Corporate Mobile Recycling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04591053 (England and Wales)

CORPORATE MOBILE RECYCLING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M. Harrison

O. Tagg

H. Tuffnail

M.S. Nolan

SECRETARY:

M. Harrison

REGISTERED OFFICE:

3 Long Yard,

Holborn,

London

WC1N 3LS

REGISTERED NUMBER:

04591053 (England and Wales)

AUDITORS:

Findlay, Wetherfield, Scott & Co.

Chartered Accountants and Statutory Auditors

135/137, Station Road,

Chingford,

London

E4 6AG

BANKERS:

Barclays Bank plc.,

54 Lombard Street,

London,

EC3P 3AH

FIXED ASSETS

Intangible assets

4

8,793

13,188

Tangible assets

5

7,349

9,213

Investments

6

60,380

60,380

76,522

82,781

CURRENT ASSETS

Stocks

1,764,078

1,357,420

Debtors

7

1,148,744

916,737

Cash at bank and in hand

1,804,122

1,457,156

4,716,944

3,731,313

CREDITORS

Amounts falling due within one year

8

2,634,765

2,531,605

NET CURRENT ASSETS

2,082,179

1,199,708

TOTAL ASSETS LESS CURRENT LIABILITIES

2,158,701

1,282,489

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Retained earnings

2,148,701

1,272,489

SHAREHOLDERS' FUNDS

2,158,701

1,282,489

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 Board of Directors on 18th December 2018 and were signed on its behalf by:

M. Harrison - Director

O. Tagg - Director

1.	STATUTORY INFORMATION

Corporate Mobile Recycling 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 amounts paid in connection with the acquisition of businesses in 2003 and 2010, are being

amortised evenly over their estimated useful lives of ten years each.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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 33 (2017 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2017

and 31st March 2018

43,953

AMORTISATION

At 1st April 2017

30,765

Charge for year

4,395

At 31st March 2018

35,160

NET BOOK VALUE

At 31st March 2018

8,793

At 31st March 2017

13,188

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st April 2017

5,367

61,239

74,200

140,806

Additions

-

-

4,900

4,900

At 31st March 2018

5,367

61,239

79,100

145,706

DEPRECIATION

At 1st April 2017

5,117

60,383

66,093

131,593

Charge for year

250

468

6,046

6,764

At 31st March 2018

5,367

60,851

72,139

138,357

NET BOOK VALUE

At 31st March 2018

-

388

6,961

7,349

At 31st March 2017

250

856

8,107

9,213

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st April 2017

and 31st March 2018

60,380

NET BOOK VALUE

At 31st March 2018

60,380

At 31st March 2017

60,380

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Retrofone Limited

Registered office:

Nature of business: Dormant company

%

Class of shares:

holding

Ordinary

100.00

2018

2017

£

£

Aggregate capital and reserves

90

90

Corporate Mobile Recycling Limited acquired the whole of the ordinary issued share capital of Retrofone

Limited on 12th March 2010. Retrofone Limited distributed all of its retained profits to the parent company and

is being treated as being dormant throughout the whole of the year under review.

Corporate Mobile Recycling Espana S.L.

Registered office:

Nature of business: Sale of second hand mobile telephones

%

Class of shares:

holding

Ordinary

100.00

2018

2017

£

£

Aggregate capital and reserves

599,790

635,714

(Loss)/profit for the year

(35,934

)

103,656

Corporate Mobile Recycling Limited acquired 75.02% of the ordinary issued share capital of Corporate Mobile

Recycling Espana S.L. on 1st April 2010. The company acquired the remaining shares on 14th May 2015 and

now owns 100% of the ordinary issued share capital of Corporate Mobile Recycling Espana S.L

Sarl AS 24 Communications - Fonebank

Registered office:

Nature of business: Sale of second hand mobile telephones

%

Class of shares:

holding

Ordinary

100.00

2018

2017

£

£

Aggregate capital and reserves

10,044

36,134

(Loss)/profit for the year

(25,789

)

