CDI Group Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 02440478

CDI Group Limited

Filleted Unaudited Financial Statements

30 June 2018

CDI Group Limited

Statement of Financial Position

30 June 2018

	30 Jun 18	31 Dec 16
Note	£	£

Fixed assets

Tangible assets	5	297,808	511,805
Investments	6	761	761
		----------	----------
		298,569	512,566

Current assets

Stocks		196,849	422,110
Debtors	7	931,458	1,694,802
Cash at bank and in hand		32,760	215,466
		-------------	-------------
		1,161,067	2,332,378

Creditors: amounts falling due within one year	8	( 1,824,072)	( 2,027,806)
		-------------	-------------
Net current (liabilities)/assets		( 663,005)	304,572
		----------	----------
Total assets less current liabilities		( 364,436)	817,138

Creditors: amounts falling due after more than one year	9	( 47,047)	–
		----------	----------
Net (liabilities)/assets		( 411,483)	817,138
		----------	----------

Capital and reserves

Called up share capital	10	54,770	54,770
Share premium account		140,480	140,480
Capital redemption reserve		4,750	4,750
Profit and loss account		( 611,483)	617,138
		----------	----------
Shareholders (deficit)/funds		( 411,483)	817,138
		----------	----------

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.

For the period ending 30 June 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 period 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 .

CDI Group Limited

Statement of Financial Position (continued)

30 June 2018

These financial statements were approved by the board of directors and authorised for issue on 27 September 2019 , and are signed on behalf of the board by:

Mr A Jarvis

Director

Company registration number: 02440478

CDI Group Limited

Notes to the Financial Statements

Period from 1 January 2017 to 30 June 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 Richmond Point, 43 Richmond Hill, Bournemouth, BH2 6LR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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, 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

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.

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:

Long leasehold property	-	10% straight line
Plant and machinery	-	10% straight line
Fixtures and fittings	-	10% straight line
Motor vehicles	-	14% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a 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 intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 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, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement 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. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payment 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. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 period amounted to 68 (2016: 70 ).

5. Tangible assets

	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2017	54,257	689,047	128,794	710,617	1,582,715
Additions	–	2,052	–	5,333	7,385
Disposals	–	( 15,800)	–	( 155,202)	( 171,002)
	---------	----------	----------	----------	-------------
At 30 June 2018	54,257	675,299	128,794	560,748	1,419,098
	---------	----------	----------	----------	-------------
Depreciation
At 1 January 2017	40,277	603,199	121,609	305,825	1,070,910
Charge for the period	3,859	20,101	1,626	113,758	139,344
Disposals	–	( 132)	–	( 88,832)	( 88,964)
	---------	----------	----------	----------	-------------
At 30 June 2018	44,136	623,168	123,235	330,751	1,121,290
	---------	----------	----------	----------	-------------
Carrying amount
At 30 June 2018	10,121	52,131	5,559	229,997	297,808
	---------	----------	----------	----------	-------------
At 31 December 2016	13,980	85,848	7,185	404,792	511,805
	---------	----------	----------	----------	-------------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2017 and 30 June 2018	761
	----
Impairment
At 1 January 2017 and 30 June 2018	–
	----

Carrying amount
At 30 June 2018	761
	----
At 31 December 2016	761
	----

7. Debtors

	30 Jun 18	31 Dec 16
	£	£
Trade debtors	581,551	1,230,609
Amounts owed by group undertakings and undertakings in which the company has a participating interest	231,983	393,686
Other debtors	117,924	70,507
	----------	-------------
	931,458	1,694,802
	----------	-------------

8. Creditors: amounts falling due within one year

	30 Jun 18	31 Dec 16
	£	£
Trade creditors	628,681	316,518
Amounts owed to group undertakings and undertakings in which the company has a participating interest	101,511	92,197
Corporation tax	–	77,318
Social security and other taxes	383,304	185,903
Other creditors	11,950	11,381
Amounts owed to invoice discounters	431,745	776,688
Other creditors	266,881	567,801
	-------------	-------------
	1,824,072	2,027,806
	-------------	-------------

9. Creditors: amounts falling due after more than one year

	30 Jun 18	31 Dec 16
	£	£
Other creditors	47,047	–
	---------	----

10. Called up share capital

Issued, called up and fully paid

	30 Jun 18		31 Dec 16
	No.	£	No.	£
Ordinary shares of £ 1 each	54,770	54,770.00	54,770	54,770.00
	---------	-------------	---------	-------------

11. Directors' advances, credits and guarantees

During the period the directors entered into the following advances and credits with the company:

	30 Jun 18
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr C Arkwell	( 27,121)	1,517	27,121	1,517
	---------	-------	---------	-------

	31 Dec 16
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr C Arkwell	26,773	( 27,121)	( 26,773)	( 27,121)
	---------	---------	---------	---------

The non-interest bearing loan is repayable on demand.