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

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 5

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.

Page 6

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).

Page 7

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.
 

Page 8

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