Cambashi Limited 30/09/2023 iXBRL

Cambashi Limited 30/09/2023 iXBRL

CAMBASHI LIMITED - Company Information

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Company registration number: 01360554
Cambashi Limited
Unaudited financial statements
30 September 2023
Cambashi Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Cambashi Limited
Directors and other information
Directors Mr Tony Christian
Mrs Jennifer Jacobsberg
Mr Peter Thorne
Mr Paul Garnham
Mr Keith Henry
Company number 01360554
Registered office 303/305 Sheraton House
Castle Park
Cambridge
Cambridgeshire
CB3 0AX
Business address 303/305 Sheraton House
Castle Park
Cambridge
Cambridgeshire
CB3 0AX
Accountants Chater Allan LLP
7 Quy Court
Colliers Lane
Stow-cum-Quy
Cambridgeshire
CB25 9AU
Bankers HSBC
62 Hills Road
Cambridge
Cambridgeshire
CB2 1LA
Cambashi Limited
Directors report
Year ended 30 September 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2023.
Directors
The directors who served the company during the year were as follows:
Mr Tony Christian
Mrs Jennifer Jacobsberg
Mr Peter Thorne
Mr Paul Garnham
Mr Keith Henry
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 November 2023 and signed on behalf of the board by:
Mr Peter Thorne
Director
Cambashi Limited
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Cambashi Limited
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cambashi Limited for the year ended 30 September 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Cambashi Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cambashi Limited and state those matters that we have agreed to state to the board of directors of Cambashi Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cambashi Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Cambashi Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cambashi Limited. You consider that Cambashi Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Cambashi Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chater Allan LLP
7 Quy Court
Colliers Lane
Stow-cum-Quy
Cambridgeshire
CB25 9AU
8 April 2024
Cambashi Limited
Statement of comprehensive income
Year ended 30 September 2023
2023 2022
Note £ £
Turnover 1,066,343 991,789
Cost of sales ( 57,389) ( 47,896)
_______ _______
Gross profit 1,008,954 943,893
Administrative expenses ( 923,379) ( 836,757)
_______ _______
Operating profit 85,575 107,136
Other interest receivable and similar income 996 534
Interest payable and similar expenses ( 1,028) ( 1,215)
_______ _______
Profit before taxation 5 85,543 106,455
Tax on profit ( 16,598) ( 21,947)
_______ _______
Profit for the financial year and total comprehensive income 68,945 84,508
_______ _______
All the activities of the company are from continuing operations.
Cambashi Limited
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 11,200 12,643
_______ _______
11,200 12,643
Current assets
Work in progress 121,568 89,599
Debtors 7 71,327 115,714
Cash at bank and in hand 140,568 208,647
_______ _______
333,463 413,960
Creditors: amounts falling due
within one year 8 ( 140,446) ( 192,650)
_______ _______
Net current assets 193,017 221,310
_______ _______
Total assets less current liabilities 204,217 233,953
Creditors: amounts falling due
after more than one year 9 ( 17,365) ( 27,442)
_______ _______
Net assets 186,852 206,511
_______ _______
Capital and reserves
Called up share capital 36,181 36,181
Share premium account - 194,985
Other reserves - 2,517
Profit and loss account 150,671 ( 27,172)
_______ _______
Shareholders funds 186,852 206,511
_______ _______
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 30 November 2023 , and are signed on behalf of the board by:
Mr Peter Thorne
Director
Company registration number: 01360554
Cambashi Limited
Statement of changes in equity
Year ended 30 September 2023
Called up share capital Share premium account Other reserves Profit and loss account Total
£ £ £ £ £
At 1 October 2021 36,181 194,985 2,517 ( 20,243) 213,440
Profit for the year 84,508 84,508
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 84,508 84,508
Dividends paid and payable ( 6,083) ( 6,083)
Equity settled share-based payments ( 85,354) ( 85,354)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 91,437) ( 91,437)
_______ _______ _______ _______ _______
At 30 September 2022 and 1 October 2022 36,181 194,985 2,517 ( 27,172) 206,511
Profit for the year 68,945 68,945
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 68,945 68,945
Dividends paid and payable ( 6,083) ( 6,083)
EOT Transactions ( 82,521) ( 82,521)
Capital restructuring - ( 194,985) ( 2,517) 197,502 -
_______ _______ _______ _______ _______
Total investments by and distributions to owners - ( 194,985) ( 2,517) 108,898 ( 88,604)
_______ _______ _______ _______ _______
At 30 September 2023 36,181 - - 150,671 186,852
_______ _______ _______ _______ _______
Cambashi Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 303/305 Sheraton House, Castle Park, Cambridge, Cambridgeshire, CB3 0AX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office furniture and fittings - 33.33 % straight line
Computers and peripherals - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 17 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 8,066 6,595
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 October 2022 8,105 13,830 21,935
Additions - 6,623 6,623
_______ _______ _______
At 30 September 2023 8,105 20,453 28,558
_______ _______ _______
Depreciation
At 1 October 2022 2,926 6,366 9,292
Charge for the year 2,701 5,365 8,066
_______ _______ _______
At 30 September 2023 5,627 11,731 17,358
_______ _______ _______
Carrying amount
At 30 September 2023 2,478 8,722 11,200
_______ _______ _______
At 30 September 2022 5,179 7,464 12,643
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 46,071 92,082
Other debtors 25,256 23,632
_______ _______
71,327 115,714
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,079 9,831
Trade creditors 2,146 11,084
Corporation tax 16,598 20,641
Social security and other taxes 16,339 17,202
Other creditors 95,284 133,892
_______ _______
140,446 192,650
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 17,365 27,442
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 38,016 41,472
Later than 1 year and not later than 5 years - 44,928
_______ _______
38,016 86,400
_______ _______
11. Other financial commitments
Cambashi Limited has an obligation as guarantor to the Cambashi Employees' Share Trust vendor loan to the exiting shareholders. The value (including assigned interest) at the end of 30 September 2023 was £247,916.67 - This will be funded from future trading profits.
12. Controlling party
The company is under the control of Cambashi Employees' Share Trust by virtue of its 58% holding of the issued shares.