|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CVS ASSET MANAGEMENT LTD |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31ST MARCH 2019 |
|
|
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CVS ASSET MANAGEMENT LTD |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31ST MARCH 2019 |
|
|
|
|
|
CVS ASSET MANAGEMENT LTD (REGISTERED NUMBER: 06765078) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2019 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Abridged Income Statement | 2 |
|
Abridged Balance Sheet | 3 |
|
Notes to the Financial Statements | 4 |
|
Certified Accountants' Report | 8 |
CVS ASSET MANAGEMENT LTD |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Tax Advisers and |
Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Herts |
AL9 5BG |
CVS ASSET MANAGEMENT LTD (REGISTERED NUMBER: 06765078) |
|
ABRIDGED INCOME STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2019 |
|
2019 | 2018 |
as restated |
Notes | £ | £ | £ | £ |
|
GROSS PROFIT |
|
|
|
Other operating expenses |
|
|
OPERATING (LOSS)/PROFIT | ( |
) |
|
|
Income from shares in group undertakings |
|
|
Interest receivable and similar income |
|
|
503,132 | 240,484 |
PROFIT BEFORE TAXATION |
|
|
|
Tax on profit | ( |
) |
|
PROFIT FOR THE FINANCIAL YEAR |
|
|
CVS ASSET MANAGEMENT LTD (REGISTERED NUMBER: 06765078) |
|
ABRIDGED BALANCE SHEET |
31ST MARCH 2019 |
|
2019 | 2018 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investments | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors |
|
|
Investments |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings | 7 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
|
|
|
|
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
CVS ASSET MANAGEMENT LTD (REGISTERED NUMBER: 06765078) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2019 |
|
1. | STATUTORY INFORMATION |
|
CVS Asset Management Ltd is a
|
registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Preparation of consolidated financial statements |
The financial statements contain information about CVS Asset Management Ltd as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the |
Companies Act 2006 from the requirements to prepare consolidated financial statements. |
|
Turnover |
Turnover represents net invoiced fee income earned in the year excluding value added tax. |
|
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
|
Computer equipment - over 2 years. |
|
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. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
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. |
|
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. |
|
Foreign currencies |
Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate |
ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the |
rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired |
under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire |
purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and |
risks of ownership are assumed by the company.Obligations under such agreements are included in creditors net of the |
finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account |
so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
|
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are |
charged to profit and loss account on a straight line basis. |
|
CVS ASSET MANAGEMENT LTD (REGISTERED NUMBER: 06765078) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2019 |
|
2. | ACCOUNTING POLICIES - continued |
|
Fixed asset investments |
Investments held as fixed assets are stated at cost less any provision for impairment. Where the recoverable amount of the |
investment is less than the carrying amount, an impairment is recognised. Any gains or losses on disposals are recognised in |
the profit and loss account. |
|
Current asset investments |
The current asset investments are stated at lower of cost and net realisable value and any gains or losses on disposals are |
recognised in the profit and loss account. |
|
Loan notes |
Loan notes which are basic financial instruments are initially recorded at the present value of future payments discounted at |
a market rate of interest for a similar loan. Subsequently, they are measured at amortised cost using the effective interest |
method. Loan notes that are receivable within one year are not discounted. |
|
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. |
Any losses arising from impairment are recognised in the income statement in other operating expenses. |
|
3. | PRIOR YEAR ADJUSTMENT |
|
The companies Clantry Limited and Bluevist Limited were dissolved last year, the share capital investment held by CVS |
Asset Management Limited has been adjustment for in the prior year. |
|
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st April 2018 |
and 31st March 2019 |
|
DEPRECIATION |
At 1st April 2018 |
and 31st March 2019 |
|
NET BOOK VALUE |
At 31st March 2019 |
|
At 31st March 2018 |
|
|
5. | FIXED ASSET INVESTMENTS |
|
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1st April 2018 |
and 31st March 2019 | 8,210 |
NET BOOK VALUE |
At 31st March 2019 | 8,210 |
At 31st March 2018 | 8,210 |
CVS ASSET MANAGEMENT LTD (REGISTERED NUMBER: 06765078) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2019 |
|
6. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
as restated |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
7. | RESERVES |
Retained |
earnings |
£ |
|
At 1st April 2018 |
|
Profit for the year |
|
At 31st March 2019 |
|
|
8. | RELATED PARTY DISCLOSURES |
|
Loans to / from related parties: |
|
Included in current asset investment is a loan of £50,500 (2018 - £50,500) due from Mayfair Development Finance |
(Gloucester) Ltd, a company which is 100% owned by Mayfair Development Finance Ltd, where L Pinkney is a director with |
68% shareholding in Mayfair Development Finance Ltd. |
|
Included in current asset investment is a loan of £100,000 (2018 - £100,000) due from Mayfair Development Finance |
