Company registration number:
00301559
Cambrian Engineering Industries Limited
Unaudited filleted financial statements
31 December 2022
Cambrian Engineering Industries Limited
Contents
Statement of financial position
Notes to the financial statements
Cambrian Engineering Industries Limited
Statement of financial position
31 December 2022
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2022 |
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2021 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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4 |
150,008 |
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150,010 |
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Investments |
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5 |
915 |
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915 |
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_______ |
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_______ |
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150,923 |
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150,925 |
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Current assets |
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Debtors |
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6 |
2,201 |
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1,245 |
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Cash at bank and in hand |
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145,738 |
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156,969 |
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_______ |
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_______ |
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147,939 |
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158,214 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
128,898) |
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(
121,179) |
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_______ |
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_______ |
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Net current assets |
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19,041 |
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37,035 |
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_______ |
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_______ |
Total assets less current liabilities |
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169,964 |
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187,960 |
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Provisions for liabilities |
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(
10,708) |
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(
10,708) |
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_______ |
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_______ |
Net assets |
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159,256 |
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177,252 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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12,300 |
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12,300 |
Capital redemption reserve |
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5,239 |
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5,239 |
Fair value reserve |
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44,172 |
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44,172 |
Profit and loss account |
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97,545 |
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115,541 |
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_______ |
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_______ |
Shareholders funds |
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159,256 |
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177,252 |
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_______ |
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_______ |
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For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
27 September 2023
, and are signed on behalf of the board by:
Mr O C Chess
Director
Company registration number:
00301559
Cambrian Engineering Industries Limited
Notes to the financial statements
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 26 Beaufort Avenue, Langland, Swansea, SA3 4NU.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is the total amount receivable by the company in respect of rental income.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment |
- |
25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4.
Tangible assets
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Freehold property |
Fixtures, fittings and equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 January 2022 and 31 December 2022 |
150,000 |
1,373 |
151,373 |
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_______ |
_______ |
_______ |
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Depreciation |
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At 1 January 2022 |
- |
1,363 |
1,363 |
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Charge for the year |
- |
2 |
2 |
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_______ |
_______ |
_______ |
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At 31 December 2022 |
- |
1,365 |
1,365 |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 31 December 2022 |
150,000 |
8 |
150,008 |
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_______ |
_______ |
_______ |
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At 31 December 2021 |
150,000 |
10 |
150,010 |
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_______ |
_______ |
_______ |
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The freehold property figure relates to investment property included at the directors valuation as stated. The historic cost of this property at 31 December 2022 was £41,120 (2021 £41,120)
Investment property
The property is included at market valuation as detailed above. No formal valuation has been obtained but the directors have valued the property at each year end with the benefit of their experience .
5.
Investments
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Other investments other than loans |
Total |
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£ |
£ |
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Cost |
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At 1 January 2022 and 31 December 2022 |
915 |
915 |
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_______ |
_______ |
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Impairment |
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At 1 January 2022 and 31 December 2022 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 December 2022 |
915 |
915 |
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_______ |
_______ |
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At 31 December 2021 |
915 |
915 |
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_______ |
_______ |
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6.
Debtors
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2022 |
2021 |
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£ |
£ |
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Trade debtors |
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2,201 |
1,245 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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2022 |
2021 |
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£ |
£ |
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Trade creditors |
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1,000 |
1,000 |
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Corporation tax |
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1,562 |
1,526 |
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Social security and other taxes |
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149 |
149 |
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Other creditors |
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126,187 |
118,504 |
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_______ |
_______ |
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128,898 |
121,179 |
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_______ |
_______ |
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