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Registration number: 09827673

Capital Group London Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 August 2024

 

Capital Group London Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3 to 4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 29

 

Capital Group London Limited

Company Information

Director

Mr. Paul McCreesh

Registered office

Unit 2, 1st Floor
Stroud Wood Business Centre
Park Street
Frogmore
St. Albans
AL2 2NJ

Auditors

The Moffatts Partnership LLP
Suite 1.1, First Floor
Jackson House
Sibson Road
Sale
M33 7RR

 

Capital Group London Limited

Strategic Report for the Year Ended 31 August 2024

The director presents his strategic report for the year ended 31 August 2024.

Principal activity

The principal activity of the group is that of construction and renovation of buildings.

Fair review of the business

The company continues to trade but has significantly decreased turnover in the period in comparison to the prior year.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

11,268,236

16,263,647

Gross Profit

£

2,019,903

3,309,286

Net profit before taxation

£

966,081

2,267,393

Gross profit margin

%

18

20

Net profit margin

%

9

14

Principal risks and uncertainties

Principle risks and uncertainties have been disclosed in the Directors report.

Approved and authorised by the director on 30 April 2025
 

.........................................
Mr. Paul McCreesh
Director

 

Capital Group London Limited

Director's Report for the Year Ended 31 August 2024

The director presents his report and the financial statements for the year ended 31 August 2024.

Director of the group

The director who held office during the year was as follows:

Mr. Paul McCreesh

Financial instruments

Objectives and policies

The company uses various financial instruments. These include finance lease agreements and cash. Items such as trade debtors and trade creditors, that arise directly from its operations, are also used. The main purpose of these financial instruments is to raise finance for the company's operations.

The main risks arising from the company's financial instruments are liquidity risk, interest rate risk and credit risk.

- The company's principal financial asset, and therefore its principal risk, is cash. Liquidity risk is managed by ensuring sufficient liquidity is available to meet forseeable needs and to invest cash assets safely and profitably.

- Interest rate risk is managed by using fixed rate facilities, therefore reducing exposure to rate fluctuations.

- The comany's principal credit risk is trade debtors. Trade debts are monitored closely and the company does not have a history of impairments

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial statements comprise bank balances, bank overdrafts, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments are to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debts.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans comprise loans from financial institutions. The interest rates and monthly repayments are fixed. The business manages the liquidity risk by ensuring there are enough funds to meet the payments.

 

Capital Group London Limited

Director's Report for the Year Ended 31 August 2024

Going concern

The Group prepares its financial statements on a going concern basis. The directors have, at the time of approving the financial statements, a reasonable expectation that the Group have adequate resources to continue in operational existence for the foreseeable future.

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of The Moffatts Partnership LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Principal activity

The principal activity of the company is construction and renovation of buildings.

Approved and authorised by the director on 30 April 2025
 

.........................................
Mr. Paul McCreesh
Director

 

Capital Group London Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Capital Group London Limited

Independent Auditor's Report to the Members of Capital Group London Limited

Opinion

We have audited the financial statements of Capital Group London Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 August 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

Capital Group London Limited

Independent Auditor's Report to the Members of Capital Group London Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Auditing the risk of management override of controls, including thoroughly testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

 

 

 

 

Capital Group London Limited

Independent Auditor's Report to the Members of Capital Group London Limited

 

 

 

 

 

 

 

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statememts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Capital Group London Limited

Independent Auditor's Report to the Members of Capital Group London Limited

......................................
Mr John Saxon (Senior Statutory Auditor)
For and on behalf of The Moffatts Partnership LLP, Statutory Auditor

Suite 1.1, First Floor
Jackson House
Sibson Road
Sale
M33 7RR

30 April 2025

 

Capital Group London Limited

Consolidated Profit and Loss Account for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

3

11,268,236

16,263,647

Cost of sales

 

(9,248,333)

(12,954,361)

Gross profit

 

2,019,903

3,309,286

Administrative expenses

 

(1,081,956)

(1,074,762)

Operating profit

4

937,947

2,234,524

Other interest receivable and similar income

5

52,098

32,921

Interest payable and similar expenses

6

(23,550)

(52)

   

28,548

32,869

Profit before tax

 

966,495

2,267,393

Tax on profit

10

(241,625)

(488,848)

Profit for the financial year

 

724,870

1,778,545

Profit/(loss) attributable to:

 

Owners of the company

 

724,870

1,778,545

The group has no recognised gains or losses for the year other than the results above.

