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Company registration number: 01432826
Ceema Technology Limited
Unaudited filleted financial statements
30 June 2024
Ceema Technology Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Ceema Technology Limited
Directors and other information
Directors A W McGall
Company number 01432826
Registered office 4 The Omega Centre
Stratton Business Park
Biggleswade
Bedfordshire
SG18 8QB
Accountant Hyde & Lewis
1 Cambridge Road
Sandy
Beds
SG19 1JE
Ceema Technology Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Ceema Technology Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Ceema Technology Limited for the year ended 30 June 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Ceema Technology Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Ceema Technology Limited and state those matters that we have agreed to state to the board of directors of Ceema Technology Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Ceema Technology Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Ceema Technology 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 Ceema Technology Limited. You consider that Ceema Technology Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Ceema Technology Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Hyde & Lewis
Chartered Certified Accountants
1 Cambridge Road
Sandy
Beds
SG19 1JE
26 March 2025
Ceema Technology Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 7 912,094 941,841
_______ _______
912,094 941,841
Current assets
Debtors 8 297,687 301,788
Cash at bank and in hand 350,046 101,139
_______ _______
647,733 402,927
Creditors: amounts falling due
within one year 9 ( 647,173) ( 525,538)
_______ _______
Net current assets/(liabilities) 560 ( 122,611)
_______ _______
Total assets less current liabilities 912,654 819,230
Creditors: amounts falling due
after more than one year 10 ( 407,999) ( 345,033)
Provisions for liabilities 11 ( 83,643) ( 85,307)
_______ _______
Net assets 421,012 388,890
_______ _______
Capital and reserves
Called up share capital 13 10,000 10,000
Revaluation reserve 315,578 315,578
Profit and loss account 95,434 63,312
_______ _______
Shareholders funds 421,012 388,890
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
A W McGall
Director
Company registration number: 01432826
Ceema Technology Limited
Statement of changes in equity
Year ended 30 June 2024
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 July 2022 10,000 165,578 98,020 273,598
Profit/(loss) for the year ( 18,208) ( 18,208)
Other comprehensive income for the year:
Revaluation of tangible assets 150,000 150,000
_______ _______ _______ _______
Total comprehensive income for the year - 150,000 ( 18,208) 131,792
Dividends paid and payable ( 16,500) ( 16,500)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 16,500) ( 16,500)
_______ _______ _______ _______
At 30 June 2023 and 1 July 2023 10,000 315,578 63,312 388,890
Profit/(loss) for the year 44,122 44,122
_______ _______ _______ _______
Total comprehensive income for the year - - 44,122 44,122
Dividends paid and payable ( 12,000) ( 12,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 12,000) ( 12,000)
_______ _______ _______ _______
At 30 June 2024 10,000 315,578 95,434 421,012
_______ _______ _______ _______
Ceema Technology Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 The Omega Centre, Stratton Business Park, Biggleswade, Bedfordshire, SG18 8QB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% straight line
Plant and machinery etc - 25% straight line, 20 straight line and 10% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 15 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 26,356 15,808
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 1,664) 238
Arising from property revaluation - 47,435
_______ _______
Total deferred tax ( 1,664) 47,673
_______ _______
Tax on profit 24,692 63,481
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25.00 % (2023: 25.00%).
2024 2023
£ £
Profit before taxation 68,814 45,273
_______ _______
Profit multiplied by rate of tax 17,204 11,318
Effect of expenses not deductible for tax purposes 2,496 1,943
Effect of capital allowances and depreciation 6,934 4,688
Impact of marginal relief ( 278) ( 2,141)
_______ _______
Tax on profit 26,356 15,808
_______ _______
6. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 12,000 16,500
_______ _______
7. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 July 2023 970,550 31,655 98,212 8,000 226,039 1,334,456
Additions - 385 1,326 - 1,320 3,031
_______ _______ _______ _______ _______ _______
At 30 June 2024 970,550 32,040 99,538 8,000 227,359 1,337,487
_______ _______ _______ _______ _______ _______
Depreciation
At 1 July 2023 67,055 24,439 90,367 2,000 208,754 392,615
Charge for the year 20,981 2,452 3,616 2,000 3,729 32,778
_______ _______ _______ _______ _______ _______
At 30 June 2024 88,036 26,891 93,983 4,000 212,483 425,393
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 June 2024 882,514 5,149 5,555 4,000 14,876 912,094
_______ _______ _______ _______ _______ _______
At 30 June 2023 903,495 7,216 7,845 6,000 17,285 941,841
_______ _______ _______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 30 June 2024
Aggregate cost 654,972 654,972
Aggregate depreciation (74,229) (74,229)
_______ _______
Carrying amount 580,743 580,743
_______ _______
At 30 June 2023
Aggregate cost 654,972 654,972
Aggregate depreciation (61,130) (61,130)
_______ _______
Carrying amount 593,842 593,842
_______ _______
The property is shown at valuation. The valuation has been carried out by the director, on an open market existing use basis during the year.
8. Debtors
2024 2023
£ £
Trade debtors 291,708 287,168
Other debtors 5,979 14,620
_______ _______
297,687 301,788
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 102,720 32,946
Trade creditors 49,145 151,435
Corporation tax 26,356 15,808
Social security and other taxes 61,840 15,722
Other creditors 407,112 309,627
_______ _______
647,173 525,538
_______ _______
The bank loan is secured by a legal charge on the freehold property. The bank overdraft is secured by a legal charge on the freehold property.
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 312,659 345,033
Other creditors 95,340 -
_______ _______
407,999 345,033
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 212,231 (2023 £ 237,368 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is secured by a legal charge on the freehold property.
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 July 2023 85,307 85,307
Charges against provisions ( 1,664) ( 1,664)
_______ _______
At 30 June 2024 83,643 83,643
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 11) 83,643 85,307
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 4,748 6,412
_______ _______
13. Called up share capital
The issued share capital of the company is 10,000 Ordinary shares of £1 each.
14. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
A W McGall ( 2,073) - 2,073 -
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
A W McGall - ( 2,073) - ( 2,073)
_______ _______ _______ _______
The above loans are interest free and no repayment period has been set.
15. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Ceema Recruitment Ltd 4,055 12,023 ( 855) ( 9,042)
Mrs C Andrews 12,000 16,500 ( 12,000) ( 33,390)
Mr A McGall 1,514 11,214 - ( 2,073)
_______ _______ _______ _______
During the period the above transactions were carried out. No repayment period has been set for the balances owed as at the year end. Mrs C Andrews owns 100% of the issued share capital of Ceema Recruitment Ltd.
16. Controlling party
The ultimate controlling party is Mrs C C Andrews who owns 100% of the issued share capital of the company.