Company registration number 05077585 (England and Wales)
CMW SECURITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CMW SECURITIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CMW SECURITIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
133,791
127,997
Current assets
Stocks
1,811,511
1,985,861
Debtors
4
988,963
1,790,659
Cash at bank and in hand
38,273
165,288
2,838,747
3,941,808
Creditors: amounts falling due within one year
5
(2,429,504)
(3,541,897)
Net current assets
409,243
399,911
Total assets less current liabilities
543,034
527,908
Creditors: amounts falling due after more than one year
6
(53,124)
(26,060)
Net assets
489,910
501,848
Capital and reserves
Called up share capital
7
2,250
2,250
Share premium account
122,500
122,500
Profit and loss reserves
365,160
377,098
Total equity
489,910
501,848

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

CMW SECURITIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
C M Walker
Director
Company registration number 05077585 (England and Wales)
CMW SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

CMW Securities Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable from sale of motor vehicles and rental income of motor vehicles net of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Over 125 years
Fixtures, fittings & equipment
25% Straight line
Computer equipment
33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock consists of motor vehicles unsold at the year end.

CMW SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and preference shares that are classified as debt, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8

Preference shares

Preference shares are classified as having both equity and liability components in accordance with section 22 (liabilities and equity) as they are non-redeemable and do carry a right to a return. The proceeds are allocated between the liability component and the equity component. The amount of the liability component is calculated as the present value of the future cash flows, discounted at a market interest rate for a similar liability that does not have the associated equity component. Residual proceeds are allocated as the equity component.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
CMW SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
80,000
50,347
130,347
Additions
-
0
22,665
22,665
At 31 March 2024
80,000
73,012
153,012
Depreciation and impairment
At 1 April 2023
800
1,550
2,350
Depreciation charged in the year
640
16,231
16,871
At 31 March 2024
1,440
17,781
19,221
Carrying amount
At 31 March 2024
78,560
55,231
133,791
At 31 March 2023
79,200
48,797
127,997
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
902,085
1,348,614
Other debtors
86,878
442,045
988,963
1,790,659
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
19,468
10,000
Trade creditors
190,564
941,858
Other creditors
2,219,472
2,590,039
2,429,504
3,541,897
CMW SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
51,874
24,810
Preference shares (Liability component)
1,250
1,250
53,124
26,060

Included within creditors is £24,921 in respect of a bank loan which is guaranteed by the government under the Bounce Back Loan Scheme.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of 10p each
12,500
12,500
1,250
1,250
Preference shares classified as equity
1,250
1,250
Total equity share capital
2,250
2,250
CMW SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Related party transactions

Included in other creditors is amount due to directors of £612,364 (2023: £843,660) as at the balance sheet date. The company paid interest of £NIL (2023: £22,115) on the loan balance due to the directors.

 

Included in other debtors at the balance sheet date is an amount of £NIL (2023: £136,124) due from Omniteam Ltd, a company associated with the director, E C Walker.

 

 

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