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Registration number: 04454321

CXG Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

CXG Group Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 12

 

CXG Group Limited

(Registration number: 04454321)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

27,656

23,821

Investment property

5

825,000

1,050,000

Investments

6

123,991

124,091

 

976,647

1,197,912

Current assets

 

Debtors

7

570,385

437,697

Cash at bank and in hand

 

574

2,800

 

570,959

440,497

Creditors: Amounts falling due within one year

8

(772,890)

(644,346)

Net current liabilities

 

(201,931)

(203,849)

Total assets less current liabilities

 

774,716

994,063

Creditors: Amounts falling due after more than one year

8

(627,037)

(697,384)

Provisions for liabilities

(17,499)

(48,376)

Net assets

 

130,180

248,303

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

130,080

248,203

Total equity

 

130,180

248,303

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.

 

CXG Group Limited

(Registration number: 04454321)
Balance Sheet as at 31 March 2018

Approved and authorised by the Board on 20 August 2018 and signed on its behalf by:
 

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

Mr Robin Michael Pilley
Director

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

Mr Daniel Mark Pilley
Company secretary and director

 

CXG Group Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
CXG House
70 High Street
Haverhill
Suffolk
CB9 8AR
England

These financial statements were authorised for issue by the Board on 20 August 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.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

CXG Group Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Motor vehicles

25% reducing balance

Office equipment

15% reducing balance

Investment property

Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

CXG Group Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

CXG Group Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2017 - 7).

 

CXG Group Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2017

38,621

19,340

57,961

Additions

5,502

6,210

11,712

Disposals

-

(19,340)

(19,340)

At 31 March 2018

44,123

6,210

50,333

Depreciation

At 1 April 2017

17,065

17,075

34,140

Charge for the year

4,059

1,553

5,612

Eliminated on disposal

-

(17,075)

(17,075)

At 31 March 2018

21,124

1,553

22,677

Carrying amount

At 31 March 2018

22,999

4,657

27,656

At 31 March 2017

21,556

2,265

23,821

5

Investment properties

2018
£

At 1 April

1,050,000

Disposals

(225,000)

At 31 March

825,000

Investment properties have been valued as at 31 March 2018 by Mr D M Pilley who is internal to the company. The basis of the valuation was open market value.

6

Investments

2018
£

2017
£

Investments in subsidiaries

123,991

124,091

 

CXG Group Limited

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

Subsidiaries

£

Cost or valuation

At 1 April 2017

124,091

Disposals

(100)

At 31 March 2018

123,991

Provision

Carrying amount

At 31 March 2018

123,991

At 31 March 2017

124,091

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2018

2017

Subsidiary undertakings

CXG Lettings Ltd

CXG House, 70 High Street, Haverhill, Suffolk, CB9 8AR

Ordinary

100%

100%

 

England and Wales

     

RDJ Properties Ltd

CXG House, 70 High Street, Haverhill, Suffolk, CB9 8AR

Ordinary

100%

100%

 

England and Wales

     

Cannon Irons Ltd

CXG House, 70 High Street, Haverhill, Suffolk, CB9 8AR

Ordinary

100%

100%

 

England and Wales

     

NJ Bistros Ltd

CXG House, 70 High Street, Haverhill, Suffolk, CB9 8AR

Ordinary

100%

100%

 

England and Wales

     

Rebi Construction Ltd

CXG House, 70 High Street, Haverhill, Suffolk, CB9 8AR

Ordinary

100%

100%

 

England and Wales

     

Winston Hamlet Ltd

CXG House, 70 High Street, Haverhill, Suffolk, CB9 8AR

Ordinary

50%

50%

 

England and Wales

     
 

CXG Group Limited

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

The principal activity of CXG Lettings Ltd is Letting and operating of own or leased real estate

The principal activity of RDJ Properties Ltd is Letting and operating of own or leased real estate

The principal activity of Cannon Irons Ltd is Letting and operating of own or leased real estate

The principal activity of NJ Bistros Ltd is Licensed restaurant

The principal activity of Rebi Construction Ltd is Development of building projects

The principal activity of Winston Hamlet Ltd is Property rental

The profit for the financial period of CXG Lettings Ltd was £5,671 and the aggregate amount of capital and reserves at the end of the period was £26,318.

The profit for the financial period of RDJ Properties Ltd was £32,645 and the aggregate amount of capital and reserves at the end of the period was £81,096.

The profit for the financial period of Cannon Irons Ltd was £50,748 and the aggregate amount of capital and reserves at the end of the period was £617,892.

