CMB Bristol Limited - Period Ending 2018-03-31

CMB Bristol Limited - Period Ending 2018-03-31


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Registration number: 06055686

CMB Bristol 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 Bristol 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 11

 

CMB Bristol Limited

Company Information

Directors

Mr S Borley

Mr AV Norris

Mr MJ Clarke

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

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
CMB Bristol 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 11, 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

 

CMB Bristol Limited

(Registration number: 06055686)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

396,664

410,831

Current assets

 

Debtors

6

1,542,251

1,138,370

Cash at bank and in hand

 

914

114

 

1,543,165

1,138,484

Creditors: Amounts falling due within one year

7

(1,090,275)

(801,786)

Net current assets

 

452,890

336,698

Total assets less current liabilities

 

849,554

747,529

Creditors: Amounts falling due after more than one year

7

-

(38,061)

Net assets

 

849,554

709,468

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

849,454

709,368

Total equity

 

849,554

709,468

 

CMB Bristol Limited

(Registration number: 06055686)
Balance Sheet as at 31 March 2018

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

 

CMB Bristol 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

709,368

709,468

Profit for the year

-

276,086

276,086

Total comprehensive income

-

276,086

276,086

Dividends

-

(136,000)

(136,000)

At 31 March 2018

100

849,454

849,554

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2016

100

500,068

500,168

Profit for the year

-

259,300

259,300

Total comprehensive income

-

259,300

259,300

Dividends

-

(50,000)

(50,000)

At 31 March 2017

100

709,368

709,468

 

CMB Bristol Limited

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

1

General information

The company registration number is: 06055686

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

Land and buildings

2% straight line

Fixtures, fittings and equipment

20% 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.

 

CMB Bristol 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2017 - 5).

 

CMB Bristol Limited

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

4

Taxation

Current taxation

2018

2017

£

£

UK corporation tax

100,173

93,845

UK corporation tax adjustment to prior periods

129,567

(2,094)

Tax expense in the income statement

229,740

91,751

During the year the company came to a settlement with HM Revenue & Customs in respect of prior year tax accounts.

5

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

708,421

38,290

746,711

At 31 March 2018

708,421

38,290

746,711

Depreciation

At 1 April 2017

297,589

38,290

335,879

Charge for the year

14,168

-

14,168

At 31 March 2018

311,757

38,290

350,047

Carrying amount

At 31 March 2018

396,664

-

396,664

At 31 March 2017

410,831

-

410,831

Included within the net book value of land and buildings above is £396,664 (2017 - £410,831) in respect of freehold land and buildings.

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

 

CMB Bristol Limited

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

6

Debtors

Note

2018
£

2017
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

1,525,430

1,018,143

Other debtors

 

16,821

120,227

   

1,542,251

1,138,370

7

Creditors

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

814,146

533,503

Trade creditors

 

21,296

13,849

Taxation and social security

 

205,120

159,672

Corporation tax

 

49,713

93,845

Other creditors

 

-

148

Accruals and deferred income

 

-

769

 

1,090,275

801,786

Due after one year

 

Loans and borrowings

8

-

38,061

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

-

38,061

2018
£

2017
£

Current loans and borrowings

Bank borrowings

32,955

28,611

Bank overdrafts

781,191

504,892

814,146

533,503

 

CMB Bristol Limited

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

Bank borrowings

Bank loan with a carrying amount at the year end of £32,955 (2017 - £66,672).

Allied Irish Bank have a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant & machinery.

Other borrowings

Bank overdraft with a carrying amount of £781,191 (2017 - £504,892) .

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

9

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Dividends

Final dividends paid

 

2018
£

2017
£

Final dividend of £2,720 (2017 - £1,667) per each Ordinary share

136,000

50,000

     

Dividends were paid on 50% (2017 - 30%) of the total shareholding. The remaining 50% (2017 - 70%) of shareholders waived their right to dividends.

11

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £7,908 (2017 - £8,207). This represents the total future minimum lease payments under operating leases.

 

CMB Bristol Limited

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

12

Related party transactions

Summary of transactions with key management

During the year the company paid dividends totalling £136,000 (2017 - £50,000) to the directors. The company also paid directors' remuneration totalling £67,154 (2017 - £67,160).
 

Summary of transactions with other related parties

Relationship - Common director and shareholder
 
During the year the company provided subcontract services to the related party companies. The value of these services in the year was £1,598,537 (2017 - £524,494). The total amount of labour recharged to the company during the year was £91,581 (2017 - £nil). The related party companies cross charged management charges amounting to £624,544 (2017 - (£36,679)) for administration and insurance services. The company also cross charged management charges amount to £nil (2017 - £28,603) to the related party companies for administration. At the balance sheet date the amount due from the related party companies was £1,525,430 (2017 - £1,018,143).