CMS Wrexham Limited Company Accounts

CMS Wrexham Limited Company Accounts

CMS WREXHAM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05545902
CMS Wrexham Limited
Filleted Unaudited Financial Statements
31 March 2019
CMS Wrexham Limited
Financial Statements
Year ended 31 March 2019
Contents
Page
Statement of financial position
1
Statement of changes in equity
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountants and business advisers report to the director on the preparation of the unaudited statutory financial statements
9
CMS Wrexham Limited
Statement of Financial Position
31 March 2019
2019
2018
Note
£
£
Fixed assets
Tangible assets
6
342,738
313,398
Current assets
Stocks
31,000
30,000
Debtors
7
134,908
133,639
Cash at bank and in hand
120,972
230,543
---------
---------
286,880
394,182
Creditors: amounts falling due within one year
8
129,734
328,230
---------
---------
Net current assets
157,146
65,952
---------
---------
Total assets less current liabilities
499,884
379,350
Provisions
24,729
18,652
---------
---------
Net assets
475,155
360,698
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
475,154
360,697
---------
---------
Member funds
475,155
360,698
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CMS Wrexham Limited
Statement of Financial Position (continued)
31 March 2019
These financial statements were approved by the board of directors and authorised for issue on 5 August 2019 , and are signed on behalf of the board by:
Mr JM Roberts
Director
Company registration number: 05545902
CMS Wrexham Limited
Statement of Changes in Equity
Year ended 31 March 2019
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2017
2
616,298
616,300
Profit for the year
83,148
83,148
----
---------
---------
Total comprehensive income for the year
–
83,148
83,148
Dividends paid and payable
–
( 38,750)
( 38,750)
Cancellation of subscribed capital
–
1
1
Redemption of shares
( 1)
( 300,000)
( 300,001)
----
---------
---------
Total investments by and distributions to owners
( 1)
( 338,749)
( 338,750)
At 31 March 2018
1
360,697
360,698
Profit for the year
116,457
116,457
----
---------
---------
Total comprehensive income for the year
–
116,457
116,457
Dividends paid and payable
–
( 2,000)
( 2,000)
----
-------
-------
Total investments by and distributions to owners
–
( 2,000)
( 2,000)
----
---------
---------
At 31 March 2019
1
475,154
475,155
----
---------
---------
CMS Wrexham Limited
Notes to the Financial Statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 404 Ash Road North, Wrexham Industrial Estate, Wrexham, LL13 9UF.
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 the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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
-
10% Reducing balance
Motor vehicles
-
20% Reducing balance
Equipment
-
20% Reducing balance
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 stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 as a finance cost 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 16 (2018: 17 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
80,000
--------
Amortisation
At 1 April 2018 and 31 March 2019
80,000
--------
Carrying amount
At 31 March 2019
–
--------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2018
200,548
454,590
19,550
3,637
678,325
Additions
–
23,165
24,750
840
48,755
---------
---------
--------
-------
---------
At 31 March 2019
200,548
477,755
44,300
4,477
727,080
---------
---------
--------
-------
---------
Depreciation
At 1 April 2018
–
348,679
13,130
3,118
364,927
Charge for the year
–
12,908
6,234
273
19,415
---------
---------
--------
-------
---------
At 31 March 2019
–
361,587
19,364
3,391
384,342
---------
---------
--------
-------
---------
Carrying amount
At 31 March 2019
200,548
116,168
24,936
1,086
342,738
---------
---------
--------
-------
---------
At 31 March 2018
200,548
105,911
6,420
519
313,398
---------
---------
--------
-------
---------
7. Debtors
2019
2018
£
£
Trade debtors
131,386
132,473
Other debtors
3,522
1,166
---------
---------
134,908
133,639
---------
---------
8. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
24,924
11,960
Social security and other taxes
56,326
73,852
Other creditors
48,484
242,418
---------
---------
129,734
328,230
---------
---------
9. Director's advances, credits and guarantees
During the year, the company operated a loan account with the directors. At the year end there was a directors loan account debit balance of £45,370 (2018 £239,837 credit).
CMS Wrexham Limited
Management Information
Year ended 31 March 2019
The following pages do not form part of the financial statements.
CMS Wrexham Limited
Chartered Accountants and Business Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of CMS Wrexham Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CMS Wrexham Limited for the year ended 31 March 2019, which comprise the statement of financial position, statement of changes in equity and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of CMS Wrexham Limited in accordance with the terms of our engagement letter dated 8 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of CMS Wrexham Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CMS Wrexham Limited and its director for our work or for this report.
It is your duty to ensure that CMS Wrexham Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CMS Wrexham Limited. You consider that CMS Wrexham 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 financial statements of CMS Wrexham 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 financial statements.
BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisers
Unit 10, Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT
5 August 2019