 

Capital Group London Limited

(Registration number: 09827673)
Consolidated Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

26,882

22,001

Current assets

 

Debtors

13

4,052,797

4,104,099

Cash at bank and in hand

 

5,299,500

5,721,078

 

9,352,297

9,825,177

Creditors: Amounts falling due within one year

15

(2,450,088)

(3,341,178)

Net current assets

 

6,902,209

6,483,999

Total assets less current liabilities

 

6,929,091

6,506,000

Provisions for liabilities

16

(6,721)

(5,500)

Net assets

 

6,922,370

6,500,500

Capital and reserves

 

Called up share capital

18

200

200

Other reserves

19

806,415

806,415

Retained earnings

19

6,115,755

5,693,885

Equity attributable to owners of the company

 

6,922,370

6,500,500

Shareholders' funds

 

6,922,370

6,500,500

Approved and authorised by the director on 30 April 2025
 

.........................................
Mr. Paul McCreesh
Director

 

Capital Group London Limited

(Registration number: 09827673)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

12

806,615

806,615

Current assets

 

Cash at bank and in hand

 

100,000

100,000

Net assets

 

906,615

906,615

Capital and reserves

 

Called up share capital

18

200

200

Other reserves

806,415

806,415

Retained earnings

100,000

100,000

Shareholders' funds

 

906,615

906,615

The company made a profit after tax for the financial year of £303,000 (2023 - profit of £407,573).

Approved and authorised by the director on 30 April 2025
 

.........................................
Mr. Paul McCreesh
Director

 

Capital Group London Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 August 2024
Equity attributable to the parent company

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

Total equity
£

At 1 September 2023

200

806,415

5,693,885

6,500,500

6,500,500

Profit for the year

-

-

724,870

724,870

724,870

Dividends

-

-

(303,000)

(303,000)

(303,000)

At 31 August 2024

200

806,415

6,115,755

6,922,370

6,922,370

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

Total equity
£

At 1 September 2022

200

806,415

4,322,913

5,129,528

5,129,528

Profit for the year

-

-

1,778,545

1,778,545

1,778,545

Dividends

-

-

(407,573)

(407,573)

(407,573)

At 31 August 2023

200

806,415

5,693,885

6,500,500

6,500,500

 

Capital Group London Limited

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 September 2023

200

806,415

100,000

906,615

Profit for the year

-

-

303,000

303,000

Dividends

-

-

(303,000)

(303,000)

At 31 August 2024

200

806,415

100,000

906,615

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 September 2022

200

806,415

100,000

906,615

Profit for the year

-

-

407,573

407,573

Dividends

-

-

(407,573)

(407,573)

At 31 August 2023

200

806,415

100,000

906,615

 

Capital Group London Limited

Consolidated Statement of Cash Flows for the Year Ended 31 August 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

724,870

1,778,545

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

6,881

8,375

Finance income

5

(52,098)

(32,921)

Finance costs

6

23,550

52

Income tax expense

10

241,625

488,848

 

944,828

2,242,899

Working capital adjustments

 

Decrease/(increase) in stocks

682,248

(804,985)

Increase in trade debtors

13

(618,473)

(922,300)

(Decrease)/increase in trade creditors

15

(403,602)

1,495,854

Cash generated from operations

 

605,001

2,011,468

Income taxes paid

10

(740,365)

(384,317)

Net cash flow from operating activities

 

(135,364)

1,627,151

Cash flows from investing activities

 

Interest received

52,098

32,921

Acquisitions of tangible assets

(11,762)

(8,585)

Net cash flows from investing activities

 

40,336

24,336

Cash flows from financing activities

 

Interest paid

6

(23,550)

(52)

Dividends paid

(303,000)

(407,573)

Net cash flows from financing activities

 

(326,550)

(407,625)

Net (decrease)/increase in cash and cash equivalents

 

(421,578)

1,243,862

Cash and cash equivalents at 1 September

 

5,721,078

4,477,216

Cash and cash equivalents at 31 August

 

5,299,500

5,721,078

 

Capital Group London Limited

Notes to the 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:
Unit 2, 1st Floor
Stroud Wood Business Centre
Park Street
Frogmore
St. Albans
AL2 2NJ
United Kingdom

These financial statements were authorised for issue by the director on 30 April 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

 

Capital Group London Limited

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 August 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £Nil (2023 - £Nil).

