Company Registration No. 03827085 (England and Wales)
CWE SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
CWE SOLUTIONS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
CWE SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
-
99,420
Current assets
Trade and other receivables
4
150,760
2,475,076
Cash and cash equivalents
7,303
9,861
158,063
2,484,937
Current liabilities
5
-
(235,776)
Net current assets
158,063
2,249,161
Total assets less current liabilities
158,063
2,348,581
Equity
Called up share capital
6
225,002
225,002
Retained earnings
7
(66,939)
2,123,579
Total equity
158,063
2,348,581
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
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 20 September 2019 and are signed on its behalf by:
Mr N C Atkins
Director
Company Registration No. 03827085
CWE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
CWE Solutions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Diva Innovation Centre, Crompton Way, Crawley, West Sussex, RH10 9QR.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has
ceased trading and no longer meet the going concern criteria. Accordingly, the financial statements have been prepared on a basis other than that of a going concern. The
directors
are however seeking to realise the assets and settle the liabilities of the
company
in an orderly fashion and consider that the value of the assets and liabilities, as disclosed within these financial statements, represent the realisable values of each.
1.3
Property, plant and equipment
Property, plant and equipment
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 equipment
20% diminishing value
Fixtures and fittings
20% diminishing value
Computers
33% straight line
Motor vehicles
25% diminishing value
The gain or loss arising on the disposal of an asset
was
determined as the difference between the sale proceeds and the carrying value of the asset, and
was credited or charged to profit or loss
.
1.4
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that 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.
1.5
Cash and cash equivalents
Cash and cash equivalents
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.
CWE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. All called up share capital is allotted and fully paid.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
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.
1.9
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 3).
CWE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
3
Property, plant and equipment
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2018
281,686
69,461
42,915
19,778
413,840
Disposals
(281,686)
(69,461)
(42,915)
(19,778)
(413,840)
At 31 December 2018
-
-
-
-
-
Depreciation and impairment
At 1 January 2018
206,764
52,786
42,915
11,955
314,420
Eliminated in respect of disposals
(206,764)
(52,786)
(42,915)
(11,955)
(314,420)
At 31 December 2018
-
-
-
-
-
Carrying amount
At 31 December 2018
-
-
-
-
-
At 31 December 2017
74,922
16,675
-
7,823
99,420
4
Trade and other receivables
2018
2017
Amounts falling due within one year:
£
£
Trade receivables
-
11,385
Amounts owed by group undertakings
104,166
2,357,555
Other receivables
46,594
106,136
150,760
2,475,076
5
Current liabilities
2018
2017
£
£
Trade payables
-
6,940
Corporation tax
-
10,811
Other payables
-
218,025
-
235,776
CWE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
225,002 Ordinary shares of £1 each
225,002
225,002
7
Retained earnings
The directors note that they have paid unlawful dividends during the period, as the company does not have sufficient reserves to distribute any dividends. The directors have informed the shareholders that dividends may need to be repaid in the event of the company entering liquidation.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Robert Dowling FCA.
The auditor was MHA Carpenter Box.
MHA Carpenter Box is a trading name of Carpenter Box Limited.
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
26,977
22,481
The premises was occupied by a fellow group company, therefore operating lease rentals were charged and paid by that company.
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
During the year director's loan were transferred to Papergraphics Limited.
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Interest free loan
-
20,004
(20,004)
-
20,004
(20,004)
-
CWE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
11
Parent company
The immediate and ultimate parent company is Pure Genius Holdings Limited, a company registered in England. The registered office is Diva Innovation Centre, Crompton Way, Crawley, West Sussex, RH10 9QR.
The financial statements of the company are consolidated in the financial statements of
Pure Genius Holdings Limited. Copies of the
consolidated financial statements are available from
Companies House.