Company Registration No. 05377873 (England and Wales)
CSM (CHORLEY) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
CSM (CHORLEY) LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
5 - 10
CSM (CHORLEY) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2019
- 1 -
The directors present their annual report and financial statements for the year ended 30 April 2019.
Principal activities
The principal activity of the company continued to be that of sheet metal work.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P King
Mrs L S King
Holding company
The company is a wholly owned subsidiary of CSM Sheet Metal Limited, which is the ultimate holding company.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
Mr P King
Mrs L S King
Director
Director
Date: .............................
CSM (CHORLEY) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2019
30 April 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
880,548
802,297
Current assets
Stocks
427,084
295,927
Debtors
5
1,000,228
1,245,093
Cash at bank and in hand
274,563
20,028
1,701,875
1,561,048
Creditors: amounts falling due within one year
6
(1,132,620)
(1,109,434)
Net current assets
569,255
451,614
Total assets less current liabilities
1,449,803
1,253,911
Creditors: amounts falling due after more than one year
7
(338,539)
(325,721)
Provisions for liabilities
(121,119)
(113,349)
Net assets
990,145
814,841
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
990,045
814,741
Total equity
990,145
814,841
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 30 April 2019 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.
CSM (CHORLEY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2019
30 April 2019
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 January 2020 and are signed on its behalf by:
Mr P King
Mrs L S King
Director
Director
Company Registration No. 05377873
CSM (CHORLEY) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2019
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2017
100
407,564
407,664
Year ended 30 April 2018:
Profit and total comprehensive income for the year
-
508,348
508,348
Dividends
-
(101,171)
(101,171)
Balance at 30 April 2018
100
814,741
814,841
Year ended 30 April 2019:
Profit and total comprehensive income for the year
-
356,860
356,860
Dividends
-
(181,556)
(181,556)
Balance at 30 April 2019
100
990,045
990,145
CSM (CHORLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 5 -
1
Accounting policies
Company information
CSM (Chorley) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Swansey Mill, Mill Lane, Whittle-le-Woods, Chorley, PR6 7LX.
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.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises the value of work performed, goods sold and services provided excluding Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% reducing balance
Equipment
20% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
CSM (CHORLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 6 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.6
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the 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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CSM (CHORLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
CSM (CHORLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 8 -
1.12
Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
1.13
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 profit or loss 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
profit or loss
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
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 72 (2018 - 70).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2018 and 30 April 2019
10,000
Amortisation and impairment
At 1 May 2018 and 30 April 2019
10,000
Carrying amount
At 30 April 2019
-
At 30 April 2018
-
CSM (CHORLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 9 -
4
Tangible fixed assets
Plant and machinery
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2018
1,365,448
21,148
94,340
1,480,936
Additions
276,414
-
-
276,414
At 30 April 2019
1,641,862
21,148
94,340
1,757,350
Depreciation and impairment
At 1 May 2018
630,256
8,349
40,034
678,639
Depreciation charged in the year
182,026
2,560
13,577
198,163
At 30 April 2019
812,282
10,909
53,611
876,802
Carrying amount
At 30 April 2019
829,580
10,239
40,729
880,548
At 30 April 2018
735,192
12,799
54,306
802,297
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
870,985
1,065,084
Other debtors
61,331
112,579
Prepayments and accrued income
67,912
67,430
1,000,228
1,245,093
6
Creditors: amounts falling due within one year
2019
2018
£
£
Obligations under finance leases
176,222
159,703
Trade creditors
347,975
282,377
Amounts owed to group undertakings
363,780
299,798
Corporation tax
35,935
97,126
Other taxation and social security
135,941
188,307
Other creditors
26,966
25,835
Accruals and deferred income
45,801
56,288
1,132,620
1,109,434
The aggregate amount included in Creditors due in less than one year, for which security has been given, amounts to £176,222 (2018 - £159,703).
CSM (CHORLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 10 -
7
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Obligations under finance leases
338,539
325,721
The aggregate amount included in Creditors due in more than one year, for which security has been given, amounts to £338,539 (2018 - £325,721).
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
60 Ordinary 'A' shares of £1 each
60
60
20 Ordinary 'B' shares of £1 each
20
20
20 Ordinary 'C' shares of £1 each
20
20
100
100
9
Operating lease commitments
Lessee
Included in the lease commitment are the payments due on the building from which the business operates.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
71,404
171,889
10
Directors' transactions
Dividends totalling £181,556 (2018 - £101,171) were paid in the year in respect of shares held by the company's directors.
2019-04-30
2018-05-01
false
28 January 2020
CCH Software
CCH Accounts Production 2019.301
No description of principal activity
Mr P King
Mrs L S King
Mrs L S King
05377873
2018-05-01
2019-04-30
05377873
bus:Director1
2018-05-01
2019-04-30
05377873
bus:CompanySecretaryDirector1
2018-05-01
2019-04-30
05377873
bus:Director2
2018-05-01
2019-04-30
05377873
bus:CompanySecretary1
2018-05-01
2019-04-30
05377873
2019-04-30
05377873
2018-04-30
05377873
core:PlantMachinery
2019-04-30
05377873
core:FurnitureFittings
2019-04-30
05377873
core:MotorVehicles
2019-04-30
05377873
core:PlantMachinery
2018-04-30
05377873
core:FurnitureFittings
2018-04-30
05377873
core:MotorVehicles
2018-04-30
05377873
core:CurrentFinancialInstruments
core:WithinOneYear
2019-04-30
05377873
core:CurrentFinancialInstruments
core:WithinOneYear
2018-04-30
05377873
core:CurrentFinancialInstruments
2019-04-30
05377873
core:CurrentFinancialInstruments
2018-04-30
05377873
core:Non-currentFinancialInstruments
2019-04-30
05377873
core:Non-currentFinancialInstruments
2018-04-30
05377873
core:ShareCapital
2019-04-30
05377873
core:ShareCapital
2018-04-30
05377873
core:RetainedEarningsAccumulatedLosses
2019-04-30
05377873
core:RetainedEarningsAccumulatedLosses
2018-04-30
05377873
core:ShareCapital
2017-04-30
05377873
core:RetainedEarningsAccumulatedLosses
2017-04-30
05377873
2017-04-30
05377873
core:ShareCapitalOrdinaryShares
2019-04-30
05377873
core:ShareCapitalOrdinaryShares
2018-04-30
05377873
core:RetainedEarningsAccumulatedLosses
2017-05-01
2018-04-30
05377873
2017-05-01
2018-04-30
05377873
core:RetainedEarningsAccumulatedLosses
2018-05-01
2019-04-30
05377873
core:Goodwill
2018-05-01
2019-04-30
05377873
core:PlantMachinery
2018-05-01
2019-04-30
05377873
core:FurnitureFittings
2018-05-01
2019-04-30
05377873
core:MotorVehicles
2018-05-01
2019-04-30
05377873
core:NetGoodwill
2018-04-30
05377873
core:PlantMachinery
2018-04-30
05377873
core:FurnitureFittings
2018-04-30
05377873
core:MotorVehicles
2018-04-30
05377873
2018-04-30
05377873
bus:PrivateLimitedCompanyLtd
2018-05-01
2019-04-30
05377873
bus:SmallCompaniesRegimeForAccounts
2018-05-01
2019-04-30
05377873
bus:FRS102
2018-05-01
2019-04-30
05377873
bus:AuditExemptWithAccountantsReport
2018-05-01
2019-04-30
05377873
bus:FullAccounts
2018-05-01
2019-04-30
xbrli:pure
xbrli:shares
iso4217:GBP