Circuit Solutions (Cambridge) Limited - Accounts to registrar (filleted) - small 23.1.2
Circuit Solutions (Cambridge) Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2022 |
| FOR |
| CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED |
| CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 10 Jesus Lane |
| Cambridge |
| Cambridgeshire |
| CB5 8BA |
| CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762) |
| BALANCE SHEET |
| 31 OCTOBER 2022 |
| 2022 | 2021 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2022 |
| 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 |
| CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2022 |
| 1. | STATUTORY INFORMATION |
| Circuit Solutions (Cambridge) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Plant and machinery | - |
| Office equipment | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2022 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 material 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. |
| 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. |
| CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2022 |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 November 2021 |
| and 31 October 2022 |
| AMORTISATION |
| At 1 November 2021 |
| and 31 October 2022 |
| NET BOOK VALUE |
| At 31 October 2022 |
| At 31 October 2021 |
| 6. | TANGIBLE FIXED ASSETS |
| Plant and | Office | Computer |
| machinery | equipment | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 November 2021 |
| Additions |
| At 31 October 2022 |
| DEPRECIATION |
| At 1 November 2021 |
| Charge for year |
| At 31 October 2022 |
| NET BOOK VALUE |
| At 31 October 2022 |
| At 31 October 2021 |
| CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2022 |
| 6. | TANGIBLE FIXED ASSETS - continued |
| 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 2021 |
| Transfer to ownership | (293,719 | ) | (24,504 | ) | (318,223 | ) |
| At 31 October 2022 |
| DEPRECIATION |
| At 1 November 2021 |
| Charge for year |
| Transfer to ownership | (143,378 | ) | (12,131 | ) | (155,509 | ) |
| At 31 October 2022 |
| NET BOOK VALUE |
| At 31 October 2022 |
| At 31 October 2021 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts (see note 10) |
| Hire purchase contracts (see note 11) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Hire purchase contracts (see note 11) |
| CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2022 |
| 10. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| 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: |
| 2022 | 2021 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Hire purchase contracts | 109,047 | 213,337 |
| 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 |
| 2022 | 2021 |
| £ | £ |
| Deferred tax | 61,708 | 86,139 |
| CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2022 |
| 13. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2021 |
| Credit to Profit and loss account during year | ( |
) |
| Balance at 31 October 2022 |
| 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 | 2022 | 2021 |
| value: | £ | £ |
| Ordinary | £1 | 300 | 300 |
| 15. | OTHER FINANCIAL COMMITMENTS |
| The company has financial commitments amounting to £99,795.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 £23,795 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 2022 and 31 October 2021: |
| 2022 | 2021 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 17. | RELATED PARTY DISCLOSURES |
| During the year under review the company was charged £10,500 (2021: £10,500) in respect of vehicle costs by an unicorporated entity controlled by the directors. |