Registered number
08315155
CEMCO 21 LIMITED
Filleted Accounts
30 April 2024
CEMCO 21 LIMITED
Registered number: 08315155
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,405,089 199,384
Current assets
Property stocks 4,051,319 2,600,982
Debtors 4 55,467 46,699
Cash at bank and in hand 8,153 5,765
4,114,939 2,653,446
Creditors: amounts falling due within one year 5 (3,975,694) (2,463,386)
Net current assets 139,245 190,060
Total assets less current liabilities 2,544,334 389,444
Creditors: amounts falling due after more than one year 6 (1,375,338) (233,362)
Provisions for liabilities - (6,535)
Net assets 1,168,996 149,547
Capital and reserves
Called up share capital 1 1
Revaluation reserve 8 1,013,040 -
Profit and loss account 155,955 149,546
Shareholders' funds 1,168,996 149,547
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Colin Mellor
Director
Approved by the board on 28 January 2025
CEMCO 21 LIMITED
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value of property stock sold in the period.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Motor vehicles over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Land and buildings Motor vehicles Total
£ £ £
Cost
At 1 May 2023 165,000 58,980 223,980
Additions 1,225,000 - 1,225,000
Surplus on revaluation 1,025,000 - 1,025,000
At 30 April 2024 2,415,000 58,980 2,473,980
Depreciation
At 1 May 2023 1,250 23,346 24,596
Charge for the year 29,550 14,745 44,295
At 30 April 2024 30,800 38,091 68,891
Net book value
At 30 April 2024 2,384,200 20,889 2,405,089
At 30 April 2023 163,750 35,634 199,384
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,390,000 -
Cumulative depreciation based on historical cost 17,590 -
1,372,410 -
During the year the Company purchased 1A St Petersgate and 65-81 St Petersgate, both in Stockport. The buildings were valued in 2023 by Edwards &Co, Chartered Surveyors at their market value. A revaluation reserve has been created and an amount representing the excess depreciation charged on the buildings has been transferred from the reserve account to the profit and loss account.
4 Debtors 2024 2023
£ £
Trade debtors 3,132 3,445
Amounts owed by associated undertakings - 2,292
Other debtors 52,335 40,962
55,467 46,699
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 52,352 5,573
Property stock loans 2,819,372 1,922,680
Obligations under finance lease and hire purchase contracts 7,451 7,451
Trade creditors 100,647 41,234
Amounts owed to associated undertakings 961,566 433,055
Taxation and social security costs 9,106 1,548
Other creditors 25,200 51,845
3,975,694 2,463,386
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,183,332 33,905
Property loan 165,000 165,000
Obligations under finance lease and hire purchase contracts 27,006 34,457
1,375,338 233,362
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 6,040 11,613
Secured bank loans 4,169,372 2,087,680
The secured loans are secured on the properties to which the loans relate.
8 Revaluation reserve 2024 2023
£ £
Gain on revaluation of land and buildings 1,025,000 -
Excess depreciation transferred to profit & loss account (11,960) -
At 30 April 2024 1,013,040 -
9 Controlling party
The company is controlled by the director and shareholder Mr Colin E Mellor.
10 Other information
CEMCO 21 LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
65 - 81 St Petersgate
Stockport, Cheshire
SK1 1DS
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