REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2016 |
for |
CSCS (Contracts) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2016 |
for |
CSCS (Contracts) Limited |
CSCS (Contracts) Limited (Registered number: 06906227) |
Contents of the Financial Statements |
for the Year Ended 31 July 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Certified Accountants' Report | 13 |
CSCS (Contracts) Limited |
Company Information |
for the Year Ended 31 July 2016 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Beechey House |
87 Church Street |
Crowthorne |
Berkshire |
RG45 7AW |
CSCS (Contracts) Limited (Registered number: 06906227) |
Balance Sheet |
31 July 2016 |
31.7.16 | 31.7.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CSCS (Contracts) Limited (Registered number: 06906227) |
Balance Sheet - continued |
31 July 2016 |
31.7.16 | 31.7.15 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
CSCS (Contracts) Limited (Registered number: 06906227) |
Notes to the Financial Statements |
for the Year Ended 31 July 2016 |
1. | STATUTORY INFORMATION |
CSCS (Contracts) Limited is a |
The company's registered number and registered office address can be found on the Company |
Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents sales of goods and services net of VAT and trade discounts. Turnover is |
recognised when the risks and rewards of ownership of goods have been transferred to the |
customer or where the value of services provided under contracts to the extent that there is a right |
to consideration and is recorded at the value of the consideration due. The risks and rewards of |
ownership of goods are deemed to have been transferred when the goods are shipped to, or are |
picked up by, the customer. Where a service contract has only been partially completed at the |
balance sheet date turnover represents the value of the service provided to date based on a |
proportion of the total expected consideration at completion. Where payments are received from |
customers in advance of services provided, the amounts are recorded as deferred income and |
included as part of creditors due within one year. |
Goodwill |
CSCS (Contracts) Limited (Registered number: 06906227) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2016 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Freehold Property, Fixtures and Fittings and Motor Vehicles are stated at cost less accumulated |
depreciation and accumulated impairment losses. |
At each balance sheet date, the Company reviews the carrying amounts of its Tangible Fixed Assets |
to determine whether there is any indication that any items have suffered an impairment loss. If any |
such indication exists, the recoverable amount of an asset is estimated in order to determine the |
extent of the impairment loss, if any. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying |
amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an |
expense immediately. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to |
the revised estimate of its recoverable amount, to the extent that the increased carrying amount |
does not exceed the carrying amount that would have been determined (net of depreciation) had no |
impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is |
recognised as income immediately. |
CSCS (Contracts) Limited (Registered number: 06906227) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2016 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Income tax expense represents the sum of the tax currently payable and deferred tax. |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as |
reported in the statement of comprehensive income because of items of income or expense that are |
taxable or deductible in other years and 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 end of the reporting period. |
Deferred tax is recognised on timing differences between the carrying amounts of assets and |
liabilities in the financial statements and the corresponding tax bases used in the computation of |
taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. |
Deferred tax assets are generally recognised for all deductible temporary differences to the extent |
that it is probable that taxable profits will be available against which those deductible timing |
differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each |
reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits |
will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the |
period in which the liability is settled or the asset realised, based on tax rates ( and tax laws ) that |
have been enacted or substantively enacted by the end of the reporting period. The measurement |
of deferred tax liabilities and assets reflects the tax consequences that would follow from the |
manner in which the Company expects, to recover or settle the carrying amounts of its assets and |
liabilities. |
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items |
that are recognised in other comprehensive income or directly in equity, in which case, the current |
and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
Hire purchase and leasing commitments |
Assets that are held by the Company under leases which transfer to the Company substantially all |
the risks and rewards of ownership are classified as being held under finance leases. Leases which do |
not transfer substantially all the risks and rewards of ownership to the Company are classified as |
operating leases. |
Assets held under finance leases are initially recognised as assets of the Company at their fair value |
at the inception of the lease or, if lower, at the present value of the minimum lease payment. The |
corresponding liability to the lessor is included in the statement of financial position as a finance |
lease obligation. Lease payments are apportioned between finance expense and reduction of the |
lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. |
Finance expenses are recognised immediately in profit and loss account. |
Operating lease payments are recognised as an expense on a straight- line basis over the lease term. |
In the event that lease incentives are received to enter into operating leases, such incentives are |
recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental |
expense on a straight - line basis. |
CSCS (Contracts) Limited (Registered number: 06906227) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2016 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The obligations for contributions to the defined contribution scheme are recognised as an expense |
as incurred. The assets of the scheme are held separately from those of the Company in an |
independently administered fund. |
Going concern |
The accounts have been drawn up on a going concern basis. Of the company's liabilities, £171,570 is |
owed to G Brooker, the director. G Brooker has agreed not to demand repayment of this amount |
for at least one year after the balance sheet signing date. |
The company shareholders, and director have also agreed to offer their continued support to the |
company. |
If the going concern basis were not appropriate, adjustments would have to be made to reduce the |
value of assets to their recoverable amount to provide for any further liabilities that might arise and |
to reclassify fixed assets as current assets and long term liabilities as current liabilities. |
Related parties |
For the purposes of these financial statements, a party is considered to be related to the Company if |
any of the following are applicable :- |
(1) The party has the ability, directly or indirectly, through one or more intermediaries, to control |
the Company or exercise significant influence over the company in making financial and operating |
policy decisions, or has joint control over the Company. |
(2) The Company and the party are subject to common control |
