Registration number:
CAP Ceilings & Partitions Limited
for the Year Ended 28 February 2023
CAP Ceilings & Partitions Limited
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
CAP Ceilings & Partitions Limited
(Registration number: 04665599)
Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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506,082 |
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Capital and reserves |
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Called up share capital |
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100 |
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Profit and loss account |
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505,982 |
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Total equity |
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506,082 |
For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
CAP Ceilings & Partitions Limited
(Registration number: 04665599)
Balance Sheet as at 28 February 2023
Approved and authorised by the
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CAP Ceilings & Partitions Limited
Statement of Changes in Equity for the Year Ended 28 February 2023
Share capital |
Profit and loss account |
Total |
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At 1 March 2022 |
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505,982 |
506,082 |
Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 28 February 2023 |
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Share capital |
Retained earnings |
Total |
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At 1 March 2021 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
At 28 February 2022 |
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CAP Ceilings & Partitions Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The financial statements have been prepared on a basis of going concern.
CAP Ceilings & Partitions Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make
judgements, estimates and assumptions about the carrying amount of assets and liabilities that are
not readily apparent from other sources. The estimates and associated assumptions are based on
historical experience and other factors that are considered to be relevant. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised where the revision
affects only that period, or in the period in which the estimate is revised where the revision affects only
that period, or in the period of the revision and future periods where the revision affects both current
and future periods.
The estimates and assumptions which are considered to have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities are as follows:
Contract valuation
The directors review the valuation of long term contracts on a regular basis. When the outcome of a
construction contract can be estimated reliably, revenue and costs associated with the contract are
recognised by reference to the stage of completion and any expected losses are recognised
immediately. The carrying amount is £739,243 (2022 -£922,948).
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and value added tax.
When the outcome of a construction contract can be estimated reliably, the company recognises contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period.
Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim or payment.
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
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.
CAP Ceilings & Partitions Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
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 |
Freehold land and buildings |
10% straight line |
Fixtures, fittings and equipment |
15% straight line |
Motor vehicles |
20% straight line |
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.
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.
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 stocks 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.
CAP Ceilings & Partitions Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
CAP Ceilings & Partitions Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
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.
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.
CAP Ceilings & Partitions Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Tangible assets |
Freehold land and buildings |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 March 2022 |
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Additions |
- |
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At 28 February 2023 |
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Depreciation |
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At 1 March 2022 |
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Charge for the year |
- |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
- |
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At 28 February 2022 |
- |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Prepayments |
- |
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CAP Ceilings & Partitions Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Creditors |
Due within one year |
Note |
2023 |
2022 |
Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Related party transactions |
Loans to related parties
2023 |
Key management |
Total |
At start of period |
( |
( |
Advanced |
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Repaid |
( |
( |
At end of period |
( |
( |
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CAP Ceilings & Partitions Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
2022 |
Key management |
Other related parties |
Total |
At start of period |
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- |
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Advanced |
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Repaid |
( |
( |
( |
At end of period |
( |
- |
( |
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Terms of loans to related parties