Company Registration No. 03258843 (England and Wales)
CAMPION ENGINEERING SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
PAGES FOR FILING WITH REGISTRAR
CAMPION ENGINEERING SERVICES LIMITED
COMPANY INFORMATION
Director
Mr P J Spilsbury
Secretary
Mrs Y Spilsbury
Company number
03258843
Registered office
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
Accountants
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
Business address
52 Nightingale Crescent
New Invention
Willenhall
West Midlands
WV12 5HL
Bankers
Lloyds Bank plc
The Bridge
Walsall
West Midlands
WS1 1LU
CAMPION ENGINEERING SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CAMPION ENGINEERING SERVICES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2017
31 January 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2
2
Current assets
Debtors
4
28,052
30,978
Cash at bank and in hand
73
73
28,125
31,051
Creditors: amounts falling due within one year
5
(87,540)
(81,564)
Net current liabilities
(59,415)
(50,513)
Total assets less current liabilities
(59,413)
(50,511)
Capital and reserves
Called up share capital
6
60
60
Share premium account
24,900
24,900
Capital redemption reserve
40
40
Profit and loss reserves
(84,413)
(75,511)
Total equity
(59,413)
(50,511)
The director 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 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has 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.
The financial statements were approved and signed by the director and authorised for issue on 27 October 2017
Mr P J Spilsbury
Director
Company Registration No. 03258843
CAMPION ENGINEERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
- 2 -
1
Accounting policies
Company information
Campion Engineering Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
34 High Street, Aldridge, Walsall, West Midlands, WS9 8LZ.
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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 January 2017
are the
first
financial statements of Campion Engineering Services Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 February 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
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
.
1.4
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.
CAMPION ENGINEERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
CAMPION ENGINEERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2016 and 31 January 2017
25,305
Depreciation and impairment
At 1 February 2016 and 31 January 2017
25,303
Carrying amount
At 31 January 2017
2
At 31 January 2016
2
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
27,211
29,235
Other debtors
841
1,743
28,052
30,978
Trade debtors included debts of £21,896 (2016 - £24,112) which have been factored.
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
4,811
4,223
Trade creditors
25,538
30,995
Other taxation and social security
-
815
Other creditors
57,191
45,531
87,540
81,564
Other creditors includes a factoring facility of £19,184 (2016 - £20,175) which are secured by a fixed and floating charge over the company assets.
CAMPION ENGINEERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 5 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
60 Ordinary share capital of £1 each
60
60
60
60