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Registration number: 05435348

Complete Background Screening Ltd

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2023

 

Complete Background Screening Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Complete Background Screening Ltd

Company Information

Directors

Ms R Bedgood

Mr GC Jones

Registered office

The Screening House
Cwm Cynon Business Park
Mountain Ash
CF45 4ER

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Complete Background Screening Ltd

(Registration number: 05435348)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

618,301

593,391

Investments

5

20,000

20,000

 

638,301

613,391

Current assets

 

Debtors

1,531,146

1,268,804

Cash at bank and in hand

 

587,195

422,422

 

2,118,341

1,691,226

Prepayments and accrued income

 

36,521

16,365

Creditors: Amounts falling due within one year

6

(842,275)

(798,008)

Net current assets

 

1,312,587

909,583

Total assets less current liabilities

 

1,950,888

1,522,974

Creditors: Amounts falling due after more than one year

7

(88,793)

(121,721)

Provisions for liabilities

(74,512)

(69,450)

Accruals and deferred income

 

(73,375)

(23,675)

Net assets

 

1,714,208

1,308,128

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,714,108

1,308,028

Shareholders' funds

 

1,714,208

1,308,128

 

Complete Background Screening Ltd

(Registration number: 05435348)
Abridged Balance Sheet as at 31 May 2023

For the financial year ending 31 May 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.

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 17 November 2023 and signed on its behalf by:
 

.........................................

Ms R Bedgood
Director

 

Complete Background Screening Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
The Screening House
Cwm Cynon Business Park
Mountain Ash
CF45 4ER
Wales

These financial statements were authorised for issue by the Board on 17 November 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. Disbursements have also been included in the turnover of 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.

Government grants

Grants are credited to deferred revenue as they are received. Grants towards expenditure are released to the profit and loss account over the period of the grant. Grants towards fixed assets are written off in line with the asset depreciation policy.

 

Complete Background Screening Ltd

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

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 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

Carpark & land

2% straight line

Fixtures & fittings

20% straight line

Motor vehicles

20% straight line

Plant & machinery

20% straight line

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.

Investments

Investments held as fixed assets are stated at cost, together with subsequent capital contributions, less any provisions for impairment in value.

Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the fixed assets investment.

 

Complete Background Screening Ltd

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

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 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.

 

Complete Background Screening Ltd

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

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.

 

Complete Background Screening Ltd

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

Financial instruments

Recognition and measurement
A financial asset held as an equity instrument is recognised initially at the transaction price (including transaction costs).

At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.

Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 18).

4

Tangible assets

Carpark and land
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2022

331,303

225,305

149,769

87,104

793,481

Additions

-

104,578

-

35,979

140,557

Disposals

-

(135)

-

(5,685)

(5,820)

At 31 May 2023

331,303

329,748

149,769

117,398

928,218

Depreciation

At 1 June 2022

22,523

70,387

52,962

54,217

200,089

Charge for the year

6,626

57,627

29,954

21,441

115,648

Eliminated on disposal

-

(135)

-

(5,685)

(5,820)

At 31 May 2023

29,149

127,879

82,916

69,973

309,917

Carrying amount

At 31 May 2023

302,154

201,869

66,853

47,425

618,301

At 31 May 2022

308,780

154,918

96,806

32,887

593,391

Included within the net book value of land and buildings above is £302,154 (2022 - £308,780) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of long leasehold land and buildings.
 

 

Complete Background Screening Ltd

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

5

Investments

Total
£

Cost or valuation

At 1 June 2022

20,000

Provision

Carrying amount

At 31 May 2023

20,000

At 31 May 2022

20,000

6

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £27,852 (2022 - £28,606).

7

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £52,561 (2022 - £79,532).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of contingencies not included in the balance sheet is £121,639 (2022 - £121,639). The company is a member of L.R. R&D LLP and is liable to contribute to the assets of the LLP in the event of a winding-up before 1st June 2023. The company does not believe that a winding-up of the LLP is probable and has not made a provision for the liability as at 31st May 2023.

 

Complete Background Screening Ltd

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

10

Related party transactions

Summary of transactions with key management

Transactions with directors

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Ms R Bedgood

Advances and repayments

101,891

44,074

(8,828)

137,137

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Ms R Bedgood

Advances and repayments

54,214

217,706

(170,029)

101,891

         
       

 

Other transactions with directors

During the year the company made unsecured, interest free, repayable on demand loans to the directors. At the balance sheet date the amount owed from the directors was £137,137 (2022 - £101,891).

Summary of transactions with other related parties

Relationship: Common Shareholder
 During the year the company carried out transactions with related parties. At the balance sheet date the amount due to the company was £641,430 (2022 - £454,903)