REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
for |
Commissioning Management Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
for |
Commissioning Management Limited |
Commissioning Management Limited (Registered number: 01750086) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Commissioning Management Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
t/a R J Woods & Co |
Santa Maria |
Anchor Lane, The Heath |
Dedham |
Colchester |
Essex |
CO7 6BX |
Commissioning Management Limited (Registered number: 01750086) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Share premium | 13 |
Revaluation reserve | 13 |
Capital redemption reserve | 13 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
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. |
Commissioning Management Limited (Registered number: 01750086) |
Balance Sheet - continued |
31 May 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Commissioning Management Limited (Registered number: 01750086) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Commissioning Management Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
The financial statements are presented in Sterling (£). |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
Going concern: |
The directors have considered the company's strength, the revenues and profitability in the year under review, and the company's position at the time of signing the financial statements. Based on all of this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements. |
The following principal accounting policies have been applied: |
Preparation of consolidated financial statements |
The financial statements contain information about Commissioning Management Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Long term contracts and contracts for ongoing services: |
In respect of long term contracts and contracts for ongoing services, turnover includes estimates of work done but not invoiced before the Balance Sheet date and such estimates are based on the surveys of work performed and the degree of completion of the contracts at the Balance Sheet date. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Commissioning Management Limited (Registered number: 01750086) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives, using the straight line method. |
Depreciation is provided on the following basis: |
Plant and machinery etc - 25% per annum on cost |
Equipment - 25% per annum on cost |
Motor vehicles - 25% per annum on cost |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains or losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. |
Investment in works of art |
Artwork held as a fixed asset investment is recognised on acquisition at cost including associated auction fees and other costs of acquisition. The Artwork will be subject to annual revaluation at fair value where the change in valuation is material. Movements in valuation will be accounted for through the Income Statement and no other provision for depreciation or impairment will be made. |
Listed Investments |
The investment in listed securities is managed by a UK based wealth management firm. The directors have relied upon the reports on investment performance and investment valuations, produced by the wealth management firm, during the preparation of these financial statements |
Investments in subsidiaries |
Investment in the shares of subsidiary undertakings are recognised at fair value. |
Taxation |
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
The current tax charge is calculated on the basis of the tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances |
have been met. |
Deferred tax balances are not recognised in respect of permanent timing differences except when deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available for them and the differences between fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Leasing and hire purchase |
Property, plant and equipment acquired under hire purchase or finance lease contracts are capitalised and depreciated in the same manner as other tangible fixed assets. |
Commissioning Management Limited (Registered number: 01750086) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
3. | ACCOUNTING POLICIES - continued |
The capital element of the future payments is included in creditors and the finance charge is charged to the Income Statement. Payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability (the effective interest basis). |
Rentals payable under operating leases are charged to the Income Statement on a straight line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the company's benefit from the use of the leased asset. |
Pension costs and other post-retirement benefits |
The company operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
The contributions are recognised as an expense in the Statement of Income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds. |
Debtors |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans,are measured at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 31 May 2024 |
AMORTISATION |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
Commissioning Management Limited (Registered number: 01750086) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
7. | FIXED ASSET INVESTMENTS |
31.5.24 | 31.5.23 |
£ | £ |
Shares in group undertakings |
Other investments not loans |
Additional information is as follows: |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 253,097 |
Additions | 39,503 |
Disposals | ( |
) | (40,204 | ) |
At 31 May 2024 | 252,396 |
NET BOOK VALUE |
At 31 May 2024 | 252,396 |
At 31 May 2023 | 253,097 |
Commissioning Management Limited (Registered number: 01750086) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
7. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31 May 2024 is represented by: |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2009 | 1,488 | - | 1,488 |
Cost | 52 | 250,856 | 250,908 |
1,540 | 250,856 | 252,396 |
Investments (neither listed nor unlisted) were as follows: |
31.5.24 | 31.5.23 |
£ | £ |
Investment in works of art - Cost b/f | 355,461 | 315,461 |
Additions | - | 40,000 |
355,461 | 355,461 |
The directors carried out a review on the market value of Fixed Asset Investments and concluded that there was no material difference between cost and market value at the year-end. It was further concluded that there had been no material change in the period between the year-end and the date of approval of these financial statements. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Amounts owed to group undertakings |
Commissioning Management Limited (Registered number: 01750086) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
11. | PROVISIONS FOR LIABILITIES |
31.5.24 | 31.5.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | ( |
) | ( |
) |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Reversing timing differences | ( |
) |
Balance at 31 May 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary A | £1 |
Ordinary B | £1 |
Ordinary C | £1 |
Ordinary D | £1 |
Ordinary E | £1 |
222 | 222 |
The share capital in each period is allotted, called up and fully paid. |
13. | RESERVES |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 June 2023 | 1,342,471 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 May 2024 | 1,368,110 |
14. | RELATED PARTY DISCLOSURES |
Amounts due to group undertakings (see note 10) relates to amounts payable to the wholly owned subsidiary. The loan is unsecured and interest-free. |
Other creditors includes loans from the directors totalling £50,000 (2023: £0). The loans are interest-free, unsecured and were repaid before the date of approval of these financial statements. |
The company leases its business premises from the directors' pension fund on a twelve year full repairing lease. The rent has been set at full market values as advised by a local independent company of professional property valuers. |