Registration number:
Codis Limited
for the Year Ended 31 May 2019
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
Codis Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Codis Limited
Company Information
Directors |
Mr M Nischal Mr S Williamson |
Registered office |
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Accountants |
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Page 1 |
Codis Limited
(Registration number: 02819582)
Balance Sheet as at 31 May 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
176 |
176 |
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Profit and loss account |
281,802 |
195,130 |
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Total equity |
281,978 |
195,306 |
For the financial year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr M Nischal
Director
Page 2 |
Codis Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Second Floor
The Twenty One Building
21 Pinner Road
Harrow
Middlesex
HA1 4ES
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 3 |
Codis Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% p.a. on Reducing balance basis |
Motor vehicles |
25% p.a. on Reducing balance basis |
Computer Equipment & software |
33% p.a. on Reducing balance basis |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Software development |
20% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 4 |
Codis Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average monthly number of persons employed by the company (including directors) during the year, was
Page 5 |
Codis Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
Intangible assets |
Development costs |
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Cost or valuation |
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At 1 June 2018 |
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Additions internally developed |
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At 31 May 2019 |
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Amortisation |
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At 1 June 2018 |
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Amortisation charge |
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At 31 May 2019 |
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Carrying amount |
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At 31 May 2019 |
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At 31 May 2018 |
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Tangible assets |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Total |
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Cost or valuation |
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At 1 June 2018 |
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Additions |
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Disposals |
- |
( |
- |
( |
At 31 May 2019 |
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Depreciation |
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At 1 June 2018 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 May 2019 |
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Carrying amount |
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At 31 May 2019 |
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At 31 May 2018 |
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Page 6 |
Codis Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Corporation tax recoverable |
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- |
Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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- |
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Accrued expenses |
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Corporation tax payable |
- |
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Directors current account |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease contracts which are secured of £20,093 (2018: £10,775).
Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and net obligations under finance lease contracts which are secured of £52,595 (2018: £18,551).
The bank loan is secured by way of a personal guarantee from the company directors and is repayable in full within five years.
Page 7 |
Codis Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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|
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123 |
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123 |
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53 |
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53 |
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Dividends |
2019 |
2018 |
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£ |
£ |
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Interim dividend of £
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Related party transactions |
Transactions with directors |
2019 |
At 1 June 2018 |
Advances to directors |
Other payments made to company by director |
At 31 May 2019 |
Mr M Nischal |
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( |
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(12,500) |
( |
Mr S Williamson |
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( |
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(7,400) |
( |
Directors' remuneration
The directors' remuneration for the year was as follows:
2019 |
2018 |
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Remuneration |
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Contributions paid to money purchase schemes |
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48,775 |
14,366 |
Page 8 |