Company Registration No. 11358982 (England and Wales)
CRITICAL FACILITIES SOLUTIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
CRITICAL FACILITIES SOLUTIONS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
4 - 10
CRITICAL FACILITIES SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,692
17,108
Investments
4
1
-
0
5,693
17,108
Current assets
Debtors
5
163,671
282,584
Cash at bank and in hand
105,160
26,053
268,831
308,637
Creditors: amounts falling due within one year
6
(298,596)
(397,205)
Net current liabilities
(29,765)
(88,568)
Total assets less current liabilities
(24,072)
(71,460)
Provisions for liabilities
(2,169)
(3,251)
Net liabilities
(26,241)
(74,711)
Capital and reserves
Called up share capital
8
1,350
1,000
Profit and loss reserves
(27,591)
(75,711)
Total equity
(26,241)
(74,711)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CRITICAL FACILITIES SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 May 2022 and are signed on its behalf by:
2022-05-09
Mr P Howard
Director
Company Registration No. 11358982
CRITICAL FACILITIES SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2020
1,000
(127,579)
(126,579)
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
32,282
32,282
Credit to equity for equity settled share-based payments
7
-
19,586
19,586
Balance at 31 December 2020
1,000
(75,711)
(74,711)
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
42,869
42,869
Issue of share capital
8
350
-
350
Credit to equity for equity settled share-based payments
7
-
5,251
5,251
Balance at 31 December 2021
1,350
(27,591)
(26,241)
CRITICAL FACILITIES SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information

Critical Facilities Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Europa Park, Croft Way, Witham, Essex,, United Kingdom, CM8 2FN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements report net current liabilities as at 31 December 2021. The directors trueconsider that the company has sufficient support provided by the parent company, EDP Europe Limited, to enable the company to continue trading for the foreseeable future. The intercompany loan amount outstanding to EDP Europe Limited at 31 December 2021 was £253,969 and this will not be recalled until Critical Facilities Solutions has sufficient funds available.

 

On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

 

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
CRITICAL FACILITIES SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

1.7
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.8
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in ordinary shares.

 

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 the Statement of Comprehensive Income.

 

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 interest rate determined under the contract.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price, less any impairment.

CRITICAL FACILITIES SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Short term creditors are measured at the transaction price.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

 

The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

 

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

1.10
Retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CRITICAL FACILITIES SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
1.11
Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the statement of comprehensive income over the vesting period. Non-market conditions are taken into account by adjusting the number of equity instruments expected to vest at each statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

 

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).

 

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the statement of comprehensive income over the remaining vesting period.

 

Where equity instruments are granted to persons other than employees, the statement of comprehensive income is charged with the fair value of goods and services received.

1.12
Leases

Rentals payable under operating leases are charged to profit or loss on a straight line basis over the lease term.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
22
21
CRITICAL FACILITIES SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2021
23,727
3,718
27,445
Additions
317
294
611
At 31 December 2021
24,044
4,012
28,056
Depreciation and impairment
At 1 January 2021
8,829
1,508
10,337
Depreciation charged in the year
10,120
1,907
12,027
At 31 December 2021
18,949
3,415
22,364
Carrying amount
At 31 December 2021
5,095
597
5,692
At 31 December 2020
14,898
2,210
17,108
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
1
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021
-
Additions
1
At 31 December 2021
1
Carrying amount
At 31 December 2021
1
At 31 December 2020
-
CRITICAL FACILITIES SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
158,106
275,352
Other debtors
5,565
7,232
163,671
282,584
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
9,255
-
0
Trade creditors
3,669
13,071
Taxation and social security
56,943
104,809
Other creditors
228,729
279,325
298,596
397,205
7
Share-based payment transactions

The company has a share based remuneration scheme for certain employees, The scheme enables those employees, who have been issued ordinary G shares at par, to fully participate in the rights of those shares, with vesting conditions being that the company has to achieve certain performance targets and those individuals remain employees over the five year vesting period.

