REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
CAMBRIDGE RAPID COMPONENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
CAMBRIDGE RAPID COMPONENTS LIMITED |
CAMBRIDGE RAPID COMPONENTS LIMITED (REGISTERED NUMBER: 02141265) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CAMBRIDGE RAPID COMPONENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
CAMBRIDGE RAPID COMPONENTS LIMITED (REGISTERED NUMBER: 02141265) |
BALANCE SHEET |
31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CAMBRIDGE RAPID COMPONENTS LIMITED (REGISTERED NUMBER: 02141265) |
BALANCE SHEET - continued |
31 JULY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CAMBRIDGE RAPID COMPONENTS LIMITED (REGISTERED NUMBER: 02141265) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
Cambridge Rapid Components Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from sale of goods is recognised when goods are delivered and legal title has passed. Revenue from services is recognised when those services are performed. |
Tangible fixed assets |
Leasehold premises costs | - |
Plant and machinery | - |
Office equipment and fittings | - |
Motor vehicles | - |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
Stocks and work in progress |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
CAMBRIDGE RAPID COMPONENTS LIMITED (REGISTERED NUMBER: 02141265) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing contracts |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contacts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred. |
Pension costs and other post-retirement benefits |
The company operates defined contribution pension schemes and the pension charge represents the amounts payable by the company to the funds in respect of the year. |
Impact of covid 19 on going concern |
Having considered financial forecasts for a period of twelve months from the date of these financial statements the directors have a reasonable expectation that the company has sufficient resources to continue in operational existence. |
During March 2020 a global pandemic was declared arising from the spread of COVID 19. This resulted in a wide scale closure of society and restrictions on movement put in place. As result of these restrictions during the final weeks of March 2020 and into the 2021 financial year these measures impacted on the Company's ability to trade at normal levels. |
The directors have modelled future cashflow scenarios to consider the ongoing impact of COVID 19 and believe that with the continued support measures the company can continue to operate for a period exceeding twelve months from the date of these financial statements. As such the directors do not believe that the value of assets on the balance sheet require impairment and consider the going concern basis of preparation to be appropriate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CAMBRIDGE RAPID COMPONENTS LIMITED (REGISTERED NUMBER: 02141265) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
5. | TANGIBLE FIXED ASSETS |
Office |
Leasehold | equipment |
premises | Plant and | and | Motor |
costs | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Office |
equipment |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 August 2022 |
and 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
CAMBRIDGE RAPID COMPONENTS LIMITED (REGISTERED NUMBER: 02141265) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
6. | DEBTORS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Other debtors more than one year comprise of a deferred tax asset. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans - 1-2 years | 48,851 | 53,375 |
Other loans - 2-5 years | - | 48,851 |
Hire purchase contracts |
Other creditors |
Directors' loan accounts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 120,064 | 207,574 |
Bank loans are secured by way of a fixed and floating charge over the assets of the company. |
CAMBRIDGE RAPID COMPONENTS LIMITED (REGISTERED NUMBER: 02141265) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 900 | 900 |
Ordinary | £1 | 200 | 200 |
1,100 | 1,100 |
11. | OTHER FINANCIAL COMMITMENTS |
At 31 July 2023 the company had total commitments under non cancellable operating leases over the remaining life of those leases of £280,672 (2022 £337,487). |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above loan is unsecured, interest free and repayable on demand. |