C.I.D Fire and Security Limited - Period Ending 2020-03-31

C.I.D Fire and Security Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 11

C.I.D Fire and Security Limited

Company Information

Director

Mr J S Tripp

Registered office

Unit 10, Canvin Court Somerton Business Park Bancombe Road Somerton TA11 6SB

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

C.I.D Fire and Security Limited

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	218,184	27,784
Investment property	5	129,048	129,048
		347,232	156,832
Current assets
Stocks		6,500	6,250
Debtors	6	37,130	66,992
Cash at bank and in hand		33,441	49,431
		77,071	122,673
Creditors: Amounts falling due within one year	7	(70,721)	(61,896)
Net current assets		6,350	60,777
Total assets less current liabilities		353,582	217,609
Creditors: Amounts falling due after more than one year	7	(208,092)	(91,233)
Provisions for liabilities		(7,749)	-
Net assets		137,741	126,376
Capital and reserves
Called up share capital		100	100
Share premium reserve		35,089	35,089
Profit and loss account		102,552	91,187
Total equity		137,741	126,376

C.I.D Fire and Security Limited

Balance Sheet

31 March 2020

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 23 December 2020
 

......................................... Mr J S Tripp Director

Company Registration Number: 03979659

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 10, Canvin Court
Somerton Business Park
Bancombe Road
Somerton
TA11 6SB

These financial statements were authorised for issue by the director on 23 December 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The director, having made all necessary enquiries and given due consideration to the current operational and financial conditions and future outlook, is satisfied that the company will continue to meet its liabilities as they fall due and that the going concern basis of preparation remains appropriate for the foreseeable future being no less that 12 months from the date of approval of these accounts.

Judgements

The director is satisfied, having considered the current financial position and performance of the company in light of the ongoing Covid-19 challenges that the going concern assessment (which is a critical accounting judgement) remains appropriate. In making this assessment, the director has considered recoverability of debtors, future contracts and cash flow projections (from the date of approval of these financial statements) to take account of possible changes in income levels, in order to determine when, and to what extent any further cost management measures may need to be implemented.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. The company recognises revenue upon provision of goods and services to customers.

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Property improvements	10% straight line
Office equipment	25% reducing balance
Plant and machinery	25% reducing balance
Motor vehicles	25% reducing balance
Freehold property	2% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans;
• Finance lease and hire purchase agreements; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for finance lease agreements, hire purchase agreements and bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Finance lease agreements, hire purchase agreements and bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2019 - 5).

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2020

4	Tangible assets

	Land & Property £	Office equipment  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2019	8,405	14,961	50,536	23,483	97,385
Additions	173,697	-	34,713	-	208,410
At 31 March 2020	182,102	14,961	85,249	23,483	305,795
Depreciation
At 1 April 2019	3,364	13,213	32,910	20,114	69,601
Charge for the year	3,642	438	13,084	846	18,010
At 31 March 2020	7,006	13,651	45,994	20,960	87,611
Carrying amount
At 31 March 2020	175,096	1,310	39,255	2,523	218,184
At 31 March 2019	5,041	1,748	17,626	3,369	27,784

Leasehold improvements brought forward with a net book value of £5,041 were in respect of work carried out to 10 Canvin Court. The company has now purchased the freehold of this property and these improvements have been amalgamated with the freehold property as a single asset.

5	Investment properties

	2020 £
At 1 April	129,048
At 31 March	129,048

Investment properties are valued at cost. In the opinion of the director, this represents fair value at the end of the period.

There has been no valuation of investment property by an independent valuer.

6

Debtors

	2020 £	2019 £
Trade debtors	36,133	39,136
Other debtors	997	27,856
	37,130	66,992

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2020

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Due within one year
Loans and borrowings	8	29,818	12,416
Trade creditors		16,779	18,413
Corporation tax		7,772	12,718
Social security and other taxes		7,548	14,447
Other creditors		8,804	3,902
		70,721	61,896

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £29,818 (2019 - £12,416). Bank borrowing is secured by way of fixed and floating charges over the assets of the company. Finance leases and hire purchase contracts are secured against the assets purchased with those agreements.

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	8	208,092	91,233

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £208,092 (2019 - £91,233). Bank borrowing is secured by way of fixed and floating charges over the assets of the company. Finance leases and hire purchase contracts are secured against the assets purchased with those agreements.

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2020

8	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	23,270	12,416
Finance lease liabilities	6,548	-
	29,818	12,416

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	180,278	91,233
Finance lease liabilities	27,814	-
	208,092	91,233

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2020  £	2019  £
Not later than one year	1,232	3,695
Later than one year and not later than five years	-	1,232
	1,232	4,927

The amount of non-cancellable operating lease payments recognised as an expense during the year was £4,070 (2019 - £3,695).

C.I.D Fire and Security Limited

Notes to the Financial Statements

Year Ended 31 March 2020

10	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

11

Dividends

	2020	2019
	£	£
Interim dividend of £311.50 (2019 - £100.00) per ordinary share	31,150	10,000

12	Related party transactions

Advances to directors

2020	At 1 April 2019 £	Advances to director £	Repayments by director £	At 31 March 2020 £
Mr J S Tripp
Interest free advances, repayable on demand	16,702	-	(16,702)	-

2019	At 1 April 2018 £	Advances to director £	Repayments by director £	At 31 March 2019 £
Mr J S Tripp
Interest free advances, repayable on demand	-	26,702	(10,000)	16,702