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Registration number: 04961472

CDY Ceilings & Partitions Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2024

 

CDY Ceilings & Partitions Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 12

 

CDY Ceilings & Partitions Ltd

Company Information

Director

Mr Christopher David Young

Company secretary

Anne Young

Registered office

Unit 2
Venture Business Park
Hull
East Yorkshire
HU3 4TT

Solicitors

Gosschalks Solicitors
Queens Gardens
Dock Street
Hull
East Yorkshire
HU1 3DZ

Bankers

Santander UK plc

Accountants

Flexibility Professional Services (UK) Ltd Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

CDY Ceilings & Partitions Ltd

(Registration number: 04961472)
Abridged Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

1,375

Tangible assets

5

151,629

239,001

 

151,629

240,376

Current assets

 

Stocks

6

18,853

18,853

Debtors

7

1,055,764

1,122,129

Cash at bank and in hand

 

337,976

88,864

 

1,412,593

1,229,846

Prepayments and accrued income

 

7,188

5,498

Creditors: Amounts falling due within one year

(866,440)

(573,551)

Net current assets

 

553,341

661,793

Total assets less current liabilities

 

704,970

902,169

Creditors: Amounts falling due after more than one year

(142,096)

(279,218)

Provisions for liabilities

(37,907)

(33,405)

Accruals and deferred income

 

(4,500)

(3,500)

Net assets

 

520,467

586,046

Capital and reserves

 

Called up share capital

8

71,430

71,430

Share premium reserve

31,571

31,571

Retained earnings

417,466

483,045

Shareholders' funds

 

520,467

586,046

For the financial 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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

CDY Ceilings & Partitions Ltd

(Registration number: 04961472)
Abridged Balance Sheet as at 31 December 2024

These financial statements have been prepared and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 March 2025
 

.........................................
Mr Christopher David Young
Director

 

CDY Ceilings & Partitions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 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:
Unit 2
Venture Business Park
Hull
East Yorkshire
HU3 4TT
United Kingdom

These financial statements were authorised for issue by the director on 24 March 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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

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.

 

CDY Ceilings & Partitions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Contract revenue recognition

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when costs incurred and costs to complete can be reliably estimated. The stage of completion is calculated by comparing costs incurred in relation to contractual hourly labour rates and materials as a proportion of total costs. Where the outcome cannot be reliably estimated, revenue is recognised only to the extent of the expenses that are recoverable.

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income 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 Statement of comprehensive income in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred 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.

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Reducing balance at 10%

Plant and machinery

Reducing balance at 20%

Office equipment

Reducing balance at 15%

 

CDY Ceilings & Partitions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line basis over 20 years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

CDY Ceilings & Partitions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Borrowings

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

CDY Ceilings & Partitions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 14).

 

CDY Ceilings & Partitions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2024

75,000

At 31 December 2024

75,000

Amortisation

At 1 January 2024

73,625

Amortisation charge

1,375

At 31 December 2024

75,000

Carrying amount

At 31 December 2024

-

At 31 December 2023

1,375

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

39,985

297,314

29,943

367,242

Additions

2,067

-

471

2,538

Disposals

-

(116,412)

-

(116,412)

At 31 December 2024

42,052

180,902

30,414

253,368

Depreciation

At 1 January 2024

27,699

73,400

27,142

128,241

Charge for the year

2,026

18,083

583

20,692

Eliminated on disposal

-

(47,194)

-

(47,194)

At 31 December 2024

29,725

44,289

27,725

101,739

Carrying amount

At 31 December 2024

12,327

136,613

2,689

151,629

At 31 December 2023

12,286

223,914

2,801

239,001

 

CDY Ceilings & Partitions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

6

Stocks

2024
£

2023
£

Other inventories

18,853

18,853

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

71,430

71,430

71,430

71,430

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £1.00 per each Ordinary £1

220,779

163,383

 

 

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

190,813

59,459

 

CDY Ceilings & Partitions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Summary of transactions with associates

Clear Interior Projects Ltd
CDY Property Ltd
CDY Holdings Ltd
SRY Developments (Hull) Ltd
CDY EOT Ltd
Loan capital provided to associated group company.
Unsecured loan provided without repayment terms.

Summary of transactions with other related parties

Young & East Property Ltd Loan capital provided to associated group company.
Unsecured loan provided without repayment terms.

Loans to related parties

2024

Associates
£

Other related parties
£

Total
£

At start of period

13,760

6,283

20,043

Repaid

(922)

(6,283)

(7,205)

Impairment

(12,838)

-

(12,838)

At end of period

-

-

-

2023

Associates
£

Other related parties
£

Total
£

At start of period

105,552

6,283

111,835

Advanced

520

-

520

Repaid

(92,312)

-

(92,312)

At end of period

13,760

6,283

20,043

Terms of loans to related parties

No repayment terms and 0% interest.

Loans from related parties

2024

Associates
£

Key management
£

Total
£

Advanced

38,860

123,833

162,693

Impairment

(38,860)

-

(38,860)

At end of period

-

123,833

123,833

 

CDY Ceilings & Partitions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Terms of loans from related parties

Loan capital provided to the company on an unsecured basis with no repayment terms.
 

12

Parent and ultimate parent undertaking

The company's immediate parent is CDY 2021 Ltd, incorporated in England and Wales.

 The ultimate parent is CDY EOT Ltd, incorporated in England and Wales.