2 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 7,784 7,784 7,784 100 100 100 xbrli:pure xbrli:shares iso4217:GBP 06667173 2024-01-01 2024-12-31 06667173 2024-12-31 06667173 2023-12-31 06667173 2023-04-01 2023-12-31 06667173 2023-12-31 06667173 2023-03-31 06667173 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-31 06667173 core:MotorVehicles 2024-01-01 2024-12-31 06667173 bus:Director2 2024-01-01 2024-12-31 06667173 core:LandBuildings 2023-12-31 06667173 core:PlantMachinery 2023-12-31 06667173 core:MotorVehicles 2023-12-31 06667173 core:LandBuildings 2024-12-31 06667173 core:PlantMachinery 2024-12-31 06667173 core:MotorVehicles 2024-12-31 06667173 core:LandBuildings 2024-01-01 2024-12-31 06667173 core:PlantMachinery 2024-01-01 2024-12-31 06667173 core:WithinOneYear 2024-12-31 06667173 core:WithinOneYear 2023-12-31 06667173 core:AfterOneYear 2024-12-31 06667173 core:AfterOneYear 2023-12-31 06667173 core:ShareCapital 2024-12-31 06667173 core:ShareCapital 2023-12-31 06667173 core:RevaluationReserve 2024-12-31 06667173 core:RevaluationReserve 2023-12-31 06667173 core:RetainedEarningsAccumulatedLosses 2024-12-31 06667173 core:RetainedEarningsAccumulatedLosses 2023-12-31 06667173 core:BetweenOneFiveYears 2024-12-31 06667173 core:MoreThanFiveYears 2024-12-31 06667173 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 06667173 core:Non-currentFinancialInstruments 2024-12-31 06667173 core:Non-currentFinancialInstruments 2023-12-31 06667173 core:LandBuildings 2023-12-31 06667173 core:PlantMachinery 2023-12-31 06667173 core:MotorVehicles 2023-12-31 06667173 bus:SmallEntities 2024-01-01 2024-12-31 06667173 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 06667173 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 06667173 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06667173 bus:FullAccounts 2024-01-01 2024-12-31 06667173 core:ComputerEquipment 2024-01-01 2024-12-31 06667173 core:IntangibleAssetsOtherThanGoodwill 2024-01-01 2024-12-31 06667173 core:IntangibleAssetsOtherThanGoodwill 2024-12-31 06667173 core:ComputerEquipment 2023-12-31 06667173 core:ComputerEquipment 2024-12-31 06667173 core:AfterOneYear 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 06667173
Complete Equipment Group Ltd
Unaudited financial statements
31 December 2024
Complete Equipment Group Ltd
Statement of financial position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
7,784
Tangible assets
6
3,559,812
3,129,668
Investments
7
100
100
-----------
-----------
3,567,696
3,129,768
Current assets
Stocks
20,000
10,000
Debtors
8
643,598
154,516
Cash at bank and in hand
954
278
---------
---------
664,552
164,794
Creditors: Amounts falling due within one year
9
( 1,449,216)
( 926,206)
-----------
---------
Net current liabilities
( 784,664)
( 761,412)
-----------
-----------
Total assets less current liabilities
2,783,032
2,368,356
Creditors: Amounts falling due after more than one year
10
( 1,379,985)
( 1,278,623)
Provisions
Taxation including deferred tax
( 222,313)
( 191,155)
-----------
-----------
Net assets
1,180,734
898,578
-----------
-----------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
605,470
605,470
Profit and loss account
574,264
292,108
-----------
---------
Shareholders funds
1,180,734
898,578
-----------
---------
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Complete Equipment Group Ltd
Statement of financial position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 28 February 2025 , and are signed on behalf of the board by:
B Bowles
Director
Company registration number: 06667173
Complete Equipment Group Ltd
Notes to the financial statements
Year ended 31 December 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 Unit B4, Tower Close, Huntingdon, PE29 7DH.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
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. The directors firmly believe that the tangible asset valuation that is reflected within these financial statements should continually reflect the real-world resale valuation for the assets on an "in-situ" basis. Regular appraisals of the company's Asset Registers are performed both internally by the directors themselves using market intelligence, valuations achieved from in-year disposals and by appointed external parties. 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 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:
Property improvements
-
5% straight line
Plant and machinery
-
5% reducing balance
Motor vehicles
-
30% reducing balance
Computer equipment
-
15% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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 employees during the year was 2 (2023: 2 ).
5. Intangible assets
Intangibles
£
Cost
Additions
7,784
------
At 31 December 2024
7,784
------
Amortisation
At 1 January 2024 and 31 December 2024
------
Carrying amount
At 31 December 2024
7,784
------
At 31 December 2023
------
6. Tangible assets
Property improve- ments
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
19,953
4,189,408
61,765
33,791
4,304,917
Additions
840
1,064,362
14,627
1,079,829
Disposals
( 9,288)
( 185,050)
( 6,863)
( 201,201)
Transfers
( 407,171)
( 407,171)
-------
-----------
-------
-------
-----------
At 31 December 2024
11,505
4,661,549
61,765
41,555
4,776,374
-------
-----------
-------
-------
-----------
Depreciation
At 1 January 2024
3,806
1,150,187
5,147
16,109
1,175,249
Charge for the year
557
173,220
18,530
3,907
196,214
Disposals
( 2,651)
( 57,971)
( 4,749)
( 65,371)
Transfers
( 89,530)
( 89,530)
-------
-----------
-------
-------
-----------
At 31 December 2024
1,712
1,175,906
23,677
15,267
1,216,562
-------
-----------
-------
-------
-----------
Carrying amount
At 31 December 2024
9,793
3,485,643
38,088
26,288
3,559,812
-------
-----------
-------
-------
-----------
At 31 December 2023
16,147
3,039,221
56,618
17,682
3,129,668
-------
-----------
-------
-------
-----------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
100
----
Impairment
At 1 January 2024 and 31 December 2024
----
Carrying amount
At 31 December 2024
100
----
At 31 December 2023
100
----
8. Debtors
2024
2023
£
£
Trade debtors
6,183
2,005
Amounts owed by group undertakings and undertakings in which the company has a participating interest
113,335
Other debtors
524,080
152,511
---------
---------
643,598
154,516
---------
---------
9. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
457,799
65,926
Trade creditors
45,512
98,230
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,708
Social security and other taxes
31,157
14,695
Other creditors
914,748
740,647
-----------
---------
1,449,216
926,206
-----------
---------
The following liabilities disclosed under creditors falling due within one year are secured on the assets of the company: Bank loans and overdrafts - £450,229 (2023 - £54,846) Hire purchase and finance lease agreements - £890,728 (2023 - £697,711)
10. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
266,731
40,321
Other creditors
1,113,254
1,238,302
-----------
-----------
1,379,985
1,278,623
-----------
-----------
The following liabilities disclosed under creditors falling due after one year are secured on the assets of the company: Bank loans and overdrafts - £266,731 (2023 - £40,321) Hire purchase and finance lease agreements - £1,096,746 (2023 - £1,203,901)
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
75,925
37,150
Later than 1 year and not later than 5 years
345,828
Later than 5 years
505,524
---------
-------
927,277
37,150
---------
-------
The operating lease relates to the rental of the company's warehouses.
12. Directors' advances, credits and guarantees
Included within debtors at the year end are directors' loan accounts totalling £12,072 (2023 - £3,413). The maximum combined overdrawn balance during the year was £46,223. Interest of £199 (2023 - £53) was charged at the official rate.