C&N Industries Limited 31/03/2021 iXBRL

C&N INDUSTRIES LIMITED - Company Information

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Company registration number: 9927646

C&N Industries Limited

Unaudited filleted financial statements

31 March 2021

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
		Mrs Linda Wood


	Company number	9927646


	Registered office	Unit 51 Rumer Hill Business Estate
		Rumer Hill Road
		Cannock
		Staffs
		WS11 0ET


	Business address	51 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 2021

		2021		2020
	Note	£	£	£	£

Fixed assets
Intangible assets	5	4,560		6,840
Tangible assets	6	-		70,729
		_______		_______
			4,560		77,569

Current assets
Stocks		234,763		278,220
Debtors	7	140,887		163,589
Cash at bank and in hand		17,171		5,599
		_______		_______
		392,821		447,408
Creditors: amounts falling due
within one year	8	( 574,429)		( 523,978)
		_______		_______
Net current liabilities			( 181,608)		( 76,570)
			_______		_______
Total assets less current liabilities			( 177,048)		999

Creditors: amounts falling due
after more than one year	9		( 50,000)		-
			_______		_______
Net (liabilities)/assets			( 227,048)		999
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			( 227,148)		899
			_______		_______
Shareholders (deficit)/funds			( 227,048)		999
			_______		_______

For the year ending 31 March 2021 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 year 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 Section 1A of 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 23 December 2021 , 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

Year ended 31 March 2021

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2019	100	( 30,111)	( 30,011)

(Loss)/profit for the year		31,010	31,010
	_______	_______	_______
Total comprehensive income for the year	-	31,010	31,010

	_______	_______	_______
At 31 March 2020 and 1 April 2020	100	899	999

(Loss)/profit for the year		( 228,047)	( 228,047)
	_______	_______	_______
Total comprehensive income for the year	-	( 228,047)	( 228,047)

	_______	_______	_______
At 31 March 2021	100	( 227,148)	( 227,048)
	_______	_______	_______

C&N Industries Limited

Notes to the financial statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Unit 51 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'. The Triennial review 2017 amendments to the standard have been early adopted.

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.

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

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the year 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

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.

Going concern

The company is dependant on the continued support of the directors and creditors.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2020: 11 ).

5. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 April 2020 and 31 March 2021	11,400	11,400
	_______	_______
Amortisation
At 1 April 2020	4,560	4,560
Charge for the year	2,280	2,280
	_______	_______
At 31 March 2021	6,840	6,840
	_______	_______
Carrying amount
At 31 March 2021	4,560	4,560
	_______	_______
At 31 March 2020	6,840	6,840
	_______	_______

6. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£	£
Cost
At 1 April 2020	54,779	61,926	9,721	126,426
Disposals	( 54,779)	( 61,926)	-	( 116,705)
	_______	_______	_______	_______
At 31 March 2021	-	-	9,721	9,721
	_______	_______	_______	_______
Depreciation
At 1 April 2020	22,367	25,482	7,848	55,697
Charge for the year	5,478	6,149	1,873	13,500
Disposals	( 27,845)	( 31,631)	-	( 59,476)
	_______	_______	_______	_______
At 31 March 2021	-	-	9,721	9,721
	_______	_______	_______	_______
Carrying amount
At 31 March 2021	-	-	-	-
	_______	_______	_______	_______
At 31 March 2020	32,412	36,444	1,873	70,729
	_______	_______	_______	_______

7. Debtors

	2021	2020
	£	£
Trade debtors	130,887	163,589
Other debtors	10,000	-
	_______	_______
	140,887	163,589
	_______	_______

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	273,243	227,292
Amounts owed to group undertakings and undertakings in which the company has a participating interest	172,100	131,600
Social security and other taxes	28,716	19,869
Other creditors	100,370	145,217
	_______	_______
	574,429	523,978
	_______	_______

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	50,000	-
	_______	_______

10. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2021
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Christopher Wood	( 72,346)	22,186	( 50,160)
	Mr Nicholas Wood	( 72,346)	22,186	( 50,160)
		_______	_______	_______
		( 144,692)	44,372	( 100,320)
		_______	_______	_______

2020
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Christopher Wood	( 102,346)	30,000	( 72,346)
	Mr Nicholas Wood	( 102,346)	30,000	( 72,346)
		_______	_______	_______
		( 204,692)	60,000	( 144,692)
		_______	_______	_______

11. Related party transactions

The company received a loan of £172,100 (2020 £131,600) 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.

13. Going concern

The company is dependant on the continued support of the directors and creditors.