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Company registration number: 11998695
Complete Communication Services Ltd
Unaudited filleted financial statements
30 June 2023
COMPLETE COMMUNICATION SERVICES LTD
STATEMENT OF FINANCIAL POSITION
30 JUNE 2023
30/06/23 31/05/22
Note £ £ £ £
Fixed assets
Intangible assets 5 4,800 9,600
Tangible assets 6 23,056 19,638
_______ _______
27,856 29,238
Current assets
Debtors 7 58,779 59,455
Cash at bank and in hand 402,799 257,582
_______ _______
461,578 317,037
Creditors: amounts falling due
within one year 8 ( 177,557) ( 133,156)
_______ _______
Net current assets 284,021 183,881
_______ _______
Total assets less current liabilities 311,877 213,119
_______ _______
Net assets 311,877 213,119
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 311,777 213,019
_______ _______
Shareholders funds 311,877 213,119
_______ _______
For the period ending 30 June 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Mr D McMullan
Director
Company registration number: 11998695
COMPLETE COMMUNICATION SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit D4, Phase 4 - Drake Building, Plymouth Science Park, 18 Davy Road, Plymouth, Devon, PL6 8BY.
Principal activity
The principal activity of the company is that of translation and interpretation activities.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 37 (2022: 15 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2022 and 30 June 2023 24,000 24,000
_______ _______
Amortisation
At 1 June 2022 14,400 14,400
Charge for the period 4,800 4,800
_______ _______
At 30 June 2023 19,200 19,200
_______ _______
Carrying amount
At 30 June 2023 4,800 4,800
_______ _______
At 31 May 2022 9,600 9,600
_______ _______
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 June 2022 31,648 31,648
Additions 14,400 14,400
Disposals ( 4,038) ( 4,038)
_______ _______
At 30 June 2023 42,010 42,010
_______ _______
Depreciation
At 1 June 2022 12,010 12,010
Charge for the year 7,691 7,691
Disposals ( 747) ( 747)
_______ _______
At 30 June 2023 18,954 18,954
_______ _______
Carrying amount
At 30 June 2023 23,056 23,056
_______ _______
At 31 May 2022 19,638 19,638
_______ _______
7. Debtors
30/06/23 31/05/22
£ £
Trade debtors 58,587 59,455
Other debtors 192 -
_______ _______
58,779 59,455
_______ _______
8. Creditors: amounts falling due within one year
30/06/23 31/05/22
£ £
Trade creditors 14,674 32,500
Accruals and deferred income 2,500 2,260
Social security and other taxes 149,102 86,733
Other creditors 11,281 11,663
_______ _______
177,557 133,156
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 30/06/23
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
The directors ( 11,663) 54,145 ( 53,763) ( 11,281)
_______ _______ _______ _______
Year ended 31/05/22
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
The directors ( 11,743) 70,530 ( 70,450) ( 11,663)
_______ _______ _______ _______