CMB Maintenance Services Limited - Period Ending 2017-12-31

Registration number: 05637791

CMB Maintenance Services Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

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

CMB Maintenance Services Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 10

CMB Maintenance Services Limited

Company Information

Directors

Mr P A Handley Mr S Borley

 

Company secretary

HSJ Nominees Limited

Registered office

Ground Floor 1 Alexandra Gate Ffordd Pengam Cardiff South Wales CF24 2SA

 

Accountants

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

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
CMB Maintenance Services Limited
for the Year Ended 31 December 2017

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 December 2017, as set out on pages 3 to 10, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.

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

13 February 2018

Page 2

CMB Maintenance Services Limited

(Registration number: 05637791)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	104,853	113,458
Current assets
Debtors	5	312,665	195,528
Cash at bank and in hand		32,345	118,471
		345,010	313,999
Creditors: Amounts falling due within one year	6	(262,058)	(270,871)
Net current assets		82,952	43,128
Total assets less current liabilities		187,805	156,586
Creditors: Amounts falling due after more than one year	6	(5,503)	(20,403)
Net assets		182,302	136,183
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		182,202	136,083
Total equity		182,302	136,183

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 3

CMB Maintenance Services Limited

(Registration number: 05637791)
Balance Sheet as at 31 December 2017

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 13 February 2018 and signed on its behalf by:
 

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

Mr S Borley

Director

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 4

CMB Maintenance Services Limited

Statement of Changes in Equity for the Year Ended 31 December 2017

	Share capital £	Profit and loss account £	Total £
At 1 January 2017	100	136,083	136,183
Profit for the year	-	46,119	46,119
Total comprehensive income	-	46,119	46,119
At 31 December 2017	100	182,202	182,302

	Share capital £	Profit and loss account £	Total £
At 1 January 2016	100	122,835	122,935
Profit for the year	-	13,248	13,248
Total comprehensive income	-	13,248	13,248
At 31 December 2016	100	136,083	136,183

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 5

CMB Maintenance Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

1	General information

The company registration number is: 05637791

The company is a private company limited by share capital incorporated in United Kingdom.

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

The principal place of business is:
Unit 4 Heol Y Rhsog
Spring Meadow
Rumney
Cardiff
CF3 2EW

These financial statements were authorised for issue by the Board on 13 February 2018.

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 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 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.

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
Land and buildings	Straight line over fifty years
Motor vehicles	25% straight line

Page 6

CMB Maintenance Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 7

CMB Maintenance Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2016 - 12).

4	Tangible assets

	Land and buildings £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2017	120,000	24,821	144,821
At 31 December 2017	120,000	24,821	144,821
Depreciation
At 1 January 2017	19,200	12,163	31,363
Charge for the year	2,400	6,205	8,605
At 31 December 2017	21,600	18,368	39,968
Carrying amount
At 31 December 2017	98,400	6,453	104,853
At 31 December 2016	100,800	12,658	113,458

Included within the net book value of land and buildings above is £98,400 (2016 - £100,800) in respect of freehold land and buildings.

The directors believe that the freehold land and buildings are stated at a fair value.
 

Page 8

CMB Maintenance Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

5

Debtors

	2017 £	2016 £
Trade debtors	182,012	176,837
Other debtors	129,013	1,458
Deferred tax	1,640	17,233
	312,665	195,528

Deferred tax
The movement in the deferred tax asset in the year is as follows:

	£
At 1 January 2016	17,233
Deferred tax debited/(credited) to the profit and loss account	(15,593)
At 31 December 2016	1,640

6

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	8	12,933	16,171
Trade creditors		2,072	34,387
Taxation and social security		42,135	30,000
Directors' current accounts		153,333	153,333
Accruals and deferred income		51,585	36,980
		262,058	270,871
Due after one year
Loans and borrowings	8	5,503	20,403

7	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Page 9

CMB Maintenance Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

8	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	3,701	12,883
Finance lease liabilities	1,802	7,520
	5,503	20,403

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	9,689	9,689
Finance lease liabilities	3,244	6,482
	12,933	16,171

Bank borrowings

The HSBC loan is secured against the property on the company balance sheet.

Other borrowings

The hire purchase contract is secured against a motor vehicle on the company balance sheet.

9	Related party transactions

Key management personnel

Relationship: Directors

Summary of transactions with key management

During the year the directors received remuneration from the company totalling £61,751 (2016 - £62,058). The directors also made unsecured, interest free, repayable on demand loans to the company during the year. At the balance sheet date the amount due to the directors was £153,333 (2016 - £153,333).
 

Summary of transactions with other related parties

Relationship: Common director and shareholder
 During the year, CMB Maintenance Services Limited sold goods and services to the related companies of £74,774 (2016 - £24,850). These transactions were dealt with on a commercial basis. At the balance sheet date the amount due from the related party companies was £55,535 (2016 - £34,462).
 

Page 10