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COMPANY REGISTRATION NUMBER: 01528639
Custom Business Equipment and Stationery Supplies Limited
Filleted Unaudited Financial Statements
For the year ended
31 August 2024
Custom Business Equipment and Stationery Supplies Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
116,752
142,744
Current assets
Stocks
18,131
20,489
Debtors
6
704,980
684,467
Cash at bank and in hand
747,094
800,874
-------------
-------------
1,470,205
1,505,830
Creditors: amounts falling due within one year
7
728,354
668,820
-------------
-------------
Net current assets
741,851
837,010
----------
----------
Total assets less current liabilities
858,603
979,754
----------
----------
Capital and reserves
Called up share capital
66
66
Capital redemption reserve
66
66
Profit and loss account
858,471
979,622
----------
----------
Shareholders funds
858,603
979,754
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Custom Business Equipment and Stationery Supplies Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 16 May 2025 , and are signed on behalf of the board by:
T Peak
Director
Company registration number: 01528639
Custom Business Equipment and Stationery Supplies Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Upton Street, Dansom Lane, HULL, HU8 7DA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. (b) Going concern The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis. (c) Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. (d) Current and deferred tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference. (e) Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. (f) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% straight line
Plant, machinery & vehicles - 20% straight line
(g) Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(j) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 9 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 September 2023 and 31 August 2024
140,769
256,098
396,867
----------
----------
----------
Depreciation
At 1 September 2023
67,537
186,586
254,123
Charge for the year
2,815
23,177
25,992
----------
----------
----------
At 31 August 2024
70,352
209,763
280,115
----------
----------
----------
Carrying amount
At 31 August 2024
70,417
46,335
116,752
----------
----------
----------
At 31 August 2023
73,232
69,512
142,744
----------
----------
----------
6. Debtors
2024
2023
£
£
Trade debtors
581,442
564,709
Deferred tax asset
10,253
6,159
Other debtors
113,285
113,599
----------
----------
704,980
684,467
----------
----------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
100,000
100,000
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
548,888
446,160
Corporation tax
19,971
18,400
Social security and other taxes
35,130
30,535
Director loan accounts
116,812
166,125
Other creditors
7,553
7,600
----------
----------
728,354
668,820
----------
----------
8. Related party transactions
During the year the directors made available loans totalling £ 116,812 (2023: £166,125). The loans are interest free and repayable on demand.