(Weymouth) Ltd, a company which is 100% owned by Mayfair Development Finance Ltd where L Pinkney is a director with |
68% shareholding in Mayfair Development Finance Ltd. |
|
The loan of £Nil (2018 - £137,500) included in current asset investment due from Mayfair Development Finance |
(Altrincham) Ltd has been paid in full., A company which is 100% owned by Mayfair Development Finance Ltd where L |
Pinkney is a director with 68% shareholding in Mayfair Development Finance Ltd. |
|
Included in current asset investment is a loan of £54,359 (2018 - £80,000) due from Mayfair Development Finance (Leeds) |
Ltd, a payment of £25,641was made in the year. A company which is 100% owned by Mayfair Development Finance Ltd |
where L Pinkney is a director with 68% shareholding in Mayfair Development Finance Ltd. |
|
Included in current asset investment is a remaining loan of £440,000 (2018 - £Nil) due from Mayfair Development Finance |
(Botley) Ltd, a payment of £120,000 was made in the year. A company which is 100% owned by Mayfair Development |
Finance Ltd where L Pinkney is a director with 68% shareholding in Mayfair Development Finance Ltd. |
|
Included in current asset investment is a loan of £100,000 (2018 - £Nil) due from Mayfair Development Finance |
(Sittingbourne) Ltd,. A company which is 100% owned by Mayfair Development Finance Ltd where L Pinkney is a director |
with 68% shareholding in Mayfair Development Finance Ltd |
|
Included in current asset investment is a loan of £120,000 (2018 - £120,000) due from CVS Devon Ltd, a wholly owned |
subsidiary of Mayfair Development Finance Ltd which is controlled by L Pinkney. |
|
Included in debtors is a loan of £140,000 (2018 - £Nil) due from Bucklersbury Ltd, a wholly owed subsidiary of Mayfair |
Development Finance Limited which is controlled by L Pinkney. |
|
L Pinkney |
|
The loan of £Nil (2018 - £12,211) included in current asset investment due from CVS Private Equity Ltd has been paid in |
full. A company which L Pinkney is a director with significant control. |
|
CVS ASSET MANAGEMENT LTD (REGISTERED NUMBER: 06765078) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2019 |
|
Amounts invoiced to CVS Asset Management Ltd by related parties: |
|
AS Consultancy Services invoiced the company a total of £17,000 (2018 - £11,767) for consultancy and management |
services. The proprietor of AS Consultancy Services is Mrs A Shah, the wife of Mr A M Shah. |
|
Bullish Investment Ltd invoiced the company a total of £229,800 (2018 - £Nil) for management and consultancy services. |
Alpa Shah (wife of the director Anup Shah) is the owner of this company. |
|
Staniers invoiced the company a total of £2,116 (2018 - £2,127) for consultancy services and expenses. Mr L Pinkney is the |
proprietor of Staniers. |
|
The director wife, Mrs A Radia, invoiced the company a total of £9,000 (2018 - £Nil) for management and consultancy |
services. |
|
SRR Consult Ltd invoiced £65,117 (2018 - £15,537) for consultancy services. Mr S Radia and his wife jointly control SRR |
Consult Ltd. |
|
Real Advisory Ltd invoiced £100,000 (2018 - £Nil) for consultancy services. L Pinkney and Anup Shah jointly control the |
company with 50% share each. |
|
The director, Mr A Shah, invoiced the company a total of £17,000 (2018 - £Nil) for management and consultancy services. |
|
|
Amounts invoiced by CVS Asset Management Ltd to related parties: |
|
Included within fee income are amounts invoiced of £176,800 (2018 - £Nil) to Client Consultancy Services Ltd. L Pinkney is |
100% shareholder in the related company. |
|
Included within fee income are amounts invoiced of £100,000 (2018 - £Nil) to CVS Law Ltd. A subsidiary of CVS |
Businesses Limited ultimately owned by L Pinkney and Anup Shah jointly control the company with significant control. |
|
Other related party transactions |
|
Plumstreet Ltd - a wholly owned subsidiary |
CVS Asset Management Ltd received interest of £16,033 (2018 - £Nil) from this company. |
|
Mayfair Development Finance (Altrincham) |
CVS Asset Management Ltd received interest of £57,328 (2018 - £Nil) from this company. |
|
CVS Finance Limited - a wholly owned subsidiary |
CVS Asset Management Ltd received a dividend of £291,771 (2018 - £220,000) from the subsidiary. |
|
Rosefrost Limited - subsidiary company |
CVS Asset Management Ltd received a dividend of £98,394 (2018 - £Nil) from the associated company. |
|
Sunmist - a wholly owned subsidiary |
CVS Asset Management Ltd received a dividend of £38,233 (2018 - £Nil) from the associated company. |
|
9. | ULTIMATE CONTROLLING PARTY |
|
The Company is under the collective control of the directors but is not controlled by any single party. |
CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CVS ASSET MANAGEMENT LTD |
|
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited |
financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. |
Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the |
Directors are not required to be filed with the Registrar of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements |
of CVS Asset Management Ltd for the year ended 31st March 2019 which comprise the Abridged Income Statement, Abridged |
Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given |
us. |
|
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
|
This report is made solely to the Board of Directors of CVS Asset Management Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of CVS Asset Management Ltd and state those matters that we have agreed to state to the Board of Directors of CVS Asset Management Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that CVS Asset Management Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CVS Asset Management Ltd. You consider that CVS Asset Management Ltd is exempt from the statutory audit requirement for the year. |
|
We have not been instructed to carry out an audit or a review of the financial statements of CVS Asset Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
|
|
|
|
|
|
|
Chartered Tax Advisers and |
Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Herts |
AL9 5BG |
|
|
|