Customdesigntechnologies Ltd
Customdesigntechnologies Ltd
Registered number: 02081576
Financial Statements
For The Year Ended 31 December 2019
Customdesigntechnologies Ltd
Financial Statements
For The Year Ended 31 December 2019
Financial Statements
Contents | |
Page | |
---|---|
Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—9 |
Customdesigntechnologies Ltd
Balance Sheet
As at
31 December 2019
Balance Sheet
Registered number:
02081576
2019 | 2018 | ||||
---|---|---|---|---|---|
Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
|
|
||
|
|
||||
CURRENT ASSETS | |||||
Stocks | 4 |
|
|
||
Debtors | 5 |
|
|
||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts Falling Due Within One Year | 6 |
( |
( |
||
NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
NET ASSETS |
|
|
|||
CAPITAL AND RESERVES | |||||
Called up share capital | 7 |
|
|
||
Capital redemption reserve |
|
|
|||
Profit and Loss Account |
|
|
|||
SHAREHOLDERS' FUNDS | 1,912,544 | 1,714,321 | |||
Page 1
Customdesigntechnologies Ltd
Balance Sheet (continued)
As at
31 December 2019
Director's responsibilities
-
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
|
|
The notes on pages 3 to 9 form part of these financial statements.
Page 2
Customdesigntechnologies Ltd
Notes to the Financial Statements
For The Year Ended 31 December 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
There have been no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.
1.2.
Going Concern Disclosure
The directors have considered the impact of COVID-19 in relation to their assessment of going conern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the forseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Page 3
Customdesigntechnologies Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
|
Motor Vehicles |
|
Computer Equipment |
|
1.5.
Stocks and Work in Progress
Stocks are stated 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 stock to its present location and condition. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 4
Customdesigntechnologies Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.8.
Pensions
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.
2.
Average Number of Employees
Average number of employees, including directors, during the year was 27 (2018: 23)
Page 5
Customdesigntechnologies Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
3.
Tangible Assets
Plant & Machinery | Motor Vehicles | Computer Equipment | Total | |
---|---|---|---|---|
£ | £ | £ | £ | |
Cost | ||||
As at |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
|
|
( |
As at |
|
|
|
|
Depreciation | ||||
As at |
|
|
|
|
Provided during the period |
|
|
|
|
Disposals |
( |
|
|
( |
As at |
|
|
|
|
Net Book Value | ||||
As at |
|
|
|
|
As at |
|
|
|
|
4.
Stocks
2019 | 2018 | ||
---|---|---|---|
£ | £ | ||
Stock - materials |
|
|
|
Stock - finished goods |
|
|
|
Stock - work in progress |
|
|
|
|
|
||
Page 6
Customdesigntechnologies Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
5.
Debtors
2019 | 2018 | ||
---|---|---|---|
£ | £ | ||
Due within one year | |||
Trade debtors |
|
|
|
Prepayments and accrued income |
|
|
|
Other debtors |
|
|
|
Net wages | 500 | 500 | |
Amounts owed by group undertakings |
|
|
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
2019 | 2018 | ||
---|---|---|---|
£ | £ | ||
Trade creditors |
|
|
|
Corporation tax |
|
|
|
Other taxes and social security |
|
|
|
VAT |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
||
Page 7
Customdesigntechnologies Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
8.
Other Commitments
At the end of the year the company had annual commitments under non-cancellable operating leases in respect of property rental, which expire in more than five years. The total amount of other financial commitments not provided in the financial statements is as follows:
Land and buildings | ||
---|---|---|
2019 | 2018 | |
£ | £ | |
Between 1 and 5 years | 328,500 | 401,500 |
328,500 | 401,500 | |
9.
Related Party Transactions
Summary of transactions with parent
The company is a 100% subsidiary of CDT123 Limited. During the period dividends totalling £180,835 have been paid to the parent company. The company has also loaned money to the parent company, the balance of which is was £308,690 (2018 - £309,525) as at the year end. The company also paid £42,000 (2017 - £42,000) to the parent company in respect of management fees. The loan is interest free and has no set repayment date.
Summary of transactions with associates
Richard Alan Laight - Shareholder of CDT123 Ltd and Director of Absolute Vision Limited. During the year CustomDesignTechnologies Limited purchased £114,054 (2018 - £71,758) of Goods from Absolute Vision Limited. At the end of the year the company owed £270 (2018- £2,400) to Absolute Vision Limited.
10.
FRC Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
11.
Ultimate Controlling Party
CustomDesignTechnologies Ltd is a 100% subsidiary of CDT123 Ltd. 90% of the parent company shares are held by Mr & Mrs IP Watson. As working director IP Watson is the ultimate controlling party.
The company's immediate parent is CDT123 Limited, incorporated in England and Wales.
The ultimate controlling party is I P Watson .
Page 8
Customdesigntechnologies Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
12.
Off-Balance Sheet Arrangements
Fixed and floating charges
The company is a 100% subsidiary of CDT123 Limited. The parent company has loans from National Westminster Bank pic - balance at the year end of £180,000 (£360,000 at 31 December 2018) and DJC Thompson - balance at year end £1,478,490 (£1,367,028 at 31 December 2018). Both lenders have a fixed and floating charge against the assets of CustomDesignTechnologies Ltd in the event the parent company defaults against the terms of the loans.
13.
Audit Information
The auditors report on the account of Customdesigntechnologies Ltd for the year ended 31 December 2019 was unqualified
The auditor's report was signed by
Emma Jones FCCA
(Senior Statutory Auditor)
for and on behalf of
Fortus Audit LLP
, Statutory Auditor
Chartered Accountants
1 Rushmills
Bedford Road
Northampton
NN4 7YB
|
14.
General Information
Customdesigntechnologies Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 02081576 . The registered office is Unit B Nigel Court, Buckingham Road, Brackley, Northamptonshire, NN13 7LF.
Page 9