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Registration number: 05589427

Control Panels and Installations Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Control Panels and Installations Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Control Panels and Installations Ltd

(Registration number: 05589427)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,602,660

970,000

Current assets

 

Debtors

5

1,263,658

821,194

Cash at bank and in hand

 

1,628

389

 

1,265,286

821,583

Creditors: Amounts falling due within one year

6

(1,833,638)

(1,538,986)

Net current liabilities

 

(568,352)

(717,403)

Total assets less current liabilities

 

1,034,308

252,597

Creditors: Amounts falling due after more than one year

6

(511,800)

-

Provisions for liabilities

(59,571)

(59,571)

Net assets

 

462,937

193,026

Capital and reserves

 

Called up share capital

7

110

110

Revaluation reserve

187,338

187,338

Retained earnings

275,489

5,578

Shareholders' funds

 

462,937

193,026

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 February 2025 and signed on its behalf by:
 

.........................................
R S Bride
Director

 

Control Panels and Installations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Paddock
2 Jonathans Garth
Church Lane, Tetney
GRIMSBY
North East Lincolnshire
DN36 5GA

These financial statements were authorised for issue by the Board on 10 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements are prepared in accordance with the Financial Reporting Standard 102 Section 1A for the first time. There have been no transitional adjustments.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements show the position of Control Panels and Installations Limited as an individual entity, the company not forming part of a group.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Control Panels and Installations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% per annum on a reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Control Panels and Installations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 8 (2023 - 8).

4

Investment properties

2024
£

At 1 September

970,000

Additions

632,660

At 31 August

1,602,660

The fair value of the company's investment properties was determined by the Directors on 31 August 2024.

5

Debtors

Current

2024
£

2023
£

Trade debtors

20,736

31,520

Prepayments

4,897

2,010

Other debtors

1,238,025

787,664

 

1,263,658

821,194

 

Control Panels and Installations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,796

1,370

Taxation and social security

189,664

427,863

Accruals and deferred income

5,300

4,072

Other creditors

1,636,878

1,105,681

1,833,638

1,538,986

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary B of £1 each

10

10

10

10

110

110

110

110

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

511,800

-

 

Control Panels and Installations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £14,388.00) per each Ordinary shares of £1 each

-

1,438,800

Interim dividend of £Nil per each Ordinary B shares of £1 each

-

-

-

1,438,800

 

Control Panels and Installations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Related party transactions

Transactions with Directors

2024

At 1 September 2023
£

Advances to Director
£

Repayments by Director
£

At 31 August 2024
£

R S Bride

Overdrawn director's loan account - interest charged at HMRC official rate of interest

830,373

281,647

(557,136)

554,884

J Bride

Overdrawn director's loan account - interest charged at HMRC official rate

830,372

281,647

(557,135)

554,884

J R Bride

Overdrawn director's loan account - interest charged at HMRC official rate

8,700

-

-

8,700

K Bride

Overdrawn director's loan account - interest charged at HMRC official rate

8,700

-

-

8,700

2023

At 6 April 2022
£

Advances to Director
£

Repayments by Director
£

At 31 August 2023
£

R S Bride

Overdrawn director's loan account - interest charged at HMRC official rate of interest

315,839

796,281

(281,747)

830,373

J Bride

Overdrawn director's loan account - interest charged at HMRC official rate

315,838

796,281

(281,747)

830,372

J R Bride

Overdrawn director's loan account - interest charged at HMRC official rate

-

8,700

-

8,700

K Bride

Overdrawn director's loan account - interest charged at HMRC official rate

-

8,700

-

8,700