Company registration number 01602006 (England and Wales)
Classic Cash Registers Group Holdings Limited
Unaudited financial statements
For the year ended 31 March 2023
Classic Cash Registers Group Holdings Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Classic Cash Registers Group Holdings Limited
Statement of financial position
As at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
2
224,044
224,044
Current assets
-
-
Creditors: amounts falling due within one year
3
(3,940)
(3,940)
Net current liabilities
(3,940)
(3,940)
Net assets
220,104
220,104
Capital and reserves
Called up share capital
237
237
Share premium account
219,863
219,863
Profit and loss reserves
4
4
Total equity
220,104
220,104
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 1 August 2023
Mr A Faulkner
Director
Company Registration No. 01602006
Classic Cash Registers Group Holdings Limited
Notes to the financial statements
For the year ended 31 March 2023
- 2 -
1
Accounting policies
Company information
Classic Cash Registers Group Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Sun Street, Hanley, Stoke on Trent, Staffordshire, ST1 4JW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Classic Cash Registers Group Holdings Limited is a wholly owned subsidiary of Prodis Holdings Limited.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Classic Cash Registers Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
224,044
224,044
The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.
3
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
3,940
3,940
Classic Cash Registers Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 4 -
4
Parent company
The parent company is Prodis Holdings Limited, incorporated in England and Wales. The Registered Office is The Glades Festival Way, Festival Park, Stoke on Trent, Staffordshire, ST1 5SQ.