C-Probe Systems Limited - Period Ending 2020-12-31

C-Probe Systems Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Financial Statements	3 to 11

C-Probe Systems Limited

(Registration number: 04824597)
Statement of Financial Position as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	70,564	22,005
Current assets
Stocks	5	10,006	21,974
Debtors	6	569,282	357,739
Cash at bank and in hand		12,906	1,322
		592,194	381,035
Creditors: Amounts falling due within one year	7	(502,283)	(496,786)
Net current assets/(liabilities)		89,911	(115,751)
Total assets less current liabilities		160,475	(93,746)
Creditors: Amounts falling due after more than one year	7	(222,311)	(86,088)
Provisions for liabilities		(12,887)	(11,490)
Net liabilities		(74,723)	(191,324)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(74,823)	(191,424)
Shareholders' deficit		(74,723)	(191,324)

C-Probe Systems Limited

(Registration number: 04824597)
Statement of Financial Position as at 31 December 2020

For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 22 September 2021 and signed on its behalf by:
 

.........................................

Mr G Jones
Director

.........................................

Mr S C Davis
Director

C-Probe Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2
Sherdley Road Industrial Estate
Wharton Street
St Helens
Lancashire
WA9 5AA

These financial statements were authorised for issue by the Board on 22 September 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company is relying on the continuing support of its creditors and there is no indication that they will not continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of signing these financial statements.

On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, 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.

Government grants

Government grants receivable are released to the profit and loss account on the accruals basis.

Other grants

Grants receivable are released to the profit and loss account on the accruals basis.

C-Probe Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office Equipment	25% Straight line
Plant and test equipment	25% Straight line
Furniture and fixtures	25% Straight line

Development costs & License Fees

Development expenditure incurred on an individual project is carried forward when it's future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

License fees are capitalised on the balance sheet and amortised over the period of each license.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Licence fee	10% Straight line
Development costs	50% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

C-Probe Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the statement of financial position. The corresponding dividends relating to the liability component are charged as interest expense in the income statement,
 
 

C-Probe Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

3	Intangible assets

	Development costs  £	Total £
Cost or valuation
At 1 January 2020	155,094	155,094
At 31 December 2020	155,094	155,094
Amortisation
At 1 January 2020	155,094	155,094
At 31 December 2020	155,094	155,094
Carrying amount
At 31 December 2020	-	-

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £
Cost or valuation
At 1 January 2020	2,586	36,756	28,649	22,981
Additions	-	56,623	1,484	-
At 31 December 2020	2,586	93,379	30,133	22,981
Depreciation
At 1 January 2020	2,586	36,756	28,189	1,437
Charge for the year	-	3,843	318	5,386
At 31 December 2020	2,586	40,599	28,507	6,823
Carrying amount
At 31 December 2020	-	52,780	1,626	16,158
At 31 December 2019	-	-	460	21,545

C-Probe Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

	Total £
Cost or valuation
At 1 January 2020	90,972
Additions	58,107
At 31 December 2020	149,079
Depreciation
At 1 January 2020	68,968
Charge for the year	9,547
At 31 December 2020	78,515
Carrying amount
At 31 December 2020	70,564
At 31 December 2019	22,005

C-Probe Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

5

Stocks

	2020 £	2019 £
Other inventories	10,006	21,974

6

Debtors

	Note	2020 £	2019 £
Trade debtors		97,975	77,015
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	70,728	20,789
Other debtors		400,579	259,935
		569,282	357,739

C-Probe Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	12	97,952	82,386
Trade creditors		40,993	24,077
Amounts owed to group undertakings and undertakings in which the company has a participating interest		210,432	303,115
Taxation and social security		98,825	44,521
Other creditors		54,081	42,687
		502,283	496,786

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	12	222,311	86,088

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2019 - £10,000).

9	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2019 - 5).

C-Probe Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

10	Related party transactions

Transactions with directors

2020	At 1 January 2020 £	Advances to directors £	At 31 December 2020 £
Mr G Jones
Amounts advanced	189,275	54,465	243,740
Interest charged	11,127	5,691	16,818
	200,402	60,156	260,558
Mr S C Davis
Amounts advanced	14,816	20,768	35,584
Interest charged	697	647	1,344
	15,513	21,415	36,928

2019	At 1 January 2019 £	Advances to directors £	At 31 December 2019 £
Mr G Jones
Amounts advanced	145,625	43,650	189,275
Interest charged	5,926	5,201	11,127
	151,551	48,851	200,402
Mr S C Davis
Amounts advanced	13,145	1,671	14,816
Interest charged	269	428	697
	13,414	2,099	15,513

Interest is charged, at HMRC's Official Rate, on sums advanced to directors when the cumulative amount outstanding exceeds £10,000.

C-Probe Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

11	Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is C-Probe Group Limited, incorporated in England.

The address of C-Probe Group Limited is:
Unit 2 Sherdley Road Industrial Estate
Wharton Road
St Helens
Lancashire
WA9 5AA
 

12	Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Bank borrowings	213,275	69,512
Hire purchase contracts	9,036	16,576
	222,311	86,088

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	92,788	77,223
Hire purchase contracts	5,164	5,163
	97,952	82,386

Secured creditors
The loan from F W Capital Limited is secured by way of a debenture dated 15 January 2015 over the fixed and floating assets of the company. The bank loan is secured in favour of The Royal Bank of Scotland by a debenture dated 26 September 2007 over the fixed and floating assets of the company.