Registered number
07510905
Cambridge Financial Services Ltd
Filleted Accounts
30 September 2024
Cambridge Financial Services Ltd
Registered number: 07510905
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 6 - 15,000
Tangible assets 7 96,080 58,500
96,080 73,500
Current assets
Debtors 8 37,634 18,811
Cash at bank and in hand 8,462 32,667
46,096 51,478
Creditors: amounts falling due within one year 9 (72,301) (74,486)
Net current liabilities (26,205) (23,008)
Total assets less current liabilities 69,875 50,492
Creditors: amounts falling due after more than one year 10 (39,132) -
Net assets 30,743 50,492
Capital and reserves
Called up share capital 65,000 65,000
Profit and loss account (34,257) (14,508)
Shareholders' funds 30,743 50,492
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Peter N Howard-Jones
Director
Approved by the board on 10 January 2025
Cambridge Financial Services Ltd
Notes to the Accounts
for the period from 1 April 2023 to 30 September 2024
3 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery Straight line over 5 years
Fixtures, fittings, tools and equipment Straight line over 5 years
Stocks and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
4 Goodwill
Goodwill arising on acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the entity recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less accumulated amortization and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortized over its useful life , which shall not exceed 10 years if a reliable estimate of the useful life cannot be more than 10 years.
Goodwill has been amortized over a period of 8 years and was written down at the end of the financial year on 31/03/2019
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognized at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
5 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
6 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 30,000
At 30 September 2024 30,000
Amortisation
At 1 April 2023 15,000
Provided during the period 15,000
At 30 September 2024 30,000
Net book value
At 30 September 2024 -
At 31 March 2023 15,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
7 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 - 65,000 65,000
Additions 71,391 55,210 126,601
Disposals - (65,000) (65,000)
At 30 September 2024 71,391 55,210 126,601
Depreciation
At 1 April 2023 - 6,500 6,500
Charge for the period 25,000 5,521 30,521
On disposals - (6,500) (6,500)
At 30 September 2024 25,000 5,521 30,521
Net book value
At 30 September 2024 46,391 49,689 96,080
At 31 March 2023 - 58,500 58,500
8 Debtors 2024 2023
£ £
Trade debtors 30,954 11,442
Amounts owed by group undertakings and undertakings in which the company has a participating interest 6,320 -
Prepayments - 1,250
Directors loan - 5,759
Other debtors 360 360
37,634 18,811
9 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 43,290 47,639
Trade creditors 12,067 5,944
Directors loan 6,587 -
Taxation and social security costs 10,357 18,153
Other creditors - 2,750
72,301 74,486
10 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 39,132 -
11 Other information
Cambridge Financial Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Milton Hall
Ely Road
Milton
Cambridge
CB24 6WZ
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