Cessi Holdings Limited - Period Ending 2018-05-31

Registration number: 08522639

Cessi Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2018

Gordon Levy Limited
Chartered Accountants
Arthur House
Chorlton Street
Manchester
M1 3FH

Cessi Holdings Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Financial Position	3
Notes to the Financial Statements	4 to 7

Cessi Holdings Limited

Company Information

Director

Michael Robert Sibbald

Company secretary

Graeme Michael Sibbald

Registered office

Arthur House Chorlton Street Manchester M1 3FH

Accountants

Gordon Levy Limited Chartered Accountants Arthur House Chorlton Street Manchester M1 3FH

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cessi Holdings Limited
for the Year Ended 31 May 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cessi Holdings Limited for the year ended 31 May 2018 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Cessi Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cessi Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Cessi Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cessi Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cessi Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cessi Holdings Limited. You consider that Cessi Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cessi Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Gordon Levy Limited
Chartered Accountants
Arthur House
Chorlton Street
Manchester
M1 3FH

22 February 2019

Page 2

Cessi Holdings Limited

(Registration number: 08522639)
Statement of Financial Position as at 31 May 2018

	Note	2018 £	(As restated) 2017 £
Fixed assets
Investments	4	145	145
Current assets
Debtors	5	370,228	287,027
Creditors: Amounts falling due within one year	6	(688,799)	(604,984)
Net current liabilities		(318,571)	(317,957)
Net liabilities		(318,426)	(317,812)
Capital and reserves
Called up share capital		120	120
Profit and loss account		(318,546)	(317,932)
Total equity		(318,426)	(317,812)

For the financial year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 22 February 2019
 

.........................................

Michael Robert Sibbald

Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Cessi Holdings Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Arthur House
Chorlton Street
Manchester
M1 3FH

These financial statements were authorised for issue by the director on 22 February 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Reclassification of comparative amounts

Loans to the subsidiaries, Cessi Limited and Cessi Llc, have been reclassified from fixed asset investments to current asset debtors.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Page 4

Cessi Holdings Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company under contracts of service (including the director) during the year, was 0 (2017 - 0).

4	Investments

	2018 £	(As restated) 2017 £
Investments in subsidiaries	120	120
Investments in associates	25	25
	145	145

Subsidiaries	£
Cost or valuation
At 1 June 2017	120
Provision
Carrying amount
At 31 May 2018	120
At 31 May 2017	120

Associates	£
Cost
At 1 June 2017	25
Provision
Carrying amount
At 31 May 2018	25
At 31 May 2017	25

Page 5

Cessi Holdings Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

5

Debtors

	Note	2018 £	(As restated) 2017 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	7	370,228	287,027
Total current trade and other debtors		370,228	287,027

6

Creditors

	Note	2018 £	(As restated) 2017 £
Due within one year
Other creditors		688,799	604,984

7	Related party transactions

Summary of transactions with subsidiaries

Cessi Limited and Cessi Llc are wholly owned subsidiaries of Cessi Holdings Limited.
 

Loans to related parties

2018	Subsidiary £	Associates £
At start of period	287,027	-
Advanced	39,696	71,520
Repaid	(28,015)	-
At end of period	298,708	71,520

2017	Subsidiary £
At start of period	266,607
Advanced	20,420
At end of period	287,027

Terms of loans to related parties

Loans to subsidiaries are interest free and repayable on demand.
 Loans to associates are interest free and repayable on demand.
 

Page 6

Cessi Holdings Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

Loans from related parties

2018	Key management £
At start of period	604,368
Advanced	111,931
Repaid	(28,115)
At end of period	688,184

2017	Key management £
At start of period	582,691
Advanced	21,677
At end of period	604,368

Terms of loans from related parties

The loan amount owed to key management shown above is the amount owed to the director, Michael Robert Sibbald. The loan is an interest free loan and is repayable on demand, hence classified as a current liability.
 

Page 7