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Financial Statements |
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for the Year Ended 29 February 2020 |
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for |
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Ciptex Ltd |
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Financial Statements |
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for the Year Ended 29 February 2020 |
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for |
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Ciptex Ltd |
Ciptex Ltd (Registered number: 05671321) |
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Contents of the Financial Statements |
for the Year Ended 29 February 2020 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Ciptex Ltd |
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Company Information |
for the Year Ended 29 February 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Chancery House |
30 St Johns Road |
Woking |
Surrey |
GU21 7SA |
Ciptex Ltd (Registered number: 05671321) |
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Statement of Financial Position |
29 February 2020 |
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29/2/20 | 28/2/19 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Property, plant and equipment | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
10 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Ciptex Ltd (Registered number: 05671321) |
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Statement of Financial Position - continued |
29 February 2020 |
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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
signed on its behalf by: |
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Ciptex Ltd (Registered number: 05671321) |
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Notes to the Financial Statements |
for the Year Ended 29 February 2020 |
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1. | STATUTORY INFORMATION |
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Ciptex Ltd is a
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number and registered office address can be found on the Company Information page. |
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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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Whilst in the year to 29 February 2020 the company increased its turnover by almost 50% to £934,162 (2019: |
£633,196) it made a loss of £26,226 (2019: £120,429). However, these figures are in line with the investment |
budget which saw the company raise £500,000 in 2018. |
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Since the balance sheet date, the company has continued to secure new commercial contracts and is now trading |
profitably. The directors have reviewed the cashflows arising thereon and consider it appropriate to prepare the |
financial statements on the going concern basis. |
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Turnover |
Revenue 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 fixed assets |
Significant computer software acquisitions are capitalised as intangible fixed assets and amortised at a rate of |
25% on cost. |
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Tangible fixed assets |
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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 statement of financial position date. |
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Ciptex Ltd (Registered number: 05671321) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss 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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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
Cost |
At 1 March 2019 |
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Additions |
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At 29 February 2020 |
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Amortisation |
At 1 March 2019 |
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Charge for year |
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At 29 February 2020 |
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Net book value |
At 29 February 2020 |
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At 28 February 2019 |
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Ciptex Ltd (Registered number: 05671321) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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6. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
equipment |
£ |
Cost |
At 1 March 2019 |
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Additions |
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At 29 February 2020 |
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Depreciation |
At 1 March 2019 |
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Charge for year |
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At 29 February 2020 |
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Net book value |
At 29 February 2020 |
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At 28 February 2019 |
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7. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
Cost |
Additions |
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At 29 February 2020 |
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Net book value |
At 29 February 2020 |
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The company's investments at the Statement of Financial Position date in the share capital of companies include |
the following: |
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Registered office: Chancery House, 30 St Johns Road, Woking, Surrey GU21 7SA |
Nature of business:
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Class of shares: | holding |
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29/2/20 | 28/2/19 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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Ciptex Ltd (Registered number: 05671321) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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7. | FIXED ASSET INVESTMENTS - continued |
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Registered office: Cobb House, 2 Oyster Lane, Byfleet, Surrey, KT14 7DU |
Nature of business:
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Class of shares: | holding |
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£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/2/20 | 28/2/19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/2/20 | 28/2/19 |
£ | £ |
Other loans |
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Trade creditors |
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Social security and other taxes |
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VAT | 40,306 | 8,859 |
Other creditors and accruals |
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Directors' current accounts | 12,500 | 12,500 |
Deferred income |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
29/2/20 | 28/2/19 |
£ | £ |
Other loans |
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Other creditors |
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11. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
29/2/20 | 28/2/19 |
£ | £ |
Within one year |
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Between one and five years |
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Ciptex Ltd (Registered number: 05671321) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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12. | RELATED PARTY DISCLOSURES |
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At 29 February 2020 the company owned 100% of the share capital of More Talk Communications Ltd, a |
company in which Mr N J Barnett and Mr J G Parsons are also directors. |
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The balance due from Ciptex Ltd to More Talk Communications Ltd at 29 February 2020 was £5,996 (2019 Due |
from - £18,332). No interest is being charged. |
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At 29 February 2020 there was an outstanding loan balance of £42,277 (2019 - £42,277) due to Jetons |
Investments Ltd, a company in which Mr N J Barnett is also a director. The loan is repayable on demand and no |
interest is being charged. |
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During the year the company acquired 100% of the Ordinary Share Capital for £469,297 of Precium Ltd, a |
company in which Mr S Walker is also a director and was the former controlling party. |