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Registration number: 10710408

Cedar Innovations Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Cedar Innovations Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Cedar Innovations Limited

Company Information

Director

Mr D Upton

Registered office

Suite 5
Brightwater House
Market Place
Ringwood
Hampshire
BH24 1AP

Accountants

Elysium
Chartered Accountants
Suite 5
Brightwater House
Market Place
Ringwood
Hampshire
BH24 1AP

 

Cedar Innovations Limited

(Registration number: 10710408)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

509,484

367,960

Current assets

 

Debtors

6

220,914

84,028

Cash at bank and in hand

 

34,838

5,060

 

255,752

89,088

Creditors: Amounts falling due within one year

7

(129,555)

(90,631)

Net current assets/(liabilities)

 

126,197

(1,543)

Total assets less current liabilities

 

635,681

366,417

Creditors: Amounts falling due after more than one year

7

(53,032)

(70,499)

Provisions for liabilities

(88,586)

(16,197)

Net assets

 

494,063

279,721

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

493,963

279,621

Shareholders' funds

 

494,063

279,721

 

Cedar Innovations Limited

(Registration number: 10710408)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 2 September 2022
 

.........................................
Mr D Upton
Director

 

Cedar Innovations Limited

Statement of Changes in Equity for the Year Ended 31 March 2022

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2021

100

279,621

279,721

Profit for the year

-

250,342

250,342

Total comprehensive income

-

250,342

250,342

Dividends

-

(36,000)

(36,000)

At 31 March 2022

100

493,963

494,063

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2020

100

160,585

160,685

Profit for the year

-

153,036

153,036

Total comprehensive income

-

153,036

153,036

Dividends

-

(34,000)

(34,000)

At 31 March 2021

100

279,621

279,721

 

Cedar Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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:
Suite 5
Brightwater House
Market Place
Ringwood
Hampshire
BH24 1AP

These financial statements were authorised for issue by the director on 2 September 2022.

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 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 current and 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.

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.

 

Cedar Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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 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

20% reducing balance

Motor vehicles

5 years straight line

Office equipment

5 years straight line

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.

 

Cedar Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 the director) during the year, was 1 (2021 - 1).

 

Cedar Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

40,424

38,251

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

366,026

60,310

426,336

Additions

149,273

49,000

198,273

Disposals

(3,800)

(26,250)

(30,050)

At 31 March 2022

511,499

83,060

594,559

Depreciation

At 1 April 2021

41,355

17,022

58,377

Charge for the year

25,446

14,979

40,425

Eliminated on disposal

(1,064)

(12,663)

(13,727)

At 31 March 2022

65,737

19,338

85,075

Carrying amount

At 31 March 2022

445,762

63,722

509,484

At 31 March 2021

324,672

43,288

367,960

6

Debtors

2022
£

2021
£

Trade debtors

214,671

81,395

Prepayments

2,329

2,533

Other debtors

3,914

100

220,914

84,028

 

Cedar Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

19,671

8,333

Trade creditors

 

78,801

48,911

Taxation and social security

 

5,552

3,413

Accruals and deferred income

 

1,089

4,974

Other creditors

 

24,442

25,000

 

129,555

90,631

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

53,032

41,667

Deferred income

 

-

28,832

 

53,032

70,499

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Cedar Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

31,799

41,667

Hire purchase contracts

21,233

-

53,032

41,667

2022
£

2021
£

Current loans and borrowings

Bank borrowings

9,871

8,333

Hire purchase contracts

9,800

-

19,671

8,333

Bank borrowings

Bank Loan is denominated in pounds with a nominal interest rate of 2.5%, and the final instalment is due on 21 May 2026. The carrying amount at year end is £1,669 (2021 - £50,000).

Other borrowings

Hire Purchase is denominated in pounds with a nominal interest rate of 7.6%, and the final instalment is due on 30 June 2025. The carrying amount at year end is £31,033 (2021 - £Nil).

10

Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

9,000

8,632

Contributions paid to money purchase schemes

83

72

9,083

8,704