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REGISTERED NUMBER: 03875762 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED

CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: R H Greenwood
B Milborn
C Wright





REGISTERED OFFICE: Cambridge House
Cambridge Road
Hemingford Abbots
Huntingdon
Cambridgeshire
PE28 9HQ





REGISTERED NUMBER: 03875762 (England and Wales)





ACCOUNTANTS: Thompson Taraz Rand Ltd
Chartered Accountants
10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA

CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 405,097 491,020
405,097 491,020

CURRENT ASSETS
Stocks 1,292,767 1,691,871
Debtors 7 367,922 496,705
Cash at bank and in hand 1,366,036 642,475
3,026,725 2,831,051
CREDITORS
Amounts falling due within one year 8 (2,252,984 ) (2,327,261 )
NET CURRENT ASSETS 773,741 503,790
TOTAL ASSETS LESS CURRENT LIABILITIES 1,178,838 994,810

CREDITORS
Amounts falling due after more than one
year

9

(53,411

)

(43,447

)

PROVISIONS FOR LIABILITIES 12 (59,956 ) (61,708 )
NET ASSETS 1,065,471 889,655

CAPITAL AND RESERVES
Called up share capital 13 300 300
Retained earnings 1,065,171 889,355
SHAREHOLDERS' FUNDS 1,065,471 889,655

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762)

BALANCE SHEET - continued
31 OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:




R H Greenwood - Director



B Milborn - Director


CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Circuit Solutions (Cambridge) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
Useful economic lives of tangible fixed assets:
Tangible fixed assets are depreciated over their expected useful lives taking into consideration residual values, where appropriate. The actual lives of the assets and residual values are assessed and amended when necessary to reflect the current estimates based on economic utilisation and physical condition of the assets.

Turnover
Turnover is derived from the design, manufacture and assembly of printed circuit boards in the United Kingdom and represents credit sales in respect of the year excluding value added tax.

Revenue is recognised when significant risk and rewards have been transferred to the customer, which is usually when the company has dispatched goods to the customer. Were revenue is received in advance of completion this is recognised as deferred income within creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on cost
Office equipment - 25% on cost
Computer equipment - 25% & 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.


CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of material timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006. On transition to FRS 102 the useful life of goodwill has been revised down to six years from the date of transition.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2022 - 45 ) .

CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022 134,913
Disposals (134,913 )
At 31 October 2023 -
AMORTISATION
At 1 November 2022 134,913
Eliminated on disposal (134,913 )
At 31 October 2023 -
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

6. TANGIBLE FIXED ASSETS
Plant and Office Computer
machinery equipment equipment Totals
£    £    £    £   
COST
At 1 November 2022 1,782,076 83,773 101,094 1,966,943
Additions 61,674 - 681 62,355
At 31 October 2023 1,843,750 83,773 101,775 2,029,298
DEPRECIATION
At 1 November 2022 1,308,854 68,792 98,277 1,475,923
Charge for year 138,194 7,111 2,973 148,278
At 31 October 2023 1,447,048 75,903 101,250 1,624,201
NET BOOK VALUE
At 31 October 2023 396,702 7,870 525 405,097
At 31 October 2022 473,222 14,981 2,817 491,020

CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 November 2022 294,395
Additions 48,324
Transfer to ownership (34,943 )
At 31 October 2023 307,776
DEPRECIATION
At 1 November 2022 146,344
Charge for year 32,584
Transfer to ownership (14,997 )
At 31 October 2023 163,931
NET BOOK VALUE
At 31 October 2023 143,845
At 31 October 2022 148,051

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 321,223 416,756
Other debtors 46,699 79,949
367,922 496,705

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 41,872 65,600
Trade creditors 574,335 1,095,574
Amounts owed to group undertakings 4,000 837
Taxation and social security 249,284 76,329
Other creditors 1,383,493 1,088,921
2,252,984 2,327,261

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 53,411 43,447

CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 41,872 65,600
Between one and five years 53,411 43,447
95,283 109,047

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 95,283 109,047

Amounts due under bank loans and overdrafts are secured by way of a fixed and floating charge over the company's assets.

Liabilities held under hire purchase agreements are secured against the assets to which they relate.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 59,956 61,708

Deferred
tax
£   
Balance at 1 November 2022 61,708
Rate movement 11,432
Accelerated capital allowances (13,184 )
Balance at 31 October 2023 59,956

Deferred tax has been recognised in respect of the excess of capital allowances over depreciation.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300 Ordinary £1 300 300

CIRCUIT SOLUTIONS (CAMBRIDGE) LIMITED (REGISTERED NUMBER: 03875762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

14. OTHER FINANCIAL COMMITMENTS

The company has financial commitments amounting to £96,689.This represents an annual commitment of £90,000 per year on a rolling 12 month basis, in respect of the rental of the company's commercial premises and a further £6,989 in relation to plant and equipment.

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
R H Greenwood and B Milborn
Balance outstanding at start of year - -
Amounts advanced 67,837 56,920
Amounts repaid (67,837 ) (56,920 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

16. RELATED PARTY DISCLOSURES

During the year under review the company was charged £10,500 (2022: £10,500) in respect of vehicle costs by an unicorporated entity controlled by the directors.