Combined Corporation Limited Filleted accounts for Companies House (small and micro)

COMBINED PUMPS CORP LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC186178

Combined Corporation Limited

Filleted Unaudited Financial Statements

31 October 2019

Combined Corporation Limited

Statement of Financial Position

31 October 2019

	2019		2018
Note	£	£	£

Fixed Assets

Tangible assets	5		644,214	698,584

Current Assets

Stocks		1,050,238	616,631
Debtors	6	649,653	753,466
Cash at bank and in hand		527	10,075
		------------	------------
		1,700,418	1,380,172

Creditors: amounts falling due within one year	7	1,423,847		1,247,318
		------------		------------
Net Current Assets			276,571	132,854
			---------	---------
Total Assets Less Current Liabilities			920,785	831,438

Creditors: amounts falling due after more than one year	8		413,172	553,581

Provisions

Taxation including deferred tax	105,182	153,729
	---------	---------
Net Assets	402,431	124,128
	---------	---------

Capital and Reserves

Called up share capital	100	100
Profit and loss account	402,331	124,028
	---------	---------
Shareholders Funds	402,431	124,128
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 October 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 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 .

Combined Corporation Limited

Statement of Financial Position (continued)

31 October 2019

These financial statements were approved by the board of directors and authorised for issue on 29 October 2020 , and are signed on behalf of the board by:

Mr E Stamper
Director

Company registration number: SC186178

Combined Corporation Limited

Notes to the Financial Statements

Year Ended 31 October 2019

1. General Information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Combined House, Howe Moss Terrace, Dyce, Aberdeen, AB21 0GR, Scotland.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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 are prepared in sterling, which is the functional currency of the entity.

Going Concern

The financial statements for the year show a profit of £278,303 and a positive balance sheet. The Director believes that the company has adequate resources to continue in operational existence for the foreseeable future. The Directors acknowledge the ongoing pandemic but does not believe this creates a material uncertainty and continues to adopt the going concern basis of accounting in preparing the financial statements.

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.

Income Tax

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.

Foreign Currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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
Fixtures, Fittings and Equipment	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Yacht	-	10% reducing balance

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

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 asset of the company after deducting all of its liabilities.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 7 (2018: 7 ).

5. Tangible Assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2018	650,501	44,186	77,172	371,492	1,143,351
Additions	–	1,362	56,011	–	57,373
Disposals	( 20,850)	–	( 50,070)	–	( 70,920)
	---------	--------	--------	---------	------------
At 31 October 2019	629,651	45,548	83,113	371,492	1,129,804
	---------	--------	--------	---------	------------
Depreciation
At 1 November 2018	288,834	22,409	62,941	70,583	444,767
Charge for the year	33,512	2,817	12,185	30,091	78,605
Disposals	–	–	( 37,782)	–	( 37,782)
	---------	--------	--------	---------	------------
At 31 October 2019	322,346	25,226	37,344	100,674	485,590
	---------	--------	--------	---------	------------
Carrying amount
At 31 October 2019	307,305	20,322	45,769	270,818	644,214
	---------	--------	--------	---------	------------
At 31 October 2018	361,667	21,777	14,231	300,909	698,584
	---------	--------	--------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 October 2019	44,939
	--------
At 31 October 2018	13,124
	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	634,764	329,641
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	421,658
Other debtors	14,889	2,167
	---------	---------
	649,653	753,466
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	195,857	207,444
Amounts owed to group undertakings and undertakings in which the company has a participating interest	583,317	587,713
Corporation tax	72,631	11,849
Social security and other taxes	36,289	39,618
Other creditors	535,753	400,694
	------------	------------
	1,423,847	1,247,318
	------------	------------

Aldermore Bank PLC at the year end were due a balance of £101,381 (2018 - £148,920). This amount is included within other creditors and is secured by a fixed charge over all trade debtors of the company.

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

	2019	2018
	£	£
Other creditors	413,172	553,581
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2018: £20,714) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Director's Advances, Credits and Guarantees

During the year the director entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2019	2018
	£	£
Mr E Stamper	( 30,529)	( 30,529)
	--------	--------

10. Related Party Transactions

The company was under the control of Mr E Stamper throughout the current and previous year. Mr E Stamper is the managing director and Combined Corporation BVI Ltd is the majority shareholder. At the year end the company owed related party company Combined Corporation BVI Ltd £406,862 (2018 - £587,713). There are no set repayment terms or interest accruing on this balance. Included in other creditors is a balance of £25,093 (2018 - £421,658 debtor) due to related party company Combined Pumps Limited. There are no set repayment terms or interest accruing on these balances. In addition,trade debtors include a balance of £135,560 (2018 - £nil) due from Combined Pumps FZE, a company which is a related party, and trade creditors include a balance of £14,205 (2018 - £nil)due to Combined Pumps FZE. The company was also due £1,362 (2018 - £nil) to related party company Black Thistle Distilleries Ltd. There are no set repayment terms or interest accruing on this balance.

11. Control

The ultimate parent undertaking is CC & Pumps (BVI) Ltd which was incorported in the British Virgin Islands.