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2024-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC180065
2024-01-01
2024-12-31
SC180065
2024-12-31
SC180065
2023-12-31
SC180065
2023-01-01
2023-12-31
SC180065
2023-12-31
SC180065
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2024-12-31
SC180065
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2024-12-31
SC180065
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2024-12-31
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2024-12-31
SC180065
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2024-12-31
SC180065
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2023-12-31
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2024-12-31
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2023-12-31
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2023-12-31
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2024-12-31
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2024-12-31
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2024-12-31
COMPANY REGISTRATION NUMBER:
SC180065
Filleted Unaudited Financial Statements |
|
Year ended 31 December 2024
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
CIB Residential Limited |
|
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CIB Residential Limited for the year ended 31 December 2024, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of CIB Residential Limited in accordance with the terms of our engagement letter dated 14 September 2015. Our work has been undertaken solely to prepare for your approval the financial statements of CIB Residential Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CIB Residential Limited and its director for our work or for this report.
It is your duty to ensure that CIB Residential 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 CIB Residential Limited. You consider that CIB Residential 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 CIB Residential 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.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
6 February 2025
Statement of Financial Position |
|
31 December 2024
Fixed assets
Tangible assets |
5 |
|
35,494 |
151,971 |
|
|
|
|
|
Current assets
Debtors |
6 |
234,774 |
|
227,136 |
Cash at bank and in hand |
103,396 |
|
127,386 |
|
--------- |
|
--------- |
|
338,170 |
|
354,522 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
277,049 |
|
292,722 |
|
--------- |
|
--------- |
Net current assets |
|
61,121 |
61,800 |
|
|
-------- |
--------- |
Total assets less current liabilities |
|
96,615 |
213,771 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
16,602 |
100,546 |
|
|
-------- |
--------- |
Net assets |
|
80,013 |
113,225 |
|
|
-------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
79,913 |
113,125 |
|
|
-------- |
--------- |
Shareholders funds |
|
80,013 |
113,225 |
|
|
-------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 December 2024
These financial statements were approved by the
board of directors
and authorised for issue on
6 February 2025
, and are signed on behalf of the board by:
Mr R A Carpenter |
|
Director |
|
|
|
Company registration number:
SC180065
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery |
- |
20% reducing balance |
|
Fixture & Fittings |
- |
25% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2023:
6
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 January 2024 |
1,528 |
9,961 |
167,783 |
45,091 |
224,363 |
Additions |
– |
– |
– |
667 |
667 |
Disposals |
(
1,528) |
(
8,181) |
(
114,808) |
– |
(
124,517) |
|
------- |
------- |
--------- |
-------- |
--------- |
At 31 December 2024 |
– |
1,780 |
52,975 |
45,758 |
100,513 |
|
------- |
------- |
--------- |
-------- |
--------- |
Depreciation |
|
|
|
|
|
At 1 January 2024 |
1,494 |
8,342 |
21,785 |
40,771 |
72,392 |
Charge for the year |
7 |
405 |
10,140 |
1,108 |
11,660 |
Disposals |
(
1,501) |
(
8,163) |
(
9,369) |
– |
(
19,033) |
|
------- |
------- |
--------- |
-------- |
--------- |
At 31 December 2024 |
– |
584 |
22,556 |
41,879 |
65,019 |
|
------- |
------- |
--------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
|
At 31 December 2024 |
– |
1,196 |
30,419 |
3,879 |
35,494 |
|
------- |
------- |
--------- |
-------- |
--------- |
At 31 December 2023 |
34 |
1,619 |
145,998 |
4,320 |
151,971 |
|
------- |
------- |
--------- |
-------- |
--------- |
|
|
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
234,774 |
227,136 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
– |
100 |
Trade creditors |
512 |
10,575 |
Corporation tax |
21,422 |
22,289 |
Social security and other taxes |
8,807 |
8,085 |
Other creditors |
246,308 |
251,673 |
|
--------- |
--------- |
|
277,049 |
292,722 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
16,602 |
100,546 |
|
-------- |
--------- |
|
|
|
9.
Director's advances, credits and guarantees
As at 31st December 2024
Mr R A Carpenter
, director, was owed £775 from the company (2023: the director owed the company £425).
10.
Related party transactions
As at 31st December 2024 there was a loan payable of £8,839 (2023: £8,839) to CIB Financial Management Limited, a company which is under the ultimate control of C G Carpenter, a Director of the company.
11.
Controlling party
The company was under the joint control of Mr R A Carpenter and C G Carpenter throughout the current and previous year.