General Information
CNC BUILDING SUPPLIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 02954174, registration address 34 Glenwood Gardens , Ilford, Essex, IG2 6XT.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors have considered the appropriateness of preparing the financial statements on a going concern basis. The company now operates solely as a commercial property letting business.
Current Financial Position
The companys revenue is derived entirely from the rental of its commercial property units. This simplified business model has reduced operating costs compared with the former trading activities.
Financial Obligations
The company continues to hold a significant loan secured against the property. The stable and recurring rental income provides a consistent revenue stream, enabling the company to service the loan and meet its financial commitments.
Future Prospects
The directors expect the company to continue generating sustainable profits from its property letting activities. Based on existing lease agreements and current market conditions, the rental income from fully let units is projected to be sufficient to cover loan repayments and other obligations.
Conclusion
After reviewing budgets and cash flow forecasts for the next 12 months, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements are prepared on a going concern basis.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts and the invoiced value of rental income from letting activities.
Taxation
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 taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 3 (2024 : 3).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Total |
| |
£ |
|
£ |
| At 01 February 2024 |
2,401,398 |
|
2,401,398 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| Revaluations |
1,998,602 |
|
1,998,602 |
| At 31 January 2025 |
4,400,000 |
|
4,400,000 |
| Depreciation |
| At 01 February 2024 |
- |
|
- |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 31 January 2025 |
- |
|
- |
| Net book values |
| Closing balance as at 31 January 2025 |
4,400,000 |
|
4,400,000 |
| Opening balance as at 01 February 2024 |
4,400,000 |
|
4,400,000 |
Revaluation
The director commissioned an RICS registered professional to revalue the company's land and buildings. The valuation was conducted by Glennleigh Commercial and has revalued for £4,400,000.
|
| 4. |
Share Capital
Allotted, called up and fully paid
|
31/01/2025
£ |
|
31/01/2024
£ |
|
200,000
Class A shares of £1.00 each |
200,000 |
|
200,000 |
|
200,000 |
|
200,000 |
|
2
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