Cunis Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02965256 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

CUNIS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M D Fix

Mr M P Johnson

REGISTERED OFFICE:

Unit 3 Guildprime Business Centre

Southend Road

Billericay

Essex

CM11 2PY

REGISTERED NUMBER:

02965256 (England and Wales)

ACCOUNTANTS:

Elliott, Mortlock, Busby & Co Limited

12 High Street

Stanford le Hope

Essex

SS17 0EY

FIXED ASSETS

Tangible assets

4

1,019,286

852,966

CURRENT ASSETS

Stocks

175,946

241,588

Debtors

5

799,077

1,035,135

Cash at bank and in hand

106,556

191,292

1,081,579

1,468,015

CREDITORS

Amounts falling due within one year

6

1,273,794

1,432,158

NET CURRENT (LIABILITIES)/ASSETS

(192,215

)

35,857

TOTAL ASSETS LESS CURRENT LIABILITIES

827,071

888,823

CREDITORS

Amounts falling due after more than one year

7

(90,552

)

(192,092

)

PROVISIONS FOR LIABILITIES

9

(96,232

)

(99,292

)

NET ASSETS

640,287

597,439

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

10

230,124

-

Retained earnings

410,063

597,339

640,287

597,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 by the Board of Directors and authorised for issue on 22 December 2020 and were signed on its behalf by:

Mr M D Fix - Director

1.	STATUTORY INFORMATION

Cunis 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 presentation currency of the financial statements is the Pound Sterling (£).

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 the fair value of the consideration received or receivable for the provision of services in the

ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured,

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation represents the sum of tax currently payable and deferred tax.

The company’s liability for current tax is calculated using tax rates that have been enacted or substantively

enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the

financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying

amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is

no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which

the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or

substantively enacted by the end of the reporting period.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets

acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets

acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all

of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are

included in creditors net of the finance charge allocated to future periods. The finance element of the rental

payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net

obligation outstanding in each period.

Pension costs and other post-retirement benefits

The company operates two defined contribution pension schemes, for the director and employees. The assets of

the scheme are held separately from those of the company in independently administered funds.

Operating lease

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged to the profit and loss account as incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2018 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 January 2019

353,221

776,788

39,706

Additions

-

-

-

Disposals

-

-

-

Revaluations

146,779

-

-

At 31 December 2019

500,000

776,788

39,706

DEPRECIATION

At 1 January 2019

90,230

268,708

29,301

Charge for year

-

51,202

1,389

Eliminated on disposal

-

-

-

Revaluation adjustments

(90,230

)

-

-

At 31 December 2019

-

319,910

30,690

NET BOOK VALUE

At 31 December 2019

500,000

456,878

9,016

At 31 December 2018

262,991

508,080

10,405

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2019

148,869

34,468

1,353,052

Additions

-

1,293

1,293

Disposals

(19,000

)

-

(19,000

)

Revaluations

-

-

146,779

At 31 December 2019

129,869

35,761

1,482,124

DEPRECIATION

At 1 January 2019

84,333

27,514

500,086

Charge for year

11,452

1,672

65,715

Eliminated on disposal

(12,733

)

-

(12,733

)

Revaluation adjustments

-

-

(90,230

)

At 31 December 2019

83,052

29,186

462,838

NET BOOK VALUE

At 31 December 2019

46,817

6,575

1,019,286

At 31 December 2018

64,536

6,954

852,966

Cost or valuation at 31 December 2019 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Valuation in 2019

146,779

-

-

Cost

353,221

776,788

39,706

500,000

776,788

39,706

Motor

Computer

vehicles

equipment

Totals

£

£

£

Valuation in 2019

-

-

146,779

Cost

129,869

35,761

1,335,345

129,869

35,761

1,482,124

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 January 2019

403,915

59,769

463,684

Transfer to ownership

-

(19,000

)

(19,000

)

At 31 December 2019

403,915

40,769

444,684

DEPRECIATION

At 1 January 2019

84,466

17,982

102,448

Charge for year

31,945

3,613

35,558

Transfer to ownership

-

(10,316

)

(10,316

)

At 31 December 2019

116,411

11,279

127,690

NET BOOK VALUE

At 31 December 2019

287,504

29,490

316,994

At 31 December 2018

319,449

41,787

361,236

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

444,114

660,070

Other debtors

354,963

375,065

799,077

1,035,135

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

101,541

103,792

Trade creditors

497,471

583,376

Corporation tax

6,174

(20,000

)

Social security and other taxes

211,157

100,987

Other creditors

78,928

74,123

Invoice finance

359,373

540,454

Accrued expenses

19,150

49,426

1,273,794

1,432,158

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

90,552

192,092

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

192,093

295,884

Invoice factoring

359,373

447,647

551,466

743,531

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

96,232

99,292

Deferred

tax

£

Balance at 1 January 2019

99,292

Credit to Statement of Income and Retained Earnings during year

(9,945

)

Revaluation Gain

6,885

Balance at 31 December 2019

96,232

The provision for deferred taxation is made up of accelerated capital allowances.

10.

RESERVES

Revaluation

reserve

£

Revaluation Gain

237,009

Deferred Tax

(6,885

)

At 31 December 2019

230,124

11.	PENSION COMMITMENTS

The company operates two defined contribution pension schemes, for the directors and employees. The assets of

the schemes are held separately from those of the company in independently administered funds. At the balance

sheet date there were £2,020 unpaid contributions (2018: £2,111).

12.	OTHER FINANCIAL COMMITMENTS

The Company has a total commitments, guarantees and contingencies as at year end 2019 of £16,206 (2018:

£34,880) included in the above are minimum lease payments under non-cancellable operating leases, falling due

as follows:

2019

2018

£

£

Within one year

16,036

18,674

Between one and five years

170

16,206

16,206

34,880

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to the directors subsisted during the years ended 31 December 2019 and 31

December 2018:

Director A

2019

2018

£

£

Balance outstanding at start of year

9,560

Amounts advanced

2,357

9,560

Amounts repaid

(7,700)

Balance outstanding at end of year

4,217

9,560

Director B

2019

2018

£

£

Balance outstanding at start of year

9,934

Amounts advanced

9.289

9,934

Amounts repaid

(4,444)

Balance outstanding at end of year

14,779

9,934

14.	RELATED PARTY DISCLOSURES