Registration number: 06963305

Codem Composites Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 12

Codem Composites Limited

Company Information

Directors

Mr K R J Doherty Mrs S N Hewison

Registered office

First Floor, Bank House The Lawns 33 Thorpe Road Peterborough Cambridgeshire PE3 6AB

Accountants

Nera Accounting Limited Chartered Certified AccountantsFirst Floor, Bank House The Lawns 33 Thorpe Road Peterborough Cambridgeshire PE3 6AB

Codem Composites Limited

(Registration number: 06963305)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	670,694	489,613
Current assets
Stocks		431,475	355,378
Debtors	5	996,427	811,195
Cash at bank and in hand		147,277	147,625
		1,575,179	1,314,198
Creditors: Amounts falling due within one year	6	(1,344,319)	(1,193,110)
Net current assets		230,860	121,088
Total assets less current liabilities		901,554	610,701
Creditors: Amounts falling due after more than one year	6	(225,232)	(184,739)
Provisions for liabilities		(137,277)	(95,227)
Net assets		539,045	330,735
Capital and reserves
Called up share capital		1	1
Retained earnings		539,044	330,734
Shareholders' funds		539,045	330,735

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Codem Composites Limited

(Registration number: 06963305)
Balance Sheet as at 31 March 2025

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 3 December 2025 and signed on its behalf by:
 

Mr K R J Doherty

Director

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
First Floor, Bank House
The Lawns
33 Thorpe Road
Peterborough
Cambridgeshire
PE3 6AB

These financial statements were authorised for issue by the Board on 3 December 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
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.

Government grants

Grants have been received in respect of training support for Apprenticeships during the course of the year. The monies have been included in full in the financial statements in the period they were received.

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.

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

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
Leasehold Improvements	10% straight line basis
Plant and machinery	10%/20% straight line basis
Fixtures and fittings	20% straight line basis
Office equipment	20% straight line basis

Amortisation

Asset class	Amortisation method and rate
Goodwill	Fully amortised

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 merchandise sold or services performed 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.

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 (FIFO) 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2024 - 31).

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	tangible assets

	Short leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £
Cost or valuation
At 1 April 2024	374,236	65,133	842,796	17,304
Additions	-	7,425	288,348	13,991
At 31 March 2025	374,236	72,558	1,131,144	31,295
Depreciation
At 1 April 2024	192,905	59,953	582,665	15,018
Charge for the year	37,424	2,367	74,814	2,730
At 31 March 2025	230,329	62,320	657,479	17,748
Carrying amount
At 31 March 2025	143,907	10,238	473,665	13,547
At 31 March 2024	181,331	5,180	260,131	2,286

	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	70,388	1,369,857
Additions	-	309,764
At 31 March 2025	70,388	1,679,621
Depreciation
At 1 April 2024	29,703	880,244
Charge for the year	11,348	128,683
At 31 March 2025	41,051	1,008,927
Carrying amount
At 31 March 2025	29,337	670,694
At 31 March 2024	40,685	489,613

Included within the net book value of land and buildings above is £143,908 (2024 - £181,331) in respect of short leasehold land and buildings.
 

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

debtors

Current	Note	2025 £	2024 £
Trade debtors		438,746	275,324
Amounts owed by related parties	10	341,302	329,436
Prepayments		104,297	78,173
Other debtors		112,082	128,262
		996,427	811,195

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	7	192,876	157,421
Trade creditors		340,818	213,511
Taxation and social security		543,961	585,938
Accruals and deferred income		90,776	36,741
Other creditors		175,888	199,499
		1,344,319	1,193,110

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	7	225,232	184,739

7	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	9,807	71,105
Hire purchase contracts	215,425	113,634
	225,232	184,739

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	70,052	89,433
Hire purchase contracts	122,824	67,988
	192,876	157,421

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Bank borrowings

CBILS is denominated in Sterling with a nominal interest rate of 8.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £48,551 (2024 - £87,294).

Funding for Finance is denominated in Starling with a nominal interest rate of 12%, and the final instalment is due on 30 November 2025. The carrying amount at year end is £31,309 (2024 - £73,244).

8	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	1,190	1,453
Later than one year and not later than five years	1,749	2,939
	2,939	4,392

The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,190 (2024 - £1,453).

Codem Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £167,847 (2024 - £221,362). The financial commitment relates to the balance of a 10 year property lease entered into in 2018 from which the company operates.

Amounts disclosed in the balance sheet

Included in the balance sheet are guarantees of £121,922 (2024 - £166,715). A fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital and buildings.

10	Related party transactions

Summary of transactions with associates

The Company is associated with the following companies, Codem Group Limited, Codem Composites Limited and Codem Environmental Limited. The Company operates intercompany loan accounts with each associated company. The balance owed by the associated companies is £20,107 (2024:19,141)
The loans are made on an interest free basis and there are no fixed terms for repayment.

Summary of transactions with other related parties

K R J Doherty Pension Fund Codem Composites Limited rents premises from the pension fund where the director, Mr K R J Doherty is the beneficiary. The annual rent, as included in these accounts, is charged at £20,500 per annum. (2024: £20,500). The property is sublet to a third party at commercial rate in respect to the rental, insurance, and utility charges associated with the property and which otherwise be borne by the Company. Income of £35,735 is derived in the year (2024: £30,848).