Company registration number 00614327 (England and Wales)
C-SCOPE INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
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 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
245,617
166,631
Current assets
Stocks
1,708,749
1,406,727
Debtors
5
3,249,173
3,774,347
Cash at bank and in hand
346,990
29,237
5,304,912
5,210,311
Creditors: amounts falling due within one year
6
(519,784)
(599,106)
Net current assets
4,785,128
4,611,205
Total assets less current liabilities
5,030,745
4,777,836
Creditors: amounts falling due after more than one year
7
(112,020)
(49,338)
Provisions for liabilities
(10,500)
(12,850)
Net assets
4,908,225
4,715,648
Capital and reserves
Called up share capital
1,401,200
1,401,200
Profit and loss reserves
3,507,025
3,314,448
Total equity
4,908,225
4,715,648
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 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 October 2023 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 2023
- 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
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.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
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.
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.
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances and loans to fellow group companies, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and overdrafts, 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
Leasing and hire purchase commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges so as to achieve a constant rate of interest on the remaining balance of the liability.
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the lease.
1.10
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. Grants under the Coronavirus Job Retention Scheme are recognised on a systematic basis over the periods in which the related costs are incurred.
1.11
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 in the period are included in profit or loss.
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
52
43
3
Intangible fixed assets
Other
£
Cost
At 1 April 2022 and 31 March 2023
120,118
Amortisation and impairment
At 1 April 2022 and 31 March 2023
120,118
Carrying amount
At 31 March 2023
At 31 March 2022
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
1,011,384
Additions
162,143
Disposals
(90,969)
At 31 March 2023
1,082,558
Depreciation and impairment
At 1 April 2022
844,753
Depreciation charged in the year
60,929
Eliminated in respect of disposals
(68,741)
At 31 March 2023
836,941
Carrying amount
At 31 March 2023
245,617
At 31 March 2022
166,631
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
579,709
963,355
Amounts owed by group undertakings
2,599,555
2,721,991
Other debtors
69,909
89,001
3,249,173
3,774,347
Amounts owed by group undertakings are non interest bearing and have no fixed terms for repayment.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
384,764
409,288
Taxation and social security
38,342
89,707
Other creditors
86,678
90,111
519,784
599,106
The obligations under hire purchase and finance leases included in Other creditors, amounting to £29,372 (2022 - £11,573), are secured by charges over the associated assets.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
22,355
31,667
Other creditors
89,665
17,671
112,020
49,338
Other creditors represent obligations under hire purchase and finance leases which are secured by charges over the associated assets.
8
Financial commitments, guarantees and contingent liabilities
The bank borrowings of the group are guaranteed by a composite group guarantee. At 31 March 2023, the total indebtedness of the group to the bank amounted to £414,840 (2022 - £396,107) which is secured by a mortgage debenture, the terms of which include a fixed and floating charge over the company's assets.
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
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:
2023
2022
£
£
272
1,361