CMB Renewables Limited - Period Ending 2018-03-31

Registration number: 07905809

CMB Renewables Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

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

CMB Renewables Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 9

CMB Renewables Limited

Company Information

Director

Mr S Borley

Registered office

Ground Floor 1 Alexandra Gate Ffordd Pengam Tremorfa Cardiff CF24 2SA

Accountants

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

Page 1

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
CMB Renewables Limited
for the Year Ended 31 March 2018

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 March 2018, as set out on pages 3 to 9, 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

15 June 2018

Page 2

CMB Renewables Limited

(Registration number: 07905809)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Current assets
Debtors	5	798,543	734,833
Cash at bank and in hand		18,693	-
		817,236	734,833
Creditors: Amounts falling due within one year	6	(701,990)	(725,441)
Net assets		115,246	9,392
Capital and reserves
Called up share capital	8	25,000	25,000
Capital redemption reserve		25,000	25,000
Profit and loss account		65,246	(40,608)
Total equity		115,246	9,392

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 director on 15 June 2018
 

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

Mr S Borley

Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

CMB Renewables Limited

Statement of Changes in Equity for the Year Ended 31 March 2018

	Share capital £	Capital redemption reserve £	Profit and loss account £	Total £
At 1 April 2017	25,000	25,000	(40,608)	9,392
Profit for the year	-	-	105,854	105,854
Total comprehensive income	-	-	105,854	105,854
At 31 March 2018	25,000	25,000	65,246	115,246

	Share capital £	Capital redemption reserve £	Profit and loss account £	Total £
At 1 April 2016	25,000	25,000	(132,541)	(82,541)
Profit for the year	-	-	91,933	91,933
Total comprehensive income	-	-	91,933	91,933
At 31 March 2017	25,000	25,000	(40,608)	9,392

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

CMB Renewables Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company registration number is: 07905809

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

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

These financial statements were authorised for issue by the director on 15 June 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
Furniture, fittings and equipment	25% straight line
Office equipment	25% straight line

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.

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CMB Renewables Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2017 - 9).

Page 6

CMB Renewables Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2017	57,375	57,375
At 31 March 2018	57,375	57,375
Depreciation
At 1 April 2017	57,375	57,375
At 31 March 2018	57,375	57,375
Carrying amount
At 31 March 2018	-	-

5

Debtors

	Note	2018 £	2017 £
Trade debtors		633,587	247,353
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9	164,956	449,412
Other debtors		-	38,068
		798,543	734,833

Page 7

CMB Renewables Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Creditors

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	7	-	264,394
Trade creditors		227,715	440,140
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	398,603	7,200
Taxation and social security		26,170	13,707
Other creditors		49,502	-
		701,990	725,441

7	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	-	264,394

Other borrowings

The bank overdraft is secured by a fixed and floating charges against the company assets.

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	25,000	25,000	25,000	25,000

Page 8

CMB Renewables Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

9	Related party transactions

Summary of transactions with other related parties

Relationship: Common director and shareholder
 
During the year the company provided goods and services to its related party companies to a value of £2,499,052 (2017 - £2,007,733). The company recharged to its related party companies £16,130 (2017 - £289,286) in respect of labour costs. The related party companies also cross charged management charges to the company amounting to £55,419 (2017 - £42,644) for insurance, wages and salaries. At the balance sheet date the amount due (to)/from the related party companies was (£233,647) (2017 - £442,212).
 

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