REGISTERED NUMBER:
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Audited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Campbell Smith & Company Limited |
REGISTERED NUMBER:
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Audited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Campbell Smith & Company Limited |
Campbell Smith & Company Limited (Registered number: 00050470) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Campbell Smith & Company Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditor |
92 Park Street |
Camberley |
Surrey |
GU15 3NY |
Campbell Smith & Company Limited (Registered number: 00050470) |
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Statement of Financial Position |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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Campbell Smith & Company Limited (Registered number: 00050470) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Campbell Smith & Company Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable for goods and services net of value added tax and trade discounts. |
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Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by |
including in the income statement turnover and related costs as contract activity progresses. Turnover is |
calculated by a surveyors valuation less any provisions for non-recovery. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Leasing commitments |
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period |
of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions are charged to the Income |
Statement in the period to which they relate. |
Campbell Smith & Company Limited (Registered number: 00050470) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Long term contracts |
Amounts recoverable under long term contracts, which are included in debtors, are stated at the net sales value |
of the work done after provision for contingencies and anticipated future losses on contracts, less amounts |
received as progress payments on account. Excess progress payments are included in creditors as payments on |
account. |
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Going concern |
In light of the Covid-19 pandemic and its impact upon the construction industry, the directors have reconsidered |
the going concern assumption as it relates to the company. The principal impact experienced to date has been |
the short term disruption to contracts. The directors have drawn up forecasts for the foreseeable future based on |
the worst-case scenario and after considering cashflow and the additional support available, believe that the |
company will continue as a going concern. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts recoverable on contract |
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Prepayments |
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Amounts falling due after more than one year: |
Trade debtors |
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Aggregate amounts |
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Campbell Smith & Company Limited (Registered number: 00050470) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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VAT | 17,907 | 58,948 |
Other creditors |
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Accruals |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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9. | SECURED DEBTS |
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Barclays Bank Plc has a fixed and floating charge over the undertaking and its assets present and future. |
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10. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 1,251 | 1,050 |
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Deferred |
tax |
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Balance at 1 April 2019 |
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Capital allowances in advance | 201 |
Balance at 31 March 2020 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | CONTINGENT LIABILITIES |
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The bank holds an unlimited supported cross-guarantee between all four group companies. |
Campbell Smith & Company Limited (Registered number: 00050470) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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13. | SUBSEQUENT EVENTS |
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The Covid-19 pandemic resulted in the country going into 'lockdown' on 23 March 2020. Although lockdown is |
now easing, the situation continues to affect the company and the UK economy as a whole. During this period |
the company has taken advantage of government support through tax deferment programmes and furloughing |
members of staff. The directors are optimistic about the future and believe that the foundations are in place for |
the company to continue for the foreseeable future. |
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14. | ULTIMATE CONTROLLING PARTY |
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The immediate and ultimate parent company, and controlling party is Cousins Group Limited (previously known |
as Cousins Group (Contractors) Ltd) of Cousins House, 1 Reading Road, Eversley, RG27 0RP. Cousins Group |
Limited is the parent company of the largest and smallest of the group for which consolidated accounts are |
prepared. |