CDS Printer Solutions Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11143219 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

CDS Printer Solutions Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

C E Fearn

S K Newman

D R Jackson

REGISTERED OFFICE:

Units 18-20

Rosevale Road

Parkhouse West

Newcastle

Staffordshire

ST5 7EF

REGISTERED NUMBER:

11143219 (England and Wales)

FIXED ASSETS

Tangible assets

5

4,964

6,832

CURRENT ASSETS

Stocks

5,000

2,000

Debtors

6

12,138

16,021

Cash at bank

14,491

17,543

31,629

35,564

CREDITORS

Amounts falling due within one year

7

33,877

38,040

NET CURRENT LIABILITIES

(2,248

)

(2,476

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,716

4,356

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,616

4,256

2,716

4,356

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 3 September 2020 and were signed on its behalf by:

D R Jackson - Director

S K Newman - Director

C E Fearn - Director

1.	STATUTORY INFORMATION

CDS Printer Solutions Ltd 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements cover the company as an individual entity and are presented in Pounds

Sterling (£) being the functional currency.

The financial statements have been prepared on a going concern basis on the assumption that the

company has adequate resources to continue in operational existence for the foreseeable future.

The directors have made this assessment with regard to the company's current and expected

performance.

Particular consideration has been given to the impact of the Coronavirus on the company's ability to

operate for the foreseeable future. In arriving at this assessment of the going concern status of the

company the directors have made key judgements about the ability of the company to agree

deferred payment terms on HMRC debts and the returning level of demand for the goods provided

by the company.

Turnover

Turnover is measured at 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 all the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the

goods;

- the Company retains neither continuing managerial involvement to the degree usually

associated with ownership nor effective control over the goods sold;

- 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 transition can be measured reliably.

Usually, turnover from the sale of goods is recognised when he goods are delivered and legal

title has passed.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated

depreciation and accumulated impairment losses.

Stocks

Stocks are stated at the lower of cost and net realisable value (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.

Financial instruments

Basic financial assets and liabilities are initially measured at transaction price, unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the

present value of future cash flows discounted at a market rate of interest. Debt instruments are

subsequently carried at amortised cost, using the effective interest rate method.

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 profit or loss.

Taxation

Taxation for the year comprises current and deferred tax, if applicable. Tax is recognised in the

Statement of Income and Retained Earnings, 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 statement of financial position date.

Foreign currencies

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

at the statement of financial position date. Transactions in foreign currencies are translated into

sterling at the rate of exchange ruling at the date of 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.

4.

EMPLOYEES

The average number of employees during the year was 4 (2019 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2019

6,720

1,500

1,000

9,220

Additions

-

-

1,270

1,270

Disposals

-

(1,500

)

-

(1,500

)

At 31 March 2020

6,720

-

2,270

8,990

DEPRECIATION

At 1 April 2019

1,680

375

333

2,388

Charge for year

1,260

-

753

2,013

Eliminated on disposal

-

(375

)

-

(375

)

At 31 March 2020

2,940

-

1,086

4,026

NET BOOK VALUE

At 31 March 2020

3,780

-

1,184

4,964

At 31 March 2019

5,040

1,125

667

6,832

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

11,216

16,021

Other debtors

922

-

12,138

16,021

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

16,374

9,646

Taxation and social security

15,864

13,577

Other creditors

1,639

14,817

33,877

38,040

8.	POST BALANCE SHEET EVENTS

In March 2020 the UK was impacted by the outbreak of the Coronavirus. In order to manage the

spread of the virus the Government has imposed significant restrictions on the movement of people

and the ability of businesses to continue to trade. This event occurred during the company's

reporting period and so is considered to be an adjusting event.

The Coronavirus has resulted in a severe contraction of the UK economy and the imposition of social

distancing rules has meant that demand for the company's services has been impacted.

The directors are not able to make a reliable estimate of the financial impact of the Coronavirus

outbreak in the reporting period to 31 March 2021, although there are no concerns about the future

viability of the company, for the reasons stated in the directors report.

9.	PENSION COMMITMENTS

The Company operates a defined contributions 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 £222.00

(2019 - £271). Contributions totalling £60 (2019 - £48) were payable to the fund at the balance

sheet date and are included in creditors.