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Registered number: 02350123









CAMBRIDGE RESEARCH SYSTEMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
CAMBRIDGE RESEARCH SYSTEMS LIMITED
REGISTERED NUMBER: 02350123

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
71,725
35,361

Investments
 5 
179
179

  
71,904
35,540

CURRENT ASSETS
  

Stocks
  
409,593
331,322

Debtors: amounts falling due within one year
 6 
441,606
404,532

Cash at bank and in hand
  
1,042,143
1,404,261

  
1,893,342
2,140,115

Creditors: amounts falling due within one year
 7 
(152,802)
(182,825)

NET CURRENT ASSETS
  
 
 
1,740,540
 
 
1,957,290

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,812,444
1,992,830

  

NET ASSETS
  
1,812,444
1,992,830


CAPITAL AND RESERVES
  

Called up share capital 
 8 
119
119

Share premium account
  
57,370
57,370

Capital redemption reserve
  
51,058
51,058

Profit and loss account
  
1,703,897
1,884,283

  
1,812,444
1,992,830


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
CAMBRIDGE RESEARCH SYSTEMS LIMITED
REGISTERED NUMBER: 02350123
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






Mr S R Elliott
Director

Date: 28 January 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CAMBRIDGE RESEARCH SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

Cambridge Research Systems Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Unit 78-80 Riverside Estate, Sir Thomas Longley Road, Rochester, Kent, ME2 4BH.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Turnover is recognised upon delivery of goods, when the Company is entitled to the income.

 
2.3

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 assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10% - 50% straight line

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 and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 3

 
CAMBRIDGE RESEARCH SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

STOCKS

Stocks comprise materials on hand and finished goods held for resale, and are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 
2.6

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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.

 
2.8

CREDITORS

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.

 
2.9

FOREIGN CURRENCY TRANSLATION

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transaction in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the profit and loss account.

 
2.10

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4

 
CAMBRIDGE RESEARCH SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan 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 profit or loss 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.

 
2.13

TAXATION & DEFERRED TAXATION

Tax is recognised in profit or loss except 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the 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 balance sheet date.


 
2.14

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 5

 
CAMBRIDGE RESEARCH SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.16

DIVIDENDS

Equity dividends are recognised when they become legally payable.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 15 (2023 - 14).


4.


TANGIBLE FIXED ASSETS





Fixtures and fittings

£



COST OR VALUATION


At 1 May 2023
261,753


Additions
56,266



At 30 April 2024

318,019



DEPRECIATION


At 1 May 2023
226,392


Charge for the year on owned assets
19,902



At 30 April 2024

246,294



NET BOOK VALUE



At 30 April 2024
71,725



At 30 April 2023
35,361

Page 6

 
CAMBRIDGE RESEARCH SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



COST OR VALUATION


At 1 May 2023
176
3
179



At 30 April 2024
176
3
179





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Rightsight Vision Limited (dormant)
Ordinary
76%
Whitedot Scientific Limited (dormant)
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Rightsight Vision Limited (dormant)
100
100

Whitedot Scientific Limited (dormant)
100
100


6.


DEBTORS

2024
2023
£
£


Trade debtors
234,960
310,843

Other debtors
131,226
30,994

Prepayments and accrued income
75,420
62,695

441,606
404,532


Page 7

 
CAMBRIDGE RESEARCH SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
64,540
77,419

Amounts owed to group undertakings
176
176

Other taxation and social security
13,424
6,113

Other creditors
11,331
11,673

Accruals and deferred income
63,331
87,444

152,802
182,825



8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



107 (2023 - 107) Ordinary A shares of £1.00 each
107
107
12 (2023 - 12) Ordinary C shares of £1.00 each
12
12

119

119





9.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme for two of the directors. The assets of the scheme are administered by trustees in a fund independent from those of the Company. Contributions to the scheme during the year amounted to £60,622 (2023 - £49,162).
The Company also operates a defined contribution pension scheme for employees. The assets of the scheme are administered by trustees in a fund independent from those of the Company. Contributions to the scheme during the year amounted to £37,826 (2023 - £34,298).
 
Contributions totalling £7,533 (2023 - £7,704) were payable to the funds at the balance sheet date and are included in creditors.

Page 8

 
CAMBRIDGE RESEARCH SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


COMMITMENTS UNDER OPERATING LEASES

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
82,377
24,230

Later than 1 year and not later than 5 years
283,135
7,574

Later than 5 years
57,359
-

422,871
31,804

 
Page 9