Circuit Solutions (Cambridge) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03875762 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R H Greenwood

B Milborn

C Wright

REGISTERED OFFICE:

Cambridge House

Cambridge Road

Hemingford Abbots

Huntingdon

Cambridgeshire

PE28 9HQ

REGISTERED NUMBER:

03875762 (England and Wales)

ACCOUNTANTS:

Thompson Taraz Rand Ltd

Chartered Accountants

10 Jesus Lane

Cambridge

Cambridgeshire

CB5 8BA

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

652,639

805,049

652,639

805,049

CURRENT ASSETS

Stocks

1,061,535

456,203

Debtors

7

536,744

382,036

Cash at bank and in hand

675,466

230,798

2,273,745

1,069,037

CREDITORS

Amounts falling due within one year

8

(1,892,995

)

(742,270

)

NET CURRENT ASSETS

380,750

326,767

TOTAL ASSETS LESS CURRENT LIABILITIES

1,033,389

1,131,816

CREDITORS

Amounts falling due after more than one year

9

(109,717

)

(214,057

)

PROVISIONS FOR LIABILITIES

13

(86,139

)

(102,996

)

NET ASSETS

837,533

814,763

CAPITAL AND RESERVES

Called up share capital

14

300

300

Retained earnings

837,233

814,463

SHAREHOLDERS' FUNDS

837,533

814,763

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2022 and were signed on its behalf by:

R H Greenwood - Director

B Milborn - Director

1.	STATUTORY INFORMATION

Circuit Solutions (Cambridge) 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.

Critical accounting judgements and key sources of estimation uncertainty

Useful economic lives of tangible fixed assets:

Tangible fixed assets are depreciated over their expected useful lives taking into consideration residual values, where appropriate. The actual lives of the assets and residual values are assessed and amended when necessary to reflect the current estimates based on economic utilisation and physical condition of the assets.

Turnover

Turnover is derived from the design, manufacture and assembly of printed circuit boards in the United Kingdom and represents credit sales in respect of the year excluding value added tax.

Revenue is recognised when significant risk and rewards have been transferred to the customer, which is usually when the company has dispatched goods to the customer. Were revenue is received in advance of completion this is recognised as deferred income within creditors.

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.

Plant and machinery

-

10% on cost

Office equipment

-

25% on cost

Computer equipment

-

25% & 33% on cost

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received using the performance model.

The grant will therefore be recognised in income when the grant proceeds are received or receivable provided the terms of the grant do not impose future performance related conditions.

If the terms of the grant do impose future performance related conditions, the grant is only recognised in income when the performance related conditions are met.

Any grants that are received before the recognition criteria is met are recognised in the entity's financial statements as a liability.

Stocks

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

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006. On transition to FRS 102 the useful life of goodwill has been revised down to six years from the date of transition.

Going concern

The situation with respect to Covid 19 continues to evolve on a daily basis and the impact of the continued uncertainty does make scenario planning difficult. There have been difficulties for our sales teams being able to meet face to face with our customers as well as disruption and delay to the supply chain and manufacturing process resulting in delays to order output resulting in a significant increase in stock.

The directors have a more than reasonable expectation that the company has the required resources to continue in operational existence for the foreseeable future.In making this assessment the directors have considered the Company's financial resources at the time of approving the financial statements as well as anticipated future activity and results.

The situation with respect to Covid 19 does give rise to some uncertainty around going concern however the directors are cautiously optimistic that the steps taken are sufficient to address downside scenarios and support the going concern judgement.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2020 - 42 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2020

and 31 October 2021

134,913

AMORTISATION

At 1 November 2020

and 31 October 2021

134,913

NET BOOK VALUE

At 31 October 2021

-

At 31 October 2020

-

6.	TANGIBLE FIXED ASSETS

Plant and

Office

Computer

machinery

equipment

equipment

Totals

£

£

£

£

COST

At 1 November 2020

1,748,859

72,129

101,094

1,922,082

Additions

29,828

4,954

-

34,782

At 31 October 2021

1,778,687

77,083

101,094

1,956,864

DEPRECIATION

At 1 November 2020

985,401

53,852

77,780

1,117,033

Charge for year

165,468

7,138

14,586

187,192

At 31 October 2021

1,150,869

60,990

92,366

1,304,225

NET BOOK VALUE

At 31 October 2021

627,818

16,093

8,728

652,639

At 31 October 2020

763,458

18,277

23,314

805,049

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

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 November 2020

963,001

24,504

987,505

Additions

27,138

-

27,138

Transfer to ownership

(402,025

)

-

(402,025

)

At 31 October 2021

588,114

24,504

612,618

DEPRECIATION

At 1 November 2020

364,675

7,217

371,892

Charge for year

77,670

4,914

82,584

Transfer to ownership

(202,355

)

-

(202,355

)

At 31 October 2021

239,990

12,131

252,121

NET BOOK VALUE

At 31 October 2021

348,124

12,373

360,497

At 31 October 2020

598,326

17,287

615,613

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

471,939

256,511

Other debtors

64,805

125,525

536,744

382,036

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 10)

76,393

8,334

Hire purchase contracts (see note 11)

103,620

157,256

Trade creditors

696,963

280,603

Taxation and social security

215,333

154,952

Other creditors

800,686

141,125

1,892,995

742,270

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 10)

-

41,666

Hire purchase contracts (see note 11)

109,717

172,391

109,717

214,057

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

8,333

10.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year or on demand:

Bank loans

76,393

8,334

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

33,333

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

8,333

The bank loan represents a Corona Virus Business Interruption Loan and is unsecured.

11.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2021

2020

£

£

Net obligations repayable:

Within one year

103,620

157,256

Between one and five years

109,717

172,391

213,337

329,647

12.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

213,337

329,647

Amounts due under bank loans and overdrafts are secured by way of a fixed and floating charge over the company's assets.

Liabilities held under hire purchase agreements are secured against the assets to which they relate.

13.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

86,139

102,996

Deferred

tax

£

Balance at 1 November 2020

102,996

Credit to Profit and loss account during year

(16,857

)

Balance at 31 October 2021

86,139

Deferred tax has been recognised in respect of the excess of capital allowances over depreciation.

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

300

Ordinary

£1

300

300

15.	OTHER FINANCIAL COMMITMENTS

The company has financial commitments amounting to £92,574 (2020: £92,574).This represents an annual commitment of £76,000 per year on a rolling 12 month basis, in respect of the rental of the company's commercial premises and a further £16,583 (2019:£16,583) in relation to plant and equipment.

16.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2021 and 31 October 2020:

2021

2020

£

£

R H Greenwood and B Milborn

Balance outstanding at start of year

-

-

Amounts advanced

55,700

55,513

Amounts repaid

(55,700

)

(55,513

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

17.	RELATED PARTY DISCLOSURES