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

REGISTERED NUMBER: 02965256 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

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

915,783

1,019,286

CURRENT ASSETS

Stocks

107,251

162,082

Debtors

5

588,825

742,520

Cash at bank and in hand

223,209

106,556

919,285

1,011,158

CREDITORS

Amounts falling due within one year

6

932,618

1,136,629

NET CURRENT LIABILITIES

(13,333

)

(125,471

)

TOTAL ASSETS LESS CURRENT LIABILITIES

902,450

893,815

CREDITORS

Amounts falling due after more than one year

7

(221,536

)

(157,296

)

PROVISIONS FOR LIABILITIES

9

(84,415

)

(96,232

)

NET ASSETS

596,499

640,287

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

10

230,124

230,124

Retained earnings

366,275

410,063

596,499

640,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 19 August 2021 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 as modified by the revaluation of certain assets.

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.

Freehold property

-

Between 2.5% and 10% on reducing balance

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

The measurement basis for determining the gross carrying amount of the freehold property is the revaluation model.

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 21 (2019 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Furniture

Freehold

Plant and

and

property

machinery

equipment

£

£

£

COST OR VALUATION

At 1 January 2020

500,000

776,788

39,706

Additions

-

6,950

1,420

Disposals

-

(85,500

)

-

At 31 December 2020

500,000

698,238

41,126

DEPRECIATION

At 1 January 2020

-

319,910

30,690

Charge for year

-

43,818

1,328

Eliminated on disposal

-

(26,514

)

-

Charge written back

-

-

-

At 31 December 2020

-

337,214

32,018

NET BOOK VALUE

At 31 December 2020

500,000

361,024

9,108

At 31 December 2019

500,000

456,878

9,016

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2020

129,869

35,761

1,482,124

Additions

-

1,390

9,760

Disposals

-

-

(85,500

)

At 31 December 2020

129,869

37,151

1,406,384

DEPRECIATION

At 1 January 2020

83,052

29,186

462,838

Charge for year

7,515

1,621

54,282

Eliminated on disposal

-

-

(26,514

)

Charge written back

(5

)

-

(5

)

At 31 December 2020

90,562

30,807

490,601

NET BOOK VALUE

At 31 December 2020

39,307

6,344

915,783

At 31 December 2019

46,817

6,575

1,019,286

Cost or valuation at 31 December 2020 is represented by:

Furniture

Freehold

Plant and

and

property

machinery

equipment

£

£

£

Valuation in 2019

146,779

-

-

Cost

353,221

698,238

41,126

500,000

698,238

41,126

Motor

Computer

vehicles

equipment

Totals

£

£

£

Valuation in 2019

-

-

146,779

Cost

129,869

37,151

1,259,605

129,869

37,151

1,406,384

If freehold property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

353,221

353,221

Aggregate depreciation

104,644

97,567

Freehold property was valued on an open market basis on 31 December 2020 by the directors .

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 January 2020

403,915

32,069

435,984

Disposals

(80,000

)

-

(80,000

)

At 31 December 2020

323,915

32,069

355,984

DEPRECIATION

At 1 January 2020

116,411

15,955

132,366

Charge for year

26,140

2,909

29,049

Eliminated on disposal

(21,014

)

-

(21,014

)

At 31 December 2020

121,537

18,864

140,401

NET BOOK VALUE

At 31 December 2020

202,378

13,205

215,583

At 31 December 2019

287,504

16,114

303,618

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

445,673

444,114

Other debtors

13,742

12,098

Amount owed by associated company

69,478

104,082

Directors' current accounts

13,658

18,996

Prepayments and accrued income

46,274

163,230

588,825

742,520

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans

112,500

-

Hire purchase contracts

68,981

101,541

Trade creditors

489,005

497,471

Corporation tax

19,476

6,174

Social security and other taxes

135,808

144,413

Other creditors

6,990

8,507

Invoice finance

82,152

359,373

Accrued expenses

17,706

19,150

932,618

1,136,629

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years by instalments

30,000

-

Bank loans - 2-5 years by instalments

90,000

-

Bank loans - > 5 years by instalments

17,500

-

Hire purchase contracts

33,716

90,552

Social security and other taxes

50,320

66,744

221,536

157,296

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - > 5 years by instalments

17,500

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

250,000

-

Hire purchase contracts

102,697

192,093

Invoice factoring

82,152

359,373

434,849

551,466

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

84,415

96,232

Deferred

tax

£

Balance at 1 January 2020

96,232

Credit to Income Statement during year

(11,817

)

Balance at 31 December 2020

84,415

The provision for deferred taxation is made up of accelerated capital allowances and the tax due on the freehold property's revaluation gain.

10.

RESERVES

Revaluation

reserve

£

At 1 January 2020

and 31 December 2020

230,124

11.	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 £2,542 unpaid contributions (2019: £2,020).

12.	OTHER FINANCIAL COMMITMENTS

The Company has a total commitments, guarantees and contingencies as at year end 2020 of £49,345 (2019: £16,206) included in the above are minimum lease payments under non-cancellable operating leases, falling due as follows:

2020

2019

£

£

Within one year

17,030

16,036

Between one and five years

32,315

170

49,345

16,206

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to the directors subsisted during the years ended 31 December 2020 and 31 December 2019:

Director A

2020

2019

£

£

Balance outstanding at start of year

4,217

9,560

Amounts advanced

1,852

2,357

Amounts repaid

(3,600)

(7,700)

Balance outstanding at end of year

2,469

4,217

Director B

2020

2019

£

£

Balance outstanding at start of year

14,779

9,934

Amounts advanced

3,600

9,289

Amounts repaid

(7,190)

(4,444)

Balance outstanding at end of year

11,189

14,779

14.	RELATED PARTY DISCLOSURES

15.	POST BALANCE SHEET EVENTS

In June 2021, the directors' SIPPs acquired the company's freehold property. The company still occupies the property under a six year operating lease. The transaction will generate a net cash inflow in 2021 of approx. £478,825, a net cash outflow in 2022 of approx. £45,212 and net cash outflows of approx. £34,303 thereafter.