CP Plus (International) Limited - Accounts to registrar (filleted) - small 18.2

CP PLUS (INTERNATIONAL) LIMITED

Audited Financial Statements

for the Year Ended 30 June 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

H M Calvert

I S Langdon

T J Rickeard

Registered office:

10 Flask Walk

London

NW3 1HE

Registered number:

07667370 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants and Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Investments

4

2,692

2,692

Current assets

Debtors

5

2,039,018

3,281,871

Cash at bank

84,057

512,558

2,123,075

3,794,429

Creditors

Amounts falling due within one year

6

3,155,313

4,589,225

Net current liabilities

(1,032,238

)

(794,796

)

Total assets less current liabilities

(1,029,546

)

(792,104

)

Capital and reserves

Called up share capital

7

1,000

1,000

Retained earnings

8

(1,030,546

)

(793,104

)

Shareholders' funds

(1,029,546

)

(792,104

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2021 and were signed on its behalf by:

I S Langdon - Director

1.	Statutory information

CP Plus (International) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07667370 and registered office address is 10 Flask Walk, London, NW3 1HE.

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.

Turnover

Turnover represents net invoiced sales of services and management charges from a subsidiary company and is stated net of VAT.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Employee benefits

Short term employee benefits including holiday pay and annual bonuses are accrued as services are rendered.

Financial instruments policy

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Key sources of estimation uncertainty and judgements

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

Going concern

The company is dependent on the continued support of CP Plus Limited, which has confirmed its intention to provide the necessary financial support to enable the company to meet its liabilities as they fall due.

In common with other business, the group is affected by the Covid-19 virus and the unprecedented impact it is having on economic activity. The company generates revenue through management charges from a subsidiary company. Having modelled income and costs taking Covid-19 into account, the directors are satisfied the group has liquid cash reserves that would last in excess of 12 months.

Based on their assessment of these various factors, the directors consider it appropriate to adopt the going concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was 2 (2019 - NIL ) .

4.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 July 2019

and 30 June 2020

2,692

Net book value

At 30 June 2020

2,692

At 30 June 2019

2,692

5.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

-

115,386

Amounts owed by group undertakings

2,038,994

3,166,485

VAT

24

-

2,039,018

3,281,871

6.

Creditors: amounts falling due within one year

2020

2019

£

£

Trade creditors

2,504

7

Amounts owed to group undertakings

3,149,838

4,587,248

Social security and other taxes

2,971

1,970

3,155,313

4,589,225

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

10,000

Ordinary

10p

1,000

1,000

8.

Reserves

Retained

earnings

£

At 1 July 2019

(793,104

)

Deficit for the year

(237,442

)

At 30 June 2020

(1,030,546

)

9.	Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Jonathan Moughton (Senior Statutory Auditor)

for and on behalf of Haines Watts

10.	Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in creditors is £3,149,838 (2019: £4,068,676) owed to companies under common control.

11.	Ultimate parent undertaking and controlling party

The ultimate parent company at the balance sheet date was Trade TopCo Limited, a company registered in England and Wales and controlled by E A Green and I S Langdon acting in concert.