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Registration number: 02997187

CMP (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

CMP (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

CMP (UK) Limited

Company Information

Director

Mr PW Dawe

Registered office

G3 The Fulcrum
Vantage Way
Mannings Heath Road
Poole
Dorset
BH12 4NU

Accountants

Elysium
Chartered Accountants
Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

 

CMP (UK) Limited

(Registration number: 02997187)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

374,230

333,873

Investments

7

2

2

 

374,232

333,875

Current assets

 

Stocks

8

40,777

38,835

Debtors

9

272,698

342,396

Cash at bank and in hand

 

2,923

3,321

 

316,398

384,552

Creditors: Amounts falling due within one year

10

(376,966)

(330,123)

Net current (liabilities)/assets

 

(60,568)

54,429

Total assets less current liabilities

 

313,664

388,304

Creditors: Amounts falling due after more than one year

10

(198,504)

(235,829)

Provisions for liabilities

(85,422)

(56,162)

Net assets

 

29,738

96,313

Capital and reserves

 

Called up share capital

11

19,168

19,168

Capital redemption reserve

1,001

1,001

Revaluation reserve

48,750

75,000

Retained earnings

(39,181)

1,144

Shareholders' funds

 

29,738

96,313

 

CMP (UK) Limited

(Registration number: 02997187)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 September 2024
 

.........................................
Mr PW Dawe
Director

 

CMP (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
G3 The Fulcrum
Vantage Way
Mannings Heath Road
Poole
Dorset
BH12 4NU

These financial statements were authorised for issue by the director on 3 September 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.

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 sales/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.

Tax

The tax expense for the period comprises 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.

 

CMP (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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

Improvements to property

15% and 25% reducing balance

Plant & machinery

15% reducing balance

Fixtures & fittings

10% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% on cost and 25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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

Written off over 2 years

 

CMP (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

CMP (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 13).

 

CMP (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

36,735

33,553

 

CMP (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

1,000

1,000

At 31 December 2023

1,000

1,000

Amortisation

At 1 January 2023

1,000

1,000

At 31 December 2023

1,000

1,000

Carrying amount

At 31 December 2023

-

-

6

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

78,835

155,936

369,615

211,710

1,133

817,229

Additions

-

-

89,380

-

-

89,380

Disposals

-

-

(23,500)

-

-

(23,500)

At 31 December 2023

78,835

155,936

435,495

211,710

1,133

883,109

Depreciation

At 1 January 2023

40,550

129,698

107,445

204,928

735

483,356

Charge for the year

5,743

2,624

34,074

1,696

99

44,236

Eliminated on disposal

-

-

(18,713)

-

-

(18,713)

At 31 December 2023

46,293

132,322

122,806

206,624

834

508,879

Carrying amount

At 31 December 2023

32,542

23,614

312,689

5,086

299

374,230

At 31 December 2022

38,285

26,238

262,170

6,782

398

333,873

7

Investments

2023
£

2022
£

Investments in subsidiaries

2

2

 

CMP (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Subsidiaries

£

Cost or valuation

At 1 January 2023

2

Provision

Carrying amount

At 31 December 2023

2

At 31 December 2022

2

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

CDR UK Limited

G3 The Fulcrum, Vantage Way, Poole Dorset BH12 4NU

England

£1 Ordinary shares

100%

100%

Subsidiary undertakings

CDR UK Limited

The principal activity of CDR UK Limited is Dormant.

8

Stocks

2023
£

2022
£

Other inventories

40,777

38,835

 

CMP (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

163,037

200,327

Amounts owed by related parties

15

1,796

1,796

Prepayments

 

14,246

21,120

Other debtors

 

93,619

119,153

   

272,698

342,396

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

13

210,548

138,565

Trade creditors

 

126,091

164,863

Taxation and social security

 

16,241

13,754

Accruals and deferred income

 

11,150

11,150

Other creditors

 

12,936

1,791

 

376,966

330,123

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

13

198,504

235,829

 

CMP (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

11

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

£1 Ordinary "A" of £1 each

19,164

19,164

19,164

19,164

£1 Ordinary "B" of £1 each

1

1

1

1

£1 Ordinary "C" of £1 each

1

1

1

1

£1 Ordinary "D" of £1 each

1

1

1

1

£1 Ordinary "E" of £1 each

1

1

1

1

19,168

19,168

19,168

19,168

12

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(26,250)

(26,250)

 

CMP (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

13

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

72,500

121,669

Hire purchase contracts

96,380

62,063

Other borrowings

29,624

52,097

198,504

235,829

Current loans and borrowings

2023
£

2022
£

Bank borrowings

49,167

49,997

Bank overdrafts

102,636

45,272

Hire purchase contracts

30,423

16,550

Other borrowings

28,322

26,746

210,548

138,565

Bank borrowings

Nat West Bank Plc is denominated in Pounds with a nominal interest rate of 8.85%, and the final instalment is due on 30 June 2024. The carrying amount at year end is £19,167 (2022 - £39,167).

Bounce Back Loan is denominated in pounds with a nominal interest rate of 5%%, and the final instalment is due on 18 May 2027. The carrying amount at year end is £102,500 (2022 - £132,500).

Other borrowings

Rowanmoor Trustees Limited is denominated in Pounds with a nominal interest rate of 3.5%, and the final instalment was due on 18 November 2024. The carrying amount at year end is £55,294 (2022 - £72,094).

There is a debenture and fixed charge in favour of Rowanmoor Trustees Limited.

Hire Purchase is denominated in pounds with a nominal interest rate of 14.50%, and the final instalment was due on 25 September 2023. The carrying amount at year end is £3,750 (2022 - £6,750).

Hire purchase agreements are charged against the specific assets being financed.

Hire Purchase is denominated in pounds with a nominal interest rate of 8%, and the final instalment was due on 28 April 2027. The carrying amount at year end is £62,063 (2022 - £78,613).

 

CMP (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

14

Dividends

Interim dividends paid

 

2023
£

2022
£

Interim dividend of £12,000 (2022 - £30,000) per each £1 Ordinary "B" share

12,000

30,000

Interim dividend of £12,000 (2022 - £30,000) per each £1 Ordinary "C" share

12,000

30,000

Interim dividend of £8,000 (2022 - £15,500) per each £1 Ordinary "D" share

8,000

15,500

Interim dividend of £8,000 (2022 - £15,500) per each £1 Ordinary "E" share

8,000

15,500

 

40,000

91,000

15

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr PW Dawe

Loan from company

117,771

84,742

(130,000)

72,513

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Mr PW Dawe

Loan from company

95,906

21,865

117,771

16

Parent and ultimate parent undertaking

The company's immediate parent is Platinum Holdings Limited, incorporated in England & Wales.

 The ultimate controlling party is Mr P Dawe.