Composites Evolution Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07024132 (England and Wales)

COMPOSITES EVOLUTION LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2021

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G R Bishop

J J Carruthers

B M Weager

REGISTERED OFFICE:

1A Broom Business Park,

Bridge Way,

Chesterfield

S41 9QG

REGISTERED NUMBER:

07024132 (England and Wales)

SENIOR STATUTORY AUDITOR:

Andrew Cribb FCA

AUDITORS:

Smith Craven

Chartered Accountants

Statutory Auditors

Sidings House

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

FIXED ASSETS

Tangible assets

4

32,327

20,277

CURRENT ASSETS

Stocks

184,866

127,995

Debtors

412,789

301,531

Cash at bank and in hand

97,657

123,428

695,312

552,954

CREDITORS

Amounts falling due within one year

288,745

379,848

NET CURRENT ASSETS

406,567

173,106

TOTAL ASSETS LESS CURRENT LIABILITIES

438,894

193,383

CREDITORS

Amounts falling due after more than one year

(4,562

)

(6,055

)

PROVISIONS FOR LIABILITIES

(5,066

)

(3,936

)

NET ASSETS

429,266

183,392

CAPITAL AND RESERVES

Called up share capital

263,300

263,300

Retained earnings

165,966

(79,908

)

SHAREHOLDERS' FUNDS

429,266

183,392

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 29 November 2021 and were signed on its behalf by:

G R Bishop - Director

1.	STATUTORY INFORMATION

Composites Evolution 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.

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.

The accounts have been prepared on the going concern basis as in the director's opinion this is the most appropriate basis for their preparation.The company has been given assurances of continued financial and technical support from Netcomposites Limited, a company under common control.

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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, and grants receivable towards the funding of the company's operational activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on cost, 5% on reducing balance and Straight line over 3 years

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 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.

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.

Grant income

Grant income, towards the funding of revenue costs, is recognised on a receivables basis, when the company obtains the right to the consideration.

Grant income relating to the purchase of tangible fixed assets is recognised over the estimated useful economic life of the asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2020 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2020

31,018

Additions

16,427

At 30 June 2021

47,445

DEPRECIATION

At 1 July 2020

10,741

Charge for year

4,377

At 30 June 2021

15,118

NET BOOK VALUE

At 30 June 2021

32,327

At 30 June 2020

20,277

5.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

67,000

24,000

Between one and five years

67,000

62,000

In more than five years

39,083

-

173,083

86,000

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Cribb FCA (Senior Statutory Auditor)

for and on behalf of Smith Craven

7.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Gordon Bishop by virtue of his majority shareholding in the issued ordinary share capital of the company's parent undertaking, Netcomposites Business Group Limited.

9.	GOVERNMENT ASSISTANCE

During the year the company has received grant income under the HM Government Coronavirus Job Retention Scheme totalling £10,244 (2020: £41,120). Amounts recognised are included in Other Income.