The loss for the financial period of NJ Bistros Ltd was £6,308 and the aggregate amount of capital and reserves at the end of the period was £(23,224).

The loss for the financial period of Rebi Construction Ltd was £121,463 and the aggregate amount of capital and reserves at the end of the period was £(115,480).

The loss for the financial period of Winston Hamlet Ltd was £4,001 and the aggregate amount of capital and reserves at the end of the period was £85,776.

7

Debtors

Note

2018
£

2017
£

Trade debtors

 

-

14,619

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

10

570,090

389,531

Prepayments

 

-

22,265

Other debtors

 

295

11,282

 

570,385

437,697

 

CXG Group Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

9

754

-

Trade creditors

 

726

28,947

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

10

105,600

32,082

Taxation and social security

 

7,028

4,377

Accruals and deferred income

 

-

5,300

Other creditors

 

658,782

573,640

 

772,890

644,346

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

9

627,037

697,384

2018
£

2017
£

Due after more than five years

After more than five years not by instalments

475,969

223,473

-

-

9

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

627,037

697,384

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

754

-

 

CXG Group Limited

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

Bank borrowings

Bank loan is denominated in pounds with a nominal interest rate of 5.35%, and the final instalment is due on 31 December 2019. The carrying amount at year end is £151,068 (2017 - £151,050).

The bank loan is secured on the relevant property.

Bank loan is denominated in pounds with a nominal interest rate of 5.25%, and the final instalment is due on 28 February 2020. The carrying amount at year end is £Nil (2017 - £157,092).

The bank loan is secured on the relevant property.

Bank loan is denominated in pounds with a nominal interest rate of 5.25%, and the final instalment is due on 31 March 2020. The carrying amount at year end is £Nil (2017 - £165,769).

The bank loan is secured on the relevant property.

Bank loan is denominated in pounds with a nominal interest rate of 5.15%, and the final instalment is due on 30 June 2025. The carrying amount at year end is £Nil (2017 - £106,313).

The bank loan is secured on the relevant property.

Bank loan is denominated in pounds with a nominal interest rate of 5.27%, and the final instalment is due on 30 June 2026. The carrying amount at year end is £Nil (2017 - £117,160).

The bank loan is secured on the relevant property.

Bank loan is denominated in pounds with a nominal interest rate of 4.49%, and the final instalment is due on 7 May 2052. The carrying amount at year end is £137,950 (2017 - £Nil).

The bank loan is secured on the relevant property.

Bank loan is denominated in pounds with a nominal interest rate of 4.49%, and the final instalment is due on 7 May 2052. The carrying amount at year end is £202,851 (2017 - £Nil).

The bank loan is secured on the relevant property.

Bank loan is denominated in pounds with a nominal interest rate of 3.12%, and the final instalment is due on 7 May 2052. The carrying amount at year end is £135,168 (2017 - £Nil).

The bank loan is secured on the relevant property.

Other borrowings

Cannon Irons Ltd - Other loans is denominated in pounds with a nominal interest rate of above base of 4%, and the final instalment is due on 31 January 2019. The carrying amount at year end is £453,074 (2017 - £453,074).

CXG Group Ltd has provided security for the outstanding loan of £453,074 which is in the business of Cannon Irons Ltd (07942946). These loans have not been provided for in the CXG Group Ltd accounts.

10

Related party transactions

Summary of transactions with other related parties

 

CXG Group Limited

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

CXG Lettings Ltd (100% owned subsidiary)
At the year end the company owed CXG Lettings Ltd £105,600 (2017: £32,082). This loan is interest free and repayable on demand.

RDJ Properties Ltd (100% owned subsidiary)
At the year end RDJ Properties Ltd owed the company £66 (2017: £66). This loan is interest free and repayable on demand.

Cannon Irons Ltd (100% owned subsidiary)
At the year end Cannon Irons Ltd owed the company £185,964 (2017: £283,586). This loan is interest free and repayable on demand.

NJ Bistros Ltd (100% owned subsidiary)
At the year end NJ Bistros Ltd owed the company £272,521 (2017: £38,705). This loan is interest free and repayable on demand.

REBI Construction Ltd (100% owned subsidiary)
At the year end REBI Construction Ltd owed the company £103,989 (2017: £48,202). This loan is interest free and repayable on demand.

Winston Hamlet Ltd (50% joint venture)
At the year end Winston Hamlet Ltd owed the company £7,550 (2017: £13,050). This loan is interest free and repayable on demand.