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 |