Cardea Solutions (UK) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03480435 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

CARDEA SOLUTIONS (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P O'Carroll

REGISTERED OFFICE:

Unit C4 Broadoak Business Park

Ashburton Road West

Manchester

M17 1RW

REGISTERED NUMBER:

03480435 (England and Wales)

ACCOUNTANTS:

Sedulo Accountants Limited

Chartered Certified Accountants

Regency Court

62-66 Deansgate

Manchester

Lancashire

M3 2EN

FIXED ASSETS

Intangible assets

4

74,456

38,786

Tangible assets

5

43,511

53,184

Investments

6

2,000

2,000

119,967

93,970

CURRENT ASSETS

Stocks

104,396

182,083

Debtors

7

252,591

198,049

Cash at bank and in hand

3,228

8,566

360,215

388,698

CREDITORS

Amounts falling due within one year

8

340,132

342,946

NET CURRENT ASSETS

20,083

45,752

TOTAL ASSETS LESS CURRENT LIABILITIES

140,050

139,722

CREDITORS

Amounts falling due after more than one year

9

(38,333

)

(66,477

)

PROVISIONS FOR LIABILITIES

(12,000

)

-

NET ASSETS

89,717

73,245

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

79,717

63,245

SHAREHOLDERS' FUNDS

89,717

73,245

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 31 May 2017 and were signed by:

P O'Carroll - Director

1.	STATUTORY INFORMATION

Cardea Solutions (UK) 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

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

-

33% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

33% on cost

Website

-

33% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 .

4.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 January 2016

40,000

34,786

74,786

Additions

-

51,265

51,265

At 31 December 2016

40,000

86,051

126,051

AMORTISATION

At 1 January 2016

36,000

-

36,000

Amortisation for year

4,000

11,595

15,595

At 31 December 2016

40,000

11,595

51,595

NET BOOK VALUE

At 31 December 2016

-

74,456

74,456

At 31 December 2015

4,000

34,786

38,786

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Website

Totals

£

£

£

£

£

COST

At 1 January 2016

35,064

53,531

1,500

162,868

252,963

Additions

3,100

1,034

-

12,566

16,700

At 31 December 2016

38,164

54,565

1,500

175,434

269,663

DEPRECIATION

At 1 January 2016

16,799

48,770

125

134,085

199,779

Charge for year

9,946

2,545

500

13,382

26,373

At 31 December 2016

26,745

51,315

625

147,467

226,152

NET BOOK VALUE

At 31 December 2016

11,419

3,250

875

27,967

43,511

At 31 December 2015

18,265

4,761

1,375

28,783

53,184

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

Plant and

machinery

£

COST

At 1 January 2016

and 31 December 2016

12,540

DEPRECIATION

At 1 January 2016

10,102

Charge for year

2,438

At 31 December 2016

12,540

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

2,438

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2016

and 31 December 2016

2,000

NET BOOK VALUE

At 31 December 2016

2,000

At 31 December 2015

2,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

as restated

£

£

Trade debtors

184,230

159,402

Other debtors

68,361

38,647

252,591

198,049

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

as restated

£

£

Bank loans and overdrafts

79,721

76,631

Hire purchase contracts

1,873

3,066

Trade creditors

167,771

167,722

Taxation and social security

41,012

40,304

Other creditors

49,755

55,223

340,132

342,946

The bank overdraft is secured by a fixed and floating charge over the assets of the company by way of debenture.

An additional personal guarantee of £27,500 has also been given by the sole director Mr Paul O'Carroll.

The bank loan is secured by The Department of Trade and Industry for £86,250.

An additional £28,750 is secured by personal guarantee from the sole director Mr Paul O'Carroll.

Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

as restated

£

£

Bank loans

38,333

64,688

Hire purchase contracts

-

1,789

38,333

66,477

10.	OPERATING LEASES

The company has total commitments under non-cancellable operating leases of £58,470

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2016 and

31 December 2015:

31.12.16

31.12.15

as restated

£

£

P O'Carroll

Balance outstanding at start of year

(24

)

-

Amounts advanced

23,728

-

Amounts repaid

-

(24

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,704

(24

)

12.	RELATED PARTY DISCLOSURES

The ultimate controlling party is Cardea Solutions Ltd.

Cardea Solutions Ltd is the parent company of Cardea Solutions (UK) Ltd