REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
COMPUTATIONAL MECHANICS INTERNATIONAL |
LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
COMPUTATIONAL MECHANICS INTERNATIONAL |
LIMITED |
COMPUTATIONAL MECHANICS INTERNATIONAL |
LIMITED (REGISTERED NUMBER: 01322907) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
COMPUTATIONAL MECHANICS INTERNATIONAL |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Unit 3, Shelley Farm |
Shelley Lane |
Ower |
Romsey |
Hampshire |
SO51 6AS |
COMPUTATIONAL MECHANICS INTERNATIONAL |
LIMITED (REGISTERED NUMBER: 01322907) |
BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
COMPUTATIONAL MECHANICS INTERNATIONAL |
LIMITED (REGISTERED NUMBER: 01322907) |
BALANCE SHEET - continued |
31 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
COMPUTATIONAL MECHANICS INTERNATIONAL |
LIMITED (REGISTERED NUMBER: 01322907) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Computational Mechanics International Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Certain of the company's properties are held for long term investment and in accordance with Financial Reporting Standard 102 are included in the balance sheet at their fair values. Depreciation is not provided in respect of freehold investment properties. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement and subsequently transferred to a fair value reserve. Deferred tax is provided on gains at the rate expected to apply when the property is sold. |
Where fair value cannot be determined without undue cost or effort investment property is accounted for as tangible fixed assets. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
COMPUTATIONAL MECHANICS INTERNATIONAL |
LIMITED (REGISTERED NUMBER: 01322907) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research |
Expenditure on research is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government and similar grants |
Government and similar grants receivable in respect of revenue expenditure are credited as income in the same accounting period as that in which the grant-related expenditure is incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
COMPUTATIONAL MECHANICS INTERNATIONAL |
LIMITED (REGISTERED NUMBER: 01322907) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
COMPUTATIONAL MECHANICS INTERNATIONAL |
LIMITED (REGISTERED NUMBER: 01322907) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | INVESTMENT PROPERTY - continued |
Investment properties are carried at fair value. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other creditors |
COMPUTATIONAL MECHANICS INTERNATIONAL |
LIMITED (REGISTERED NUMBER: 01322907) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | RELATED PARTY DISCLOSURES |
All business with related parties is transacted on normal commercial terms. |
Mr A C Brebbia and Ms I E Brebbia are shareholders and directors of the company. Mrs C S Brebbia and Mr A C Brebbia are also directors of the company's two subsidiaries, C M Beasy Limited and WIT Press Limited. |
Mr A C Brebbia is a director and shareholder in Computational Mechanics International Inc. |
Mrs C S Brebbia and Mr A C Brebbia are Trustees of the Wessex Institute of Technology. |
At the balance sheet date: |
The company owed £364,058 (202: £450,681) to Computational Mechanics International Inc and £73,991 (2022: £67,024) was owed by Computational Mechanics International Inc. |
The company owed £67,589 (2022: £2,637) to WIT Press Limited. |
The company was owed £138,821 (2022: £216,246 creditor) by C M Beasy Limited and owed £28,420 in respect of a group relief claim. |
During the year the company received management charges of £841,194 (2022: £78,527) from C M Beasy Limited and £99,498 (2022: £88,326) from WIT Press Limited. |
During the year the company received rental income and service charges of £28,275 (2022: £34,300) from Wessex Institute of Technology. At the balance sheet date £3,264 (2022: £1,095) was due from Wessex Institute of Technology and included in debtors due within one year. |
At the balance sheet date loan balances were due to Mr A C Brebbia and Ms I E Brebbia totalling £500,000 (2022: £500,000). The balances are included in creditors due after more than one year under loan agreements with the capital to be repaid fully within a period of 25 years and interest to be charged on a compound basis with effect from January 2021 at a fixed rate of 3% p.a. During the year £15,000 (2022: £15,000) interest has been charged and added to accruals due within one year. |
At the balance sheet date, included in creditors due within one year was £4,984 due to Mrs C S Brebbia (2022: £4,984). |