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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 AUGUST 2017 TO 7 AUGUST 2018 |
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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 1 AUGUST 2017 TO 7 AUGUST 2018 |
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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 1 August 2017 to 7 August 2018 |
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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 1 August 2017 to 7 August 2018 |
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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 |
7 August 2018 |
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2018 | 2017 |
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/(LIABILITIES) |
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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/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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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: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act
2006 and |
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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 |
7 August 2018 |
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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 1 August 2017 to 7 August 2018 |
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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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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 1 August 2017 to 7 August 2018 |
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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 |
and | Intellectual |
licences | property | Totals |
£ | £ | £ |
COST |
At 1 August 2017 |
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Additions |
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At 7 August 2018 |
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AMORTISATION |
At 1 August 2017 |
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Amortisation for period |
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At 7 August 2018 |
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NET BOOK VALUE |
At 7 August 2018 |
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At 31 July 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Office |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2017 |
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Additions |
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At 7 August 2018 |
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DEPRECIATION |
At 1 August 2017 |
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Charge for period |
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At 7 August 2018 |
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NET BOOK VALUE |
At 7 August 2018 |
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At 31 July 2017 |
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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 1 August 2017 to 7 August 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
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 |
2018 | 2017 |
£ | £ |
Short term secured loan | 100,000 | 100,000 |
Nucleus Loan | 279,961 | - |
Loan - SR Price | 270,000 | - |
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 |
2018 | 2017 |
£ | £ |
Loan - Sandra Price |
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MEIF WM Equity L.P | 250,000 | - |
Bradgate Business Finance | 187,500 | - |
Intelligent Loans | 112,500 | - |
WCS Nominees Ltd | 346,401 | - |
Preference shares | - | 2,900,000 |
Loan - RG Price | - |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
JPGL Developments Limited | 100,000 | 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 1 August 2017 to 7 August 2018 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
NIL | Ordinary 1 | £1 | - | 1,000 |
(2017 - 1,000 ) |
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A Ordinary | 0.001 | p | 429 | - |
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B Non Equity | £1 | 4,295,778 | - |
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Ordinary | 0.001 | p | 1,000 | - |
4,297,207 | 1,000 |
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Shares were issued during the period as follows: |
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Cash at par |
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Cash at premium |
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11. | SHARE CAPITAL |
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On 7 August 2018 the directors completed a capital re-structuring of the business to enhance the long term funding of |
its operations: |
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a) each of the £1 Ordinary shares was sub-divided into 1000 £0.001 Ordinary shares. |
b) the company issued 428,571 £0.001 A Ordinary shares at a premium of £2.87 per share for cash totalling |
£1,231,629 |
c) the company issued 4,295,778 £1 B Ordinary shares in settlement of the 2,900,000 £1Preference shares together |
with the accumulated interest £506,244, and the loan due to Roy Price £889,534. |
The B Ordinary shares will not participate in any future dividends and are repayable only once a threshold limit has |
been met when the Ordinary and A Ordinary shareholders exit the business. |
d) issued Loan notes bearing an interest rate of 10% totalling £596,401 |
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12. | SHARE PREMIUM |
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£ |
Arising from the issue of A Ordinary shares | 1,231,200 |
Expenses incurred in raising capital | (123,567 | ) |
1,107,633 |