CMB Fylde Engineering Limited - Period Ending 2018-03-31

Registration number: 05031730

CMB Fylde Engineering 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 Fylde Engineering Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 8

CMB Fylde Engineering Limited

Company Information

Directors

Mr S Borley Mr J J W Green

Company secretary

Mrs CM Borley

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 Fylde Engineering 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 8, 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 Fylde Engineering Limited

(Registration number: 05031730)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Current assets
Debtors	5	339,111	389,320
Cash at bank and in hand		967	-
		340,078	389,320
Creditors: Amounts falling due within one year	6	(1,049,819)	(990,517)
Net liabilities		(709,741)	(601,197)
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		(709,841)	(601,297)
Total equity		(709,741)	(601,197)

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.

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 15 June 2018 and signed on its behalf by:
 

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

Mr S Borley

Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

CMB Fylde Engineering Limited

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

	Share capital £	Profit and loss account £	Total £
At 1 April 2017	100	(601,297)	(601,197)
Loss for the year	-	(108,544)	(108,544)
Total comprehensive income	-	(108,544)	(108,544)
At 31 March 2018	100	(709,841)	(709,741)

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	100	(770,534)	(770,434)
Profit for the year	-	169,237	169,237
Total comprehensive income	-	169,237	169,237
At 31 March 2017	100	(601,297)	(601,197)

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

CMB Fylde Engineering Limited

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

1	General information

The company registration number is: 05031730

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
Cardiff
South Wales
CF24 2SA

These financial statements were authorised for issue by the Board 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 adn 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.

Page 5

CMB Fylde Engineering 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 directors) during the year, was 18 (2017 - 20).

Page 6

CMB Fylde Engineering 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	8,391	8,391
At 31 March 2018	8,391	8,391
Depreciation
At 1 April 2017	8,391	8,391
At 31 March 2018	8,391	8,391
Carrying amount
At 31 March 2018	-	-

5

Debtors

	Note	2018 £	2017 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	332,622	381,627
Other debtors		6,489	7,693
		339,111	389,320

6

Creditors

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	7	781,226	801,972
Trade creditors		7,823	7,568
Taxation and social security		217,858	179,366
Other creditors		-	899
Accruals and deferred income		42,912	712
		1,049,819	990,517

Page 7

CMB Fylde Engineering Limited

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

7	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	781,226	801,972

Other borrowings

Bank overdraft with a carrying amount of £781,226 (2017 - £801,972) .

HSBC have fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

9	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £15,325 (2017 - £20,312). This represents the total future minimum lease payments under operating leases.

10	Related party transactions

Summary of transactions with other related parties

Relationship: Common director and shareholder
 
During the year the company provided subcontract services to its related party companies. The value of these subcontract services was £1,077,383 (2017 - £1,123,231). The related party companies also cross charged management charges amounting to £97,455 (2017 - £264,393) for administration. The company also paid rent to its related party companies totalling £16,516 (2017 - £19,308) At the balance sheet date the amount due from the related party companies was £332,622 (2017 - £381,627).
 

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