CEDAR BAY (EUROPE) LIMITED

Company Registration Number:
06485562 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2023

Period of accounts

Start date: 1 July 2022

End date: 30 June 2023

CEDAR BAY (EUROPE) LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2023

Balance sheet
Additional notes
Balance sheet notes

CEDAR BAY (EUROPE) LIMITED

Balance sheet

As at 30 June 2023

Notes 2023 2022


£

£
Fixed assets
Investments: 3 165,168
Total fixed assets: 165,168
Current assets
Debtors: 4 4,529,393 2,105,736
Cash at bank and in hand: 995,995 1,055,758
Total current assets: 5,525,388 3,161,494
Creditors: amounts falling due within one year: 5 ( 3,663,749 ) ( 1,618,159 )
Net current assets (liabilities): 1,861,639 1,543,335
Total assets less current liabilities: 2,026,807 1,543,335
Total net assets (liabilities): 2,026,807 1,543,335
Capital and reserves
Called up share capital: 60 60
Profit and loss account: 2,026,747 1,543,275
Total Shareholders' funds: 2,026,807 1,543,335

The notes form part of these financial statements

CEDAR BAY (EUROPE) LIMITED

Balance sheet statements

For the year ending 30 June 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 22 November 2023
and signed on behalf of the board by:

Name: Mr R F Teagle
Status: Director

The notes form part of these financial statements

CEDAR BAY (EUROPE) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

CEDAR BAY (EUROPE) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 50 45

CEDAR BAY (EUROPE) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

3. Fixed assets investments note

Investments in equity shares which are publicly traded or where fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

CEDAR BAY (EUROPE) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

4. Debtors

2023 2022
£ £
Trade debtors 4,269,573 1,359,886
Prepayments and accrued income 259,720
Other debtors 100 745,850
Total 4,529,393 2,105,736

Included in other debtors (2022) are amounts owed by related parties of £745,028.

CEDAR BAY (EUROPE) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 2,204,357 86,604
Taxation and social security 459,985 209,504
Accruals and deferred income 926,399 641,610
Other creditors 73,008 680,441
Total 3,663,749 1,618,159

Included in Other creditors are 'Amounts owed to group undertakings and undertakings in which the company has a participating interest' - £41,031 (2023) £668,584 (2022).

CEDAR BAY (EUROPE) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

6. Off balance sheet arrangements

Related party transactions - In February 2023, Hermes Systems Ltd entered into arrangements to reorganise the group of companies to separate certain business activities. Cedar Bay (Europe) Limited was separated from Hermes Systems Ltd and is now a wholly owned subsidiary of HSCBE Limited. The transactions were carried out with HM Revenue & Customs approval and clearance.Summary of transactions with entities with joint control or significant control- The company made sales to Eagle Europe Limited of £133,878, a company under the joint control of Mr R F Teagle, Mrs K L Teagle and Mr R M Freeman. The outstanding debtor balance owed to the company by Eagle Europe Limited at the year end was £798,391.- The company made sales to Wavetree Limited of £10,134, purchases of £454,847 and wages charges of £3,510, a company under the joint control of Mr R F Teagle, Mrs K L Teagle and Mr R M Freeman. The outstanding creditor balance due to Wavetree Limited at the year end was £1,792,717.- The company was charged a management fee of £298,200 from Hermes Systems Limited and wages charges of £3,130,346, a company under the joint control of Mr R F Teagle, Mrs K L Teagle and Mr R M Freeman. The outstanding debtor balance owed to the company by Hermes Systems Limited at the year end was £1,172,446.