Demos Ciclitira Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00525529 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

FOR

DEMOS CICLITIRA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A G Ciclitira

REGISTERED OFFICE:

Capitol House

60-62 Leman Street

London

E1 8EU

REGISTERED NUMBER:

00525529 (England and Wales)

AUDITORS:

RE Group Accountants Limited

Chartered Certified Accountants

Statutory Auditors

The Maltings

Rosemary Lane

Halstead

Essex

CO9 1HZ

BANKERS:

HSBC

1-3 Bishopsgate

London

EC2N 3AQ

FIXED ASSETS

Tangible assets

4

4,996,557

4,977,401

Investments

5

301,000

301,000

5,297,557

5,278,401

CURRENT ASSETS

Stocks

6

1,166,637

1,601,124

Debtors

7

1,842,853

1,751,850

Cash at bank and in hand

752,520

336,376

3,762,010

3,689,350

CREDITORS

Amounts falling due within one year

8

1,440,941

1,767,833

NET CURRENT ASSETS

2,321,069

1,921,517

TOTAL ASSETS LESS CURRENT LIABILITIES

7,618,626

7,199,918

CREDITORS

Amounts falling due after more than one year

9

(602,472

)

(646,665

)

PROVISIONS FOR LIABILITIES

(291,639

)

(291,639

)

NET ASSETS

6,724,515

6,261,614

CAPITAL AND RESERVES

Called up share capital

10

300,000

300,000

Share premium

11

619

619

Revaluation reserve

11

3,139,062

3,139,062

Retained earnings

11

3,284,834

2,821,933

SHAREHOLDERS' FUNDS

6,724,515

6,261,614

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 23 December 2019 and were signed by:

A G Ciclitira - Director

1.	STATUTORY INFORMATION

Demos Ciclitira Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of

Value Added Tax and trade discounts.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods

have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the

economic benefits associated with the transaction will flow to the company and the costs incurred or to be

incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

10% - 20% straight line

Fixtures and fittings

-

Straight line over 10 years

Computer equipment

-

Straight line over 5 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of

operating as intended.

Freehold land and buildings were valued on an open market basis on 7 December 2017 by Kemsley LLP and

Joscelyne Chase.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated 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 stock to its present location and

condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date with the following exception. It is the company policy to enter into forward contracts to fix

the exchange rate for transactions relating to an agreed sale. This ensures that exchange rate risk is minimised.

Assets and liabilities in foreign currencies that relate to agreed sales have been translated at the exchange rate

specified in the appropriate forward contract.

Transactions in foreign currencies that have been subject to a forward contract are converted to sterling at the

rate specified whilst all other transactions are converted at the rate of exchange ruling at the date of the

transaction.

Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the income statement in other

administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs.

Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

If an arrangement constitutes a finance transaction it is measured at present value.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction

costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or

their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 September 2018

4,987,180

119,739

501,646

123,640

5,732,205

Additions

-

47,869

35,566

1,630

85,065

At 31 August 2019

4,987,180

167,608

537,212

125,270

5,817,270

DEPRECIATION

At 1 September 2018

120,764

23,103

497,481

113,456

754,804

Charge for year

46,160

15,117

1,310

3,322

65,909

At 31 August 2019

166,924

38,220

498,791

116,778

820,713

NET BOOK VALUE

At 31 August 2019

4,820,256

129,388

38,421

8,492

4,996,557

At 31 August 2018

4,866,416

96,636

4,165

10,184

4,977,401

Included in cost or valuation of land and buildings is freehold land of £ 1,340,000 (2018 - £ 1,340,000 ) which is

not depreciated.

Cost or valuation at 31 August 2019 is represented by:

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

Valuation in 2008

571,677

-

-

-

571,677

Valuation in 2013

365,000

-

-

-

365,000

Valuation in 2017

2,126,200

-

-

-

2,126,200

Cost

1,924,303

167,608

537,212

125,270

2,754,393

4,987,180

167,608

537,212

125,270

5,817,270

If land and buildings had not been revalued they would have been included at the following historical cost:

2019

2018

£

£

Cost

1,924,303

1,924,303

Aggregate depreciation

328,284

328,284

Freehold land and buildings were valued on an open market basis on 7 December 2017 by Kemsley LLP and Joscelyne Chase

.

5.	FIXED ASSET INVESTMENTS

2019

2018

£

£

Shares in group undertakings

1,000

1,000

Loans to group undertakings

300,000

300,000

301,000

301,000

Additional information is as follows:

Share in

subsidiary

£

COST

At 1 September 2018

and 31 August 2019

1,000

NET BOOK VALUE

At 31 August 2019

1,000

At 31 August 2018

1,000

Loans to

group

undertakings

£

At 1 September 2018

and 31 August 2019

300,000

6.

STOCKS

2019

2018

£

£

Raw materials

1,166,637

1,601,124

7.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

1,277,390

1,150,873

Other debtors

23,250

53,092

Prepayments

45,540

51,212

1,346,180

1,255,177

Amounts falling due after more than one year:

Other debtors

496,673

496,673

Aggregate amounts

1,842,853

1,751,850

The amount of trade debt outstanding at the year end which is subject to factoring services amounts to

£1,289,161 (2018: £1,057,729).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

425,461

380,865

Trade creditors

554,461

941,545

Amounts owed to group undertakings

77,745

107,103

Tax

116,217

99,424

Social security and other taxes

8,746

3,606

Other creditors

1,000

1,000

Directors' loan accounts

36,000

36,000

Accruals and deferred income

221,311

198,290

1,440,941

1,767,833

The bank loan and overdraft are secured by a fixed and floating charge over both the present and future book

debts of the company and a fixed charge over its freehold property.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

602,472

646,665

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

30,000

'A' (Non-voting)

£1

30,000

30,000

270,000

Ordinary

£1

270,000

270,000

300,000

300,000

11.

RESERVES

Retained

Share

Revaluation

earnings

premium

reserve

Totals

£

£

£

£

At 1 September 2018

2,821,933

619

3,139,062

5,961,614

Profit for the year

462,901

462,901

At 31 August 2019

3,284,834

619

3,139,062

6,424,515

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Robert Graham Green (Senior Statutory Auditor)

for and on behalf of RE Group Accountants Limited

13.	RELATED PARTY DISCLOSURES

George Harker (UK) Limited

A company in which A G Ciclitira is a director

The company made purchases from George Harker (UK) Limited during the year totalling £661,237 (2018:

£589,682), and made sales during the year totalling £18,406 (2018: £23,651). The amount outstanding to

George Harker (UK) Limited from the company at the balance sheet date is £77,745 (2018: £107,103).

A G Ciclitira

A director of Demos Ciclitira Limited

At the year end, the director of the company, Mr A G Ciclitira was owed £602,472 (2018: £646,665) and that is

included in other creditors due after more than one year.There is a further £36,000 (2018: £36,000) within

creditors due within one year due to A G Ciclitira.

Medos (UK) Limited

A company related by virtue of A G Ciclitira's shareholding

At the year end, Medos (UK) limited owed the company an amount of £496,673 (2018: £496,673) in respect of

an interest free loan. This is included within debtors falling due after more than one year. There are no fixed

terms for repayment.

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A G Ciclitira.