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

REGISTERED NUMBER: 02965256 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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

375,338

915,783

CURRENT ASSETS

Stocks

43,401

107,251

Debtors

5

537,634

588,825

Cash at bank and in hand

483,276

223,209

1,064,311

919,285

CREDITORS

Amounts falling due within one year

6

1,069,575

1,000,449

NET CURRENT LIABILITIES

(5,264

)

(81,164

)

TOTAL ASSETS LESS CURRENT LIABILITIES

370,074

834,619

CREDITORS

Amounts falling due after more than one year

7

(109,900

)

(221,536

)

PROVISIONS FOR LIABILITIES

10

(71,229

)

(84,415

)

NET ASSETS

188,945

528,668

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

11

-

230,124

Retained earnings

188,845

298,444

188,945

528,668

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 14 July 2022 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.

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.

Plant and machinery

-

Between 10% and 15% on reducing balance

Furniture and equipment

-

Between 15% and 25% on reducing balance

Motor vehicles

-

Between 15% and 25% on reducing balance

Computer equipment

-

Between 15% and 25% on reducing balance

Government grants

The "accrual model" is used to measure grants received.

Revenue based grants are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

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 18 (2020 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Furniture

Freehold

Plant and

and

property

machinery

equipment

£

£

£

COST

At 1 January 2021

500,000

698,238

41,126

Additions

-

-

-

Disposals

(500,000

)

(11,069

)

(12,498

)

At 31 December 2021

-

687,169

28,628

DEPRECIATION

At 1 January 2021

-

337,214

32,018

Charge for year

-

36,689

1,979

Eliminated on disposal

-

(11,069

)

(12,498

)

At 31 December 2021

-

362,834

21,499

NET BOOK VALUE

At 31 December 2021

-

324,335

7,129

At 31 December 2020

500,000

361,024

9,108

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2021

129,869

37,151

1,406,384

Additions

22,500

2,031

24,531

Disposals

(61,500

)

(6,802

)

(591,869

)

At 31 December 2021

90,869

32,380

839,046

DEPRECIATION

At 1 January 2021

90,562

30,807

490,601

Charge for year

7,526

1,933

48,127

Eliminated on disposal

(44,651

)

(6,802

)

(75,020

)

At 31 December 2021

53,437

25,938

463,708

NET BOOK VALUE

At 31 December 2021

37,432

6,442

375,338

At 31 December 2020

39,307

6,344

915,783

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2021

323,915

32,069

355,984

Transfer to ownership

(163,915

)

(32,069

)

(195,984

)

At 31 December 2021

160,000

-

160,000

DEPRECIATION

At 1 January 2021

121,537

18,864

140,401

Charge for year

11,081

-

11,081

Transfer to ownership

(72,345

)

(18,864

)

(91,209

)

At 31 December 2021

60,273

-

60,273

NET BOOK VALUE

At 31 December 2021

99,727

-

99,727

At 31 December 2020

202,378

13,205

215,583

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

as restated

£

£

Trade debtors

421,798

445,673

Other debtors

19,476

13,742

Amount owed by associated company

43,810

69,478

Directors' current accounts

20,816

13,658

Prepayments and accrued income

31,734

46,274

537,634

588,825

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

as restated

£

£

Bank loans

30,000

112,500

Hire purchase contracts (see note 8)

28,800

68,981

Trade creditors

539,249

489,005

Corporation tax

-

6,174

Social security and other taxes

108,332

135,808

Other creditors

6,449

6,990

Invoice finance

291,304

82,152

Accrued expenses

65,441

98,839

1,069,575

1,000,449

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

as restated

£

£

Bank loans - 1-2 years by instalments

30,000

30,000

Bank loans - 2-5 years by instalments

77,500

90,000

Bank loans - > 5 years by instalments

-

17,500

Hire purchase contracts (see note 8)

2,400

33,716

Social security and other taxes

-

50,320

109,900

221,536

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - > 5 years by instalments

-

17,500

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

as restated

£

£

Net obligations repayable:

Within one year

28,800

68,981

Between one and five years

2,400

33,716

31,200

102,697

Non-cancellable

operating leases

2021

2020

as restated

£

£

Within one year

63,465

17,030

Between one and five years

253,860

32,315

In more than five years

15,866

-

333,191

49,345

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

as restated

£

£

Bank loans

137,500

250,000

Hire purchase contracts

31,200

102,697

Invoice factoring

291,304

82,152

460,004

434,849

10.	PROVISIONS FOR LIABILITIES

2021

2020

as restated

£

£

Deferred tax

71,229

84,415

Deferred

tax

£

Balance at 1 January 2021

84,415

Credit to Income Statement during year

(13,186

)

Balance at 31 December 2021

71,229

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

11.

RESERVES

Revaluation

reserve

£

At 1 January 2021

230,124

Deferred Tax

6,885

Disposal

(237,009

)

At 31 December 2021

-

12.	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 £20,116 unpaid contributions (2020: £2,542).

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

Director A

2021

2020

£

£

Balance outstanding at start of year

2,469

4,217

Amounts advanced

4,649

1,852

Amounts repaid

(3,600)

(3,600)

Balance outstanding at end of year

3,518

2,469

Director B

2021

2020

£

£

Balance outstanding at start of year

11,189

14,779

Amounts advanced

9,658

3,600

Amounts repaid

(3,549)

(7,190

Balance outstanding at end of year

17,298

11,189