Cameron Intellectual Property Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC393025 (Scotland)

Financial Statements for the Year Ended 31 March 2020

for

Cameron Intellectual Property Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S D Cameron

S D McIlroy

REGISTERED OFFICE:

Moncrieff House

69 West Nile Street

Glasgow

G1 2QB

REGISTERED NUMBER:

SC393025 (Scotland)

ACCOUNTANTS:

GHG Smyth & Co. Limited

Mid Clevans

Clevans Road

Bridge of Weir

Renfrewshire

PA11 3HP

FIXED ASSETS

Tangible assets

4

188,166

151,681

CURRENT ASSETS

Stocks

40,354

39,500

Debtors

214,228

130,550

Cash at bank and in hand

121,685

120,010

376,267

290,060

CREDITORS

Amounts falling due within one year

198,148

138,449

NET CURRENT ASSETS

178,119

151,611

TOTAL ASSETS LESS CURRENT LIABILITIES

366,285

303,292

CREDITORS

Amounts falling due after more than one year

(30,030

)

-

PROVISIONS FOR LIABILITIES

(15,796

)

(14,596

)

NET ASSETS

320,459

288,696

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

320,359

288,596

SHAREHOLDERS' FUNDS

320,459

288,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 1 December 2020 and were signed on its behalf by:

S D Cameron - Director

S D McIlroy - Director

1.	STATUTORY INFORMATION

Cameron Intellectual Property Ltd is a private company, limited by shares , registered in Scotland. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax and discounts, of services provided to customers.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

10% on cost

Plant and machinery

-

20% on cost

Motor vehicles

-

25% on cost

Government grants

Government grants in relation to expenditure are credited when the expenditure is charged to the profit and loss.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

163,104

Additions

47,581

Disposals

(779

)

At 31 March 2020

209,906

DEPRECIATION

At 1 April 2019

11,423

Charge for year

11,089

Eliminated on disposal

(772

)

At 31 March 2020

21,740

NET BOOK VALUE

At 31 March 2020

188,166

At 31 March 2019

151,681

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

Additions

42,990

At 31 March 2020

42,990

DEPRECIATION

Charge for year

3,583

At 31 March 2020

3,583

NET BOOK VALUE

At 31 March 2020

39,407

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Hire purchase contracts

38,038

-

Hire purchase contracts are secured on the assets concerned.

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019:

31.3.20

31.3.19

£

£

S D McIlroy

Balance outstanding at start of year

10,000

(175

)

Amounts advanced

94,256

101,450

Amounts repaid

(88,275

)

(91,275

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

15,981

10,000

A director, S.D. McIlroy has intimated that the balance due to the company of £15,981 at 31 March 2020 was repaid in full on 30 April 2020.

7.	RELATED PARTY DISCLOSURES

At the balance sheet date, other debtors included £2,000 due by CPROP Limited, this company being associated by virtue of common control. The loan is interest free and has no fixed repayment terms.

The company premises are leased from CPROP Limited on a rolling agreement.

8.	ULTIMATE CONTROLLING PARTY

The company is under the control of its directors who collectively own 100% of the issued share capital.