Company registration number 04896377 (England and Wales)
CDC FACILITIES MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CDC FACILITIES MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Mr C Isakovic
Mr S Marcetic
Mr R Perks
Secretary
Mr S Marcetic
Company number
04896377
Registered office
CDC House
2 The Stables
Wassell Grove Lane
Hagley
Stourbridge
England
DY9 9JH
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
CDC FACILITIES MANAGEMENT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
CDC FACILITIES MANAGEMENT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CDC FACILITIES MANAGEMENT LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CDC Facilities Management Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of CDC Facilities Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of CDC Facilities Management Limited and state those matters that we have agreed to state to the Board of Directors of CDC Facilities Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CDC Facilities Management Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that CDC Facilities Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CDC Facilities Management Limited. You consider that CDC Facilities Management Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of CDC Facilities Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Malcolm Piper & Company Limited
14 August 2024
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
CDC FACILITIES MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
150,127
133,278
Current assets
Stock
16,164
7,500
Debtors
4
1,210,989
1,187,364
Cash at bank and in hand
153,721
261,175
1,380,874
1,456,039
Creditors: amounts falling due within one year
5
(1,253,263)
(1,309,872)
Net current assets
127,611
146,167
Total assets less current liabilities
277,738
279,445
Creditors: amounts falling due after more than one year
6
(32,590)
(45,295)
Provisions for liabilities
(37,532)
(33,320)
Net assets
207,616
200,830
Capital and reserves
Called up share capital
9
112
112
Share premium account
7,291
7,291
Profit and loss reserves
200,213
193,427
Total equity
207,616
200,830
CDC FACILITIES MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
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 December 2023 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:
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
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.
The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Mr S Marcetic
Director
Company Registration No. 04896377
CDC FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
CDC Facilities Management Limited is a private company limited by shares incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
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 presentation currency of the financial statements is the Pound Sterling (£).
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion, costs incurred and costs to complete, when these can be estimated reliably, and it is probable they will be recovered.
1.3
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery
15% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
33% on reducing balance
Motor vehicles
25% on reducing balance
1.4
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
1.5
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.
1.6
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.
CDC FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
1.8
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
17
12
CDC FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
7,750
1,584
20,918
169,876
200,128
Additions
420
6,150
50,198
56,768
Disposals
(16,505)
(16,505)
At 31 December 2023
7,750
2,004
27,068
203,569
240,391
Depreciation and impairment
At 1 January 2023
6,365
123
13,363
46,999
66,850
Depreciation charged in the year
208
328
3,305
30,578
34,419
Eliminated in respect of disposals
(11,005)
(11,005)
At 31 December 2023
6,573
451
16,668
66,572
90,264
Carrying amount
At 31 December 2023
1,177
1,553
10,400
136,997
150,127
At 31 December 2022
1,385
1,461
7,555
122,877
133,278
Included within motor vehicles above are assets with a total net book value of £92,944 (2022 - £87,404) which are the subject of finance lease agreements.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
990,825
989,334
Amounts recoverable on contract
94,990
177,641
Amounts owed by group undertakings
93,136
Other debtors
3,105
3,750
Prepayments and accrued income
28,933
16,639
1,210,989
1,187,364
CDC FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
1,421
Obligations under finance leases
7
33,693
39,646
Trade creditors
741,991
769,698
Amounts owed to group undertakings
99,678
Taxation and social security
270,799
217,747
Other creditors
38,038
24,303
Accruals and deferred income
167,321
158,800
1,253,263
1,309,872
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Hire purchase contracts
7
32,590
45,295
32,590
45,295
7
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
33,693
39,646
In two to five years
32,590
45,295
66,283
84,941
The company's obligations under finance leases are secured by the lessors' charges over the leased assets. The net book value of secured assets is disclosed in note 3.
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
37,532
33,320
CDC FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Deferred taxation
(Continued)
- 8 -
2023
Movements in the year:
£
Liability at 1 January 2023
33,320
Charge to profit or loss
4,212
Liability at 31 December 2023
37,532
The deferred tax liability set out above is expected to reverse in the short-term and relates to accelerated capital allowances that are expected to mature within the same period.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
90
90
90
90
Ordinary A of £1 each
22
22
22
22
112
112
112
112
10
Operating lease commitments
Lessee
2023
2022
£
£
Within one year
19,095
17,394
Between two and five years
40,372
14,358
59,467
31,752
11
Parent company
The company is a wholly-owned subsidiary of Service Response Group Limited, a company incorporated in England and Wales, whose registered office is Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
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