Calibration, Maintenance & Repair Ltd - Period Ending 2023-09-30
Calibration, Maintenance & Repair Ltd - Period Ending 2023-09-30
Registration number:
Calibration, Maintenance & Repair Ltd
for the Year Ended 30 September 2023
Calibration, Maintenance & Repair Ltd
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Calibration, Maintenance & Repair Ltd
(Registration number: 04782660)
Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Calibration, Maintenance & Repair Ltd
(Registration number: 04782660)
Balance Sheet as at 30 September 2023
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
Approved and authorised by the
Director
Calibration, Maintenance & Repair Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Accounting policies |
Basis of preparation
These financial statements have been prepared using the historical cost convention 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.
The presentation currency is sterling.
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.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Calibration, Maintenance & Repair Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Tax
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred Tax
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 statement of financial position 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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Long leasehold property and improvements |
2% straight line |
Plant and machinery |
10% straight line |
Furniture, fittings and equipment |
20% or 25% straight line |
Goodwill
Purchased goodwill is capitalised and amortised on a straight line basis over its useful economic life of 5 years.
Investments
Investments in shares in subsidiaries are measured at cost less impairment.
Cash
Cash comprises cash on hand and all deposits.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price. 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 net realisable value. Cost is determined using the first-in, first-out (FIFO) method.
Calibration, Maintenance & Repair Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 at the transaction price.
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Calibration, Maintenance & Repair Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Intangible assets |
Goodwill |
Total |
|
Cost |
||
At 1 October 2022 |
|
|
At 30 September 2023 |
|
|
Amortisation |
||
At 1 October 2022 |
|
|
At 30 September 2023 |
|
|
Carrying amount |
||
At 30 September 2023 |
- |
- |
Tangible assets |
Leasehold property & improvements |
Furniture, fittings and equipment |
Plant and machinery |
Total |
|
Cost |
||||
At 1 October 2022 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 30 September 2023 |
|
|
|
|
Depreciation |
||||
At 1 October 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 30 September 2023 |
|
|
|
|
Net book value |
||||
At 30 September 2023 |
|
|
|
|
At 30 September 2022 |
|
|
|
|
Calibration, Maintenance & Repair Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost |
|
At 1 October 2022 |
|
Provision |
|
Carrying amount |
|
At 30 September 2023 |
|
At 30 September 2022 |
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Calibration, Maintenance & Repair Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Bank loans |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
- |
Taxation and social security |
|
|
Other creditors |
|
|
Other loans |
26,446 |
34,467 |
Accruals |
|
|
|
|
Creditors include a bank loan which is secured by a negative pledge dated 20 January 2020 over the leasehold property.
Creditors: amounts falling due after more than one year
2023 |
2022 |
|
Bank loans |
|
|
|
|
Creditors include a bank loan which is secured by a negative pledge dated 20 January 2020 over the leasehold property.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
50 |
|
50 |
|
|
50 |
|
50 |
|
|
|
|
Calibration, Maintenance & Repair Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
This includes future commitments in respect of the ground rent for the long leasehold property which expires on 4 July 2113.
Related party transactions |
Summary of transactions with subsidiaries
The directors of the company are also directors of a wholly owned subsidiary of Calibration, Maintenance & Repair Ltd.
During the year the company made loans to the subsidiary in the sum of £46,161 (2022 - £27,509) and received repayments of £46,161 (2022 - £Nil). During the year the subsidiary made loans to the company in the sum of £2,736 and received repayments of £Nil. At 30 September 2023 the amount due to the subsidiary was £2,736 (At 30 September 2022 the amount due to the company from the subsidiary in the sum of £378,474 was written off).
Summary of transactions with other related parties
In the year ended 30 September 2016 the company provided a loan in the sum of £36,000 to Castle Chocolates of Arundel Ltd, a company in which the directors' daughter is a director. A further loan of £1,148 was provided in the year ended 30 September 2017. During the year the company received repayments of £1,800 (2022 - £1,800) and a bad debt provision was made in the sum of £2,272 (2022 - £19,380). The balance due to the company at 30 September 2023 in the sum of £2,928 was cleared after the year end.