CMS Wrexham Limited Company Accounts

CMS Wrexham Limited Company Accounts

CMS WREXHAM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05545902
CMS Wrexham Limited
Filleted Unaudited Financial Statements
31 March 2018
CMS Wrexham Limited
Financial Statements
Year ended 31 March 2018
Contents
Page
Statement of financial position
1
Statement of changes in equity
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountants and business advisers report to the director on the preparation of the unaudited statutory financial statements
9
CMS Wrexham Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
6
313,398
342,580
Current assets
Stocks
30,000
34,564
Debtors
7
133,639
138,772
Cash at bank and in hand
230,543
217,878
---------
---------
394,182
391,214
Creditors: amounts falling due within one year
8
285,546
117,494
---------
---------
Net current assets
108,636
273,720
---------
---------
Total assets less current liabilities
422,034
616,300
Provisions
( 18,652)
–
---------
---------
Net assets
403,382
616,300
---------
---------
Capital and reserves
Called up share capital
1
2
Profit and loss account
403,381
616,298
---------
---------
Member funds
403,382
616,300
---------
---------
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.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CMS Wrexham Limited
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 25 July 2018 , and are signed on behalf of the board by:
Mr JM Roberts
Director
Company registration number: 05545902
CMS Wrexham Limited
Statement of Changes in Equity
Year ended 31 March 2018
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2016
2
733,215
733,217
Profit for the year
164,839
164,839
----
---------
---------
Total comprehensive income for the year
–
164,839
164,839
Dividends paid and payable
–
( 281,756)
( 281,756)
----
---------
---------
Total investments by and distributions to owners
–
( 281,756)
( 281,756)
At 31 March 2017
2
616,298
616,300
Profit for the year
125,832
125,832
----
---------
---------
Total comprehensive income for the year
–
125,832
125,832
Dividends paid and payable
–
( 38,750)
( 38,750)
Cancellation of subscribed capital
–
1
1
Redemption of shares
( 1)
( 300,000)
( 300,001)
----
---------
---------
Total investments by and distributions to owners
( 1)
( 338,749)
( 338,750)
----
---------
---------
At 31 March 2018
1
403,381
403,382
----
---------
---------
CMS Wrexham Limited
Notes to the Financial Statements
Year ended 31 March 2018
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 404 Ash Road North, Wrexham Industrial Estate, Wrexham, LL13 9UF.
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. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
10% Reducing balance
Motor vehicles
-
20% Reducing balance
Equipment
-
20% Reducing balance
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 17 (2017: 17 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018
80,000
--------
Amortisation
At 1 April 2017 and 31 March 2018
80,000
--------
Carrying amount
At 31 March 2018
–
--------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2017
200,640
475,828
14,050
3,487
694,005
Additions
–
577
5,500
150
6,227
Disposals
( 92)
( 21,815)
–
–
( 21,907)
---------
---------
--------
-------
---------
At 31 March 2018
200,548
454,590
19,550
3,637
678,325
---------
---------
--------
-------
---------
Depreciation
At 1 April 2017
–
336,911
11,525
2,989
351,425
Charge for the year
–
11,768
1,605
129
13,502
---------
---------
--------
-------
---------
At 31 March 2018
–
348,679
13,130
3,118
364,927
---------
---------
--------
-------
---------
Carrying amount
At 31 March 2018
200,548
105,911
6,420
519
313,398
---------
---------
--------
-------
---------
At 31 March 2017
200,640
138,917
2,525
498
342,580
---------
---------
--------
-------
---------
7. Debtors
2018
2017
£
£
Trade debtors
132,473
137,604
Other debtors
1,166
1,168
---------
---------
133,639
138,772
---------
---------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
11,960
23,101
Social security and other taxes
83,864
92,554
Other creditors
189,722
1,839
---------
---------
285,546
117,494
---------
---------
9. Director's advances, credits and guarantees
During the year, the company operated a loan account with the directors. At the year end there was a credit balance of £187,142(2017 £0).
CMS Wrexham Limited
Management Information
Year ended 31 March 2018
The following pages do not form part of the financial statements.
CMS Wrexham Limited
Chartered Accountants and Business Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of CMS Wrexham Limited
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CMS Wrexham Limited for the year ended 31 March 2018, which comprise the statement of financial position, statement of changes in equity and the 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of CMS Wrexham Limited in accordance with the terms of our engagement letter dated 16 March 2018. Our work has been undertaken solely to prepare for your approval the financial statements of CMS Wrexham Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CMS Wrexham Limited and its director for our work or for this report.
It is your duty to ensure that CMS Wrexham 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 CMS Wrexham Limited. You consider that CMS Wrexham 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 CMS Wrexham 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.
BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisers
18 Ruabon Road Wrexham LL13 7PB
25 July 2018