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Company No: 08350394 (England and Wales)

DESTINATION CMS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

DESTINATION CMS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

DESTINATION CMS LTD

BALANCE SHEET

As at 31 December 2023
DESTINATION CMS LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1,000 1,000
Tangible assets 4 144,684 102,711
145,684 103,711
Current assets
Stocks 465,060 365,954
Debtors 5 551,159 892,085
Cash at bank and in hand 66 95
1,016,285 1,258,134
Creditors: amounts falling due within one year 6 ( 402,563) ( 601,828)
Net current assets 613,722 656,306
Total assets less current liabilities 759,406 760,017
Creditors: amounts falling due after more than one year 7 ( 123,000) ( 134,585)
Provision for liabilities ( 26,794) ( 22,727)
Net assets 609,612 602,705
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 609,512 602,605
Total shareholders' funds 609,612 602,705

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.

Directors' responsibilities:

The financial statements of Destination CMS Ltd (registered number: 08350394) were approved and authorised for issue by the Board of Directors on 27 September 2024. They were signed on its behalf by:

Mr M Baker
Director
DESTINATION CMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
DESTINATION CMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Destination CMS Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Melville Building East, Royal William Yard, Plymouth, PL1 3RP, England, United Kingdom. The principal place of business is 45 Queen Street, Exeter, EX2 4SR.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

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 the value added tax, returns, rebates and discounts and after eliminating sales within the Company.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completions.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 4 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the FIFO (first-in, first-out) 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 stocks to their present location and condition. At each reporting date, stock 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 29 20

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 January 2023 2,200 2,200
At 31 December 2023 2,200 2,200
Accumulated amortisation
At 01 January 2023 1,200 1,200
At 31 December 2023 1,200 1,200
Net book value
At 31 December 2023 1,000 1,000
At 31 December 2022 1,000 1,000

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 587,567 587,567
Additions 80,175 80,175
Disposals ( 19,098) ( 19,098)
At 31 December 2023 648,644 648,644
Accumulated depreciation
At 01 January 2023 484,856 484,856
Charge for the financial year 38,202 38,202
Disposals ( 19,098) ( 19,098)
At 31 December 2023 503,960 503,960
Net book value
At 31 December 2023 144,684 144,684
At 31 December 2022 102,711 102,711

5. Debtors

2023 2022
£ £
Trade debtors 260,314 519,431
Amounts owed by directors 8,000 5,262
Prepayments and accrued income 282,845 367,392
551,159 892,085

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 26,486 41,344
Trade creditors 27,765 165,400
Taxation and social security 286,499 278,173
Obligations under finance leases and hire purchase contracts 2,599 4,474
Other creditors 59,214 112,437
402,563 601,828

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 15,000 25,000
Amounts owed to related parties 108,000 108,000
Obligations under finance leases and hire purchase contracts 0 1,585
123,000 134,585

The bank loans are secured by way of a fixed and floating charge over the assets of the business.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 0.01 each (2022: 100 shares of £ 1.00 each) 100 100

During the year the company underwent a subdivision of share capital resulting in 10,000 £0.01 shares.

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Director 1 (138) 262
Director 2 8,000 5,000

Director 1 -
During the year, the Company advanced £63,250 to Director 1 (2022 - £26,000), of which £63,650 was repaid (2022 - £22,500). The balance owed by the Company to Director 1 as at 31 December is £138 (2022 - Director 1 owed the Company £262).
Director 2 -
During the year, the Company advanced £8,000 to Director 2 (2022 - £5,000), of which £5,000 was repaid (2022 - £nil). The balance owed to the Company by Director 2 as at 31 December is £8,000 (2022 - £5,000).
Interest was not charged on this amount and the balance is repayable on demand.