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Registered number: 00502988
WESLEY COE (CAMBRIDGE) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2020
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WESLEY COE (CAMBRIDGE) LIMITED
REGISTERED NUMBER: 00502988
BALANCE SHEET
AS AT 31 MARCH 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS FOR LIABILITIES
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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 on 15 September 2020.
The notes on pages 2 to 12 form part of these financial statements.
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WESLEY COE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Wesley Coe (Cambridge) Limited is a limited liability company incorporated in England and Wales within the United Kingdom. The registered office and trading address of the Company is Gas Lane, Ely, Cambridgeshire, CB7 4GH.
The principal activity of the Company continued being that of assembly and packaging of medical devices and consumables.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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 level of rounding applied is to the nearest £.
The following principal accounting policies have been applied:
Since the beginning of 2020 COVID-19 (the Coronavirus) has spread rapidly around the world with
increasingly drastic effects on society and the economy. While the general effects on the economy
and society are negative, at the time of writing the full consequences are impossible to foresee.
The directors have considered the going concern basis of preparation of the financial statements,
noting the result for the year, forecasts and plans going forward. The current plans and forecasts
indicate that losses will continue in the short term and thereafter activity is forecasted to increase resulting in profits. Given the industry in which the Company operates in, demand for the products has been strong and they have supplied a number of ICUs. Adequate stock levels are also maintained to ensure that demand can be met should there be any disruptions in the supply chain operations.
The Company can implement work from home policies, with limited access to the premises for only essential work such as production, and in doing so can continue ordinary business operations, with minimal disruption to routine work.
The directors are already reviewing all non-essential operating costs and are confident that the Company has sufficient cash reserves and working capital to enable liabilities to be settled as they fall due and to continue trading for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements.
Accordingly the financial statements have been prepared on a going concern basis and do not
include any adjustments that would result if the company was not able to continue as a going
concern.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer, this is usually on despatch of the product.
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WESLEY COE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.ACCOUNTING POLICIES (CONTINUED)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Land is not depreciated.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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WESLEY COE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.ACCOUNTING POLICIES (CONTINUED)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Short term creditors are measured at the transaction price.
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FOREIGN CURRENCY TRANSLATION
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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.
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OPERATING LEASES: THE COMPANY AS LESSEE
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
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WESLEY COE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.ACCOUNTING POLICIES (CONTINUED)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.
Interest income is recognised in profit or loss using the effective interest method.
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PROVISIONS FOR LIABILITIES
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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WESLEY COE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.ACCOUNTING POLICIES (CONTINUED)
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CURRENT AND DEFERRED TAXATION
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The tax expense for the year comprises current and deferred tax. 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 corporation 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including the directors, during the year was as follows:
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WESLEY COE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Dividends paid - ordinary shares
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WESLEY COE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Charge for the year on owned assets
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Included within Freehold property is land value of £654,712 (2019 - £654,712) which is not depreciated.
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WESLEY COE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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Prepayments and accrued income
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CASH AND CASH EQUIVALENTS
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CREDITORS: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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WESLEY COE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at amortised cost comprise of cash at bank and in hand, trade and other debtors.
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Financial liabilities measured at amortised cost comprise of trade creditors, other creditors and accruals.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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15,000 (2019 - 15,000) Deferred Ordinary shares of £1.00 each
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15,000 (2019 - 15,000) Ordinary shares of £0.05 each
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WESLEY COE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
13.SHARE CAPITAL (CONTINUED)
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Deferred Ordinary share holders do not have any rights to the income of the Company and have one vote for every Deferred Ordinary share. In the event of liquidation, Deferred Ordinary share holders shall receive the amount paid up on such shares.
Ordinary share holders have all rights to the income of the Company and have 1,000 votes for every Ordinary share. In the event of liquidation Ordinary share holders shall receive the sum of £1,000 per share and the balance of remaining assets shall belong to and be distributed amongst the holders of the Ordinary shares in proportion to the amounts paid up thereon.
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £63,966 (2019 - £61,167). Contributions totalling £4,243 (2019 - £8,639) were payable to the fund at the balance sheet date and are included in other creditors.
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RELATED PARTY TRANSACTIONS
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During the year, the Company paid dividends totalling £1,700,000 (2019- £1,400,000) to CoeBros Limited, the immediate and ultimate parent company.
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The ultimate controlling party is CoeBros Limited, by virtue of 100% shareholding.
The auditors' report on the financial statements for the year ended 31 March 2020 was qualified.
The qualification in the audit report was as follows:
Due to the government lockdown requirements due to the COVID - 19 pandemic we did not observe the counting of physical stocks at the end of the year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 March 2020, which are included in the Balance Sheet at £384,198, using other audit procedures.
Consequently, we were unable to determine whether any adjustment to this amount was necessary.
Matters on which we are required to report by exception:
Arising solely from the limitation on the scope of our work relating to stock, referred to above:
• we have not obtained all the information and explanations that we considered necessary
for the purpose of our audit; and
• we were unable to determine whether adequate accounting records have been kept.
The audit report was signed on 18 September 2020 by Andrew Booth (Senior Statutory Auditor) on behalf of Price Bailey LLP.
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WESLEY COE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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PROVISIONS AVAILABLE FOR AUDITS OF SMALL ENTITIES
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Management threat/self review threat in relation to non-audit services:
In common with many other businesses of our size and nature, we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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