C&N Industries Limited 31/03/2019 iXBRL

C&N Industries Limited 31/03/2019 iXBRL

C&N INDUSTRIES LIMITED - Company Information

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31/03/2019 2019-03-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-03-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 9927646 2018-03-01 2019-03-31 9927646 2019-03-31 9927646 2018-02-28 9927646 2017-03-01 2018-02-28 9927646 2018-02-28 9927646 2017-02-28 9927646 core:IntangibleAssetsOtherThanGoodwill 2018-03-01 2019-03-31 9927646 core:LandBuildings core:ShortLeaseholdAssets 2018-03-01 2019-03-31 9927646 core:PlantMachinery 2018-03-01 2019-03-31 9927646 core:FurnitureFittingsToolsEquipment 2018-03-01 2019-03-31 9927646 core:MotorVehicles 2018-03-01 2019-03-31 9927646 bus:RegisteredOffice 2018-03-01 2019-03-31 9927646 bus:LeadAgentIfApplicable 2018-03-01 2019-03-31 9927646 bus:Director1 2018-03-01 2019-03-31 9927646 bus:Director2 2018-03-01 2019-03-31 9927646 bus:Director3 2018-03-01 2019-03-31 9927646 bus:Director4 2018-03-01 2019-03-31 9927646 core:IntangibleAssetsOtherThanGoodwill 2019-03-31 9927646 core:LandBuildings core:ShortLeaseholdAssets 2018-02-28 9927646 core:PlantMachinery 2018-02-28 9927646 core:FurnitureFittingsToolsEquipment 2018-02-28 9927646 core:MotorVehicles 2018-02-28 9927646 core:LandBuildings core:ShortLeaseholdAssets 2019-03-31 9927646 core:PlantMachinery 2019-03-31 9927646 core:FurnitureFittingsToolsEquipment 2019-03-31 9927646 core:MotorVehicles 2019-03-31 9927646 core:WithinOneYear 2019-03-31 9927646 core:WithinOneYear 2018-02-28 9927646 core:RetainedEarningsAccumulatedLosses 2017-03-01 2018-02-28 9927646 core:RetainedEarningsAccumulatedLosses 2018-03-01 2019-03-31 9927646 core:AfterOneYear 2018-02-28 9927646 core:ShareCapital 2019-03-31 9927646 core:ShareCapital 2018-02-28 9927646 core:RetainedEarningsAccumulatedLosses 2019-03-31 9927646 core:RetainedEarningsAccumulatedLosses 2018-02-28 9927646 core:ShareCapital 2017-02-28 9927646 core:RetainedEarningsAccumulatedLosses 2017-02-28 9927646 core:LandBuildings core:ShortLeaseholdAssets 2018-02-28 9927646 core:PlantMachinery 2018-02-28 9927646 core:FurnitureFittingsToolsEquipment 2018-02-28 9927646 core:MotorVehicles 2018-02-28 9927646 bus:Director1 2018-02-28 9927646 bus:Director1 2019-03-31 9927646 bus:Director2 2018-02-28 9927646 bus:Director2 2019-03-31 9927646 bus:Director1 2017-02-28 9927646 bus:Director1 2018-02-28 9927646 bus:Director2 2017-02-28 9927646 bus:Director2 2018-02-28 9927646 bus:Director1 2017-03-01 2018-02-28 9927646 bus:Director2 2017-03-01 2018-02-28 9927646 bus:SmallEntities 2018-03-01 2019-03-31 9927646 bus:AuditExempt-NoAccountantsReport 2018-03-01 2019-03-31 9927646 bus:FullAccounts 2018-03-01 2019-03-31 9927646 bus:SmallCompaniesRegimeForAccounts 2018-03-01 2019-03-31 9927646 bus:PrivateLimitedCompanyLtd 2018-03-01 2019-03-31
Company registration number: 9927646
C&N Industries Limited
Unaudited filleted financial statements
31 March 2019
C&N Industries Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
C&N Industries Limited
Directors and other information
Directors Mr Christopher Wood
Mr Nicholas Wood
Mr Richard Wood (Appointed 26 June 2018)
Mrs Linda Wood (Appointed 26 June 2018)
Company number 9927646
Registered office Unit 52 Rumer Hill Business Estate
Rumer Hill Road
Cannock
Staffs
WS11 0ET
Business address 50-52 Rumer Hill Business Estate
Rumer Hill Road
Cannock
Staffordshire
WS11 0ET
Accountants Lindley & Co
17 Millbrook Drive
Shenstone
Lichfield
Staffs
WS14 0JL
C&N Industries Limited
Statement of financial position
31 March 2019
31/03/19 28/02/18
Note £ £ £ £
Fixed assets
Intangible assets 5 9,120 -
Tangible assets 6 90,430 111,224
_______ _______
99,550 111,224
Current assets
Stocks 253,322 221,308
Debtors 7 127,282 132,950
Cash at bank and in hand 29,878 23,740
_______ _______
410,482 377,998
Creditors: amounts falling due
within one year 8 ( 540,043) ( 471,319)
_______ _______
Net current liabilities ( 129,561) ( 93,321)
