| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| DEMOS CICLITIRA LIMITED |
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| DEMOS CICLITIRA LIMITED |
| DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 5 |
| DEMOS CICLITIRA LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| The Maltings |
| Rosemary Lane |
| Halstead |
| Essex |
| CO9 1HZ |
| BANKERS: |
| 1-3 Bishopsgate |
| London |
| EC2N 3AQ |
| DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 August 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
| BALANCE SHEET |
| 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium | 11 |
| Revaluation reserve | 11 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
| BALANCE SHEET - continued |
| 31 AUGUST 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | STATUTORY INFORMATION |
| Demos Ciclitira Limited is a |
| The financial statements are presented in sterling which is the functional currency of the company. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. |
| Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Investments in subsidiaries |
| Investments in subsidiaries are stated at cost less accumulated impairment losses in the Company's balance sheet. On disposal of investments in subsidiaries the difference between net disposal proceeds and the carrying amount of the investment is taken to the income statement. |
| Stocks |
| Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date with the following exception. It is the company policy to enter into forward contracts to fix the exchange rate for transactions relating to an agreed sale. This ensures that exchange rate risk is minimised. Assets and liabilities in foreign currencies that relate to agreed sales have been translated at the exchange rate specified in the appropriate forward contract. |
| Transactions in foreign currencies that have been subject to a forward contract are converted to sterling at the rate specified whilst all other transactions are converted at the rate of exchange ruling at the date of the transaction. |
| Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses. |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
| Investments |
| Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. |
| DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and | Computer |
| property | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Included in cost or valuation of land and buildings is freehold land of £ 1,014,885 (2023 - £ 1,833,591 ) which is not depreciated. |
| Cost or valuation at 31 August 2024 is represented by: |
| Fixtures |
| Freehold | Plant and | and | Computer |
| property | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2008 | 571,677 | - | - | - | 571,677 |
| Valuation in 2013 | 365,000 | - | - | - | 365,000 |
| Valuation in 2017 | 2,126,200 | - | - | - | 2,126,200 |
| Valuation in 2022 | 242,820 | - | - | - | 242,820 |
| Valuation in 2024 | (1,971,677 | ) | - | - | - | (1,971,677 | ) |
| Cost | 1,115,980 | 274,168 | 47,985 | 59,595 | 1,497,728 |
| 2,450,000 | 274,168 | 47,985 | 59,595 | 2,831,748 |
| DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| If land and buildings had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 1,115,980 | 1,924,303 |
| Freehold land and buildings were valued on an open market basis on 21 October 2022 by Kemsley LLP Property Consultants . |
| 5. | FIXED ASSET INVESTMENTS |
| Share in |
| subsidiary |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 6. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Raw materials |
| 7. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| The amount of trade debt outstanding at the year end which is subject to factoring services amounts to £924,816 (2023: £1,031,752). |
| DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| The bank loan and overdraft are secured by a fixed and floating charge over both the present and future book debts of the company and a fixed charge over its freehold property. |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| 'A' (Non-voting) | £1 | 30,000 | 30,000 |
| Ordinary | £1 | 270,000 | 270,000 |
| 300,000 | 300,000 |
| 11. | RESERVES |
| Retained | Share | Revaluation |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 September 2023 | 6,847,418 |
| Deficit for the year | ( |
) | ( |
) |
| Transfer between revaluation |
| reserve and P&L account | 2,087,339 | - | (2,087,339 | ) | - |
| At 31 August 2024 | 4,359,606 |
| DEMOS CICLITIRA LIMITED (REGISTERED NUMBER: 00525529) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 12. | RELATED PARTY DISCLOSURES |
| George Harker (UK) Limited |
| A company in which J D N Ciclitira is a director and Chairman of the Board. |
| The company made purchases from George Harker (UK) Limited during the year totalling £422,607 (2023: £363,986) and made sales during the year totalling £11,489 (2023: £10,169). The amount outstanding from George Harker (UK) Limited to the company at the balance sheet date is £589,501 (2023: £282,209 and this is included within Amounts owed by group undertakings. There are no fixed terms of repayment. |
| Medos (UK) Limited |
| A company related by virtue of J D N Cicilitiria and estate of A G Ciclitira's shareholding |
| At the year end, Medos (UK) limited owed the company an amount of £572,097 (2023: £496,714) in respect of an interest free loan. This is included within Amounts owed by group undertakings. There are no fixed terms for repayment. |
| J D N Ciclitiria and estate of A G Ciclitiria |
| Director and Chairman of the Board of Demos Ciclitira Limited |
| At the year end, the director of the company, Mr J D N Ciclitira along with the estate of A G Ciclitiria was owed £10,784 (2023: £405,558) which is included in other creditors. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |