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2022-11-01
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1
2022-11-01
2023-10-31
Company registration number:
09710240
CBS Mid Wales Limited
Unaudited financial statements
31 October 2023
CBS Mid Wales Limited
Contents
Directors and other information
Director's report
Accountants report
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements
CBS Mid Wales Limited
Directors and other information
|
|
|
|
Director |
|
|
|
TA Cartlidge |
|
|
|
|
|
|
|
Company number |
09710240 |
|
|
|
|
|
|
|
Registered office |
70 Ger y Llan |
|
|
Penrhyncoch |
|
|
Aberystwyth |
|
|
Ceredigion |
|
|
SY23 3HQ |
|
|
|
|
|
|
|
Business address |
70 Ger y Llan |
|
|
Penrhyncoch |
|
|
Aberystwyth |
|
|
Ceredigion |
|
|
SY23 3HQ |
|
|
|
|
|
|
|
Accountants |
Davies Lewis Baker |
|
|
31 Bridge Street |
|
|
Aberystwyth |
|
|
Ceredigion |
|
|
SY23 1QB |
|
|
|
CBS Mid Wales Limited
Director's report
Year ended 31 October 2023
The director presents this report and the unaudited financial statements of the company for the year ended 31 October 2023.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
30 July 2024
and signed on behalf of the board by:
TA Cartlidge
Director
CBS Mid Wales Limited
Report to the director on the preparation of the
unaudited statutory financial statements of CBS Mid Wales Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CBS Mid Wales Limited for the year ended 31 October 2023 which comprise the statement of income and retained earnings, statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com /gb/en/about-us/regulation/rulebook.html.
This report is made solely to the director of CBS Mid Wales Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of CBS Mid Wales Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CBS Mid Wales Limited and its director as a body for our work or for this report.
It is your duty to ensure that CBS Mid Wales Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of CBS Mid Wales Limited. You consider that CBS Mid Wales Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of CBS Mid Wales Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Davies Lewis Baker
Chartered Certified Accountants
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
31 July 2024
CBS Mid Wales Limited
Statement of income and retained earnings
Year ended 31 October 2023
|
|
|
|
2023 |
|
2022 |
|
|
|
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
|
|
163,804 |
|
151,055 |
|
|
Cost of sales |
|
|
|
(
69,187) |
|
(
40,059) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Gross profit |
|
|
|
94,617 |
|
110,996 |
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(
104,768) |
|
(
114,039) |
|
|
Other operating income |
|
|
|
4,344 |
|
2,663 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Operating loss |
|
|
|
(
5,807) |
|
(
380) |
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable and similar income |
|
|
|
348 |
|
36 |
|
|
Interest payable and similar expenses |
|
|
|
(
673) |
|
(
762) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Loss before taxation |
|
5 |
|
(
6,132) |
|
(
1,106) |
|
|
|
|
|
|
|
|
|
|
|
Tax on loss |
|
|
|
1,717 |
|
210 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Loss for the financial year and total comprehensive income |
|
|
|
(
4,415) |
|
(
896) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and paid or payable during the year |
|
|
|
(
1,000) |
|
(
2,000) |
|
|
|
|
|
|
|
|
|
|
|
Retained earnings at the start of the year |
|
|
|
14,705 |
|
17,601 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Retained earnings at the end of the year |
|
|
|
9,290 |
|
14,705 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
CBS Mid Wales Limited
Statement of financial position
31 October 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
6 |
- |
|
|
|
- |
|
|
Tangible assets |
|
7 |
7,870 |
|
|
|
14,619 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
7,870 |
|
|
|
14,619 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
9,843 |
|
|
|
14,210 |
|
|
Debtors |
|
8 |
11,251 |
|
|
|
5,115 |
|
|
Cash at bank and in hand |
|
|
26,739 |
|
|
|
55,662 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
47,833 |
|
|
|
74,987 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
9 |
(
33,159) |
|
|
|
(
53,581) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
14,674 |
|
|
|
21,406 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
22,544 |
|
|
|
36,025 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
10 |
|
|
(
11,756) |
|
|
|
(
18,540) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
1,496) |
|
|
|
(
2,778) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
9,292 |
|
|
|
14,707 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
11 |
|
|
2 |
|
|
|
2 |
Profit and loss account |
|
|
|
|
9,290 |
|
|
|
14,705 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholder funds |
|
|
|
|
9,292 |
|
|
|
14,707 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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'.
These financial statements were approved by the
board of directors
and authorised for issue on
30 July 2024
, and are signed on behalf of the board by:
TA Cartlidge
Director
Company registration number:
09710240
CBS Mid Wales Limited
Notes to the financial statements
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 70 Ger y Llan, Penrhyncoch, Aberystwyth, Ceredigion, SY23 3HQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
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:
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
|
|
|
|
|
|
Plant and machinery |
- |
20 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2022:
4
).
5.
Loss before taxation
Loss before taxation is stated after charging/(crediting):
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
6,749 |
6,938 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 November 2022 and 31 October 2023 |
20,000 |
20,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 November 2022 and 31 October 2023 |
20,000 |
20,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 October 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 October 2022 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Tangible assets
|
|
Plant and machinery |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 November 2022 and 31 October 2023 |
36,425 |
36,425 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 November 2022 |
21,806 |
21,806 |
|
|
|
|
|
|
Charge for the year |
6,749 |
6,749 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 October 2023 |
28,555 |
28,555 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 October 2023 |
7,870 |
7,870 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 October 2022 |
14,619 |
14,619 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
11,251 |
5,054 |
|
Other debtors |
|
- |
61 |
|
|
|
_______ |
_______ |
|
|
|
11,251 |
5,115 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
7,454 |
7,454 |
|
Trade creditors |
|
11,043 |
14,276 |
|
Corporation tax |
|
131 |
1,108 |
|
Social security and other taxes |
|
3,546 |
5,318 |
|
Other creditors |
|
10,985 |
25,425 |
|
|
|
_______ |
_______ |
|
|
|
33,159 |
53,581 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
11,756 |
18,540 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary A shares shares of £
1.00 each |
|
1 |
|
1 |
|
1 |
|
1 |
|
Ordinary B shares shares of £
1.00 each |
|
1 |
|
1 |
|
1 |
|
1 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
2 |
|
2 |
|
2 |
|
2 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
12.
Related party transactions
The company paid dividends to its director amounting to £1,000,(31 October 2022: £2,000) during the year.
13.
Controlling party
The company is controlled by its sole director and shareholder, Mr T A Cartlidge.