20,166

Corporate Mobile Recycling Limited acquired the whole of the ordinary issued share capital of Sarl AS 24

Communications - Fonebank on 9th May 2014.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

871,843

769,963

Other debtors

121,159

46,806

Taxes

32,373

38,841

Related party debtors

62,789

-

Prepayments

60,580

61,127

1,148,744

916,737

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

457,129

400,390

Corporation tax

206,773

127,089

Social security and other taxes

20,788

16,234

Related party creditors

1,778,000

1,827,518

Accrued expenses

172,075

160,374

2,634,765

2,531,605

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

5,100

A Ordinary Non Voting

£1

5,100

5,100

4,900

B Ordinary

£1

4,900

4,900

10,000

10,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

K. Hopson (Senior Statutory Auditor)

for and on behalf of Findlay, Wetherfield, Scott & Co.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company sold goods to Mrs G. Tagg, wife of one of the directors, at normal commercial rates. The total

sales during the year under review amounted to £nil (2017 - £2,685). there were no sums outstanding at either

balance sheet date.

12.	RELATED PARTY DISCLOSURES

There is no overall controlling party.

Dividends paid to the shareholders, were as follows:

J.W. Fowler - £nil (2017 - £6,000)

M. Harrison - £nil (2017 - £6,000)

O. Tagg - £nil (2017 - £6,000)

Transactions with related / subsidiary companies during the year under review and amounts owed either by or to

the related / subsidiary companies as at the balance sheet date are as follows:

Year ended 31st March 2017

Name of Company

Sales

Purchases

Balance

Balance

Commission

to

from

due to

due by

paid to

Subsidiary

Subsidiary

Subsidiary

Subsidiary

Subsidiary

Company

Company

Company

Company

Company

Retrofone Limited

-

-

£90

-

-

Corporate Mobile Recycling Espana S.L.

-

£547,212

£504,164

-

-

Sarl AL 24 Communications- Fonebank

£11,912

-

£23,264

-

£179,971

Loan

Trading

Loan

Interest

Purchases

interest

Balance

Balance

Balance

from

due to

due to

due to

due to

Associated

Associated

Associated

Associated

Associated

Company

Company

Company

Company

Company

Tech Data Limited - UK

£134,121

£15,040

-

£1,300,000

£15,040

Tech Data - Netherlands

£53,244

-

£20,104

-

-

Tech Data - Sweden

£44,637

-

-

-

-

Year ended 31st March 2018

Name of Company

Sales

Purchases

Balance

Balance

Commission

to

from

due to

due by

paid to

Subsidiary

Subsidiary

Subsidiary

Subsidiary

Subsidiary

Company

Company

Company

Company

Company

Retrofone Limited

-

-

£90

-

-

Corporate Mobile Recycling Espana S.L.

-

£279,450

£477,910

-

£2,317

Sarl AL 24 Communications - Fonebank

£9,228

-

-

£62,789

£154,375

Loan

Trading

Loan

Interest

Purchases

interest

Balance

Balance

Balance

from

due to

due to

due to

due to

Associated

Associated

Associated

Associated

Associated

Company

Company

Company

Company

Company

Tech Data Limited - UK

£54,194

£27,334

-

£1,300,000

£42,374

Tech Data - Netherlands

£318,675

-

£52,747

-

-

Tech Data - Sweden

£952

-

£952

-

Loan

Trading

Loan

Interest

Purchases

interest

Balance

Balance

Balance

from

due to

due to

due to

due to

Associated

Associated

Associated

Associated

Associated

Company

Company

Company

Company

Company

Tech Data - Norway

£25,015

-

£21,281

-

-

Tech Data - Finland

£111

-

£111

-

-

Trading

Balance

Sales to

due to

Associated

Associated

Company

Company

Tech Data Limited - UK

£20,497

£24,482

The above information only relates to the periods the companies were related to Corporate Mobile Recycling

Limited.