CMB Renewables Limited - Period Ending 2019-03-31

CMB Renewables Limited - Period Ending 2019-03-31


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Registration number: 07905809

CMB Renewables Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2019

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

CMB Renewables Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 6

 

CMB Renewables Limited

Company Information

Director

Mr S Borley

Registered office

Ground Floor
1 Alexandra Gate
Ffordd Pengam
Tremorfa
Cardiff
CF24 2SA

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

CMB Renewables Limited

(Registration number: 07905809)
Abridged Balance Sheet as at 31 March 2019

Note

2019
£

2018
£

Current assets

 

Debtors

1,096,814

798,543

Cash at bank and in hand

 

-

18,693

 

1,096,814

817,236

Creditors: Amounts falling due within one year

(714,646)

(671,221)

Total assets less current liabilities

 

382,168

146,015

Accruals and deferred income

 

(62,329)

(30,769)

Net assets

 

319,839

115,246

Capital and reserves

 

Called up share capital

5

25,000

25,000

Capital redemption reserve

25,000

25,000

Profit and loss account

269,839

65,246

Total equity

 

319,839

115,246

 

CMB Renewables Limited

(Registration number: 07905809)
Abridged Balance Sheet as at 31 March 2019

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 14 August 2019
 

.........................................

Mr S Borley
Director

 

CMB Renewables Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2019

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Ground Floor
1 Alexandra Gate
Ffordd Pengam
Tremorfa
Cardiff
CF24 2SA

These financial statements were authorised for issue by the director on 14 August 2019.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line

 

CMB Renewables Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2019

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

CMB Renewables Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2019

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2018 - 9).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2018

57,375

57,375

At 31 March 2019

57,375

57,375

Depreciation

At 1 April 2018

57,375

57,375

At 31 March 2019

57,375

57,375

Carrying amount

At 31 March 2019

-

-

5

Share capital

Allotted, called up and fully paid shares

 

2019

2018

 

No.

£

No.

£

Ordinary of £1 each

25,000

25,000

25,000

25,000

         

6

Related party transactions

Summary of transactions with other related parties

Relationship: Common director and shareholder
 
During the year the company provided goods and services to its related party companies to a value of £3,295,030 (2018 - £2,499,052). The company recharged to its related party companies £17,226 (2018 - £16,130) in respect of labour costs. The related party companies also cross charged management charges to the company amounting to £52,620 (2018 - £55,419) for insurance, wages and salaries. At the balance sheet date the amount due to the related party companies was £333,280 (2018 - £233,647).