Company Registration No. 07946058 (England and Wales)
CNM ESTATES (SUTTON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
CNM ESTATES (SUTTON) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CNM ESTATES (SUTTON) LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2020
29 February 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
33,000
18,417
Cash at bank and in hand
47,727
3,128
80,727
21,545
Creditors: amounts falling due within one year
4
(67,357)
(15,802)
Net current assets
13,370
5,743
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
13,270
5,643
Total equity
13,370
5,743

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 February 2021 and are signed on its behalf by:
A White
Director
Company Registration No. 07946058
CNM ESTATES (SUTTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 2 -
1
Accounting policies
Company information

CNM Estates (Sutton) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Kings Road, London Colney, Hertfordshire, AL2 1EN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has reported a profit for the period and has forecast another profitable year ahead.

 

The directors are aware of the COVID-19 pandemic and the difficulties in predicting the impact that this will have on the UK economy but due to the company's operations in the property management and consultancy sector, they consider the impact on the company's business to be minimal.

 

Although it is not possible to reliably estimate the length or severity of the outbreak, at the date of signing these financial statements the company has net current assets and is continuing to trade. The directors are actively managing the business on a day to day basis taking account of all changes in market conditions and government support and interventions.

 

The directors consider that the current financial position of the company, together with continued support from the directors will ensure that the company will continue in operational existence for the foreseeable future and they therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue for the provision of professional services is recognised by reference to the date that the services apply to.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

CNM ESTATES (SUTTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2019 - 2).

CNM ESTATES (SUTTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 4 -
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
33,000
15,367
Corporation tax recoverable
-
3,050
33,000
18,417
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
34,395
2,749
Taxation and social security
10,752
3,547
Other creditors
22,210
9,506
67,357
15,802
5
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
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