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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 8 AUGUST 2018 TO 31 JULY 2019 |
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CFP COMPOSITES LIMITED |
FORMERLY KNOWN AS CARBON FIBRE PREFORMS |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 8 AUGUST 2018 TO 31 JULY 2019 |
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FOR |
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CFP COMPOSITES LIMITED |
FORMERLY KNOWN AS CARBON FIBRE PREFORMS |
CFP COMPOSITES LIMITED (REGISTERED NUMBER: 06310205) |
FORMERLY KNOWN AS CARBON FIBRE PREFORMS |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 8 August 2018 to 31 July 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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CFP COMPOSITES LIMITED |
FORMERLY KNOWN AS CARBON FIBRE PREFORMS |
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COMPANY INFORMATION |
for the Period 8 August 2018 to 31 July 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Virginia House |
56 Warwick Road |
Solihull |
United Kingdom |
West Midlands |
B92 7HX |
CFP COMPOSITES LIMITED (REGISTERED NUMBER: 06310205) |
FORMERLY KNOWN AS CARBON FIBRE PREFORMS |
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BALANCE SHEET |
31 July 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium | 11 |
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Retained earnings | 11 | ( |
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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. |
CFP COMPOSITES LIMITED (REGISTERED NUMBER: 06310205) |
FORMERLY KNOWN AS CARBON FIBRE PREFORMS |
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BALANCE SHEET - continued |
31 July 2019 |
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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 on
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CFP COMPOSITES LIMITED (REGISTERED NUMBER: 06310205) |
FORMERLY KNOWN AS CARBON FIBRE PREFORMS |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Period 8 August 2018 to 31 July 2019 |
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1. | STATUTORY INFORMATION |
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CFP Composites Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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Patents and licences are being amortised evenly over their estimated useful life of twenty years. |
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Intellectual property is being amortised evenly over its estimated useful life of twenty years. |
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Tangible fixed assets |
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Plant and equipment | - |
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Office equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the period 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 period 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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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. |
CFP COMPOSITES LIMITED (REGISTERED NUMBER: 06310205) |
FORMERLY KNOWN AS CARBON FIBRE PREFORMS |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 8 August 2018 to 31 July 2019 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | INTANGIBLE FIXED ASSETS |
Patents |
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licences | property | Totals |
£ | £ | £ |
COST |
At 8 August 2018 |
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Additions |
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At 31 July 2019 |
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AMORTISATION |
At 8 August 2018 |
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Amortisation for period |
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At 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 7 August 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Office |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 8 August 2018 |
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Additions |
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Disposals | ( |
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At 31 July 2019 |
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DEPRECIATION |
At 8 August 2018 |
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Charge for period |
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Eliminated on disposal | ( |
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At 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 7 August 2018 |
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CFP COMPOSITES LIMITED (REGISTERED NUMBER: 06310205) |
FORMERLY KNOWN AS CARBON FIBRE PREFORMS |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 8 August 2018 to 31 July 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Sundry debtors and prepayments |
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Corporation tax |
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VAT |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Short term secured loan | - | 100,000 |
Nucleus Loan | - | 279,961 |
Loan - SR Price | 55,000 | 270,000 |
Hire purchase contracts |
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Trade creditors |
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Social security and other taxes |
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Sundry creditors and accruals |
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Net wages control account | - | 4,000 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
WCS Nominees Ltd - Loan | 157,455 | - |
Loan - Sandra Price |
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320,000 |
MEIF WM Equity L.P | 250,000 | 250,000 |
Bradgate Business Finance | 104,167 | 187,500 |
Intelligent Loans | 62,500 | 112,500 |
WCS Nominees Ltd | 346,401 | 346,401 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
JPGL Developments Limited | - | 100,000 |
CFP COMPOSITES LIMITED (REGISTERED NUMBER: 06310205) |
FORMERLY KNOWN AS CARBON FIBRE PREFORMS |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 8 August 2018 to 31 July 2019 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value | £ | £ |
678,496 | A Ordinary | 0.001p | 678 | 429 |
4,295,778 | B Non Equity | £1 | 4,925,778 | 4,295,778 |
1,015,038 | ORdinary | 0.001p | 1,015 | 1,000 |
4,297,471 | 4,297,207 |
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11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 8 August 2018 | ( |
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(3,199,868 | ) |
Deficit for the period | ( |
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Cash share issue | - | 813,309 | 813,309 |
At 31 July 2019 | ( |
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(3,563,995 | ) |
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12. | SHARE CAPITAL |
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In 2019, the directors made an offer to holders of Ordinary and A Ordinary shares to acquire additional shares with a |
nominal value of £0.001 for £3.325. |
Holders of 15,038 Ordinary shares and 141,841 A Ordinary shares took up their rights for additional shares. |
At the same time as completing the rights issue to existing shareholders, the directors issued 108,084 £0.001 |
A Ordinary shares at £3.325 per share to new investors. |
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£0.001 Ordinary Shares | £0.001 A Ordinary Shares |
Number | £ | Number | £ |
As at 8 August 2018 | 1,000,000 | 1,000 | 428,571 | 429 |
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Rights issue | 15,038 | 15 | 141,841 | 142 |
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New issue | - | - | 108,084 | 108 |
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As at 31 July 2019 | 1,015,038 | 1,015 | 678,496 | 679 |
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The company had £4,295,778 B Ordinary shares in issue at the start and end of the year. |
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13. | SHARE PREMIUM |
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£ |
As at 8 August 2018 | 1,107,633 |
Arising on Issue of new shares | 853,910 |
Less: |
Expenses of Issue | (40,601 | ) |
As at 31 July 2019 | 1,920,942 |