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COMPANY REGISTRATION NUMBER: SC180064
CIB Financial Management Limited
Filleted Unaudited Financial Statements
31 December 2024
CIB Financial Management Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
CIB Financial Management Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of CIB Financial Management Limited
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CIB Financial Management Limited for the year ended 31 December 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of CIB Financial Management Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of CIB Financial Management Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CIB Financial Management Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that CIB Financial Management 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 CIB Financial Management Limited. You consider that CIB Financial Management Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of CIB Financial Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
29 January 2025
CIB Financial Management Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
85,808
114,410
Current assets
Debtors
6
253,402
203,154
Cash at bank and in hand
225,469
220,312
---------
---------
478,871
423,466
Creditors: amounts falling due within one year
7
73,527
53,035
---------
---------
Net current assets
405,344
370,431
---------
---------
Total assets less current liabilities
491,152
484,841
Creditors: amounts falling due after more than one year
8
53,660
61,682
---------
---------
Net assets
437,492
423,159
---------
---------
CIB Financial Management Limited
Statement of Financial Position (continued)
31 December 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
437,392
423,059
---------
---------
Shareholders funds
437,492
423,159
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 December 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 were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
Mr C Carpenter
Director
Company registration number: SC180064
CIB Financial Management Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered.
Income tax
Provision is made for deferred taxation arising from timing differences other than those which are expected with reasonable probability to continue in the foreseeable future.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
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 as a finance cost 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 3 (2023: 3 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
1,119
26,224
148,752
15,192
191,287
-------
--------
---------
--------
---------
Depreciation
At 1 January 2024
367
11,897
51,200
13,413
76,877
Charge for the year
188
3,582
24,388
444
28,602
-------
--------
---------
--------
---------
At 31 December 2024
555
15,479
75,588
13,857
105,479
-------
--------
---------
--------
---------
Carrying amount
At 31 December 2024
564
10,745
73,164
1,335
85,808
-------
--------
---------
--------
---------
At 31 December 2023
752
14,327
97,552
1,779
114,410
-------
--------
---------
--------
---------
6. Debtors
2024
2023
£
£
Prepayments and accrued income
4,018
3,770
Other debtors
249,384
199,384
---------
---------
253,402
203,154
---------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
240,545
190,545
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
4,113
4,113
Corporation tax
61,097
40,264
Social security and other taxes
289
630
Obligations under finance leases and hire purchase contracts
8,022
8,022
Director loan accounts
6
6
--------
--------
73,527
53,035
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
53,660
61,682
--------
--------
9. Directors' advances, credits and guarantees
At 31st December 2024, the company owed Mr C G Carpenter, Director, £6 (2023: £6). This loan is interest free and has no fixed date for repayment. Dividends were paid to Mr C G Carpenter, director, and the three other shareholders of £136,000 during the year (2023: £122,000).
10. Related party transactions
At 31st December 2024 £240,545 (2023: £190,545) was due from CIB Investments Ltd, a company in which Mr A R Carpenter, director, has an interest.
11. Controlling party
The company was under the control of Mr C G Carpenter throughout the current and previous year. Mr Carpenter is the managing director.