Cypress Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08777953 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

Cypress Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T S Obhrai

D S Obhrai

REGISTERED OFFICE:

SDC (2012) lTD P/A Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR

REGISTERED NUMBER:

08777953 (England and Wales)

ACCOUNTANTS:

Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR

FIXED ASSETS

Intangible assets

5

6

6

Tangible assets

6

231,817

287,107

231,823

287,113

CURRENT ASSETS

Stocks

8,100

8,011

Debtors

7

135,980

71,388

Cash at bank and in hand

454,972

194,838

599,052

274,237

CREDITORS

Amounts falling due within one year

8

388,962

262,075

NET CURRENT ASSETS

210,090

12,162

TOTAL ASSETS LESS CURRENT LIABILITIES

441,913

299,275

CREDITORS

Amounts falling due after more than one year

9

758,653

612,360

NET LIABILITIES

(316,740

)

(313,085

)

CAPITAL AND RESERVES

Called up share capital

1

1

Equity contribution reserve

171,718

84,391

Retained earnings

(488,459

)

(397,477

)

(316,740

)

(313,085

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2022 and were signed on its behalf by:

T S Obhrai - Director

1.	STATUTORY INFORMATION

Cypress 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 compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Government grant

Government grants are recognised based on the accrual model and are measured at the fair value receivable. Grants relating to revenue are recognised in income over the period in which related costs are recognised.

Going concern

Notwithstanding net liabilities £321,322 (2020: £313,085) these financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons:

The ability of the Company to remain as a going concern is dependent on the immediate parent company not seeking repayment of the amounts currently due to it and providing additional financial support the Company may require. The immediate parent has indicated its intention to make available such funds as are needed by the Company, and that it does not intend to seek repayment of the amounts due at the Balance Sheet date for the foreseeable future.

As with any company placing reliance on other group entities for financial support, the directors of the company acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

On this basis, the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at the amount receivable and subsequently adjusted for any impairment or other change in consideration expected to be received on settlement.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially measured at the amount payable and subsequently adjusted for any change in consideration expected to be paid on settlement.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2020 - 57 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 September 2020

and 31 August 2021

25,000

5

25,005

AMORTISATION

At 1 September 2020

and 31 August 2021

24,999

-

24,999

NET BOOK VALUE

At 31 August 2021

1

5

6

At 31 August 2020

1

5

6

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 September 2020

318,090

514,915

31,495

864,500

Additions

1,760

475

430

2,665

At 31 August 2021

319,850

515,390

31,925

867,165

DEPRECIATION

At 1 September 2020

234,739

327,207

15,447

577,393

Charge for year

17,022

37,637

3,296

57,955

At 31 August 2021

251,761

364,844

18,743

635,348

NET BOOK VALUE

At 31 August 2021

68,089

150,546

13,182

231,817

At 31 August 2020

83,351

187,708

16,048

287,107

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,559

351

Other debtors

134,421

71,037

135,980

71,388

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans

32,787

-

Trade creditors

83,892

39,198

Amounts owed to related undertakings

116,178

57,083

Taxation and social security

22,655

66,915

Other creditors

133,450

98,879

388,962

262,075

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

217,213

-

Amounts owed to group undertakings

541,440

612,360

758,653

612,360

The company has received interest free loans of £612,360 (2020: £612,360) from the parent undertaking. The loan is unsecured and it has been renewed for another 5 years from September 2020. The loan balance is discounted at 3.125% to its Net Present Value. The total discounted loan balance outstanding at the Balance sheet date was £541,440 (2020: £612,360).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2021 and 31 August 2020:

2021

2020

£

£

T S Obhrai

Balance outstanding at start of year

15,272

15,272

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

15,272

15,272

D S Obhrai

Balance outstanding at start of year

21,075

19,479

Amounts advanced

2,744

1,596

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,819

21,075

11.	RELATED PARTY DISCLOSURES

The company was charged rent of £99,111 (2020: £78,239) by its parent company for the year.

The directors confirm that there are no other related party transactions other than those disclosed in these financial statements, or from which disclosure exemption was taken, based on FRS 102.33.