Year Ended
Registration number:
Continal Group Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Continal Group Limited
Company Information
Directors |
Mr C Ingram Mrs V Tippett Mr D J Raynor Mr S P Smith Mr D J Rogerson |
Company secretary |
Mrs V Tippett |
Registered office |
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Bankers |
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Accountants |
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Continal Group Limited
Balance Sheet
31 March 2020
Note |
2020 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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Continal Group Limited
Balance Sheet
31 March 2020
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 04119112
Continal Group Limited
Notes to the Financial Statements
Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
In preparing and approving these financial statements the directors have given due consideration to going concern risks, and in particular the impact of the Coronavirus pandemic. The pandemic has led to widespread, profound economic shocks, and has also forced the cessation of site and factory work under govenment guidelines. These are being effectively managed due to the robust systems in place and use of government support schemes. Whilst recognising that there is a degree of uncertainty the directors are satisfied that the going concern base of preperation remains appropriate and that the impact of the pandemic is not considered to be an adjusting post balance sheet event.
In reaching this conclusion the directors, having made all necessary enquiries, have considered the following matters:
i) Forecasts have been prepared for the company which demonstrate the ability of the company and group to continue to manage its cash flows and meet its obligations as and when they fall due.
ii) In addition the company will continue to monitor the support scehemes offered by central government and may access these to assit with reducing cash outflows during the period of lockdown.
After due consideration to these factors the directors are satisfied that the company will be able to operate within their available facilities and continue as a going concern for the foreseeable future - being a period no less than 12 months from the date of approval of these financial statements.
Continal Group Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Exceptional expenditure
Exceptional costs were incurred during the accounting period as a response to the likely impact of Brexit through the opening of new subsidiary entities in Ireland and France. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Property Improvements |
20% straight line |
Fixtures and fittings |
25% reducing balance |
Computer Equipment |
33% straight line |
Equipment |
33% straight line |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost or valuation, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents |
Straight line - over 20 years |
Continal Group Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Continal Group Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Continal Group Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 April 2019 |
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At 31 March 2020 |
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Amortisation |
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At 1 April 2019 |
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Amortisation charge |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Tangible assets |
Property Improvements |
Fixtures, fittings and Office equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Continal Group Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Prepayments |
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Continal Group Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Creditors |
Creditors: amounts falling due within one year
2020 |
(As restated) |
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Due within one year |
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Bank overdrafts |
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Trade creditors |
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Corporation tax |
106,715 |
34,624 |
Social security and other taxes |
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Other creditors |
- |
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Accrued expenses |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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1.23 |
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1.23 |
Prior period adjustment |
2020 |
2019 |
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£ |
£ |
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Adjustment to rent |
31,030 |
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Continal Group Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Related party transactions |
Advances to directors |
2020 |
At 1 April 2019 |
Advances to director |
Repayments by director |
At 31 March 2020 |
Mr C Ingram |
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Loan bearing interest at 2.5% |
117,487 |
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( |
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2019 |
At 1 April 2018 |
Advances to director |
Repayments by director |
At 31 March 2019 |
Mr C Ingram |
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Loan bearing interest at 2.5% |
216,315 |
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( |
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Summary of transactions with subsidiaries
Continal SAS During the year the the company charged Continal SAS £67,166 for intellectiual property rights and service fees. At 31 March 2020 the company was owed £263,316 by Continal SAS. |
Continal (Ireland) During the year the the company charged Continal (Ireland) £49,250 for intellectiual property rights and service fees. At 31 March 2020 the company was owed £49,250 by Continal (Ireland). |
Summary of transactions with other related parties