040

277,044

126,641

963,398

Depreciation

At 1 May 2023

32,208

3,389

22,005

14,881

72,483

Charge for the year

102,534

11,461

51,008

22,352

187,355

Eliminated on disposal

-

4,218

-

-

4,218

At 30 April 2024

134,742

19,068

73,013

37,233

264,056

Carrying amount

At 30 April 2024

377,931

27,972

204,031

89,408

699,342

At 30 April 2023

128,830

6,782

88,022

59,524

283,158

 

C/L Refurbishments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Stock

2,000

2,000

Consigned Inventory

2,150,000

-

2,152,000

2,000

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

8,770

7,328

Amounts owed by related parties

1,194

1,194

Prepayments

 

26,898

27,915

Other debtors

 

-

1,000

   

36,862

37,437

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

26,126

15,780

Amounts owed to related parties

28,615

146,068

Taxation and social security

 

228,127

174,146

Accruals

 

12,950

3,025

Consignment inventory liability

 

2,150,000

-

Wages and pension contributions

 

3,088

8,857

 

2,448,906

347,876

8 Provisions for Liabilitie s

Included within provisions for liabilities is a warranty provision for £121,244 (2023: Nil) and deferred tax liability of £51,720 (2023: £31,738).