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Capital Group London Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for amounts recoverable on contracts in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

Turnover is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Where consideration is not specified within the contract and therefore subject to variability, the group estimates the amount of consideration to be received from its customer. The consideration recognised is the amount which is highly probably not to result in a significant reversal in future periods.

The group recognises revenue when:
• The amount of revenue can be reliably measured using a percentage of completion method;
• it transfers control over a service to it’s customer;
• it is probable that future economic benefits will flow to the entity;
• and specific criteria have been met for each of the group's activities.

The group does not expect to have any contracts where the period between the transfer of the services to the customer and payment by the customer exceeds one year. As a consequence, the group does not adjust its transaction price for the time value of money.

Included within Turnover is amounts of Accrued income which represents amounts recoverable on contracts for which work has been completed but no invoice has been raised or cash received at the year end.

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 group operates and generates taxable income.

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

 

Capital Group London Limited

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

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

Office Equipment

25% Reducing Balance Basis

Plant and machinery

25% Reducing Balance Basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 amounts receivable on contracts 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 group will not be able to collect all amounts due according to the original terms of the receivables.

Retention Debtor

Retentions are a percentage of amounts withheld from interim payments to a contractor under a construction contract. Retention amounts are released after the contractor completes all obligations, including fixing any defects.

The group typically has retention held on construction contracts of 3 - 5%.

The group recognises retention on Revenue in line with the Group Revenue Recognition policy.

The group carries out an impairment review on Retentions held by the customer periodically.
 

 

Capital Group London Limited

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

Accrued Income

Accrued income represents amounts recoverable on contracts for which no invoice has been raised or cash received at the year end.

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 group 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.

Retention Creditor

Retentions are a percentage of amounts withheld from interim payments from a subcontractor under a construction contract. Retention amounts are released after the subcontractor completes all obligations, including fixing any defects.

The group applies the same retention percentage on a construction contract to any subcontractors engaged on the contract, which is typically 3 - 5%.

The group recognises retention on Costs when:
• The amount of costs can be reliably measured;
• There is a liability and obligation to pay the retentions in the future.
 

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 group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Capital Group London Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

Financial instruments


Classification
The company has chosen to adopt Sections 11 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

3

Revenue

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

11,268,236

16,263,647

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

6,881

8,375

 

Capital Group London Limited

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

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

52,098

32,921

6

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

23,550

52

7

Staff numbers

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

810,439

807,883

Social security costs

532

444

Pension costs, defined contribution scheme

13,061

12,107

Other employee expense

3,858

4,703

827,890

825,137

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

19

18

19

18

8

Director's remuneration

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

2024
£

2023
£

Remuneration

12,960

12,510

Contributions paid to money purchase schemes

202

251

13,162

12,761

 

Capital Group London Limited

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

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

14,000

13,200

Other fees to auditors

All other non-audit services

17,590

17,675


 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

240,404

487,488

Deferred taxation

Arising from origination and reversal of timing differences

1,221

1,360

Tax expense in the income statement

241,625

488,848

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

966,495

2,267,393

Corporation tax at standard rate

241,624

566,848

Tax decrease from effect of capital allowances and depreciation

(1,220)

(181)

Decrease from effect of different UK tax rates on some earnings

-

(79,179)

Tax increase from other short-term timing differences

1,221

1,360

Total tax charge

241,625

488,848

 

Capital Group London Limited

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

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Accelerated Capital Allowances

