3 11 February 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-31 Sage Accounts Production Advanced 2023 - FRS102_2023 94,868 178,290 63,000 210,158 32,049 15,175 25,164 22,060 188,098 62,819 xbrli:pure xbrli:shares iso4217:GBP 09997065 2023-03-31 2024-03-30 09997065 2024-03-30 09997065 2023-03-30 09997065 2022-03-01 2023-03-30 09997065 2023-03-30 09997065 2022-02-28 09997065 core:PlantMachinery 2023-03-31 2024-03-30 09997065 bus:Director1 2023-03-31 2024-03-30 09997065 core:PlantMachinery 2023-03-30 09997065 core:PlantMachinery 2024-03-30 09997065 core:WithinOneYear 2024-03-30 09997065 core:WithinOneYear 2023-03-30 09997065 core:AfterOneYear 2024-03-30 09997065 core:AfterOneYear 2023-03-30 09997065 core:ShareCapital 2024-03-30 09997065 core:ShareCapital 2023-03-30 09997065 core:RetainedEarningsAccumulatedLosses 2024-03-30 09997065 core:RetainedEarningsAccumulatedLosses 2023-03-30 09997065 core:PlantMachinery 2023-03-30 09997065 bus:Director1 2023-03-30 09997065 bus:Director1 2024-03-30 09997065 bus:Director1 2022-02-28 09997065 bus:Director1 2023-03-30 09997065 bus:Director1 2022-03-01 2023-03-30 09997065 bus:SmallEntities 2023-03-31 2024-03-30 09997065 bus:Audited 2023-03-31 2024-03-30 09997065 bus:SmallCompaniesRegimeForAccounts 2023-03-31 2024-03-30 09997065 bus:PrivateLimitedCompanyLtd 2023-03-31 2024-03-30 09997065 bus:FullAccounts 2023-03-31 2024-03-30
COMPANY REGISTRATION NUMBER: 09997065
Clugston International Trading Limited
Filleted Financial Statements
30 March 2024
Clugston International Trading Limited
Statement of Financial Position
30 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
188,098
62,819
Current assets
Stocks
234,065
129,346
Debtors
7
110,876
40,883
Cash at bank and in hand
29,341
24,756
---------
---------
374,282
194,985
Creditors: amounts falling due within one year
8
315,571
174,832
---------
---------
Net current assets
58,711
20,153
---------
--------
Total assets less current liabilities
246,809
82,972
Creditors: amounts falling due after more than one year
9
109,628
20,728
Provisions
29,116
10,151
---------
--------
Net assets
108,065
52,093
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
107,965
51,993
---------
--------
Shareholders funds
108,065
52,093
---------
--------
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 income statement has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 10 February 2025 , and are signed on behalf of the board by:
Mr A Clugston
Director
Company registration number: 09997065
Clugston International Trading Limited
Notes to the Financial Statements
Year ended 30 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Rectory, High Street, Fillingham, Gainsborough, DN21 5BS.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software Costs
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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 and machinery
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 3 (2023: 3 ).
5. Intangible assets
Software costs
£
Cost
At 31 March 2023 and 30 March 2024
2,625
-------
Amortisation
At 31 March 2023 and 30 March 2024
2,625
-------
Carrying amount
At 30 March 2024
-------
At 30 March 2023
-------
6. Tangible assets
Plant and machinery
£
Cost
At 31 March 2023
94,868
Additions
178,290
Disposals
( 63,000)
---------
At 30 March 2024
210,158
---------
Depreciation
At 31 March 2023
32,049
Charge for the year
15,175
Disposals
( 25,164)
---------
At 30 March 2024
22,060
---------
Carrying amount
At 30 March 2024
188,098
---------
At 30 March 2023
62,819
---------
7. Debtors
2024
2023
£
£
Trade debtors
33,758
10,041
Other debtors
77,118
30,842
---------
--------
110,876
40,883
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,000
6,000
Trade creditors
108,581
107,148
Amounts owed to group undertakings and undertakings in which the company has a participating interest
74,061
Corporation tax
42,042
Social security and other taxes
21,616
1,905
Other creditors
105,313
17,737
---------
---------
315,571
174,832
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,500
13,500
Other creditors
102,128
7,228
---------
--------
109,628
20,728
---------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
2,919
----
-------
11. Summary audit opinion
The auditor's report dated 11 February 2025 was qualified on the following basis:
We were not appointed as auditors of the company until after 30 March 2023 and thus did not observe the counting of the physical inventories at the previous balance sheet date. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 March 2023 which were stated in the financial statements at £129,346. Any adjustment as a result of this would have an effect on the opening balance sheet position and the profit reported for the year ended 30 March 2023.
The senior statutory auditor was Mark Illingsworth , for and on behalf of Versant Associates LLP .
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr A Clugston
1,380
1,370
2,750
-------
-------
----
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr A Clugston
16,589
( 15,209)
1,380
--------
----
--------
-------
13. Related party transactions
The immediate and ultimate parent company is AJWG Limited. It's registered office and principle place of business is The Old Rectory, High Street, Fillingham, Gainsborough. DN21 5BS.