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CUMBRIA CLOCK COMPANY LIMITED

Registered Number
04439944
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

CUMBRIA CLOCK COMPANY LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

SCOBIE YOUNGS, Keith Andrew
SCOBIE YOUNGS, Lynn Beverley

Company Secretary

SCOBIE YOUNGS, Lynn Beverley

Registered Address

Castle Workshop
Dacre
Penrith
CA11 0HL

Registered Number

04439944 (England and Wales)
CUMBRIA CLOCK COMPANY LIMITED
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets5749,615265,452
749,615265,452
Current assets
Stocks670,000113,000
Debtors258,873436,793
Cash at bank and on hand388,151309,125
717,024858,918
Creditors amounts falling due within one year7(237,645)(272,328)
Net current assets (liabilities)479,379586,590
Total assets less current liabilities1,228,994852,042
Creditors amounts falling due after one year8(442,355)(123,193)
Provisions for liabilities11(55,445)(39,484)
Net assets731,194689,365
Capital and reserves
Called up share capital100100
Profit and loss account731,094689,265
Shareholders' funds731,194689,365
The financial statements were approved and authorised for issue by the Board of Directors on 18 October 2024, and are signed on its behalf by:
SCOBIE YOUNGS, Keith Andrew
Director
SCOBIE YOUNGS, Lynn Beverley
Director

Registered Company No. 04439944
CUMBRIA CLOCK COMPANY LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
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.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Freehold property - Not depreciated Leasehold property - 10% straight line Plant and machinery - 20% straight line Motor vehicles - 25% reducing balance Fixtures and fittings - 10% straight line Other fixed assets - 20% straight line
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Trade and other 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.
Trade and other 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. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company. Finance lease and HP contracts are secured against the assets to which they relate.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year2419
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 July 2360,00060,000
At 30 June 2460,00060,000
Amortisation and impairment
At 01 July 2360,00060,000
At 30 June 2460,00060,000
Net book value
At 30 June 24--
At 30 June 23--
4.Useful life of intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of goodwill has been set at 20 years and the asset will be amortised on a straight-line basis over that period.
5.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 July 2322,991187,225343,80512,882566,903
Additions490,96715,83166,035-572,833
Disposals-(9,821)(28,650)-(38,471)
At 30 June 24513,958193,235381,19012,8821,101,265
Depreciation and impairment
At 01 July 2316,221130,422150,9013,907301,451
Charge for year1,37327,31151,6571,28881,629
On disposals-(8,719)(22,711)-(31,430)
At 30 June 2417,594149,014179,8475,195351,650
Net book value
At 30 June 24496,36444,221201,3437,687749,615
At 30 June 236,77056,803192,9048,975265,452
Land & buildings consists of freehold property with a carrying value of £490,967 with the remainder relating to leasehold improvements. The freehold property is not depreciated.
6.Stocks

2024

2023

££
Raw materials and consumables70,000113,000
Total70,000113,000
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables21,71340,451
Bank borrowings and overdrafts7,00411,180
Taxation and social security120,254136,522
Finance lease and HP contracts60,83857,197
Other creditors21,83619,278
Accrued liabilities and deferred income6,0007,700
Total237,645272,328
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. The bank loan and overdraft are secured upon property personally owned by the directors as well as by a floating charge over the company's assets. The net obligations under hire purchase contracts are secured by the company on the assets to which the agreement relate.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts327,372-
Other creditors114,983123,193
Total442,355123,193
Finance lease and HP contracts equal to £114,983 (2023 - £123,193) are included within other creditors and are secured against the assets to which they relate. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
9.Creditors: amounts due after 5 years
Bank borrowings and overdrafts repayable after more than five years amount to £297,388 (2022 - £Nil).
10.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts114,983123,193
11.Provisions for liabilities
The provision for deferred tax is made up of £56,497 in respect of accelerated capital allowances less £1,052 in respect of losses.

2024

2023

££
Net deferred tax liability (asset)55,44539,484
Total55,44539,484
12.Related party transactions
On 1 July 2023 the company owed the Directors £424 (2023 - £539). During the period the Directors were repaid £4,170 (2023 - £1,460) and extracted a further £3,371 (2023 - £1,575). At 30 June 2024 the company owed the Directors £1,223. No interest was charged on this loan and the loan is repayable on demand.