Company Registration No. 00614327 (England and Wales)
C-SCOPE INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
C-SCOPE INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mr M J Fry
Mr G J Morris
Mr P R Wells
Mr M S Chapman
Mr J Fry
(Appointed 1 August 2016)
Mr S Fry
(Appointed 1 August 2016)
Secretary
Mr G J Morris
Company number
00614327
Registered office
Kingsnorth Technology Park
Wotton Road
Ashford
Kent
TN23 6LN
Accountants
Dendy Neville Limited
3-4 Bower Terrace
Tonbridge Road
Maidstone
Kent
ME16 8RY
Business address
Kingsnorth Technology Park
Wotton Road
Ashford
Kent
TN23 6LN
C-SCOPE INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
C-SCOPE INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,016
12,037
Tangible assets
4
214,099
226,388
222,115
238,425
Current assets
Stocks
700,810
568,634
Debtors
5
3,597,437
3,614,801
Cash at bank and in hand
316
9,114
4,298,563
4,192,549
Creditors: amounts falling due within one year
6
(467,357)
(413,258)
Net current assets
3,831,206
3,779,291
Total assets less current liabilities
4,053,321
4,017,716
Creditors: amounts falling due after more than one year
7
(72,832)
(67,021)
Provisions for liabilities
(8,686)
(78,227)
Net assets
3,971,803
3,872,468
Capital and reserves
Called up share capital
8
1,401,200
1,401,200
Profit and loss reserves
2,570,603
2,471,268
Total equity
3,971,803
3,872,468
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
C-SCOPE INTERNATIONAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2017 and are signed on its behalf by:
Mr M J Fry
Director
Company Registration No. 00614327
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
C-Scope International Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office
and business address
is
Kingsnorth Technology Park, Wotton Road, Ashford, Kent, TN23 6LN.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is
measured
at the fair value of the consideration received or receivable net of VAT and
trade discounts. Turnover from the sale of goods is recognised at the point of sale.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation
.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Development Costs
33% straight line basis
1.4
Tangible fixed assets
Tangible fixed assets
are
measured
at cost net of depreciation
and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the term of the lease
Plant and machinery
20% - 33% straight line basis
Fixtures, fittings & equipment
15% - 33% straight line basis
Motor vehicles
25% reducing balance basis
1.5
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the
recognition and measurement
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
Basic financial liabilities
Basic financial liabilities, including
trade creditors
, are
recognised at transaction price
.
1.7
Taxation
The tax expense represents the sum of the tax currently payable
or receivable
and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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
.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.10
Foreign currency translation
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 49 (2016 - 48).
3
Intangible fixed assets
Other
£
Cost
At 1 April 2016
116,118
Additions
4,000
At 31 March 2017
120,118
Amortisation and impairment
At 1 April 2016
104,081
Amortisation charged for the year
8,021
At 31 March 2017
112,102
Carrying amount
At 31 March 2017
8,016
At 31 March 2016
12,037
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016
367,446
1,000,245
1,367,691
Additions
-
96,853
96,853
Disposals
-
(158,025)
(158,025)
At 31 March 2017
367,446
939,073
1,306,519
Depreciation and impairment
At 1 April 2016
367,446
773,857
1,141,303
Depreciation charged in the year
-
70,043
70,043
Eliminated in respect of disposals
-
(118,926)
(118,926)
At 31 March 2017
367,446
724,974
1,092,420
Carrying amount
At 31 March 2017
-
214,099
214,099
At 31 March 2016
-
226,388
226,388
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
427,590
593,202
Amounts due from group undertakings
3,003,268
2,887,125
Other debtors
47,567
1,070
Prepayments and accrued income
119,012
133,404
3,597,437
3,614,801
Amounts owed by group undertakings are non interest bearing and have no fixed terms for repayment.
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
18,596
-
Obligations under finance leases
51,332
36,146
Trade creditors
347,577
321,283
Taxation and social security
19,354
22,299
Other creditors
3,233
12,714
Accruals and deferred income
27,265
20,816
467,357
413,258
The bank overdraft is repayable on demand and is secured by way of a mortgage debenture and fixed and floating charges over the whole of the assets of the company.
Obligations under hire purchase and finance leases are secured on the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Obligations under finance leases
72,832
67,021
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,401,200 Ordinary shares of £1 each
1,401,200
1,401,200
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
9
Financial commitments, guarantees and contingent liabilities
The bank borrowings of the whole group are guaranteed by a composite group guarantee. At 31 March 2017, the total indebtedness of the group to the bank amounted to £641,005 (2016 - £nil) which is secured by a mortgage debenture over all assets of the company.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
5,881
43,499
11
Capital commitments
Amounts contracted for but not provided in the financial statements:
2017
2016
£
£
Acquisition of tangible fixed assets
57,456
24,246
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