Company registration number 12544784 (England and Wales)
CYM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
CYM LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
CYM LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CYM LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2024
- 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 CYM Limited for the year ended 29 February 2024 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 CYM Limited, as a body, in accordance with the terms of our engagement letter dated 25 September 2024. Our work has been undertaken solely to prepare for your approval the financial statements of CYM Limited and state those matters that we have agreed to state to the board of directors of CYM 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 CYM Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that CYM 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 CYM Limited. You consider that CYM 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 CYM 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.

Carpenter Box
29 November 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
CYM LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
38,814
44,357
Tangible assets
4
22,200
30,624
61,014
74,981
Current assets
Stocks
24,477
24,116
Debtors
5
24,134
10,292
Cash at bank and in hand
4,891
10,874
53,502
45,282
Creditors: amounts falling due within one year
6
(124,956)
(118,623)
Net current liabilities
(71,454)
(73,341)
Total assets less current liabilities
(10,440)
1,640
Provisions for liabilities
(1,500)
(1,500)
Net (liabilities)/assets
(11,940)
140
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(11,942)
138
Total equity
(11,940)
140

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 29 February 2024 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 complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

CYM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Dr N A Geary
Director
Company registration number 12544784 (England and Wales)
CYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

CYM Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the year end the company had net current liabilities. trueThe company is reliant on the continued support of the directors and is meeting its liabilities as they fall due. The financial statements do not include any adjustments that would result in the withdrawal of this support. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The directors will continue to support the business.

1.3
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 and other sales related taxes. 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 when the stage of completion, costs incurred and costs to complete can be estimated reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over life of the lease
Plant and equipment
20% per annum on a straight line basis
Fixtures and fittings
25% per annum on a straight line basis
Computers
33% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

CYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. .

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

CYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons employed by the company during the year was 5 (2023 - 5).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
55,445
Amortisation and impairment
At 1 March 2023
11,088
Amortisation charged for the year
5,543
At 29 February 2024
16,631
Carrying amount
At 29 February 2024
38,814
At 28 February 2023
44,357
CYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 March 2023
2,300
33,962
11,734
3,062
51,058
Additions
-
0
-
0
3,525
-
0
3,525
At 29 February 2024
2,300
33,962
15,259
3,062
54,583
Depreciation and impairment
At 1 March 2023
498
12,914
5,641
1,381
20,434
Depreciation charged in the year
460
6,790
3,689
1,010
11,949
At 29 February 2024
958
19,704
9,330
2,391
32,383
Carrying amount
At 29 February 2024
1,342
14,258
5,929
671
22,200
At 28 February 2023
1,802
21,048
6,093
1,681
30,624
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,129
2,746
Other debtors
7,005
7,546
24,134
10,292
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
46,569
38,868
Taxation and social security
45,269
53,714
Other creditors
33,118
26,041
124,956
118,623
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
CYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
37,148
93,309
2024-02-292023-03-01false29 November 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr M C GearyDr N A Gearyfalsefalse125447842023-03-012024-02-29125447842024-02-29125447842023-02-2812544784core:NetGoodwill2024-02-2912544784core:NetGoodwill2023-02-2812544784core:LeaseholdImprovements2024-02-2912544784core:PlantMachinery2024-02-2912544784core:FurnitureFittings2024-02-2912544784core:ComputerEquipment2024-02-2912544784core:LeaseholdImprovements2023-02-2812544784core:PlantMachinery2023-02-2812544784core:FurnitureFittings2023-02-2812544784core:ComputerEquipment2023-02-2812544784core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2912544784core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2812544784core:CurrentFinancialInstruments2024-02-2912544784core:CurrentFinancialInstruments2023-02-2812544784core:ShareCapital2024-02-2912544784core:ShareCapital2023-02-2812544784core:RetainedEarningsAccumulatedLosses2024-02-2912544784core:RetainedEarningsAccumulatedLosses2023-02-2812544784bus:Director22023-03-012024-02-2912544784core:Goodwill2023-03-012024-02-2912544784core:LeaseholdImprovements2023-03-012024-02-2912544784core:PlantMachinery2023-03-012024-02-2912544784core:FurnitureFittings2023-03-012024-02-2912544784core:ComputerEquipment2023-03-012024-02-2912544784core:NetGoodwill2023-02-2812544784core:NetGoodwill2023-03-012024-02-2912544784core:LeaseholdImprovements2023-02-2812544784core:PlantMachinery2023-02-2812544784core:FurnitureFittings2023-02-2812544784core:ComputerEquipment2023-02-28125447842023-02-2812544784core:WithinOneYear2024-02-2912544784core:WithinOneYear2023-02-2812544784bus:PrivateLimitedCompanyLtd2023-03-012024-02-2912544784bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2912544784bus:FRS1022023-03-012024-02-2912544784bus:AuditExemptWithAccountantsReport2023-03-012024-02-2912544784bus:Director12023-03-012024-02-2912544784bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP