Company registration number 06477281 (England and Wales)
CFMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
First Floor, Premier House
127 Duckmoor Road
Ashton Gate
Bristol
United Kingdom
BS3 2BJ
CFMS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
CFMS LIMITED
COMPANY INFORMATION
- 1 -
Directors
S J Paice
I G Gray
G A Johns
N G Sturge
S G Raynes
M J Woods
L Lapworth
M B Brown
(Appointed 28 June 2024)
Company number
06477281
Registered office
43 Queen Square
Bristol
England
BS1 4QP
Auditor
TC Group
First Floor, Premier House
127 Duckmoor Road
Ashton Gate
Bristol
United Kingdom
BS3 2BJ
CFMS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,428,272
-
0
Investments
5
2,000
2,000
1,430,272
2,000
Current assets
Debtors
7
46,643
44,210
Cash at bank and in hand
5,176
5,292
51,819
49,502
Creditors: amounts falling due within one year
8
(398,001)
(7,216)
Net current (liabilities)/assets
(346,182)
42,286
Total assets less current liabilities
1,084,090
44,286
Creditors: amounts falling due after more than one year
9
(1,039,804)
-
0
Net assets
44,286
44,286
Reserves
Income and expenditure account
44,286
44,286
Members' funds
44,286
44,286

The notes on pages 4 to 9 form part of these financial statements.

CFMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -

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

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
S J Paice
Director
Company registration number 06477281 (England and Wales)
CFMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

CFMS Limited is a private company limited by guarantee, incorporated in England and Wales. and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

 

The address of its registered office is:

43 Queen Square

Bristol

BS1 4QP

England

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 except that as disclosed in the accounting policies certain items are shown at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet 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.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

1.4
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.

CFMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

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:

Equipment
20% per annum straight line
Data Centre
25% per annum straight line

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 surplus or deficit.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in surplus or deficit. Transaction costs are expensed to surplus or deficit as incurred.

1.6
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.

1.7
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CFMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors loans from fellow group companies 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

CFMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Equipment
Data Centre
Total
£
£
£
Cost
At 1 January 2024
303
-
0
303
Additions
-
0
1,553,872
1,553,872
At 31 December 2024
303
1,553,872
1,554,175
Depreciation and impairment
At 1 January 2024
303
-
0
303
Depreciation charged in the year
-
0
125,600
125,600
At 31 December 2024
303
125,600
125,903
Carrying amount
At 31 December 2024
-
0
1,428,272
1,428,272
At 31 December 2023
-
0
-
0
-
0
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,000
2,000
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

CFMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Subsidiaries
(Continued)
- 8 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
CFMS ASRC Limited
UK
Ordinary shares
100.00
CFMS Services Limited
UK
Ordinary shares
100.00

CFMS ASRC Limited

The principal activity of CFMS ASRC Limited is the provision of facilities.

 

CFMS Services Limited

The principal activity of CFMS Services Limited is to promote, facilitate and undertake scientific and technological research and development in relation to modelling and simulation techniques.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
46,443
44,010
Other debtors
200
200
46,643
44,210
8
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
8,033
5,016
Other creditors
389,968
2,200
398,001
7,216

Included within other creditors is a capital grant of £388,468 (2023: £nil) received for the purchase of fixed assets. The grant has been deferred and is being released over the expected useful economic life of the related asset.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,039,804
-
0
CFMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Creditors: amounts falling due after more than one year
(Continued)
- 9 -

Other creditors is a capital grant received for the purchase of fixed assets. The grant has been deferred and is being released over the expected useful economic life of the related asset.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Amanda Kruger FCCA
Statutory Auditor:
TC Group
Date of audit report:
17 April 2025
11
Company Status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

 

The company was under the joint control of Airbus UK Ltd and Rolls-Royce plc throughout the year until 28 June 2024 when GKN Aerospace Services Ltd became an additional controlling party.

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