Circuitmaster Designs Limited 30/09/2018 iXBRL

Circuitmaster Designs Limited 30/09/2018 iXBRL

CIRCUITMASTER DESIGNS LIMITED - Company Information

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30/09/2018 2018-09-30 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-10-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 02821323 2017-10-01 2018-09-30 02821323 2018-09-30 02821323 2017-09-30 02821323 2016-10-01 2017-09-30 02821323 2017-09-30 02821323 2016-09-30 02821323 core:PlantMachinery 2017-10-01 2018-09-30 02821323 core:FurnitureFittingsToolsEquipment 2017-10-01 2018-09-30 02821323 core:MotorVehicles 2017-10-01 2018-09-30 02821323 bus:RegisteredOffice 2017-10-01 2018-09-30 02821323 bus:LeadAgentIfApplicable 2017-10-01 2018-09-30 02821323 bus:Director1 2017-10-01 2018-09-30 02821323 bus:Director2 2017-10-01 2018-09-30 02821323 bus:Director3 2017-10-01 2018-09-30 02821323 bus:CompanySecretary1 2017-10-01 2018-09-30 02821323 core:PlantMachinery 2017-09-30 02821323 core:FurnitureFittingsToolsEquipment 2017-09-30 02821323 core:PlantMachinery 2018-09-30 02821323 core:FurnitureFittingsToolsEquipment 2018-09-30 02821323 core:WithinOneYear 2018-09-30 02821323 core:WithinOneYear 2017-09-30 02821323 core:ShareCapital 2018-09-30 02821323 core:ShareCapital 2017-09-30 02821323 core:RetainedEarningsAccumulatedLosses 2018-09-30 02821323 core:RetainedEarningsAccumulatedLosses 2017-09-30 02821323 core:PlantMachinery 2017-09-30 02821323 core:FurnitureFittingsToolsEquipment 2017-09-30 02821323 bus:Director1 2017-09-30 02821323 bus:Director1 2018-09-30 02821323 bus:Director3 2017-09-30 02821323 bus:Director3 2018-09-30 02821323 bus:Director1 2016-09-30 02821323 bus:Director1 2017-09-30 02821323 bus:Director3 2016-09-30 02821323 bus:Director3 2017-09-30 02821323 bus:Director1 2016-10-01 2017-09-30 02821323 bus:Director3 2016-10-01 2017-09-30 02821323 bus:SmallEntities 2017-10-01 2018-09-30 02821323 bus:AuditExempt-NoAccountantsReport 2017-10-01 2018-09-30 02821323 bus:FullAccounts 2017-10-01 2018-09-30 02821323 bus:SmallCompaniesRegimeForAccounts 2017-10-01 2018-09-30 02821323 bus:PrivateLimitedCompanyLtd 2017-10-01 2018-09-30 02821323 core:OtherRelatedParties 2017-10-01 2018-09-30 02821323 core:OtherRelatedParties 2016-10-01 2017-09-30 02821323 core:OtherRelatedParties 2018-09-30 02821323 core:OtherRelatedParties 2017-09-30
Company registration number: 02821323
Circuitmaster Designs Limited
Unaudited filleted financial statements
30 September 2018
Circuitmaster Designs Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Circuitmaster Designs Limited
Directors and other information
Directors A Bainbridge
V Bainbridge
C Dale
Secretary C Dale
Company number 02821323
Registered office Unit 1A Kingsway West Business Park
Moss Bridge Road
Rochdale
OL16 5LW
Business address Unit 1A Kingsway West Business Park
Moss Bridge Road
Rochdale
OL16 5LW
Accountants Wrigley Partington
Sterling House
501 Middleton Road
Chadderton
Oldham
OL9 9LY
Bankers Yorkshire Bank plc
5-7 Chadderton Precinct
Chadderton
Oldham
OL9 0LJ
Circuitmaster Designs Limited
Statement of financial position
30 September 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 22,359 12,350
_________ _________
22,359 12,350
Current assets
Stocks 101,434 72,365
Debtors 6 433,490 401,834
Cash at bank and in hand 527,458 260,096
_________ _________
1,062,382 734,295
Creditors: amounts falling due
within one year 7 ( 825,066) ( 699,994)
_________ _________
Net current assets 237,316 34,301
_________ _________
Total assets less current liabilities 259,675 46,651
Provisions for liabilities ( 3,562) ( 1,509)
_________ _________
Net assets 256,113 45,142
_________ _________
Capital and reserves
Called up share capital 100 100
Profit and loss account 256,013 45,042
_________ _________
Shareholders funds 256,113 45,142
_________ _________
For the year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 June 2019 , and are signed on behalf of the board by:
A Bainbridge
Director
Company registration number: 02821323
Circuitmaster Designs Limited
Notes to the financial statements
Year ended 30 September 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Circuitmaster Design, Unit 1A Kingsway West Business Park, Moss Bridge Road, Rochdale, OL16 5LW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2017: 9 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 October 2017 422,777 217,308 640,085
Additions 11,299 6,128 17,427
_________ _________ _________
At 30 September 2018 434,076 223,436 657,512
_________ _________ _________
Depreciation
At 1 October 2017 417,925 209,811 627,736
Charge for the year 4,038 3,379 7,417
_________ _________ _________
At 30 September 2018 421,963 213,190 635,153
_________ _________ _________
Carrying amount
At 30 September 2018 12,113 10,246 22,359
_________ _________ _________
At 30 September 2017 4,852 7,497 12,349
_________ _________ _________
6. Debtors
2018 2017
£ £
Trade debtors 278,124 240,558
Other debtors 155,366 161,276
_________ _________
433,490 401,834
_________ _________
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 148,918 105,137
Social security and other taxes 83,820 74,435
Other creditors 592,328 520,422
_________ _________
825,066 699,994
_________ _________
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
A Bainbridge ( 328,225) 38,163 ( 90,000) ( 380,062)
C Dale 93,167 87,186 ( 90,000) 90,353
_________ _________ _________ _________
( 235,058) 125,349 ( 180,000) ( 289,709)
_________ _________ _________ _________
2017
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
A Bainbridge ( 299,146) 60,921 ( 90,000) ( 328,225)
C Dale 140,932 42,235 ( 90,000) 93,167
_________ _________ _________ _________
( 158,214) 103,156 ( 180,000) ( 235,058)
_________ _________ _________ _________
Mr C Dale , a director, had loans during the year on which interest was charged at a rate of 4% per annum. The net decrease during the year of £2,814 consisted of monies drawn amounting to £83,815, plus interest charged of £3,371, less repayments of £90,000.
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2018 2017 2018 2017
£ £ £ £
Circuitmaster Designs Retirement Benefit Scheme 38,520 38,520 ( 66,186) ( 57,660)
_________ _________ _________ _________
During the year the company paid rent to Circuitmaster Designs Retirement Benefit Scheme totalling £38,520 (2017: £38,520). As at 30 September 2018 there was an amount owed to the pension scheme of £66,186 (2017: £57,660).