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Registration number: 09848984

CDS Energy Services Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

CDS Energy Services Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

CDS Energy Services Ltd

Company Information

Directors

Mr Daniel Gareth Laybourne

Mr Howard Frederick Laybourne

Registered office

Burma Drive
Marfleet Lane
Hull
East Yorkshire
HU9 5SD

Solicitors

Rollits LLP
Citadel House
58 High Street
Hull
East Yorkshire
HU1 1QE

Bankers

Lloyds Bank
Silver Street
Hull

Accountants

Flexibility Professional Services (UK) Ltd
1 Tall Trees
Jenny Brough Lane
Hessle
East Yorkshire
HU13 0LE

 

CDS Energy Services Ltd

(Registration number: 09848984)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

195,563

183,600

Current assets

 

Stocks

5

23,989

141,378

Debtors

1,085,152

1,262,557

Cash at bank and in hand

 

173,924

171,513

 

1,283,065

1,575,448

Prepayments and accrued income

 

373,339

900,884

Creditors: Amounts falling due within one year

(442,257)

(1,031,151)

Net current assets

 

1,214,147

1,445,181

Total assets less current liabilities

 

1,409,710

1,628,781

Creditors: Amounts falling due after more than one year

(12,850)

(27,999)

Provisions for liabilities

(33,607)

(21,759)

Accruals and deferred income

 

(85,081)

(250,273)

Net assets

 

1,278,172

1,328,750

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

1,278,072

1,328,650

Shareholders' funds

 

1,278,172

1,328,750

For the financial year ending 31 March 2023 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

CDS Energy Services Ltd

(Registration number: 09848984)
Abridged Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

.........................................
Mr Daniel Gareth Laybourne
Director

.........................................
Mr Howard Frederick Laybourne
Director

 

CDS Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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:
Burma Drive
Marfleet Lane
Hull
East Yorkshire
HU9 5SD
United Kingdom

These financial statements were authorised for issue by the Board on 20 October 2023.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Contract revenue recognition

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when costs incurred and costs to complete can be reliably estimated. The stage of completion is calculated by comparing costs incurred in relation to contractual hourly labour rates and materials as a proportion of total costs. Where the outcome cannot be reliably estimated, revenue is recognised only to the extent of the expenses that are recoverable.

 

CDS Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

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.

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 machinery

Reducing balance @ 20%

Motor vehicles

Reducing balance @ 25%

Office equipment

Reducing balance @ 33%

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.

 

CDS Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.

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 inventories 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.

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.

 

CDS Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Leases

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.

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 30 (2022 - 30).

 

CDS Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

20,024

87,158

134,806

241,988

Additions

1,250

41,300

8,465

51,015

At 31 March 2023

21,274

128,458

143,271

293,003

Depreciation

At 1 April 2022

5,853

23,660

28,874

58,387

Charge for the year

4,402

14,447

20,204

39,053

At 31 March 2023

10,255

38,107

49,078

97,440

Carrying amount

At 31 March 2023

11,019

90,351

94,193

195,563

At 31 March 2022

14,170

63,498

105,932

183,600

5

Stocks

2023
£

2022
£

Work in progress

22,766

140,155

Other inventories

1,223

1,223

23,989

141,378

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

7

Related party transactions

 

CDS Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Howard Frederick Laybourne

Directors loan account

36,109

29,021

(100,000)

(34,870)

         
       

Mr Daniel Gareth Laybourne

Directors loan account

24,225

-

(37,667)

(13,442)

         
       

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Mr Howard Frederick Laybourne

Directors loan account

5,249

30,860

36,109

       
     

Mr Daniel Gareth Laybourne

Directors loan account

(13,280)

37,505

24,225

       
     

 

 

CDS Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

50,000

-

Contributions paid to money purchase schemes

-

81,591

50,000

81,591

Summary of transactions with associates

Southlands Homes Ltd
Southlands Holdings Ltd

 Loan capital provided.
 No repayments terms or security provided.
 

Summary of transactions with other related parties

D & H Properties
 Loan capital provided.
 No repayments terms or security provided.
 

Loans to related parties

2023

Associates
£

Other related parties
£

Total
£

At start of period

56,282

53,693

109,975

Advanced

87,200

235,007

322,207

At end of period

143,482

288,700

432,182

2022

Associates
£

Other related parties
£

Total
£

At start of period

-

14,693

14,693

Advanced

56,282

39,000

95,282

At end of period

56,282

53,693

109,975