REGISTERED NUMBER:
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Audited Financial Statements |
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for the Year Ended 31 March 2021 |
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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 2021 |
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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 2021 |
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Page |
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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 2021 |
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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 2021 |
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2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT LIABILITIES | ( |
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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 | ( |
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NET LIABILITIES | ( |
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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
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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 2021 |
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1. | STATUTORY INFORMATION |
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Campbell Smith & Company Limited is a
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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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Government grants |
Grants comprise amounts received under the Government's Job Retention Scheme and are recognised in the Income Statement once the relevant performance conditions have been met. |
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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 2021 |
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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 2020 |
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Additions |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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5. | DEBTORS |
2021 | 2020 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts recoverable on contract |
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Prepayments and other debtors |
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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 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
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 | 10,801 | 17,907 |
Other creditors |
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Accruals |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Other creditors |
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8. | 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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9. | 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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10. | CONTINGENT LIABILITIES |
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The bank holds an unlimited supported cross-guarantee between all four group companies. |
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11. | ULTIMATE PARENT COMPANY |
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The immediate and ultimate parent company, and controlling party is Cousins Group Limited of Cousins House, 1 Reading Road, Eversley, RG27 0RP. Cousins Group Limited is the parent company of the largest and smallest group for which consolidated accounts are prepared. |
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12. | EFFECT OF COVID-19 |
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The Covid-19 pandemic has resulted in the country going into periods of 'lockdown'. 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 payment holidays and staff furloughs. The directors are optimistic about the future and believe that the foundations are in place for the company to continue for the foreseeable future. |