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Continental Engravers (Precision) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2018

Registration number: 00819854

 

Continental Engravers (Precision) Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Continental Engravers (Precision) Limited

Balance Sheet

31 August 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

164,408

167,267

Current assets

 

Stocks

1,648

2,560

Debtors

5

132,663

113,095

Cash at bank and in hand

 

-

822

 

134,311

116,477

Creditors: Amounts falling due within one year

6

(112,290)

(108,955)

Net current assets

 

22,021

7,522

Total assets less current liabilities

 

186,429

174,789

Creditors: Amounts falling due after more than one year

6

(106,190)

(110,178)

Provisions for liabilities

(1,656)

(1,683)

Net assets

 

78,583

62,928

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

77,583

61,928

Total equity

 

78,583

62,928

 

Continental Engravers (Precision) Limited

Balance Sheet

31 August 2018

For the financial year ending 31 August 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 November 2018 and signed on its behalf by:
 

.........................................
Mr R C Thomson
Director

   
     

Company Registration Number: 00819854

 

Continental Engravers (Precision) Limited

Notes to the Financial Statements

Year Ended 31 August 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:
Unit 8 Reynolds Park Bell Close
Newnham Industrial Estate
Plympton
Plymouth
Devon
PL7 4FE

These financial statements were authorised for issue by the Board on 3 November 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.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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

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.

The current corporation 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.

 

Continental Engravers (Precision) Limited

Notes to the Financial Statements

Year Ended 31 August 2018

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and Equipment

10% straight line

Fixtures and Fittings

10% reducing balance

Freehold property

2% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Continental Engravers (Precision) Limited

Notes to the Financial Statements

Year Ended 31 August 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2017 - 3).

 

Continental Engravers (Precision) Limited

Notes to the Financial Statements

Year Ended 31 August 2018

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 September 2017

165,490

18,037

104,094

287,621

Additions

1,500

1,078

-

2,578

At 31 August 2018

166,990

19,115

104,094

290,199

Depreciation

At 1 September 2017

9,930

12,157

98,267

120,354

Charge for the year

3,340

700

1,397

5,437

At 31 August 2018

13,270

12,857

99,664

125,791

Carrying amount

At 31 August 2018

153,720

6,258

4,430

164,408

At 31 August 2017

155,560

5,880

5,827

167,267

Included within the net book value of land and buildings above is £153,720 (2017 - £155,560) in respect of freehold land and buildings.
 

5

Debtors

Note

2018
 £

2017
 £

Trade debtors

 

32,666

13,098

Amounts due from group undertakings

99,997

99,997

 

132,663

113,095

 

Continental Engravers (Precision) Limited

Notes to the Financial Statements

Year Ended 31 August 2018

6

Creditors

Creditors: amounts falling due within one year

Note

2018
 £

2017
 £

Due within one year

 

Loans and borrowings

7

14,271

8,612

Trade creditors

 

4,730

5,607

Corporation tax

7,042

2,353

Social security and other taxes

 

6,911

4,036

Other creditors

 

77,736

86,747

Accrued expenses

 

1,600

1,600

 

112,290

108,955

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

7

106,190

110,178

7

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Bank borrowings

4,866

5,744

Bank overdrafts

9,405

2,868

14,271

8,612

2018
£

2017
£

Loans and borrowings due after one year

Bank borrowings

106,190

110,178

NatWest bank have a fixed and floating charge over the assets of the company together with a legal charge over Unit 8 Reynolds Park Bell Close.

 

Continental Engravers (Precision) Limited

Notes to the Financial Statements

Year Ended 31 August 2018

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Parent and ultimate parent undertaking

The company's immediate parent is Thomson Independent Traders Limited, incorporated in England and Wales.

The registered office of Thomson Independent Traders Limited is C/O Francis Clark Llp North Quay House, Sutton Harbour, Plymouth, PL4 0RA and the principal place of business is Unit 8 Reynolds Park Bell Close, Newnham Industrial Estate, Plympton, Plymouth, Devon, PL7 4FE.