Company registration number 06477281 (England and Wales)
CFMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
Premier House
127 Duckmoor Road
Ashton Gate
Bristol
England
BS3 2BJ
CFMS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
CFMS LIMITED
COMPANY INFORMATION
- 1 -
Directors
S J Paice
I G Gray
G A Johns
N G Sturge
S G Raynes
M J Woods
(Appointed 20 January 2023)
L Lapworth
(Appointed 28 July 2023)
M B Brown
(Appointed 28 June 2024)
Company number
06477281
Registered office
43 Queen Square
Bristol
BS1 4QP
Auditor
TC Group
Premier House
127 Duckmoor Road
Ashton Gate
Bristol
England
BS3 2BJ
CFMS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
2,000
2,000
Current assets
Debtors
5
44,210
44,210
Cash at bank and in hand
5,292
25,294
49,502
69,504
Creditors: amounts falling due within one year
6
(7,216)
(25,128)
Net current assets
42,286
44,376
Net assets
44,286
46,376
Reserves
Income and expenditure account
44,286
46,376
Members' funds
44,286
46,376
The notes on pages 3 to 6 form part of these financial statements.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
S J Paice
Director
Company Registration No. 06477281
CFMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
CFMS Limited is a private company limited by guarantee, incorporated in England and Wales. and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
43 Queen Square
Bristol
BS1 4QP
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 have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment
20% per annum 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 surplus or deficit.
CFMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in surplus or deficit. Transaction costs are expensed to surplus or deficit as incurred.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
CFMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
303
Depreciation and impairment
At 1 January 2023 and 31 December 2023
303
Carrying amount
At 31 December 2023
At 31 December 2022
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2,000
2,000
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
CFMS ASRC Limited
UK
Ordinary shares
100.00
CFMS Services Limited
UK
Ordinary shares
100.00
CFMS ASRC Limited
The principal activity of CFMS ASRC Limited is the provision of facilities.
CFMS Services Limited
The principal activity of CFMS Services Limited is to promote, facilitate and undertake scientific and technological research and development in relation to modelling and simulation techniques.
CFMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
44,010
44,010
Other debtors
200
200
44,210
44,210
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
5,016
23,528
Other creditors
2,200
1,600
7,216
25,128
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Amanda Kruger FCCA
Statutory Auditor:
TC Group
8
Related party transactions
The company has taken advantage of the exemption in FRS102 "Related Party Disclosures" from disclosing transactions from other members of the group.
9
Company Status
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The company was under the joint control of Airbus UK Ltd and Rolls-Royce plc throughout the year until 28 June 2024 when GKN Aerospace Services Ltd became an additional controlling party.