CMS Business Development Limited
Notes to the Financial Statements
For the year ended 30 April 2024
CMS Business Development Limited a private company limited by members capital is incorporated in the United Kingdom, with its registered office being The Lexicon, Mount Street, Manchester, M2 5NT.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.
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Exemption from preparing consolidated financial statements
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The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
At 30 April 2024 the company had net current liabilities of £865,516 (2023 - £865,516), of which £864,516 (2023 - £864,516) relates to amounts owed to a subsidiary company. The balance payable has been classified as a current liability as the amounts are legally repayable on demand. The subsidiary company will not be permitted to seek repayment of this balance within 12 months from the date of approval of these financial statements. The directors are therefore confident that the company will be able to meet its debts as they fall due.
As a result of the above assurances, the directors have deemed it appropriate to prepare the accounts on a going concern basis.
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the statement of income and retained earnings over the vesting period where the charge is material to the company. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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