Cymba Ltd
Registered number: 12354333
Unaudited Financial Statements
For The Year Ended
30 September 2022
Time Accounts Ltd
Basepoint Business Centre
Little High Street
Shoreham-By-Sea
West Sussex
BN43 5EG
Cymba Ltd
Unaudited Financial Statements
For The Year Ended
30 September 2022
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Cymba Ltd
Balance Sheet
As at
30 September 2022
Balance Sheet
Registered number:
12354333
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 6 |
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Capital introduced demerger |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 11,368,847 | 9,599,194 | |||
Cymba Ltd
Balance Sheet (continued)
As at
30 September 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Cymba Ltd
Notes to the Financial Statements
For The Year Ended
30 September 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
1.2.
Significant judgements and estimations
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.
1.3.
Turnover
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.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Tangible assets are stated in the balance sheet 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.
1.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Cymba Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2022
1.7.
Pensions
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.
1.8.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of
change in value.
1.9.
Trade Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary
course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost
using the effective interest method, less provision for impairment. A provision for the impairment of trade
debtors is established when there is objective evidence that the company will not be able to collect all amounts
due according to the original terms of the receivables.
1.10.
Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are classified as current liabilities if the company does not have an
unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve
months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months
after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost
using the effective interest method.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2021: 1)
3.
Tangible Assets
Investment Properties | |
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£ | |
Cost or Valuation | |
As at
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Revaluation | 1,800,000 |
As at
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Net Book Value | |
As at
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As at
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During the year an independent examination of the investment properties was carried out and the fair value adjustment has been recognised in the accounts.
Cymba Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2022
4.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Amounts owed by group undertakings |
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5.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Trade creditors |
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Corporation tax |
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VAT |
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Accruals and deferred income |
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Director's loan account |
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Amounts owed to group undertakings |
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7.
Related Party Transactions
Summary of transactions with other related parties
Included within other debtors is an amount of £1,825,519 (2021: £3,847,584) due from a company under common
control.
Loan interest of £53,741 (2021: £28,646) has been accrued on loans provided to those companies.
Included within other creditors is an amount of £133,173 (2021: £74,878) due to a company under common
control.
There are no repayment terms in place.
Included within the director's current account is an amount owing on finance loans provided to the company of £974,143 (2021: £3,525,000) due to connected parties who are directors and participator. The overall total owing to participators and directors is £918,825 (2021: £3,498,694).
Interest of £63,544 (2021: £28,646) has been accrued on these loans provided by participators during the year.
There are no repayment terms in place.
8.
General Information
Cymba Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
12354333
. The registered office is Church House, Church Street, Godalming, GU7 1EW.