C.I.D Fire and Security Limited - Period Ending 2019-03-31

C.I.D Fire and Security Limited - Period Ending 2019-03-31


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C.I.D Fire and Security Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2019

Registration number: 03979659

 

C.I.D Fire and Security Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

C.I.D Fire and Security Limited

Company Information

Director

Mr J S Tripp

Registered office

Unit 10, Canvin Court
Somerton Business Park
Bancombe Road
Somerton
TA11 6SB

Accountants

Francis Clark LLP
Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

 

C.I.D Fire and Security Limited

Balance Sheet

31 March 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

27,784

27,910

Investment property

5

129,048

129,048

 

156,832

156,958

Current assets

 

Stocks

6,250

5,500

Debtors

6

66,992

45,469

Cash at bank and in hand

 

49,431

23,799

 

122,673

74,768

Creditors: Amounts falling due within one year

7

(61,896)

(63,274)

Net current assets

 

60,777

11,494

Total assets less current liabilities

 

217,609

168,452

Creditors: Amounts falling due after more than one year

7

(91,233)

(77,685)

Net assets

 

126,376

90,767

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

35,089

35,089

Profit and loss account

91,187

55,578

Total equity

 

126,376

90,767

 

C.I.D Fire and Security Limited

Balance Sheet

31 March 2019

For the financial 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 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 13 December 2019
 

.........................................
Mr J S Tripp
Director

   
     

Company Registration Number: 03979659

 

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2019

1

General information

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

The address of its registered office is:
Unit 10, Canvin Court
Somerton Business Park
Bancombe Road
Somerton
TA11 6SB

These financial statements were authorised for issue by the director on 13 December 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 including 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. The company recognises revenue upon provision of goods and services to customers.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Office equipment

25% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans;
• Finance lease agreements; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for finance lease agreements and bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Finance lease agreements and bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

 

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2019

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2018 - 5).

4

Tangible assets

Leasehold improvements
£

Office equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2018

8,405

14,961

42,236

23,483

89,085

Additions

-

-

8,300

-

8,300

At 31 March 2019

8,405

14,961

50,536

23,483

97,385

Depreciation

At 1 April 2018

2,523

12,627

27,034

18,991

61,175

Charge for the year

841

586

5,876

1,123

8,426

At 31 March 2019

3,364

13,213

32,910

20,114

69,601

Carrying amount

At 31 March 2019

5,041

1,748

17,626

3,369

27,784

At 31 March 2018

5,882

2,334

15,202

4,492

27,910

5

Investment properties

2019
£

At 1 April

129,048

At 31 March

129,048

Investment properties are valued at cost. In the opinion of the director, this represents fair value at the end of the period.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2019
£

2018
£

Trade debtors

39,136

45,076

Other debtors

27,856

393

66,992

45,469

 

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2019

7

Creditors

Creditors: amounts falling due within one year

Note

2019
£

2018
 £

Due within one year

 

Loans and borrowings

8

12,416

9,701

Trade creditors

 

18,413

19,868

Corporation tax

12,718

11,151

Social security and other taxes

 

14,447

9,287

Other creditors

 

3,902

13,267

 

61,896

63,274

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £12,416 (2018 - £9,701). Bank borrowing is secured by way of fixed and floating charges over the assets of the company. Finance leases are secured against the assets purchased with those agreements.

Creditors: amounts falling due after more than one year

Note

2019
£

2018
£

Due after one year

 

Loans and borrowings

8

91,233

77,685

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £91,233 (2018 - £77,685). Bank borrowing is secured by way of fixed and floating charges over the assets of the company. Finance leases are secured against the assets purchased with those agreements.

 

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2019

8

Loans and borrowings

2019
£

2018
£

Current loans and borrowings

Bank borrowings

12,416

7,702

Finance lease liabilities

-

1,999

12,416

9,701

2019
£

2018
£

Loans and borrowings due after one year

Bank borrowings

91,233

77,685

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2019
 £

2018
 £

Not later than one year

3,695

3,695

Later than one year and not later than five years

1,232

4,927

4,927

8,622

The amount of non-cancellable operating lease payments recognised as an expense during the year was £3,695 (2018 - £3,388).

 

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2019

10

Share capital

Allotted, called up and fully paid shares

 

2019

2018

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

11

Dividends

 

2019

2018

 

£

£

Interim dividend of £100 (2018 - £108) per ordinary share

10,000

10,800

12

Related party transactions

Advances to directors

2019

At 1 April 2018
£

Advances to director
£

Repayments by director
£

At 31 March 2019
£

Mr J S Tripp

Interest free advances, repayable on demand

-

26,702

(10,000)

16,702

         
         

 

2018

At 1 April 2017
£

Advances to director
£

Repayments by director
£

At 31 March 2018
£

Mr J S Tripp

Interest free advances, repayable on demand

274

-

(274)

-