6,721

6,721

2023

Liability
£

Accelerated Capital Allowances

5,500

5,500

11

Tangible assets

Group

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

72,348

72,348

Additions

11,762

11,762

At 31 August 2024

84,110

84,110

Depreciation

At 1 September 2023

50,347

50,347

Charge for the year

6,881

6,881

At 31 August 2024

57,228

57,228

Carrying amount

At 31 August 2024

26,882

26,882

At 31 August 2023

22,001

22,001

 

Capital Group London Limited

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

12

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Capital Construction Company (London) Limited*

Unit 2, 1st Floor,
Stroud Wood Business Centre,
Park Street,
Frogmore,
St. Albans,
Hertfordshire,
AL2 2NJ

Ordinary Shares

100%

100%

 

England and Wales

     

Capital Shopfitters Limited*

Unit 2, 1st Floor,
Stroud Wood Business Centre,
Park Street,
Frogmore,
St. Albans,
Hertfordshire,
AL2 2NJ

Ordinary Shares

100%

100%

 

England and Wales

     

* indicates direct investment of the company

Subsidiary undertakings

Capital Construction Company (London) Limited

The principal activity of Capital Construction Company (London) Limited is construction activities

Capital Shopfitters Limited

The principal activity of Capital Shopfitters Limited is construction activities

 

Capital Group London Limited

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

Company

2024
£

2023
£

Investments in subsidiaries

806,615

806,615

Subsidiaries

£

Cost or valuation

At 1 September 2023

806,615

Provision

Carrying amount

At 31 August 2024

806,615

At 31 August 2023

806,615

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Capital Shopfitters Limited

Unit 2, 1st Floor,
Stroud Wood Business Centre,
Park Street,
Frogmore,
St. Albans,
Hertfordshire,
AL2 2NJ

England

Ordinary Shares

100%

100%

Capital Construction Company (London) Limited

Unit 2, 1st Floor,
Stroud Wood Business Centre,
Park Street,
Frogmore,
St. Albans,
Hertfordshire,
AL2 2NJ

England

Ordinary Shares

100%

100%

Subsidiary undertakings

Capital Shopfitters Limited

The principal activity of Capital Shopfitters Limited is construction activities.

 

Capital Group London Limited

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

Capital Construction Company (London) Limited

The principal activity of Capital Construction Company (London) Limited is construction activities.

13

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

2,814,973

2,873,882

-

-

Other debtors

 

724,858

37,534

-

-

Prepayments

 

23,624

33,566

-

-

Accrued income

 

476,869

1,159,117

-

-

Income tax asset

10

12,473

-

-

-

   

4,052,797

4,104,099

-

-

14

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

-

400

-

-

Cash at bank

2,114,511

2,087,787

1,000

1,000

Short-term deposits

3,184,989

3,632,891

99,000

99,000

5,299,500

5,721,078

100,000

100,000

15

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,738,806

2,194,414

-

-

Amounts due to related parties

1,118

25,839

-

-

Social security and other taxes

 

563,259

472,858

-

-

Outstanding defined contribution pension costs

 

2,352

2,438

-

-

Other payables

 

5,122

-

-

-

Accruals

 

139,431

158,141

-

-

Income tax liability

10

-

487,488

-

-

 

2,450,088

3,341,178

-

-

 

Capital Group London Limited

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

16

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 September 2023

5,500

5,500

Additional provisions

1,221

1,221

At 31 August 2024

6,721

6,721

17

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £13,061 (2023 - £12,107).

Contributions totalling £2,352 (2023 - £2,438) were payable to the scheme at the end of the year and are included in creditors.

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

200

200

200

200

       
 

Capital Group London Limited

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

19

Reserves

Group

Share Capital

Share capital represents the nominal value of shares that have been issued.

Merger Reserve

Merger reserve is a non-statutory reserve into which the share premium of the bidder consideration shares is credited which is not subject to the restrictions of the share premium account.

Profit and loss account

Profit and loss account includes all current and prior period retained profit and losses.

Company

Share capital

Share capital represents the nominal value of shares that have been issued.

Share premium

Share premium is the excess money received for issued shares above the par value.

Profit and loss account

Profit and loss account includes all current and prior period retained profit and losses.