(3) The party is an associate of the Company |
(4) The party is a member of key management personnel of the Company or the Company's parent, |
or a close family member of such an individual. |
(5) The party is a post - employment benefit plan which is for the benefit of employees of the |
Company or of any entity that is a related party of the Company. |
CSCS (Contracts) Limited (Registered number: 06906227) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2016 |
2. | ACCOUNTING POLICIES - continued |
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. |
Financial instruments are recognised in the company's statement of financial position when the |
company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, |
when there is a legally enforceable right to set off the recognised amounts and there is an intention |
to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Non-derivative financial instruments |
Non-derivative financial instruments comprise trade and other debtors, cash at bank and in hand, |
and trade and other creditors. |
Trade and other debtors |
Trade and other debtors are recognised initially at fair value and thereafter stated at amortised cost |
using the effective interest method, less impairment losses for bad and doubtful debts except where |
the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less |
impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are recognised initially at fair value and thereafter stated at amortised |
cost using the effective interest method unless the effect of discounting would be immaterial, in |
which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and |
other short-term highly liquid investments with original maturities of three months or less and bank |
overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or |
current liabilities when applicable |
Derivative financial instruments |
Derivative financial instruments are recognised at fair value. The gain or loss on remeasurement to |
fair value is recognised in the profit or loss only when positions are closed out. However, where |
derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the |
nature of the item being hedged. |
Impairment of financial assets |
Financial assets that are measured at cost and amortised cost are assessed at the end of each |
reporting period for objective evidence of impairment. If objective evidence of impairment is found, |
an impairment loss is recognised in profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference |
between an asset's carrying amount and the present value of estimated cash flows discounted at the |
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount |
rate for measuring any impairment loss is the current effective rate determined under the contract. |
CSCS (Contracts) Limited (Registered number: 06906227) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2016 |
2. | ACCOUNTING POLICIES - continued |
For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between an asset's carrying amount and the best estimate, which is an approximation, of |
the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the statement of financial |
position when there is an enforceable right to set off the recognised amounts and there is an |
intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
At each reporting date non-financial assets not carried at face value are reviewed to determine |
whether there is an indication that an asset may be impaired. If there is an indication of possible |
impairment, the recoverable amount of any asset or group of related assets, which is the higher of |
value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. |
If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable |
amount and an impairment loss is recognised immediately in profit or loss. |
Inventories are also assessed for impairment at each reporting date, the carrying amount of each |
item of inventory, or group of similar items, is compared with its selling price less costs to complete |
and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced |
to selling price less costs to complete and sell, and an impairment loss is recognised immediately in |
profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 August 2015 |
and 31 July 2016 |
AMORTISATION |
At 1 August 2015 |
Charge for year |
At 31 July 2016 |
NET BOOK VALUE |
At 31 July 2016 |
At 31 July 2015 |
CSCS (Contracts) Limited (Registered number: 06906227) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2016 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2015 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2016 |
DEPRECIATION |
At 1 August 2015 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2016 |
NET BOOK VALUE |
At 31 July 2016 |
At 31 July 2015 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 August 2015 |
Additions |
At 31 July 2016 |
DEPRECIATION |
At 1 August 2015 |
Charge for year |
At 31 July 2016 |
NET BOOK VALUE |
At 31 July 2016 |
At 31 July 2015 |
CSCS (Contracts) Limited (Registered number: 06906227) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2016 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.16 | 31.7.15 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.16 | 31.7.15 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.16 | 31.7.15 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years by instalments |
225,259 |
244,652 |
CSCS (Contracts) Limited (Registered number: 06906227) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2016 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.7.16 | 31.7.15 |
£ | £ |
Bank loans |
Hire purchase contracts | 19,570 | 21,893 |
The hire purchase creditor is secured on the assets to which they relate. |
The bank loan and credit factoring account 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 and fixed plant and machinery. |
10. | RELATED PARTY DISCLOSURES |
During the period to 31st July 2016, Mr G Brooker, the sole Director and a shareholder of the |
Company introduced funds totalling £25,185 (2015: £44,682) and withdrew £14,268 (2015: £7,468) |
from the company. |
As at the Balance Sheet date, the Company owed Mr G Brooker £171,570 (2015: £160,653). Of this |
amount £61,570 (2015: £50,653) is in creditors due within one year and £110,000 (2015: £110,000) |
is included in creditors due after one year. |
11. | ULTIMATE CONTROLLING PARTY |
Mr Graham Brooker is the ultimate controlling party as a result of controlling, directly, 100% of the |
issued share capital. |
Chartered Certified Accountants' Report to the Director |
on the Unaudited Financial Statements of |
CSCS (Contracts) Limited |
The following reproduces the text of the report prepared for the director and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the |
company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and |
certain other primary statements and the Report of the Director are not required to be filed with the |
Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your |
approval the financial statements of CSCS (Contracts) Limited for the year ended 31 July 2016 which |
comprise the Income Statement, Balance Sheet, and the related notes from the company's accounting |
records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the director of CSCS (Contracts) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of CSCS (Contracts) Limited and state those matters that we have agreed to state to the director of CSCS (Contracts) Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
It is your duty to ensure that CSCS (Contracts) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of CSCS (Contracts) Limited. You consider that CSCS (Contracts) Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of CSCS (Contracts) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Certified Accountants |
Beechey House |
87 Church Street |
Crowthorne |
Berkshire |
RG45 7AW |