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Registered number: 04021729
Corporate Messengers Worldwide Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Sysdent Solutions Limited
39 Fendall Road
Epsom
Surrey
KT19 9NZ
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 04021729
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,717 9,726
Investments 5 711,414 629,921
722,131 639,647
CURRENT ASSETS
Debtors 6 (41,177 ) 2,619,301
Cash at bank and in hand 5,634,257 2,505,157
5,593,080 5,124,458
Creditors: Amounts Falling Due Within One Year 7 (3,213,952 ) (2,868,929 )
NET CURRENT ASSETS (LIABILITIES) 2,379,128 2,255,529
TOTAL ASSETS LESS CURRENT LIABILITIES 3,101,259 2,895,176
Creditors: Amounts Falling Due After More Than One Year 8 (20,326 ) (29,692 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (59,169 ) (43,685 )
NET ASSETS 3,021,764 2,821,799
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 11 252,246 186,236
Income Statement 2,769,418 2,635,463
SHAREHOLDERS' FUNDS 3,021,764 2,821,799
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Anthony Osibodu
Director
01/05/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Corporate Messengers Worldwide Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04021729 . The registered office is 38 Metropolitan Park Halifax Road, Greenford, Middlesex, UB6 8XU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Straight line over lease period
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducung balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 25% reducing balance
2.4. Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 229,466 26,726 26,700 93,928 376,820
Other - 4,292 - - 4,292
As at 31 July 2024 229,466 31,018 26,700 93,928 381,112
Depreciation
As at 1 August 2023 229,466 26,726 24,661 86,241 367,094
Provided during the period - - 306 1,922 2,228
Other - 1,073 - - 1,073
As at 31 July 2024 229,466 27,799 24,967 88,163 370,395
Net Book Value
As at 31 July 2024 - 3,219 1,733 5,765 10,717
As at 1 August 2023 - - 2,039 7,687 9,726
Page 4
Page 5
5. Investments
Unlisted
£
Cost
As at 1 August 2023 629,921
Revaluations 81,493
As at 31 July 2024 711,414
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 711,414
As at 1 August 2023 629,921
The historic cost of the investment was £400,000.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,081 15,081
Prepayments and accrued income - 7,688
Other debtors 134 134
Sundry Debtors (115,660 ) 2,324,134
Purchase Tax Control Account (2) 257,495 257,495
VAT 43,241 2,206
Amounts owed by group undertakings 12,563 12,563
212,854 2,619,301
Due after more than one year
Purchase Tax Control Account (254,031 ) -
(41,177 ) 2,619,301
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,114,080 892,597
Bank loans and overdrafts 15,909 -
Corporation tax 50,548 50,150
Other taxes and social security 10,297 10,544
Net wages 4,691 7,669
Other creditors 398,240 396,240
Accruals and deferred income 551,403 512,403
Director's loan account 1,068,784 999,326
3,213,952 2,868,929
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Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Government grants after one year 20,326 29,692
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Pension Commitments
The company operates a defined contribution pension scheme for its staff as required by current legislation. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £559 were due to the fund. They are included in Other Creditors.
11. Reserves
Revaluation Reserve
£
As at 1 August 2023 186,236
Net investment revaluation reserve (defferred tax) 66,010
As at 31 July 2024 252,246
12. Related Party Transactions
At the reporting date, the company owed £1,068.784 (2023:£999,326) to the director in respect of the interest-free loan for planned rebuilding and expansion/consolidation, which will commence very shortly, which does not have a fixed repayment date. At the balance sheet date, the loan is presented within creditors: amounts falling due within one year.
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