Cumbria Mailing Services Limited Company Accounts

CUMBRIA MAILING SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03136821

Cumbria Mailing Services Limited

Filleted Unaudited Financial Statements

31 December 2017

Cumbria Mailing Services Limited

Financial Statements

Year ended 31 December 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Cumbria Mailing Services Limited

Officers and Professional Advisers

The board of directors	Mr R Kirk
	Mr T J B Tucker
	Mr J P Knowles
	Mrs H J Tucker
	Mr P K Hilton

Company secretary	Mr R Kirk

Registered office	Unit 4 Haweswater Road
	Penrith Industrial Estate
	Penrith
	Cumbria
	CA11 9EQ

Accountants	Saint and Co
	Chartered accountant
	4 Mason Court
	Gillan Way
	Penrith 40 Business Park
	Penrith
	Cumbria
	CA11 9GR

Cumbria Mailing Services Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		29,182	38,909

Current assets

Stocks		6,473	6,922
Debtors	6	94,701	104,267
Cash at bank and in hand		62,874	99,094
		-----------	-----------
		164,048	210,283

Creditors: amounts falling due within one year	7	( 121,268)		( 150,122)
		-----------		-----------
Net current assets			42,780	60,161
			---------	---------
Total assets less current liabilities			71,962	99,070

Creditors: amounts falling due after more than one year	8		–	( 5,778)

Provisions

Taxation including deferred tax	–	( 4,364)
	---------	---------
Net assets	71,962	88,928
	---------	---------

Capital and reserves

Called up share capital	1,100	1,100
Profit and loss account	70,862	87,828
	---------	---------
Members funds	71,962	88,928
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

Cumbria Mailing Services Limited

Statement of Financial Position (continued)

31 December 2017

For the year ending 31 December 2017 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 were approved by the board of directors and authorised for issue on 13 April 2018 , and are signed on behalf of the board by:

Mr P K Hilton
Director

Company registration number: 03136821

Cumbria Mailing Services Limited

Notes to the Financial Statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4 Haweswater Road, Penrith Industrial Estate, Penrith, Cumbria, CA11 9EQ.

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 the 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 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - None Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - None

Revenue recognition

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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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.

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:

Leasehold property	-	Charged over the remaining life of the lease
Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Equipment	-	33% straight line

Impairment of fixed assets

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.

Stocks

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 as a finance cost 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 9 (2016: 10 ).

5. Tangible assets

	Long leasehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2017 and 31 December 2017	2,756	601,998	5,660	9,984	620,398
	--------	-----------	--------	--------	-----------
Depreciation
At 1 January 2017	2,756	563,238	5,511	9,984	581,489
Charge for the year	–	9,690	37	–	9,727
	--------	-----------	--------	--------	-----------
At 31 December 2017	2,756	572,928	5,548	9,984	591,216
	--------	-----------	--------	--------	-----------
Carrying amount
At 31 December 2017	–	29,070	112	–	29,182
	--------	-----------	--------	--------	-----------
At 31 December 2016	–	38,760	149	–	38,909
	--------	-----------	--------	--------	-----------

6. Debtors

	2017	2016
	£	£
Trade debtors	75,167	85,737
Other debtors	19,534	18,530
	---------	-----------
	94,701	104,267
	---------	-----------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	66,954	71,235
Corporation tax	–	4,600
Social security and other taxes	13,153	12,839
Other creditors	41,161	61,448
	-----------	-----------
	121,268	150,122
	-----------	-----------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	–	5,778
	-----	--------

9. Directors' advances, credits and guarantees

The directors were not advanced any amounts during the period.

10. Related party transactions

At the year end the company owed £20,000 (2016: £32,093) to the directors by way of interest free loans. These loans were included in other creditors. No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.