Composites Evolution Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07024132 (England and Wales)

COMPOSITES EVOLUTION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G R Bishop

B M Weager

C N Barnes

S Kirk

REGISTERED OFFICE:

1A Broom Business Park,

Bridge Way,

Chesterfield

S41 9QG

REGISTERED NUMBER:

07024132 (England and Wales)

FIXED ASSETS

Tangible assets

4

31,085

32,327

CURRENT ASSETS

Stocks

232,050

184,866

Debtors

356,018

412,789

Cash at bank and in hand

14,004

97,657

602,072

695,312

CREDITORS

Amounts falling due within one year

478,073

288,745

NET CURRENT ASSETS

123,999

406,567

TOTAL ASSETS LESS CURRENT LIABILITIES

155,084

438,894

CREDITORS

Amounts falling due after more than one year

(140,343

)

(4,562

)

PROVISIONS FOR LIABILITIES

(4,888

)

(5,066

)

NET ASSETS

9,853

429,266

CAPITAL AND RESERVES

Called up share capital

263,300

263,300

Retained earnings

(253,447

)

165,966

SHAREHOLDERS' FUNDS

9,853

429,266

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2022 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 16 February 2023 and were signed on its behalf by:

C N Barnes - 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 the Directors.

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 21 (2021 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2021

47,445

Additions

4,659

At 30 June 2022

52,104

DEPRECIATION

At 1 July 2021

15,118

Charge for year

5,901

At 30 June 2022

21,019

NET BOOK VALUE

At 30 June 2022

31,085

At 30 June 2021

32,327

5.	LEASING AGREEMENTS

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

2022

2021

£

£

Within one year

69,417

67,000

Between one and five years

178,833

67,000

In more than five years

-

39,083

248,250

173,083

6.	ULTIMATE CONTROLLING PARTY

At the year end date 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.

7.	GOVERNMENT ASSISTANCE

During last year the company has received grant income under the HM Government Coronavirus Job Retention Scheme totalling £10,244 nil in 2022. Amounts recognised are included in Other Income.