Company Registration No. 00614327 (England and Wales)
C-SCOPE INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
C-SCOPE INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
C-SCOPE INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
34,881
Tangible assets
4
191,962
212,831
191,962
247,712
Current assets
Stocks
1,233,603
1,151,149
Debtors
5
3,804,716
3,785,116
Cash at bank and in hand
1,439
628
5,039,758
4,936,893
Creditors: amounts falling due within one year
6
(593,571)
(713,515)
Net current assets
4,446,187
4,223,378
Total assets less current liabilities
4,638,149
4,471,090
Creditors: amounts falling due after more than one year
7
(69,915)
(65,081)
Provisions for liabilities
(18,107)
(14,027)
Net assets
4,550,127
4,391,982
Capital and reserves
Called up share capital
1,401,200
1,401,200
Profit and loss reserves
3,148,927
2,990,782
Total equity
4,550,127
4,391,982
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 2021 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.
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 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 March 2022 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 2021
- 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
.
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.
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
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,
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
trade creditors and
bank
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
Leases
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 receive
d
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.
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
49
53
3
Intangible fixed assets
Other
£
Cost
At 1 April 2020
154,999
Disposals
(34,881)
At 31 March 2021
120,118
Amortisation and impairment
At 1 April 2020 and 31 March 2021
120,118
Carrying amount
At 31 March 2021
At 31 March 2020
34,881
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020
1,053,330
Additions
36,078
Disposals
(32,542)
At 31 March 2021
1,056,866
Depreciation and impairment
At 1 April 2020
840,499
Depreciation charged in the year
52,083
Eliminated in respect of disposals
(27,678)
At 31 March 2021
864,904
Carrying amount
At 31 March 2021
191,962
At 31 March 2020
212,831
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
815,338
560,393
Amounts owed by group undertakings
2,903,327
3,120,901
Other debtors
86,051
103,822
3,804,716
3,785,116
Amounts owed by group undertakings are non interest bearing and have no fixed terms for repayment.
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
79,449
79,297
Trade creditors
371,124
511,621
Taxation and social security
65,728
22,493
Other creditors
77,270
100,104
593,571
713,515
The bank overdraft amounting to £71,429 (2020 - £79,297) is repayable on demand and is secured by way of a mortgage debenture, the terms of which include a fixed and floating charge over the company's assets.
The obligations under hire purchase and finance leases included in Other creditors, amounting to £34,834 (2020 - £32,706), are secured by charges over the associated assets.
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
42,728
Other creditors
27,187
65,081
69,915
65,081
Other creditors are represented by 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 2021, the total indebtedness of the group to the bank amounted to £585,642 (2020 - £693,999) which is secured by a mortgage debenture, the terms of which include a fixed and floating charge over the company's assets.
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:
2021
2020
£
£
4,974
8,587
C-SCOPE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
10
COVID-19
In common with many other businesses, the group has continued to be adversely affected by the impact of COVID-19 and has seen a reduction in turnover as a result. The group had initiated a cost saving exercise to mitigate the impact and took advantage of Government support in the form of claims to cover some wage costs under the Coronavirus Job Retention Scheme. The group also obtained bank funding in the form of the receipt of a loan under the Bounce Back Loan Scheme. The directors are pleased to note the improved trading position of the group in conjunction with the easing of Government restrictions.