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

REGISTERED NUMBER: 04306288 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Cyrex Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A J Smith

SECRETARY:

HSA Bookkeeping Ltd

REGISTERED OFFICE:

Lewis House

Great Chesterford Court

Great Chesterford

Essex

CB10 1PF

BUSINESS ADDRESS:

Unit 36 Hoddesdon Industrial Centre

Pindar Road

Hoddesdon

Hertfordshire

EN11 0FF

REGISTERED NUMBER:

04306288 (England and Wales)

FIXED ASSETS

Intangible assets

5

12,372

13,267

Tangible assets

6

13,982

18,342

Investments

7

80

80

26,434

31,689

CURRENT ASSETS

Stocks

132,613

151,577

Debtors

8

322,728

180,390

Cash at bank and in hand

155,088

199,404

610,429

531,371

CREDITORS

Amounts falling due within one year

9

124,518

124,152

NET CURRENT ASSETS

485,911

407,219

TOTAL ASSETS LESS CURRENT LIABILITIES

512,345

438,908

PROVISIONS FOR LIABILITIES

2,657

3,485

NET ASSETS

509,688

435,423

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

509,686

435,421

SHAREHOLDERS' FUNDS

509,688

435,423

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 1 December 2021 and were signed by:

Mr A J Smith - Director

1.	STATUTORY INFORMATION

Cyrex 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

Going concern

The Company has been effected by the restrictions imposed by the UK government in response to the COVID-19 pandemic. The result of this is that the Company had to temporarily suspend its operations. This has resulted in a loss of income for the Company. The loss of income and cash-flow has been partially offset by the furloughing of the workforce under the government's furlough scheme.

The Directors consider that the resources available to the Company will be sufficient for it to be able to continue as a going concern during the restrictions and once the restrictions are lifted. However, there is a high level of uncertainty about how long the restrictions will last and the level of demand once the restrictions have ended which could impact this assessment. The financial statements do not contain any adjustments that would be required if the Company was not able to continue as a going concern.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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 etc

-

25% on reducing balance

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Investments in associates

Unlisted fixed asset investments are initially recorded at cost, and then subsequently stated at cost less any accumulated impairment losses as there is no reliable fair value available.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 10 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2020

and 31 March 2021

23,201

AMORTISATION

At 1 April 2020

9,934

Charge for year

895

At 31 March 2021

10,829

NET BOOK VALUE

At 31 March 2021

12,372

At 31 March 2020

13,267

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

63,392

Additions

301

At 31 March 2021

63,693

DEPRECIATION

At 1 April 2020

45,050

Charge for year

4,661

At 31 March 2021

49,711

NET BOOK VALUE

At 31 March 2021

13,982

At 31 March 2020

18,342

7.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 April 2020

and 31 March 2021

80

NET BOOK VALUE

At 31 March 2021

80

At 31 March 2020

80

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

59,608

69,563

Amounts owed by group undertakings

254,838

75,938

Other debtors

8,282

34,889

322,728

180,390

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

13,854

17,108

Taxation and social security

22,922

4,842

Other creditors

87,742

102,202

124,518

124,152

Included within other creditors disclosed above is a balance of £2,414 (2020 - £2,976) in relation to accruals, a balance of £83,545 (2020 - £97,745) in relation to director's loan account, and a balance of £1,783 (2020 - £1,481) in relation to other creditors.

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Between one and five years

50,576

75,864