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COMPANY REGISTRATION NUMBER: 08724450
Cambria Financial Ltd
Filleted Unaudited Financial Statements
30 October 2023
Cambria Financial Ltd
Financial Statements
Year ended 30 October 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Cambria Financial Ltd
Officers and Professional Advisers
The board of directors
Mr A D Morgan
Mr G R C Waite
Company secretary
Mrs N J Morgan
Registered office
4 Tawe Business Village
Phoenix Way, Enterprise Park
Swansea
Wales
SA7 9LA
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Cambria Financial Ltd
Statement of Financial Position
30 October 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
5
522,750
Tangible assets
6
1,144
1,812
Investments
7
1,367,250
299,000
------------
---------
1,891,144
300,812
CURRENT ASSETS
Debtors
8
88,935
219,304
Cash at bank and in hand
7,660
2,590
--------
---------
96,595
221,894
CREDITORS: amounts falling due within one year
9
756,174
240,175
---------
---------
NET CURRENT LIABILITIES
659,579
18,281
------------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,231,565
282,531
CREDITORS: amounts falling due after more than one year
10
162,580
265,981
PROVISIONS
Taxation including deferred tax
253,669
------------
---------
NET ASSETS
815,316
16,550
------------
---------
CAPITAL AND RESERVES
Called up share capital
11
102
102
Revaluation reserve
814,822
Profit and loss account
392
16,448
---------
--------
SHAREHOLDERS FUNDS
815,316
16,550
---------
--------
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.
For the year ending 30 October 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 year 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 .
Cambria Financial Ltd
Statement of Financial Position (continued)
30 October 2023
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
G R C Waite
Director
Company registration number: 08724450
Cambria Financial Ltd
Notes to the Financial Statements
Year ended 30 October 2023
1. GENERAL INFORMATION
Cambria Financial Ltd is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 October 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Operating leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of trade discounts. The policies adopted for the recognition of turnover are as follows:
(i) Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from management charges received is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the receiving of the management charge from the related party.
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
(ii) Interest and dividend income
Interest income is recognised using the effective interest method and dividend income is recognised as the company’s right to receive payment is established.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. (ii)Goodwill and intangible fixed assets Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income and expenditure that have been shown separately because of their nature or amount.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Goodwill
Goodwill is amortised through the profit and loss account in instalments over its estimated useful life. Provision is made for any impairment.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Computer Software
-
20% per annum of cost
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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Computer Equipment
-
33% per annum of cost
Fixtures & Fittings
-
15% reducing balance
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
The methods and significant assumptions used to ascertain the fair value of the carrying amount in the balance sheet and the fair value movement included in the profit/loss for the year are as follows:
A reasonable percentage has been applied to the level of fees within the subsidiary company
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. INTANGIBLE ASSETS
Goodwill
Computer Software
Total
£
£
£
Cost
At 31 October 2022
1,673
1,673
Additions
Transfers
522,750
522,750
---------
------
---------
At 30 October 2023
522,750
1,673
524,423
---------
------
---------
Amortisation
At 31 October 2022 and 30 October 2023
1,673
1,673
---------
------
---------
Carrying amount
At 30 October 2023
522,750
522,750
---------
------
---------
At 30 October 2022
---------
------
---------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 31 October 2022 and 30 October 2023
4,913
1,682
6,595
------
------
------
Depreciation
At 31 October 2022
3,881
902
4,783
Charge for the year
551
117
668
------
------
------
At 30 October 2023
4,432
1,019
5,451
------
------
------
Carrying amount
At 30 October 2023
481
663
1,144
------
------
------
At 30 October 2022
1,032
780
1,812
------
------
------
7. INVESTMENTS
Shares in group undertakings
£
Cost
At 31 October 2022
299,000
Revaluations
1,068,250
------------
At 30 October 2023
1,367,250
------------
Impairment
At 31 October 2022 and 30 October 2023
------------
Carrying amount
At 30 October 2023
1,367,250
------------
At 30 October 2022
299,000
------------
8. DEBTORS
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
136,348
Other debtors
88,935
82,956
--------
---------
88,935
219,304
--------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
115,479
108,940
Amounts owed to group undertakings and undertakings in which the company has a participating interest
481,750
Other creditors
158,945
131,235
---------
---------
756,174
240,175
---------
---------
Bank loans totalling £115,479 due within one year (2022: £108,940) are secured by a fixed and floating charge over the company assets.
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
162,580
265,981
---------
---------
Bank loans totalling £162,580 due outside one year (2022: £265,981) are secured by a fixed and floating charge over the company assets.
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
100
100
100
100
Ordinary B shares of £ 1 each
1
1
1
1
Ordinary C shares of £ 1 each
1
1
1
1
----
----
----
----
102
102
102
102
----
----
----
----
12. OTHER FINANCIAL COMMITMENTS
The total amount of financial commitments not reflected on the balance sheet at the year end amounted to £6,772 (2022: £1,353).
13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
At the year end, the directors owed the company an amount of £5,980 (2022: £11,520 CR). No interest has been incurred in relation to this balance
14. RELATED PARTY TRANSACTIONS
Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
15. CONSOLIDATION
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.