Company registration number 03798248 (England and Wales)
CAPCON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
CAPCON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
CAPCON LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
723,026
723,026
Tangible assets
4
12,307
11,794
735,333
734,820
Current assets
Debtors
5
967,253
836,080
Cash at bank and in hand
9,804
3,259
977,057
839,339
Creditors: amounts falling due within one year
6
(768,112)
(769,774)
Net current assets
208,945
69,565
Total assets less current liabilities
944,278
804,385
Creditors: amounts falling due after more than one year
7
(22,370)
(45,099)
Net assets
921,908
759,286
Long-term creditors - shareholders loan
836,882
874,708
Called up share capital
8
10,000
10,000
Share premium account
990,000
990,000
Profit and loss reserves
(914,974)
(1,115,422)
85,026
(115,422)
Shareholders' funds
921,908
759,286
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CAPCON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 March 2024 and are signed on its behalf by:
M T Jones
Director
Company Registration No. 03798248
CAPCON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2021
10,000
990,000
(1,310,768)
(310,768)
Year ended 31 October 2022:
Profit for the year
-
-
195,346
195,346
Balance at 31 October 2022
10,000
990,000
(1,115,422)
(115,422)
Year ended 31 October 2023:
Profit for the year
-
-
200,448
200,448
Balance at 31 October 2023
10,000
990,000
(914,974)
85,026
CAPCON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information
Capcon Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.
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.
Under Companies Act 2006, s454, on a voluntary basis, the directors can amend these financial statements if they subsequently prove to be defective.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises amounts receivable for services provided in the normal course of business, exclusive of VAT and after deduction of trade discounts. Turnover is recognised in line with delivery of service. Turnover is entirely attributable to the Company's principal activities.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets - goodwill
Goodwill arising on an acquisition of a business is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Impairment tests on the carrying value of goodwill are undertaken:
- at the end of the first full year following acquisition;
- in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
CAPCON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
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.
CAPCON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans 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.
1.11
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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and depreciated over their useful lives. The interest element of leasing payments represents a constant proportion of the capital base outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight-line basis over the lease term.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.16
The company discounts its trade debts. The accounting policy is to include trade debt within trade debtors due within one year and record cash advances within creditors due within one year. Discounting fees and interest are charged to the profit and loss account when incurred. Bad debts are borne by the company and are charged to the profit and loss account when incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 46 (2022 - 42).
CAPCON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
2,899,269
112,170
3,011,439
Amortisation and impairment
At 1 November 2022 and 31 October 2023
2,288,413
2,288,413
Carrying amount
At 31 October 2023
610,856
112,170
723,026
At 31 October 2022
610,856
112,170
723,026
4
Tangible fixed assets
Plant and machinery etc.
£
Cost
At 1 November 2022
327,630
Additions
6,400
At 31 October 2023
334,030
Depreciation and impairment
At 1 November 2022
315,836
Depreciation charged in the year
5,887
At 31 October 2023
321,723
Carrying amount
At 31 October 2023
12,307
At 31 October 2022
11,794
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
688,555
646,715
Corporation tax recoverable
7,034
19,536
Other debtors
271,664
169,829
967,253
836,080
CAPCON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
19,300
84,510
Trade creditors
80,582
77,796
Taxation and social security
120,549
169,820
Other creditors
547,681
437,648
768,112
769,774
Bank loans includes Metro bank loan of £41,670 (2022: £60,981) which is secured by a floating charge over the assets of group and company.
Also included in bank loans is an amount of £Nil (2022: £68,628) from Close brothers.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
22,370
45,099
Bank loans includes Metro bank loan of £41,670 (2022: £60,981) which is secured by a floating charge over the assets of group and company.
Also included in bank loans is an amount of £Nil (2022: £68,628) from Close brothers.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of 1p each
1,000,000
1,000,000
10,000
10,000
9
Control
At 31 October 2023 the company's ultimate parent company was Capcon Securities Limited which is the parent of both the smallest and largest groups of which the company is a member.