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Registration number: 07499992

Prepared for the registrar

CPM (Cheshire) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

CPM (Cheshire) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

CPM (Cheshire) Limited

Company Information

Directors

R J Davies

E J Davies

Registered office

Highfield House
Smithy Lane
Bosley
Macclesfield
Cheshire
SK11 0NZ

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

CPM (Cheshire) Limited

(Registration number: 07499992)
Balance Sheet as at 31 August 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

320,902

362,987

Tangible assets

5

71,496

71,498

Investments

6

100

100

 

392,498

434,585

Current assets

 

Stocks

59,256

61,140

Debtors

7

73,350

68,217

Cash at bank and in hand

 

455,934

473,517

 

588,540

602,874

Creditors: Amounts falling due within one year

8

(344,829)

(335,092)

Net current assets

 

243,711

267,782

Total assets less current liabilities

 

636,209

702,367

Creditors: Amounts falling due after more than one year

8

(149,450)

(214,592)

Deferred tax liabilities

10

(17,422)

(18,041)

Net assets

 

469,337

469,734

Capital and reserves

 

Called up share capital

11

100

100

Profit and loss account

469,237

469,634

Total equity

 

469,337

469,734

For the financial year ending 31 August 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

CPM (Cheshire) Limited

(Registration number: 07499992)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 29 January 2024 and signed on its behalf by:
 


R J Davies
Director


E J Davies
Director

 

CPM (Cheshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

 

1

General information

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

The address of its registered office is:
Highfield House
Smithy Lane
Bosley
Macclesfield
Cheshire
SK11 0NZ

 

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 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 financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty
No key sources of uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
 

Key sources of estimation uncertainty

No key sources of uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 sales/value added tax, returns, rebates and discounts and after eliminating sales within 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.

 

CPM (Cheshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Leasehold improvements

Over the term of the lease

Surgery equipment

20% of written down value

Fixtures and fittings

15% of written down value

Computer equipment

33.3% of cost

Goodwill

Goodwill is amortised over its useful life, estimated by the directors to be 20 years.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Investments

Investments in equity shares which are publicly traded or where the 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.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

CPM (Cheshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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. 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.

 

CPM (Cheshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

CPM (Cheshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

 

5

Tangible assets

Land and buildings
£

Surgery equipment
 £

Motor vehicles
 £

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 1 September 2022

97,963

135,804

435

83,649

28,374

346,225

Additions

-

13,111

-

-

3,415

16,526

At 31 August 2023

97,963

148,915

435

83,649

31,789

362,751

Depreciation

At 1 September 2022

97,963

104,687

358

48,964

22,755

274,727

Charge for the year

-

8,185

19

4,818

3,506

16,528

At 31 August 2023

97,963

112,872

377

53,782

26,261

291,255

Carrying amount

At 31 August 2023

-

36,043

58

29,867

5,528

71,496

At 31 August 2022

-

31,117

77

34,685

5,619

71,498

 

CPM (Cheshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

 

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost

At 1 September 2022

100

Provision

Carrying amount

At 31 August 2023

100

At 31 August 2022

100

 

7

Debtors

2023
 £

2022
 £

Trade debtors

39,392

37,189

Other debtors

15,919

13,989

Prepayments

18,039

17,039

 

73,350

68,217

 

CPM (Cheshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

 

8

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

70,250

75,760

Trade creditors

 

91,452

93,261

Amounts owed to group undertakings and undertakings in which the company has participating interest

 

100

100

Social security and other taxes

 

161,047

145,489

Outstanding defined contribution pension costs

 

4,878

4,144

Other creditors

 

1,426

1,687

Accrued expenses

 

15,676

14,651

 

344,829

335,092

Due after one year

 

Loans and borrowings

9

149,450

214,592

Security has been given by the company on the loans.

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

63,054

68,465

HP and finance lease liabilities

2,100

2,100

Other borrowings

5,096

5,195

70,250

75,760

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

147,175

210,217

HP and finance lease liabilities

2,275

4,375

149,450

214,592

 

CPM (Cheshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

 

10

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

17,422

2022

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

18,041

 

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

95

95

95

95

Ordinary B shares of £1 each

5

5

5

5

 

100

100

100

100

The different classes of shares referred to above carry separate voting rights but, in all other significant respects, rank pari passu.

 

12

Financial commitments

Operating leases

The total of future minimum lease payments is as follows:

2023
 £

2022
 £

Not later than one year

60,709

46,740

Later than one year and not later than five years

148,657

150,410

Later than five years

64,750

78,750

274,116

275,900

The amount of non-cancellable operating lease payments recognised as an expense during the year was £53,908 (2022 - £54,794).

 

13

Related party transactions

Summary of transactions with key management

The key management personnel are the directors of the company.
 
As at the balance sheet date, the directors were owed £5,096 (2022: £5,195). This is included within other borrowings. There are no set repayment terms and no interest has been charged.