Registration number:
CXG Group Limited
for the Year Ended 31 March 2018
CXG Group Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
CXG Group Limited
(Registration number: 04454321)
Balance Sheet as at 31 March 2018
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2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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:
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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.
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CXG Group Limited
(Registration number: 04454321)
Balance Sheet as at 31 March 2018
Approved and authorised by the
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Director
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Company secretary and director
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CXG Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
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.
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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
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.
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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.
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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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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CXG Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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Disposals |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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Eliminated on disposal |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Investment properties |
2018 |
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At 1 April |
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Disposals |
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At 31 March |
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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.
Investments |
2018 |
2017 |
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Investments in subsidiaries |
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CXG Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2017 |
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Disposals |
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At 31 March 2018 |
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Provision |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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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 |
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2018 |
2017 |
Subsidiary undertakings |
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CXG House, 70 High Street, Haverhill, Suffolk, CB9 8AR |
Ordinary |
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England and Wales |
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CXG House, 70 High Street, Haverhill, Suffolk, CB9 8AR |
Ordinary |
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England and Wales |
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CXG House, 70 High Street, Haverhill, Suffolk, CB9 8AR |
Ordinary |
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England and Wales |
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CXG House, 70 High Street, Haverhill, Suffolk, CB9 8AR |
Ordinary |
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England and Wales |
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CXG House, 70 High Street, Haverhill, Suffolk, CB9 8AR |
Ordinary |
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England and Wales |
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CXG House, 70 High Street, Haverhill, Suffolk, CB9 8AR |
Ordinary |
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England and Wales |
Page 8 |
CXG Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
The principal activity of CXG Lettings Ltd is |
The principal activity of RDJ Properties Ltd is |
The principal activity of Cannon Irons Ltd is |
The principal activity of NJ Bistros Ltd is |
The principal activity of Rebi Construction Ltd is |
The principal activity of Winston Hamlet Ltd is |
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. |
Debtors |
Note |
2018 |
2017 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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CXG Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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2018 |
2017 |
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Due after more than five years |
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After more than five years not by instalments |
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Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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CXG Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Bank borrowings
The bank loan is secured on the relevant property. |
The bank loan is secured on the relevant property. |
The bank loan is secured on the relevant property. |
The bank loan is secured on the relevant property. |
The bank loan is secured on the relevant property. |
The bank loan is secured on the relevant property. |
The bank loan is secured on the relevant property. |
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. |
Related party transactions |
Summary of transactions with other related parties
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CXG Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
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.
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