Composites Evolution Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07024132 (England and Wales)

COMPOSITES EVOLUTION LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2018

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G R Bishop

Dr J J Carruthers

B M Weager

SECRETARY:

Mrs S J Hardy

REGISTERED OFFICE:

1A Broom Business Park,

Bridge Way,

Chesterfield

S41 9QG

REGISTERED NUMBER:

07024132 (England and Wales)

SENIOR STATUTORY AUDITOR:

Andrew Cribb FCA

AUDITORS:

Smith Craven

Chartered Accountants

Statutory Auditors

Sidings House

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

FIXED ASSETS

Tangible assets

4

27,081

1,013

CURRENT ASSETS

Stocks

28,871

27,508

Debtors

125,237

66,268

Cash at bank and in hand

23,564

457,421

177,672

551,197

CREDITORS

Amounts falling due within one year

32,717

347,105

NET CURRENT ASSETS

144,955

204,092

TOTAL ASSETS LESS CURRENT LIABILITIES

172,036

205,105

CREDITORS

Amounts falling due after more than one year

(11,766

)

(109,378

)

PROVISIONS FOR LIABILITIES

(3,820

)

-

NET ASSETS

156,450

95,727

CAPITAL AND RESERVES

Called up share capital

263,300

263,300

Retained earnings

(106,850

)

(167,573

)

SHAREHOLDERS' FUNDS

156,450

95,727

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 March 2019 and were signed on its behalf by:

G R Bishop - Director

1.	STATUTORY INFORMATION

Composites Evolution Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis as in the director's opinion this is the most

appropriate basis for their preparation.The company has been given assurances of continued financial and

technical support from Netcomposites Limited, a company under common control.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, and grants receivable

towards the funding of the company's operational activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 15% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Grant income

Grant income, towards the funding of revenue costs, is recognised on a receivables basis, when the company

obtains the right to the consideration.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2017

2,361

Additions

27,588

At 30 June 2018

29,949

DEPRECIATION

At 1 July 2017

1,348

Charge for year

1,520

At 30 June 2018

2,868

NET BOOK VALUE

At 30 June 2018

27,081

At 30 June 2017

1,013

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

24,000

-

Between one and five years

24,000

-

In more than five years

86,000

-

134,000

-

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Cribb FCA (Senior Statutory Auditor)

for and on behalf of Smith Craven

7.	RELATED PARTY DISCLOSURES

Netcomposites Limited

A company under common control

During the year the company advanced loans of £45,000 to Netcomposites Limited. At the year end £7,057

(2017 £27,788) was due from Netcomposites Limited.

During the year the company sold goods to Netcomposites Limited amounting to £834 (2017: £1,043).

During the year the company made purchases from Netcomposites Limited totalling £101 (2017: £4,898).

8.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns

to the tax authorities and assist with the preparation of the financial statements.

9.	ULTIMATE CONTROLLING PARTY