Registration number:
Control Panels and Installations Ltd
for the Year Ended 31 August 2024
Control Panels and Installations Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Control Panels and Installations Ltd
(Registration number: 05589427)
Balance Sheet as at 31 August 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Control Panels and Installations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Investment properties |
2024 |
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At 1 September |
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Additions |
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At 31 August |
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The fair value of the company's investment properties was determined by the Directors on 31 August 2024.
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Control Panels and Installations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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10 |
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10 |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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- |
Control Panels and Installations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Dividends |
Interim dividends paid
2024 |
2023 |
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Interim dividend of £Nil (2023 - £ |
- |
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Interim dividend of £Nil per each |
- |
- |
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- |
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Control Panels and Installations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Related party transactions |
Transactions with Directors |
2024 |
At 1 September 2023 |
Advances to Director |
Repayments by Director |
At 31 August 2024 |
R S Bride |
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Overdrawn director's loan account - interest charged at HMRC official rate of interest |
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( |
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J Bride |
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Overdrawn director's loan account - interest charged at HMRC official rate |
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( |
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J R Bride |
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Overdrawn director's loan account - interest charged at HMRC official rate |
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- |
- |
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K Bride |
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Overdrawn director's loan account - interest charged at HMRC official rate |
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- |
- |
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2023 |
At 6 April 2022 |
Advances to Director |
Repayments by Director |
At 31 August 2023 |
R S Bride |
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Overdrawn director's loan account - interest charged at HMRC official rate of interest |
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( |
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J Bride |
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Overdrawn director's loan account - interest charged at HMRC official rate |
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( |
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J R Bride |
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Overdrawn director's loan account - interest charged at HMRC official rate |
- |
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- |
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K Bride |
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Overdrawn director's loan account - interest charged at HMRC official rate |
- |
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- |
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