CMS Wrexham Limited Filleted accounts for Companies House (small and micro)

CMS WREXHAM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05545902

CMS Wrexham Limited

Filleted Unaudited Financial Statements

31 March 2022

CMS Wrexham Limited

Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	6	364,375	368,034

Current assets

Stocks		28,000	27,000
Debtors	7	128,373	127,153
Cash at bank and in hand		181,986	169,671
		---------	---------
		338,359	323,824

Creditors: amounts falling due within one year	8	89,219	72,442
		---------	---------
Net current assets		249,140	251,382
		---------	---------
Total assets less current liabilities		613,515	619,416

Provisions	30,427	32,691
	---------	---------
Net assets	583,088	586,725
	---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	583,087	586,724
	---------	---------
Shareholder funds	583,088	586,725
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

CMS Wrexham Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 26 October 2022 , and are signed on behalf of the board by:

Mr JM Roberts
Director

Company registration number: 05545902

CMS Wrexham Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 404 Ash Road North, Wrexham Industrial Estate, Wrexham, LL13 9UF.

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 preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% Reducing balance
Motor vehicles	-	20% Reducing balance
Equipment	-	20% Reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2021: 13 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2021 and 31 March 2022	80,000
	--------
Amortisation
At 1 April 2021 and 31 March 2022	80,000
	--------
Carrying amount
At 31 March 2022	–
	--------
At 31 March 2021	–
	--------

6. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2021	200,548	522,342	60,045	6,100	789,035
Additions	–	2,234	18,450	–	20,684
	---------	---------	--------	-------	---------
At 31 March 2022	200,548	524,576	78,495	6,100	809,719
	---------	---------	--------	-------	---------
Depreciation
At 1 April 2021	–	391,678	25,161	4,162	421,001
Charge for the year	–	13,288	10,667	388	24,343
	---------	---------	--------	-------	---------
At 31 March 2022	–	404,966	35,828	4,550	445,344
	---------	---------	--------	-------	---------
Carrying amount
At 31 March 2022	200,548	119,610	42,667	1,550	364,375
	---------	---------	--------	-------	---------
At 31 March 2021	200,548	130,664	34,884	1,938	368,034
	---------	---------	--------	-------	---------

7. Debtors

	2022	2021
	£	£
Trade debtors	119,094	122,784
Other debtors	9,279	4,369
	---------	---------
	128,373	127,153
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	37,930	22,402
Social security and other taxes	47,073	46,714
Other creditors	4,216	3,326
	--------	--------
	89,219	72,442
	--------	--------

9. Director's advances, credits and guarantees

During the year, the company operated a loan account with the directors. At the year end there was a directors loan account credit balance of £584 (2021 £2,728 debit).