CGA Automation Limited Accounts

CGA AUTOMATION LIMITED - Company Information






CGA Automation Limited

	Company No. 05412428
		Information for Filing with The Registrar
		31 December 2022

The Directors present their report and the accounts for the year ended 31 December 2022.

Principal activities
The principal activity of the company during the year under review was manufacturers of special purpose machinery.




Directors

The Directors who served at any time during the year were as follows:

R. Lynes
R.J. Lynes
T.M. Lynes
W.A. Lynes


































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

R. Lynes
Director
10 February 2023

at	31 December 2022
Company No.		05412428	Notes	2022	2021
				£	£
Fixed assets
	Intangible assets		4	-	2
	Tangible assets		5	5,189	7,645


				5,189	7,647
Current assets
	Stocks		6	287,182	228,759
	Debtors		7	428,982	363,531

	Cash at bank and in hand			64,230	66,592
				780,394	658,882
Creditors: Amount falling due within one year			8	(648,347)	(599,708)
Net current assets				132,047	59,174
Total assets less current liabilities				137,236	66,821

Provisions for liabilities
	Deferred taxation		9	-	-

Net assets				137,236	66,821

Capital and reserves
	Called up share capital			20	20


	Capital redemption reserve		10	80	80
	Profit and loss account		10	137,136	66,721

Total equity				137,236	66,821



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 10 February 2023
And signed on its behalf by:
R. Lynes
Director
10 February 2023

for the year ended 31 December 2022

General information

Its registered number is: 05412428

Its registered office is:

2/4 Ash Lane

Rustington

Littlehampton

BN16 3BZ

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Leasehold land and buildings

% over the period of the lease

Plant and machinery

15% straight line

Motor vehicles

25% reducing balance

Furniture, fittings and equipment

25% reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2022	2021
			Number	Number
		The average monthly number of employees (including directors) during the year was:	14	14

4	Intangible fixed assets
			Goodwill	Patents and trade-marks	Total
			£	£	£
		Cost
		At 1 January 2022	1	1	2


		At 31 December 2022	1	1	2
		Amortisation and impairment

		Charge for the year	1	1	2


		At 31 December 2022	1	1	2
		Net book values
		At 31 December 2022	-	-	-
		At 31 December 2021	1	1	2

5	Tangible fixed assets
			Land and buildings	Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£	£
		Cost or revaluation
		At 1 January 2022	5,149	42,850	38,780	26,330	113,109
		Additions	-	-	-	1,219	1,219



		At 31 December 2022	5,149	42,850	38,780	27,549	114,328
		Depreciation
		At 1 January 2022	5,149	42,850	38,779	18,686	105,464
		Charge for the year	-	-	-	3,675	3,675



		At 31 December 2022	5,149	42,850	38,779	22,361	109,139
		Net book values
		At 31 December 2022	-	-	1	5,188	5,189
		At 31 December 2021	-	-	1	7,644	7,645

6	Stocks
			2022	2021
			£	£
		Raw materials and consumables	197,320	71,246
		Work in progress	89,862	157,513

			287,182	228,759

7	Debtors
			2022	2021
			£	£
		Trade debtors	264,527	187,267
		Amounts owed by group undertakings	88,065	70,000
		Corporation tax recoverable	-	5,485
		Deferred tax asset (see note 9)	5,978	6,200
		VAT recoverable	32,447	35,862

		Other debtors	6,684	23,480
		Prepayments and accrued income	31,281	35,237
			428,982	363,531

8	Creditors:
		amounts falling due within one year
			2022	2021
			£	£

		Bank loans and overdrafts	897	-


		Trade creditors	77,827	130,374
		Amounts owed to group undertakings	120,325	-
		Corporation tax	44,037	-
		Other taxes and social security	9,378	5,614
		Loans from directors	95,000	20,000
		Other creditors	25	25
		Accruals and deferred income	300,858	443,695
			648,347	599,708

9	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 January 2022	(6,200)	(6,200)
		Charge to the profit and loss account for the period	222	222

		At 31 December 2022	(5,978)	(5,978)

		Deferred tax asset (see note 7)

			2022	2021
			£	£
		Accelerated capital allowances	(5,978)	(6,200)



			(5,978)	(6,200)

10	Reserves
			Capital redemption reserve	Total other reserves
			£	£
		At 1 January 2021	80	80



		At 31 December 2021 and 1 January 2022	80	80



		At 31 December 2022	80	80


		Capital redemption reserve - records the nominal value of shares repurchased by the company.

		Profit and loss account - includes all current and prior period retained profits and losses.

11	Dividends
			2022	2021
			£	£
		Dividends for the period:
		Dividends paid in the period	140,500	38,000

			140,500	38,000

		Dividends by type:

		Equity dividends	140,500	38,000
			140,500	38,000

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