COMPANY REGISTRATION NUMBER:
09761961
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Classic Contract Finishes Limited |
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Filleted Unaudited Financial Statements |
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Classic Contract Finishes Limited |
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Year ended 31 December 2024
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Accountant's report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
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Statement of financial position |
2 |
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Notes to the financial statements |
4 |
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Classic Contract Finishes Limited |
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Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements |
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Year ended 31 December 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
CLAY SHAW THOMAS LTD
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
29 September 2025
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Classic Contract Finishes Limited |
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Statement of Financial Position |
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31 December 2024
Current assets
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Debtors |
5 |
1,361,209 |
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1,485,068 |
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Cash at bank and in hand |
464,526 |
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350,914 |
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------------ |
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------------ |
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1,825,735 |
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1,835,982 |
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Creditors: amounts falling due within one year |
6 |
437,658 |
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534,600 |
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------------ |
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------------ |
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Net current assets |
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1,388,077 |
1,301,382 |
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------------ |
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Total assets less current liabilities |
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1,388,077 |
1,301,382 |
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Creditors: amounts falling due after more than one year |
7 |
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5,000 |
15,000 |
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Net assets |
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1,383,077 |
1,286,382 |
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Capital and reserves
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Called up share capital |
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100 |
100 |
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Profit and loss account |
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1,382,977 |
1,286,282 |
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------------ |
------------ |
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Shareholders funds |
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1,383,077 |
1,286,382 |
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------------ |
------------ |
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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 December 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
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
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Classic Contract Finishes Limited |
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Statement of Financial Position (continued) |
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31 December 2024
These financial statements were approved by the
board of directors
and authorised for issue on
29 September 2025
, and are signed on behalf of the board by:
Company registration number:
09761961
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Classic Contract Finishes Limited |
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Notes to the Financial Statements |
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Year ended 31 December 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 Unit 3 Atlantic Trading Estate, Atlantic Point, Barry, CF63 3AA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax. Turnover is generated through painting and decorating contracts and related activities in line with the company's principal activities. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done during the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income 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 pay or recover 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
4
).
5.
Debtors
|
2024 |
2023 |
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£ |
£ |
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Trade debtors |
787,539 |
1,024,730 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
529,600 |
452,600 |
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Other debtors |
44,070 |
7,738 |
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1,361,209 |
1,485,068 |
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------------ |
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6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
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£ |
£ |
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Bank loans |
10,000 |
10,000 |
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Trade creditors |
213,952 |
254,545 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
50,371 |
17,492 |
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Social security and other taxes |
56,730 |
121,500 |
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Other creditors |
106,605 |
131,063 |
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--------- |
--------- |
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437,658 |
534,600 |
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--------- |
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7.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
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Bank loans |
5,000 |
15,000 |
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------- |
-------- |
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8.
Related party transactions
The company has taken exemption, under the small company regime, from disclosing related party transactions which are considered immaterial, or conducted under normal market conditions.