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Registration number: 09303501

CGP MEP Ltd

Unaudited Filleted Financial Statements

for the Period from 1 December 2022 to 23 November 2023

 

CGP MEP Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

CGP MEP Ltd

(Registration number: 09303501)
Balance Sheet as at 23 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

114,264

24,410

Current assets

 

Debtors

5

1,471,868

1,213,440

Cash at bank and in hand

 

217,611

162,713

 

1,689,479

1,376,153

Creditors: Amounts falling due within one year

6

(972,435)

(742,618)

Net current assets

 

717,044

633,535

Total assets less current liabilities

 

831,308

657,945

Creditors: Amounts falling due after more than one year

6

(247,108)

(318,751)

Provisions for liabilities

(6,000)

(8,000)

Net assets

 

578,200

331,194

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

578,100

331,094

Shareholders' funds

 

578,200

331,194

For the financial period ending 23 November 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 period 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 August 2024 and signed on its behalf by:
 

.........................................
M Callaghan
Director

 

CGP MEP Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 23 November 2023

1

General information

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

The address of its registered office is:
Myo St Paul's
One New change
London
EC4M 9AF

These financial statements were authorised for issue by the Board on 19 August 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Research and Development

Research & development costs incurred are expensed to the profit and loss account as they arise within the relevant expense category.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

CGP MEP Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 23 November 2023

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 expceted to apply to the reversal of the timing difference.

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

Buildings

10% straight line basis

Office equipment

25% straight line basis

Motor vehicles

25% reducing balance basis

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.

 

CGP MEP Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 23 November 2023

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.

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

Financial assets

Basic financial assets, including trade and other receivables, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt nstrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

 

CGP MEP Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 23 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 38 (2022 - 31).

4

Tangible assets

Buildings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

12,484

64,948

-

77,432

Additions

-

44,015

88,250

132,265

At 23 November 2023

12,484

108,963

88,250

209,697

Depreciation

At 1 December 2022

8,736

44,286

-

53,022

Charge for the period

1,248

19,101

22,062

42,411

At 23 November 2023

9,984

63,387

22,062

95,433

Carrying amount

At 23 November 2023

2,500

45,576

66,188

114,264

At 30 November 2022

3,748

20,662

-

24,410

Included within the net book value of land and buildings above is £2,500 (2022 - £3,748) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

1,167,667

751,979

Prepayments

44,975

31,361

Other debtors

259,226

430,100

 

1,471,868

1,213,440

 

CGP MEP Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 23 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

188,495

122,291

Trade creditors

 

175,018

112,681

Taxation and social security

 

475,569

394,146

Accruals and deferred income

 

59,206

67,084

Other creditors

 

74,147

46,416

 

972,435

742,618

Creditors due in one year include bank loans which are secured by personal guarntees from directors, of £69,332 (2022 - £71,617).
Creditors due in one year include hire purchase contracts which are secured by the asset concerned, of £9,749 (2022 - £nil).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

247,108

318,751

Creditors due in over one year include bank loans which are secured by personal guarntees from directors, of £73.370 (2022 - £142,702).
Creditors due in over one year include hire purchase contracts which are secured by the asset concerned, of £70,571 (2022 - £nil).

Creditors include bank loans repayable by instalments of £13,597 (2022 - £30,728) due after more than five years.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

CGP MEP Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 23 November 2023

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £184,983 (2022 - £144,868). This financial commitment is in respect of an operating lease.

9

Related party transactions

Income and receivables from related parties

2023

Key management
£

Amounts receivable from related party

3,442

2022

Key management
£

Amounts receivable from related party

1,621

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

27,227

2022

Key management
£

Amounts payable to related party

13,375