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Registration number: 05031730

CMB Fylde Engineering Limited

Filleted Annual Report and Audited Abridged Financial Statements

for the Year Ended 31 March 2024

 

CMB Fylde Engineering Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 6

 

CMB Fylde Engineering Limited

Company Information

Directors

Mr S Borley

Mr JJW Green

Company secretary

Mr M Camilleri

Registered office

Ground Floor 1 Alexandra Gate
Ffordd Pengam
Cardiff
South Wales
CF24 2SA

Auditors

HSJ Audit Limited
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

CMB Fylde Engineering Limited

(Registration number: 05031730)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,236

2,186

Current assets

 

Debtors

651,198

2,638,495

Cash at bank and in hand

 

514

230

 

651,712

2,638,725

Prepayments and accrued income

 

1,856

12,474

Creditors: Amounts falling due within one year

5

(1,567,642)

(3,335,629)

Net current liabilities

 

(914,074)

(684,430)

Total assets less current liabilities

 

(912,838)

(682,244)

Accruals and deferred income

 

(2,622)

(1,900)

Net liabilities

 

(915,460)

(684,144)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(915,560)

(684,244)

Shareholders' deficit

 

(915,460)

(684,144)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 October 2024 and signed on its behalf by:
 

.........................................

Mr S Borley
Director

 

CMB Fylde Engineering Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Ground Floor 1 Alexandra Gate
Ffordd Pengam
Cardiff
South Wales
CF24 2SA

These financial statements were authorised for issue by the Board on 4 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company balance sheet is showing nagative reserves due to losses made in this and the prior financial year. The directors remain fully committed to the company and forecast that is will be able to meet its day to day working capital requirements to continue trading into the forseeable future with the continued support of Borley Engineering Services Ltd, a related company. For these reasons the directors consider that the going concern basis is appropriate.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 11 October 2024 was Andrew Hill, who signed for and on behalf of HSJ Audit Limited.

Revenue recognition

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 value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

CMB Fylde Engineering Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line

Plant and machinery

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

CMB Fylde Engineering Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 19).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

2,754

1,050

3,804

At 31 March 2024

2,754

1,050

3,804

Depreciation

At 1 April 2023

1,377

241

1,618

Charge for the year

688

262

950

At 31 March 2024

2,065

503

2,568

Carrying amount

At 31 March 2024

689

547

1,236

At 31 March 2023

1,377

809

2,186

5

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts which are secured of £1,454,252 (2023 - £3,099,340).

 

CMB Fylde Engineering Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

7

Related party transactions

Summary of transactions with parent

Relationship: Parent company
 During the year the company provided subcontract services to its parent company. The value of these subcontract services was £1,282,416 (2023 - £1,101,681). The related party companies also cross charged management charges amounting to £82,577 (2023 - £96,153) for administration. At the balance sheet date the amount due from the related party companies was £651,198 (2023 - £2,638,495).
 

Summary of transactions with other related parties

Relationship: Common director and shareholder
 During the year the company made and received an unsecured, interest free, repayable on demand loan from the related party company. At the company sheet date the amount due to the related party company was £nil (2023 - £10,721).