Company Registration No. 06214657 (England and Wales)
CCEM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
CCEM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
CCEM LIMITED
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,570
12,363
Investments
4
939,387
939,387
946,957
951,750
Current assets
Debtors
5
79,708
53,253
Cash at bank and in hand
8,073
28,676
87,781
81,929
Creditors: amounts falling due within one year
6
(463,024)
(344,302)
Net current liabilities
(375,243)
(262,373)
Total assets less current liabilities
571,714
689,377
Creditors: amounts falling due after more than one year
7
(161,952)
(246,627)
Net assets
409,762
442,750
Capital and reserves
Called up share capital
40,000
40,000
Profit and loss reserves
369,762
402,750
Total equity
409,762
442,750
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 2018 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.
CCEM LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 July 2018 and are signed on its behalf by:
Mr D Moreland
Director
Company Registration No. 06214657
CCEM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2016
40,000
429,385
469,385
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
110,365
110,365
Dividends
-
(137,000)
(137,000)
Balance at 31 March 2017
40,000
402,750
442,750
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
90,668
90,668
Dividends
-
(123,656)
(123,656)
Balance at 31 March 2018
40,000
369,762
409,762
CCEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
1
Accounting policies
Company information
CCEM Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
C/O Smith Cooper Limited, 158 Edmund Street, Birmingham, B3 2HB.
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
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:
Fixtures, fittings & equipment
20% and 33% on cost
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
.
1.3
Fixed asset investments
Interests in subsidiar
y
entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
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.
CCEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans from related parties and investments in non-puttable ordinary shares.
Financial assets are measured at transaction cost and assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial
liabilities, including
bank loans, amount due to group undertakings, corporation tax and other creditors, are recognised at transaction price.
1.6
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.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
CCEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017 and 31 March 2018
62,675
Depreciation and impairment
At 1 April 2017
50,312
Depreciation charged in the year
4,793
At 31 March 2018
55,105
Carrying amount
At 31 March 2018
7,570
At 31 March 2017
12,363
4
Fixed asset investments
2018
2017
£
£
Investments
939,387
939,387
The investment in subsidiary is valued at cost.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2017 & 31 March 2018
939,387
Carrying amount
At 31 March 2018
939,387
At 31 March 2017
939,387
CCEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Corporation tax recoverable
16,304
-
Other debtors
63,404
53,253
79,708
53,253
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
592
Amounts due to group undertakings
361,174
273,743
Corporation tax
8,399
27,447
Other creditors
93,451
42,520
463,024
344,302
Other creditors include finance leases of £2,596 (2017 - £3,734) secured over the relevant assets.
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
161,952
246,627
Other creditors include finance leases of £6,748 (2017 - £9,316) secured over the relevant assets.
8
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption not to disclose transactions entered into between two members of a group provided that any subsidiary which is a party to the transaction is wholly owned.
9
Directors' transactions
Dividends totalling £123,656 (2017 - £137,000) were paid in the year in respect of shares held by the company's directors.
During the year the directors received loans from the company. The amount outstanding at the balance sheet date was £50,165 (2017 - £50,165). Interest is accrued at 13.1%.
The directors have given personal guarantees in respect of a third party loan. The amount outstanding at the balance sheet date was £110,270 (2017 - £81,280).