ACCOUNTS - Final Accounts

CAMBRIDGE BUSINESS SOLUTIONS LIMITED - Company Information

Print Friendly Version

Registered number: 08294990

CAMBRIDGE BUSINESS SOLUTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2019

CAMBRIDGE BUSINESS SOLUTIONS LIMITED

REGISTERED NUMBER: 08294990

BALANCE SHEET

AS AT 30 NOVEMBER 2019

		2019		2018
Note		£		£


CURRENT ASSETS
Debtors: amounts falling due within one year	4	-		343
Cash at bank and in hand		86,836		106,920
		86,836		107,263
Creditors: amounts falling due within one year	5	(14,116)		(41,556)
NET CURRENT ASSETS			72,720		65,707
TOTAL ASSETS LESS CURRENT LIABILITIES			72,720		65,707

NET ASSETS			72,720		65,707

CAPITAL AND RESERVES
Called up share capital	6	100	100
Profit and loss account		72,620	65,607
		72,720	65,707

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C M Sanders

Director

Date: 27 August 2020

The notes on pages 2 to 5 form part of these financial statements.

Page 1

CAMBRIDGE BUSINESS SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2019

1.	GENERAL INFORMATION

Cambridge Business Solutions Limited is a private limited company incorporated in England. The registered office is Salisbury House, Station Road, Cambridge, CB1 2LA. The company has no specific principal place of business.
The Company's functional and presentational currency in GBP.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

In light of the ongoing global health crisis caused by COVID-19, the director has assessed the impact that a period of interrupted trading would bring and has taken measures to reduce the Company's cost base in order to combat any reduction in revenues that this would cause in order to ensure the Company can continue as a going concern. Accordingly he continues to adopt the going concern basis in preparing these financial statements.

2.3

TURNOVER

Turnover comprises revenue recognised by the company is respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.

2.4

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

2.5

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 2

CAMBRIDGE BUSINESS SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2019

2.ACCOUNTING POLICIES (CONTINUED)

2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN
The Company makes contributions to the personal plans for the benefit of the Company officers. These plans are defined contribution pension schemes under which the Company pays contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plans are held separately from the Company in independently administered funds.

2.9

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2018 - 1).

DEBTORS

					2019	2018
					£	£


Trade debtors	-	343
	-	343

Page 3

CAMBRIDGE BUSINESS SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2019

5.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2019	2018
		£	£

Corporation tax	14,027	11,348
Other creditors	-	26,640
Accruals and deferred income	89	3,568
	14,116	41,556

Other creditors included a loan of £26,640 that had no interest being charged on it. This was repaid during the year.

Page 4

CAMBRIDGE BUSINESS SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2019

6.	SHARE CAPITAL
		2019	2018
		£	£

Allotted, called up and fully paid

100 (2018 - 100) Ordinary shares of £1.00 each	100	100

7.	POST BALANCE SHEET EVENTS

Subsequent to the year end, the global health crisis caused by Coronavirus (COVID-19) has had a significant impact on all businesses. The directors have assessed the potential impact of this uncertain situation on the Company and do not consider that it will lead to any subsequent impairment of the reported amount of the value of assets. Contingency plans have been put in place in order to mitigate the negative effects of a period of interrupted trading, which will enable the Company to continue as a going concern.

Page 5