_______ _______
Total assets less current liabilities ( 30,011) 17,903
Creditors: amounts falling due
after more than one year 9 - ( 12,420)
_______ _______
Net (liabilities)/assets ( 30,011) 5,483
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 30,111) 5,383
_______ _______
Shareholders (deficit)/funds ( 30,011) 5,483
_______ _______
For the period ending 31 March 2019 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 period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 April 2019 , and are signed on behalf of the board by:
Mr Christopher Wood
Director
Company registration number: 9927646
C&N Industries Limited
Statement of changes in equity
Period ended 31 March 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2017 100 2,039 2,139
(Loss)/profit for the period 3,344 3,344
_______ _______ _______
Total comprehensive income for the period - 3,344 3,344
_______ _______ _______
At 28 February 2018 and 1 March 2018 100 5,383 5,483
(Loss)/profit for the period ( 35,494) ( 35,494)
_______ _______ _______
Total comprehensive income for the period - ( 35,494) ( 35,494)
_______ _______ _______
At 31 March 2019 100 ( 30,111) ( 30,011)
_______ _______ _______
C&N Industries Limited
Notes to the financial statements
Period ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 52 Rumer Hill Business Estate, Rumer Hill Road, Cannock, Staffs, WS11 0ET.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
R & D - 20 % straight line
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 10 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 11 (2018: 16 ).
5. Intangible assets
Research and development Total
£ £
Cost
At 1 March 2018 - -
Additions 11,400 11,400
_______ _______
At 31 March 2019 11,400 11,400
_______ _______
Amortisation
At 1 March 2018 - -
Charge for the period 2,280 2,280
_______ _______
At 31 March 2019 2,280 2,280
_______ _______
Carrying amount
At 31 March 2019 9,120 9,120
_______ _______
At 28 February 2018 - -
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 March 2018 and 31 March 2019 54,779 61,926 9,721 21,382 147,808
_______ _______ _______ _______ _______
Depreciation
At 1 March 2018 10,955 12,386 3,888 9,355 36,584
Charge for the year 5,934 7,054 2,016 5,790 20,794
_______ _______ _______ _______ _______
At 31 March 2019 16,889 19,440 5,904 15,145 57,378
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2019 37,890 42,486 3,817 6,237 90,430
_______ _______ _______ _______ _______
At 28 February 2018 43,824 49,540 5,833 12,027 111,224
_______ _______ _______ _______ _______
7. Debtors
31/03/19 28/02/18
£ £
Trade debtors 127,182 132,950
Other debtors 100 -
_______ _______
127,282 132,950
_______ _______
8. Creditors: amounts falling due within one year
31/03/19 28/02/18
£ £
Trade creditors 263,377 218,389
Amounts owed to related undertaking 47,500 -
Social security and other taxes 14,558 10,393
Other creditors 214,608 242,537
_______ _______
540,043 471,319
_______ _______
9. Creditors: amounts falling due after more than one year
31/03/19 28/02/18
£ £
Other creditors - 12,420
_______ _______
10. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 31/03/19
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Christopher Wood ( 120,883) 18,537 ( 102,346)
Mr Nicholas Wood ( 120,883) 18,537 ( 102,346)
_______ _______ _______
( 241,766) 37,074 ( 204,692)
_______ _______ _______
Year ended 28/02/18
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Christopher Wood ( 82,064) ( 38,819) ( 120,883)
Mr Nicholas Wood ( 82,064) ( 38,819) ( 120,883)
_______ _______ _______
( 164,128) ( 77,638) ( 241,766)
_______ _______ _______
11. Related party transactions
The company received a loan of £47,500 from C & N Investments Limited. This company is connected by common directors and shareholders Mr C Wood and Mr N Wood.
12. Controlling party
The company is under the control of Mr C Wood and Mr N Wood who together control 100% of the issued share capital.