Company registration number 07085878 (England and Wales)
CENTURY COMMERCIAL LIGHTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
CENTURY COMMERCIAL LIGHTING LIMITED
COMPANY INFORMATION
Director
Mr M J Rolph
Company number
07085878
Registered office
Unit 11 Target Park
Shawbank Road
Lakeside
Redditch
Worcestershire
B98 8YN
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
Church Green House
Redditch
Worcestershire
B98 8DG
CENTURY COMMERCIAL LIGHTING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
CENTURY COMMERCIAL LIGHTING LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CENTURY COMMERCIAL LIGHTING LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Century Commercial Lighting Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Century Commercial Lighting Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Century Commercial Lighting Limited and state those matters that we have agreed to state to the board of directors of Century Commercial Lighting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Century Commercial Lighting Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Century Commercial Lighting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Century Commercial Lighting Limited. You consider that Century Commercial Lighting Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Century Commercial Lighting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
23 January 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
CENTURY COMMERCIAL LIGHTING LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
270,000
300,000
Tangible assets
4
27,794
35,709
297,794
335,709
Current assets
Stocks
220,915
114,600
Debtors
5
399,016
231,774
Cash at bank and in hand
1,604
96,071
621,535
442,445
Creditors: amounts falling due within one year
6
(668,514)
(622,954)
Net current liabilities
(46,979)
(180,509)
Total assets less current liabilities
250,815
155,200
Creditors: amounts falling due after more than one year
7
(112,772)
(21,118)
Net assets
138,043
134,082
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
138,042
134,081
Total equity
138,043
134,082
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CENTURY COMMERCIAL LIGHTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 23 January 2025
Mr M J Rolph
Director
Company registration number 07085878 (England and Wales)
CENTURY COMMERCIAL LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Century Commercial Lighting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11 Target Park, Shawbank Road, Lakeside, Redditch, Worcestershire, B98 8YN.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of 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 useful life of nineteen 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.
1.4
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.
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:
Plant and machinery
25% on reducing balance
Fixtures, fittings and equipment
20% on reducing balance
CENTURY COMMERCIAL LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.5
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.
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.
1.6
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
CENTURY COMMERCIAL LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
570,000
Amortisation and impairment
At 1 May 2023
270,000
Amortisation charged for the year
30,000
At 30 April 2024
300,000
Carrying amount
At 30 April 2024
270,000
At 30 April 2023
300,000
CENTURY COMMERCIAL LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
25,783
25,300
51,083
Depreciation and impairment
At 1 May 2023
10,314
5,060
15,374
Depreciation charged in the year
3,867
4,048
7,915
At 30 April 2024
14,181
9,108
23,289
Carrying amount
At 30 April 2024
11,602
16,192
27,794
At 30 April 2023
15,469
20,240
35,709
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
384,847
217,377
Other debtors
14,169
14,397
399,016
231,774
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
40,846
10,578
Trade creditors
312,488
43,460
Amounts owed to group undertakings
207,910
443,469
Taxation and social security
100,696
118,744
Other creditors
6,574
6,703
668,514
622,954
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
112,772
21,118
CENTURY COMMERCIAL LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
153,618
31,696
Bank loans are secured by way of a government-backed guarantee or by way of a fixed and floating charge over assets of the company.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1
1
1
1
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Control
Ultimate parent company
The ultimate parent company is Century Lighting Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr M J Rolph by virtue of his controlling interest in the ultimate parent company.