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Registration number: 04515166

Capital Shopfitters Limited

Annual Report and Financial Statements

for the Year Ended 31 August 2024

 

Capital Shopfitters 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

Profit and Loss Account

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14 to 24

 

Capital Shopfitters Limited

Company Information

Director

Mr. PJ McCreesh

Company secretary

Mrs D McCreesh

Registered office

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

Auditors

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

 

Capital Shopfitters 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 company is the construction and renovation of buildings.

Fair review of the business

The company suffered a regression in turnover of 31% to £11.3 million from £16.3 million.

The company'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

Turnover Growth

%

(31)

52

Gross Profit Margin

%

18

20

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. PJ McCreesh
Director

 

Capital Shopfitters 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 company

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

Mr. PJ McCreesh

Financial instruments

Objectives and policies

The company uses various financial instruments.Items such as trade debtors and trade creditors, that arise directly from its operations are 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 foreseeable needs and to invest cash assets safely and profitably.

- The company's principal credit risk is trade debtors. Trade debts are monitored closely, paid by direct debit, and
the company does not have an adverse history of impairments.

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

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

In respect of the 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. The business makes use of money marke t facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk 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 debtors.

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

 

Capital Shopfitters Limited

Director's Report for the Year Ended 31 August 2024

Disclosure of information to the auditors

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 auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are 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.

Approved and authorised by the director on 30 April 2025
 

.........................................
Mr. PJ McCreesh
Director

 

Capital Shopfitters 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 company and of the profit or loss of the company 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 United Kingdom 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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Capital Shopfitters Limited

Independent Auditor's Report to the Members of Capital Shopfitters Limited

Opinion

We have audited the financial statements of Capital Shopfitters Limited (the 'company') for the year ended 31 August 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 August 2024 and of its 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 company 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 company'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 Shopfitters Limited

Independent Auditor's Report to the Members of Capital Shopfitters 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, or returns adequate for our audit have not been received from branches not visited by us; or

the 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.

 

Capital Shopfitters Limited

Independent Auditor's Report to the Members of Capital Shopfitters Limited

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:

 

In respone to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

enquiring of management as to actual and potential litigation and claims.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

discussions with management and those charged with governance in relation to known or suspected instances of non-compliance with laws and regulations and fraud;

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

 

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

investigated the rationale behind significant or unusual transactions.

 

There are inherent limitations in our audit procedures described above. The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control systems, mean that there is an unavoidale risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned in accordance with ISAs (UK).

 

We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

 

Capital Shopfitters Limited

Independent Auditor's Report to the Members of Capital Shopfitters Limited

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

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.

......................................
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 Shopfitters Limited

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

The above results were derived from continuing operations.

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

 

Capital Shopfitters Limited

Statement of Comprehensive Income for the Year Ended 31 August 2024

2024
£

2023
£

Profit for the year

724,870

1,778,545

Total comprehensive income for the year

724,870

1,778,545

 

Capital Shopfitters Limited

(Registration number: 04515166)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

26,882

22,001

Current assets

 

Debtors

12

4,103,379

4,154,679

Cash at bank and in hand

 

4,981,337

5,402,915

 

9,084,716

9,557,594

Creditors: Amounts falling due within one year

14

(2,450,089)

(3,341,177)

Net current assets

 

6,634,627

6,216,417

Total assets less current liabilities

 

6,661,509

6,238,418

Provisions for liabilities

15

(6,721)

(5,500)

Net assets

 

6,654,788

6,232,918

Capital and reserves

 

Called up share capital

1

1

Retained earnings

6,654,787

6,232,917

Shareholders' funds

 

6,654,788

6,232,918

Approved and authorised by the director on 30 April 2025
 

.........................................
Mr. PJ McCreesh
Director

 

Capital Shopfitters Limited

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

Share capital
£

Retained earnings
£

Total
£

At 1 September 2023

1

6,232,917

6,232,918

Profit for the year

-

724,870

724,870

Dividends

-

(303,000)

(303,000)

At 31 August 2024

1

6,654,787

6,654,788

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

1

4,728,372

4,728,373

Profit for the year

-

1,778,545

1,778,545

Dividends

-

(274,000)

(274,000)

At 31 August 2023

1

6,232,917

6,232,918

 

Capital Shopfitters 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
Hertfordshire
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.

Going concern

The directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis on preparing its financial statements.

 

Capital Shopfitters 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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 Company 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 company 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 company's activities.

The company 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 Company 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 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.

 

Capital Shopfitters Limited

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

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

Office Equipment

25% Reducing Balance Basis

Plant and Machinery

25% Reducing Balance Basis

Computer Equipment

33% Reducing Balance Basis

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 recoverable 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 company 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 company typically has retention held on construction contracts of 3 - 5%.

The company recognises retention on Revenue in line with the Companies Revenue Recognition policy.

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

 

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

 

Capital Shopfitters Limited

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

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 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.

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

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

 

Capital Shopfitters 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 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.

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

Turnover

The analysis of the company'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 Shopfitters 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 costs

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 company (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 Shopfitters Limited

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

9

Auditors' remuneration

2024
£

2023
£

Audit of the 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 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)

(399)

Tax increase from other short-term timing differences

1,221

1,360

Tax decrease from changes in tax provisions due to legislation

-

(78,961)

Total tax charge

241,625

488,848

 

Capital Shopfitters Limited

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

11

Tangible assets

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

12

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,814,973

2,873,882

Amounts owed by group

50,580

50,580

Other debtors

 

724,858

37,534

Prepayments

 

23,626

33,566

Accrued Income

 

476,869

1,159,117

Income tax asset

10

12,473

-

   

4,103,379

4,154,679

 

Capital Shopfitters Limited

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

13

Cash and cash equivalents

2024
£

2023
£

Cash on hand

-

400

Cash at bank

1,895,348

1,868,624

Short-term deposits

3,085,989

3,533,891

4,981,337

5,402,915

14

Creditors

Note

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

 

563,261

472,858

Outstanding defined contribution pension costs

 

2,352

2,438

Other payables

 

5,122

-

Accruals

 

139,430

158,140

Income tax liability

10

-

487,488

 

2,450,089

3,341,177

15

Provisions for liabilities

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

 

Capital Shopfitters Limited

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

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company 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.

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

       

18

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £Nil) per ordinary share

-

-

Interim dividend of £Nil (2023 - £Nil) per ordinary share

303,000

274,000

303,000

274,000

 

 

19

Analysis of changes in net debt

At 1 September 2023
£

Financing cash flows
£

At 31 August 2024
£

Cash and cash equivalents

Cash

5,402,915

(421,578)

4,981,337

 

5,402,915

(421,578)

4,981,337

 

Capital Shopfitters Limited

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

20

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Capital Group London Limited (Company No, 09827673), incorporated in England and Wales.

They are also the most senior parent entity producing publically available financial statements, which are available from Companies House.