Company Registration No. 03492885 (England and Wales)
CMC IMAGING SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
PAGES FOR FILING WITH REGISTRAR
CMC IMAGING SERVICES LIMITED
COMPANY INFORMATION
Directors
Dr D J Beale
Lodders Nominees Ltd
(Appointed 1 February 2017)
Secretary
Dr D J Beale
Company number
03492885
Registered office
70 Priory Road
Kenilworth
Warwickshire
CV8 1LQ
Accountants
Flemons & Co Limited
70 Priory Road
Kenilworth
Warwickshire
CV8 1LQ
CMC IMAGING SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CMC IMAGING SERVICES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2017
31 January 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,189,600
2,264,414
Current assets
Debtors
4
166,613
131,927
Cash at bank and in hand
645,723
515,328
812,336
647,255
Creditors: amounts falling due within one year
5
(228,257)
(271,867)
Net current assets
584,079
375,388
Total assets less current liabilities
2,773,679
2,639,802
Creditors: amounts falling due after more than one year
6
(1,295,165)
(1,519,610)
Provisions for liabilities
(21,500)
(21,500)
Net assets
1,457,014
1,098,692
Capital and reserves
Called up share capital
8
1
1
Capital redemption reserve
1
1
Profit and loss reserves
1,457,012
1,098,690
Total equity
1,457,014
1,098,692
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
CMC IMAGING SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2017
31 January 2017
- 2 -
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.
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.
The financial statements were approved by the board of directors and authorised for issue on 17 October 2017 and are signed on its behalf by:
Dr D J Beale
Director
Company Registration No. 03492885
CMC IMAGING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
- 3 -
1
Accounting policies
Company information
CMC Imaging Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
70 Priory Road, Kenilworth, Warwickshire, CV8 1LQ.
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.
The financial statements are the first to be prepared under FRS 102 section 1A. The date of transition to FRS 102 section 1A was 1 February 2015. There has been no effect on the accounting policies or on the opening equity and profit for the comparative period.
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:
Land and buildings Freehold
2% on cost
Plant and machinery
20 - 30% on a reducing balance basis
Fixtures, fittings & equipment
15% on a reducing balance basis
Computer equipment
33% on a reducing balance basis
The residual values of assets and their useful economic lives are reviewed at the end of each accounting period to determine whether those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CMC IMAGING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.5
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 20 (2016 - 18).
CMC IMAGING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2016
2,386,595
1,043,296
3,429,891
Additions
-
14,129
14,129
At 31 January 2017
2,386,595
1,057,425
3,444,020
Depreciation and impairment
At 1 February 2016
282,787
882,691
1,165,478
Depreciation charged in the year
47,732
41,210
88,942
At 31 January 2017
330,519
923,901
1,254,420
Carrying amount
At 31 January 2017
2,056,076
133,524
2,189,600
At 31 January 2016
2,103,808
160,606
2,264,414
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
103,239
108,489
Other debtors
63,374
23,438
166,613
131,927
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
83,000
83,000
Corporation tax
104,760
106,367
Other taxation and social security
8,284
(159)
Other creditors
32,213
82,659
228,257
271,867
CMC IMAGING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 6 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
1,295,165
1,428,436
Other creditors
-
91,174
1,295,165
1,519,610
The Bank loans are secured by a fixed and floating charge over the company's assets.
7
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
21,500
21,500
21,500
21,500
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Authorised
10,000 Ordinary share capital of 1p each
100
100
Issued and fully paid
100 Ordinary share capital of 1p each
1
1
9
Directors' transactions
During the year the company provided a loan to the director. The amount outstanding at the year end was £32,527 on which interest at 3.5% has been charged.