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Registration number: 06490228

CMB West Limited

Filleted Annual Report and Audited Abridged Financial Statements

for the Year Ended 31 March 2023

 

CMB West Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 7

 

CMB West Limited

Company Information

Directors

Mr S Borley

Mr PM Davies

Company secretary

Mr M Camilleri

Registered office

Ground Floor 1 Alexandra Gate
Ffordd Pengam
Cardiff
South Wales
CF24 2SA

Auditors

HSJ Audit Limited
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

CMB West Limited

(Registration number: 06490228)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

250,224

7,186

Current assets

 

Debtors

3,858,895

4,253,808

Cash at bank and in hand

 

400

400

 

3,859,295

4,254,208

Prepayments and accrued income

 

4,372

38,051

Creditors: Amounts falling due within one year

5

(3,421,492)

(3,627,857)

Net current assets

 

442,175

664,402

Total assets less current liabilities

 

692,399

671,588

Accruals and deferred income

 

(32,466)

(23,843)

Net assets

 

659,933

647,745

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

659,833

647,645

Shareholders' funds

 

659,933

647,745

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 23 October 2023 and signed on its behalf by:
 

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

Mr S Borley
Director

 

CMB West Limited

Notes to the 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 Wales.

The address of its registered office is:
Ground Floor 1 Alexandra Gate
Ffordd Pengam
Cardiff
South Wales
CF24 2SA

These financial statements were authorised for issue by the Board on 23 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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 October 2023 was Andrew Hill, who signed for and on behalf of HSJ Audit Limited.

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 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.

Tax

The tax expense for the period comprises current 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.

 

CMB West Limited

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

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

Fixtures, fittings and equipment

25% straight line

Motor vehicles

25% straight line

Land and buildings

Straight line over fifty years

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 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.

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.

 

CMB West Limited

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

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 17).

 

CMB West Limited

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

4

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

-

2,600

10,950

13,550

Additions

245,000

3,935

-

248,935

At 31 March 2023

245,000

6,535

10,950

262,485

Depreciation

At 1 April 2022

-

433

5,931

6,364

Charge for the year

2,464

673

2,760

5,897

At 31 March 2023

2,464

1,106

8,691

12,261

Carrying amount

At 31 March 2023

242,536

5,429

2,259

250,224

At 31 March 2022

-

2,167

5,019

7,186

Included within the net book value of land and buildings above is £242,536 (2022 - £Nil) in respect of freehold land and buildings.
 

5

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts which are secured of £3,211,935 (2022 - £3,211,081).

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

CMB West Limited

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

7

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £345 (2022 - £1,199) per each Ordinary

 

34,477

 

119,916

         

8

Related party transactions

Summary of transactions with parent

Relationship: Parent company
 During the year the company provided subcontract services to its parent company. The value of these subcontract services was £848,625 (2022 - £1,332,654). The parent company cross charged management charges to the company amounting to £70,689 (2022 - £61,226) for administration. At the balance sheet date the amount due from the parent company was £3,839,491 (2022 - £4,237,079).
 

Summary of transactions with other related parties

Relationship: Common director and shareholder
 During the year the company provided an unsecured, interest free, repayable on demand loan to its related party company. At the balance sheet date the amount due to the related companies was £19,404 (2022 - £16,730).