Registration number:
Circum Fire Engineering Ltd
for the Year Ended 30 September 2023
Circum Fire Engineering Ltd
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account and Statement of Retained Earnings |
|
Balance Sheet |
|
Notes to the Financial Statements |
Circum Fire Engineering Ltd
Company Information
Directors |
M L Wheeler A J Wheal |
Registered office |
|
Auditors |
|
Circum Fire Engineering Ltd
Strategic Report for the Year Ended 30 September 2023
The directors present their strategic report for the year ended 30 September 2023.
Principal activity
The principal activity of the company is supply and maintenance of fire security systems.
Fair review of the business
During the year, the company has grown organically delivering larger scale projects. This growth has seen Turnover increase by over 200% to £17M. Despite challenging market conditions, the company has grown Operating Profit and EBITDA, the key indicators by which the directors measure the business.
The company traded well throughout the year generating EBITDA of £963K and holding cash balances of £368K. See reconciliation of EBITDA below:
Note |
2023 |
2022 |
|
Reconciliation of EBITDA |
|||
Operating Profit |
667,176 |
432,819 |
|
Interest Payable |
6,105 |
832 |
|
Loss on disposal of assets |
2,431 |
4,182 |
|
Depreciation & Amortisation |
17,058 |
8,490 |
|
Other non-operating costs |
58,349 |
- |
|
Group management recharge |
212,313 |
197,370 |
|
963,432 |
643,693 |
The company uses a range of performance measures to effectively monitor and manage its business. The Directors and senior management review these KPI’s and financial performance monthly and these are discussed at the monthly board meetings. The financial KPI’s used to manage the business are disclosed below:
Financial KPIs |
Unit |
2023 |
2022 |
Turnover |
£ |
17,060,640 |
5,591,481 |
Turnover growth |
% |
205 |
53 |
Gross Profit |
£ |
2,439,035 |
1,484,678 |
EBITDA before non-recurring costs |
£ |
2,034,673 |
643,693 |
EBITDA growth |
% |
216 |
83 |
Non-recurring costs |
£ |
1,071,241 |
- |
EBITDA after non-recurring costs |
£ |
963,432 |
643,693 |
Circum Fire Engineering Ltd
Strategic Report for the Year Ended 30 September 2023
Principal risks and uncertainties
The principal risks to the business are;
- To mis-manage the installation of equipment at a client site resulting in a claim for contractual damages
- To provide defective design services to a client resulting in inadequate fire or security protection
The company has significant technical expertise and systems of management control and supervision borne out by its industry accreditations. These, combined with our unblemished track record over many years of trading provides comfort that the above risks are being properly mitigated.
Approved and authorised by the
......................................... |
Circum Fire Engineering Ltd
Directors' Report for the Year Ended 30 September 2023
The directors present their report and the financial statements for the year ended 30 September 2023.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The group's activities expose it to a variety of financial risks that include the effects of the change in price risk, liquidity risk, interest rate risk and operational risk.
Price risk, credit risk, liquidity risk and cash flow risk
The principal risks to the business are:
Price risk
The Group is exposed to price risk due to normal inflationary increase in the purchase price of supplies and services.
Liquidity risk
The Group regularly reviews its liquidity risk and has arranged appropriate facilities to be available.
Credit risk
The Group has a rigorous credit policy which it uses to manage credit risk. The cost of borrowing and general inflation increases have increased the risk of bad debt occurring, but the business has a wide customer base which spreads its risk and provision for potential bad debts.
Interest rate risk
The Group is exposed to interest rate risk on its borrowings, which are based on margin over SONIA. A rise in interest rates could increase the cost of borrowings. The Group continually monitors interest rate risks and reviews hedging as a way to mitigate interest rate rises though no hedging arrangements are currently in place.
Operational risk
- The mis-handling of a significant acquisition
- To mis-manage the installation of equipment at a client site resulting in a claim for contractual damages
- To provide defective design services to a client resulting in inadequate fire or security protection
The group has significant technical expertise and systems of management control, and supervision borne out by its industry accreditations. These, combined with our unblemished track record over many years of trading, provides comfort that the above risks are being properly mitigated.
Going concern
Circum Fire Engineering Ltd
Directors' Report for the Year Ended 30 September 2023
The directors, having assessed future profit forecasts and the level of financial support available, where necessary, have no reason to believe that a material uncertainty exists about the ability of the company to ensure that is can continue as a going concern for a period of at least a year from the date of approval of the financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Clement Rabjohns Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
......................................... |
Circum Fire Engineering Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Circum Fire Engineering Ltd
Independent Auditor's Report to the Members of Circum Fire Engineering Ltd
Opinion
We have audited the financial statements of Circum Fire Engineering Ltd (the 'company') for the year ended 30 September 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Circum Fire Engineering Ltd
Independent Auditor's Report to the Members of Circum Fire Engineering Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Circum Fire Engineering Ltd
Independent Auditor's Report to the Members of Circum Fire Engineering Ltd
• |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company. |
• |
We obtained an understanding of how the company is complying with these frameworks through discussions with management. |
• |
We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence. |
• |
We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature. |
• |
We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
111/113 High Street
Worcestershire
WR11 4XP
Circum Fire Engineering Ltd
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 September 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
- |
|
Operating profit |
|
|
|
Interest payable and similar charges |
( |
( |
|
(6,105) |
(832) |
||
Profit before tax |
|
|
|
Taxation |
|
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
1,586,226 |
1,157,665 |
|
Retained earnings carried forward |
2,301,847 |
1,586,226 |
Circum Fire Engineering Ltd
(Registration number: 05025975)
Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
Circum Fire Engineering Ltd
Notes to the Financial Statements for the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales, UK.