 

The grant date fair value of the ordinary G shares is based on recent share transactions.

 

As at 31 December 2021 none of the rights to the ordinary G shares had vested (2020: none).

 

During the year, the company recognised total share-based payment expenses of £5,251 (2020 - £19,588) which related to equity settled share based payment transactions.

Number of share options
Weighted average exercise price
2021
2020
2021
2020
Number
Number
£
£
Outstanding at 1 January 2021 and 31 December 2021
30,000
30,000
3.56
3.56
Exercisable at 31 December 2021
15,000
15,000
3.56
3.56
CRITICAL FACILITIES SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary B shares of 1p each
70,000
70,000
700
700
Ordinary G shares of 1p each
30,000
30,000
300
300
Ordinary A shares of 1p each
35,000
-
350
-
135,000
100,000
1,350
1,000
9
Operating lease commitments
Lessee

Rental paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
Within one year
6,142
6,142
Between two and five years
512
6,654
6,654
12,796
10
Related party transactions

During the year the Company traded with EDP Europe Limited, the parent entity of the Company. The Company provided services to EDP Europe Limited of £68,787 (2020: £103,342) and incurred expenses of £14,270 (2020: £23,903). As at 31 December 2021 the amount due to EDP Europe Limited was £209,564 (2020: 256,918).

 

Of this outstanding year end balance, £253,969 is a loan provided from EDP Europe Limited which is not repayable until Critical facilities Solutions have sufficient funds available.

11
Parent company

The immediate parent entity is EDP Europe Limited by virtue of the majority shareholding held by that entity. The ultimate parent entity is the P Howard Revocable Trust.

12
Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,217. Contributions totalling £2,229 were payable to the fund at the balance sheet date and are included in other creditors.

2021-12-312021-01-01false09 May 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityP HowardMr D StackhouseMr P SkiltonMr M MeyerMr G Hall113589822021-01-012021-12-31113589822021-12-31113589822020-12-3111358982core:PlantMachinery2021-12-3111358982core:FurnitureFittings2021-12-3111358982core:PlantMachinery2020-12-3111358982core:FurnitureFittings2020-12-3111358982core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3111358982core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3111358982core:CurrentFinancialInstruments2021-12-3111358982core:CurrentFinancialInstruments2020-12-3111358982core:ShareCapital2021-12-3111358982core:ShareCapital2020-12-3111358982core:RetainedEarningsAccumulatedLosses2021-12-3111358982core:RetainedEarningsAccumulatedLosses2020-12-3111358982core:ShareCapital2019-12-3111358982core:RetainedEarningsAccumulatedLosses2019-12-31113589822019-12-3111358982core:ShareCapitalOrdinaryShares2021-12-3111358982core:ShareCapitalOrdinaryShares2020-12-3111358982bus:Director12021-01-012021-12-3111358982core:RetainedEarningsAccumulatedLosses2020-01-012020-12-31113589822020-01-012020-12-3111358982core:RetainedEarningsAccumulatedLosses2021-01-012021-12-3111358982core:ShareCapital2021-01-012021-12-3111358982core:PlantMachinery2021-01-012021-12-3111358982core:FurnitureFittings2021-01-012021-12-3111358982core:PlantMachinery2020-12-3111358982core:FurnitureFittings2020-12-31113589822020-12-3111358982core:WithinOneYear2021-12-3111358982core:WithinOneYear2020-12-3111358982core:BetweenTwoFiveYears2021-12-3111358982core:BetweenTwoFiveYears2020-12-3111358982bus:PrivateLimitedCompanyLtd2021-01-012021-12-3111358982bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3111358982bus:FRS1022021-01-012021-12-3111358982bus:AuditExemptWithAccountantsReport2021-01-012021-12-3111358982bus:Director22021-01-012021-12-3111358982bus:Director32021-01-012021-12-3111358982bus:Director42021-01-012021-12-3111358982bus:Director52021-01-012021-12-3111358982bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP