C B E (South West) Ltd - Accounts to registrar (filleted) - small 18.2
C B E (South West) Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| C B E (SOUTH WEST) LTD |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2022 |
| C B E (SOUTH WEST) LTD (REGISTERED NUMBER: 05948327) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2022 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| C B E (SOUTH WEST) LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JANUARY 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 7 Sandy Court |
| Ashleigh Way |
| Langage Business Park |
| Plymouth |
| Devon |
| PL7 5JX |
| C B E (SOUTH WEST) LTD (REGISTERED NUMBER: 05948327) |
| ABRIDGED BALANCE SHEET |
| 31 JANUARY 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| C B E (SOUTH WEST) LTD (REGISTERED NUMBER: 05948327) |
| ABRIDGED BALANCE SHEET - continued |
| 31 JANUARY 2022 |
| 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 |
| C B E (SOUTH WEST) LTD (REGISTERED NUMBER: 05948327) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2022 |
| 1. | STATUTORY INFORMATION |
| C B E (South West) Ltd 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. | STATEMENT OF COMPLIANCE |
| 3. | 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. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 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 the rendering of services. |
| 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. |
| Plant and machinery - 15% on reducing balance |
| Motor vehicles - 25% on reducing balance |
| Office equipment - 15% on reducing balance |
| Improvements to property are either depreciated at 10 years straight line, 20 years straight line or are not depreciated. The latter is used when their useful life is long term however they are reviewed annually for impairment. |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Property is not depreciated but is reviewed annually for impairment and any impairment losses are recognised immediately in the profit or loss. |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| C B E (SOUTH WEST) LTD (REGISTERED NUMBER: 05948327) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2022 |
| 3. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
| Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
| Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
| Deferred tax is calculated 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. |
| The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
| 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. |
| 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. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement. |
| Finance leases |
| Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases. |
| Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. |
| Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
| Operating leases |
| Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. |
| C B E (SOUTH WEST) LTD (REGISTERED NUMBER: 05948327) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2022 |
| 3. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. |
| Provision for liabilities |
| Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
| Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
| Development costs |
| The company has elected to capitalise any development costs that meet the definition of an asset and will generate income for the company in the future. Any Development costs that are on a client assignment and generate revenue will be expense in the profit and loss account. |
| Grant income |
| Income received in relation to grants are classified either as relating to revenue or to assets. |
| Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred. |
| Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 February 2021 |
| Additions |
| At 31 January 2022 |
| DEPRECIATION |
| At 1 February 2021 |
| Charge for year |
| At 31 January 2022 |
| NET BOOK VALUE |
| At 31 January 2022 |
| At 31 January 2021 | 1,204,318 |
| C B E (SOUTH WEST) LTD (REGISTERED NUMBER: 05948327) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2022 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
| Totals |
| £ |
| COST |
| At 1 February 2021 | 409,375 |
| Additions | 215,000 |
| Transfer to ownership | (107,450 | ) |
| At 31 January 2022 | 516,925 |
| DEPRECIATION |
| At 1 February 2021 | 188,744 |
| Charge for year | 84,002 |
| Transfer to ownership | (45,013 | ) |
| At 31 January 2022 | 227,733 |
| NET BOOK VALUE |
| At 31 January 2022 | 289,192 |
| At 31 January 2021 | 220,631 |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
| 2022 | 2021 |
| £ | £ |
| Repayable by instalments |
| Bank loans more 5 yr by instal | - | 238,339 |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts | Finance leases |
| 2022 | 2021 | 2022 | 2021 |
| £ | £ | £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2022 | 2021 |
| £ | £ |
| Within one year |
| Between one and five years |
| C B E (SOUTH WEST) LTD (REGISTERED NUMBER: 05948327) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2022 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Hire purchase contracts and finance leases | 218,908 | 190,574 |
| The amounts owed for finance lease and hire purchase are secured against the assets to which they relate with a value as disclosed in Note 5, assets held under hire purchase contracts. |
| The bank loans are secured against the freehold property held by the company with a net book value as disclosed in Note 5 under Freehold Property. |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 January 2022 and 31 January 2021: |
| 2022 | 2021 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |