C.I.D Fire and Security Limited - Period Ending 2019-03-31
C.I.D Fire and Security Limited - Period Ending 2019-03-31
Year Ended
Registration number:
C.I.D Fire and Security Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
C.I.D Fire and Security Limited
Company Information
Director |
Mr J S Tripp |
Registered office |
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Accountants |
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Page 1 |
C.I.D Fire and Security Limited
Balance Sheet
31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
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:
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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
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Company Registration Number: 03979659
Page 3 |
C.I.D Fire and Security Limited
Notes to the Financial Statements
Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Page 4 |
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
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.
Page 5 |
C.I.D Fire and Security Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Financial instruments
Classification
• 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
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.
Page 6 |
C.I.D Fire and Security Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Leasehold improvements |
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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- |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Investment properties |
2019 |
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At 1 April |
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At 31 March |
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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.
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Page 7 |
C.I.D Fire and Security Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
12,718 |
11,151 |
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Social security and other taxes |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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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.
Page 8 |
C.I.D Fire and Security Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
- |
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2019 |
2018 |
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Loans and borrowings due after one year |
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Bank borrowings |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2019 |
2018 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Page 9 |
C.I.D Fire and Security Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Dividends |
2019 |
2018 |
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£ |
£ |
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Interim dividend of £ |
10,000 |
10,800 |
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 |
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Interest free advances, repayable on demand |
- |
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( |
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2018 |
At 1 April 2017 |
Advances to director |
Repayments by director |
At 31 March 2018 |
Mr J S Tripp |
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Interest free advances, repayable on demand |
274 |
- |
( |
- |
Page 10 |