The address of its registered office is:
United Kingdom
The principal place of business is:
Fountain Court
Room L9 + L10
2 Victoria Square
St Albans
Hertfordshire
AL1 3TF
United Kingdom
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Pound Sterling (£).
Summary of disclosure exemptions
Circum Fire Engineering Limited meets the definition of a qualifying entity under FRS 102 and is therefore exempt from certain disclosure requirements in respect of its financial statements. Exemptions have been taken in relation to the preparation of a statement of cash flows, financial instruments and key management compensation.
Name of parent of group
These financial statements are consolidated in the financial statements of EA-RS Fire Engineering Group Limited.
The financial statements of EA-RS Fire Engineering Group Limited may be obtained from 4 Swanbridge Industrial Park, Black Croft Road, Witham, Essex, CM8 3YN.
Circum Fire Engineering Ltd
Notes to the Financial Statements for the Year Ended 30 September 2023
Going concern
The financial statements have been prepared on a going concern basis.
Key sources of estimation uncertainty
The turnover policy and financial instrument policies below set out the company's policies with regards to revenue recognition and recognition of accrued contract costs which affects turnover, cost of sales, gross profit, debtors and creditors. This is necessarily based on assumptions and estimates in relation to the degree of contract completion and the expected profitability of each contract. The main estimates this year are the sum of £ 2,241,547 (2022: £1,488,506) included in debtors in respect of gross amounts due from contract customers and the sum of £309,110 (2022: £63,115) included in creditors in respect of gross amounts due to contract suppliers..
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 value added tax, returns, rebates and discounts.
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.
Contract revenue recognition
Turnover is derived from ordinary activities and is stated after trade discounts and net of VAT
Revenue from long term contracts is recognised by the reference to the stage of completion of the contract. The stage of completion is determined by the amount of progress made on the work relating to the next stage payment, which is determined in the contract wording. A prudent level of profit attributable to the contract activity is recognised if the final outcome of such contracts can be reliably assessed. An expected loss on a contract progress are shown in creditors, and the amount by which the turnover is in excess of payments on account is included within debtors.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Circum Fire Engineering Ltd
Notes to the Financial Statements for the Year Ended 30 September 2023
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Plant and Machinery |
10% reducing balance |
Fixtures and fittings |
33% straight line |
Goodwill
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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
straight line over 10 years |
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.
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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
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.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Circum Fire Engineering Ltd
Notes to the Financial Statements for the Year Ended 30 September 2023
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 subsequently measured at amortised cost using the effective interest method.
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.
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.
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.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
The analysis of the company's turnover for the year by class of business is as follows:
2023 |
2022 |
|
Fire security systems |
|
|
The analysis of the company's turnover for the year by market is as follows:
2023 |
2022 |
|
UK |
|
|
Circum Fire Engineering Ltd
Notes to the Financial Statements for the Year Ended 30 September 2023
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Miscellaneous other operating income |
|
- |
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2023 |
2022 |
|
Loss on disposal of tangible assets |
( |
( |
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
- |
|
Operating lease expense - plant and machinery |
|
|
Loss on disposal of property, plant and equipment |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest expense on other finance liabilities |
|
- |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
- |
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
Circum Fire Engineering Ltd
Notes to the Financial Statements for the Year Ended 30 September 2023
2023 |
2022 |
|
Other departments |
|
|
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
( |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Arising from changes in tax rates and laws |
|
- |
Total deferred taxation |
|
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
Deferred tax expense relating to changes in tax rates or laws |
|
- |
Deferred tax expense from unrecognised temporary difference from a prior period |
|
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
Tax decrease arising from group relief |
( |
- |
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
Circum Fire Engineering Ltd
Notes to the Financial Statements for the Year Ended 30 September 2023
2023 |
2022 |
|
Total tax (credit)/charge |
( |
|
The standard rate of corporation tax increased to 25% from 19% with effect from 1 April 2023. Deferred tax has been measured at the rate it is expected to reverse, being 25%.
Deferred tax
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Fixed asset timing differences |
- |
|
Short term timing differences |
- |
( |
- |
|
2022 |
Asset |
Liability |
Fixed asset timing differences |
- |
|
- |
|
Circum Fire Engineering Ltd
Notes to the Financial Statements for the Year Ended 30 September 2023
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 October 2022 |
|
|
Additions acquired separately |
|
|
At 30 September 2023 |
|
|
Amortisation |
||
At 1 October 2022 |
|
|
Amortisation charge |
|
|
At 30 September 2023 |
|
|
Carrying amount |
||
At 30 September 2023 |
|
|
At 30 September 2022 |
|
|
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Total |
|
Cost or valuation |
|||
At 1 October 2022 |
|
|
|
Additions |
|
- |
|
Disposals |
( |
( |
( |
At 30 September 2023 |
|
- |
|
Depreciation |
|||
At 1 October 2022 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
( |
At 30 September 2023 |
|
- |
|
Carrying amount |
|||
At 30 September 2023 |
|
- |
|
At 30 September 2022 |
|
|
|
Circum Fire Engineering Ltd
Notes to the Financial Statements for the Year Ended 30 September 2023
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Gross amount due from customers for contract work |
|
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
103,655 |
82,593 |
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 October 2022 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 September 2023 |
|
|
|
Circum Fire Engineering Ltd
Notes to the Financial Statements for the Year Ended 30 September 2023
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
950 |
|
950 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Financial guarantee contracts |
The company's assets have been pledged as security for a debenture given by Rockpool (Security Trustee) Limited to an intermediate parent company in the Group.
The company's assets have been secondly pledged as security for a debenture given by Ares Management Limited to an intermediate parent company in the Group.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from 4 Swanbridge Industrial Park, Black Croft Road, Witham, Essex, CM8 3YN.