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Financial Statements for the Year Ended 31 March 2020 |
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for |
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Cenex (Centre of Excellence for Low |
Carbon and Fuel Cell Technologies) |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2020 |
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for |
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Cenex (Centre of Excellence for Low |
Carbon and Fuel Cell Technologies) |
Cenex (Centre of Excellence for Low |
Carbon and Fuel Cell Technologies) (Registered number: 05371158) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Cenex (Centre of Excellence for Low |
Carbon and Fuel Cell Technologies) |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
The Point |
Granite Way |
Mountsorrel |
Loughborough |
Leicestershire |
LE12 7TZ |
Cenex (Centre of Excellence for Low |
Carbon and Fuel Cell Technologies) (Registered number: 05371158) |
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Balance Sheet |
31 March 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Income and expenditure account |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Cenex (Centre of Excellence for Low |
Carbon and Fuel Cell Technologies) (Registered number: 05371158) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Cenex (Centre of Excellence for Low Carbon and Fuel Cell Technologies) is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, which are described in the accounting policies below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur. |
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During the period there have been no key sources of estimation that have had a significant impact on the carrying value of assets and liabilities |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Cenex (Centre of Excellence for Low |
Carbon and Fuel Cell Technologies) (Registered number: 05371158) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Government grants |
Government grants are credited to the income and expenditure account in the same period as the related expenditure. Where government grants are received in advance of expenditure being incurred the income is deferred on the balance sheet. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Cenex (Centre of Excellence for Low |
Carbon and Fuel Cell Technologies) (Registered number: 05371158) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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5. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
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Amortisation for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals |
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( |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Cenex (Centre of Excellence for Low |
Carbon and Fuel Cell Technologies) (Registered number: 05371158) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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7. | FIXED ASSET INVESTMENTS |
Interest |
in joint |
venture |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | FINANCIAL COMMITMENTS |
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The total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £64,708 (2019 - £59,651). |
Cenex (Centre of Excellence for Low |
Carbon and Fuel Cell Technologies) (Registered number: 05371158) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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12. | LIMITED BY GUARANTEE |
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The company is limited by guarantee and therefore has no share capital. |
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Each member of the company undertakes to contribute such amounts as may be required (not exceeding £1 Sterling) to the assets of the company in the event of its being wound-up while he is a member, or within one year after he ceases to be a member, and the costs, charges and expenses of the winding-up and for the adjustment of the rights of the contributors amongst themselves. |
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Cenex is a 'not for profit' company limited by guarantee whose Memorandum of Association precludes it from distributing in any way any surplus from its activities as a dividend to member companies and restricts any transfer of surplus assets on winding up or dissolution to a charity or similar organisation |