REGISTERED NUMBER:
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Financial Statements |
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for the Period 8 June 2020 to 31 December 2020 |
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for |
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CSS Isotek Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Period 8 June 2020 to 31 December 2020 |
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for |
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CSS Isotek Limited |
CSS Isotek Limited (Registered number: 07176384) |
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Contents of the Financial Statements |
for the Period 8 June 2020 to 31 December 2020 |
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Page |
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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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CSS Isotek Limited |
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Company Information |
for the Period 8 June 2020 to 31 December 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 |
28 Prescott Street |
Halifax |
West Yorkshire |
HX1 2LG |
CSS Isotek Limited (Registered number: 07176384) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 7.6.20 |
as restated |
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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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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450,519 |
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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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CSS Isotek Limited (Registered number: 07176384) |
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Notes to the Financial Statements |
for the Period 8 June 2020 to 31 December 2020 |
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1. | STATUTORY INFORMATION |
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CSS Isotek Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
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The financial statements are presented in £ sterling and rounded to the nearest £. |
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The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented. |
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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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Internally generated intangible assets |
Expenditure on research activities is recognised as an expense in the period in which it is incurred. |
Patent costs and the attributable development costs are recognised as intangible assets when feasibility has been established. These are measured initially at cost and amortised to the profit and loss account over the estimated useful economic life.The company has committed technical, financial and other resources to complete the development and it is probable that the asset will generate probable future economic benefits.The development costs capitalised include the cost of materials and direct labour costs incurred up to the date the asset is available for use. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and equipment | - |
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Computer equipment | - |
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Stocks |
Stocks and work in progress 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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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
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CSS Isotek Limited (Registered number: 07176384) |
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Notes to the Financial Statements - continued |
for the Period 8 June 2020 to 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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Fixed asset investments |
Investments in joint ventures are measured under the cost model, at cost less impairment. |
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Leasing |
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
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Current asset investments |
Investment in listed shares are measured at fair value, with changes recognised in profit or loss. |
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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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CSS Isotek Limited (Registered number: 07176384) |
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Notes to the Financial Statements - continued |
for the Period 8 June 2020 to 31 December 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 8 June 2020 |
and 31 December 2020 |
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AMORTISATION |
At 8 June 2020 |
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Charge for period |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 7 June 2020 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 8 June 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 8 June 2020 |
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Charge for period |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 7 June 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 7.6.20 |
as restated |
£ | £ |
Trade debtors |
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Other debtors |
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Tax recoverable |
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VAT |
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Prepayments |
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CSS Isotek Limited (Registered number: 07176384) |
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Notes to the Financial Statements - continued |
for the Period 8 June 2020 to 31 December 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 7.6.20 |
as restated |
£ | £ |
Trade creditors |
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Overseas tax due | - | 2,739 |
Other creditors |
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Accrued expenses |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.20 | 7.6.20 |
as restated |
£ | £ |
Within one year |
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Between one and five years |
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9. | 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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Prior year figures have been restated as work in progress of £293,937 had no recoverable value and we were unable to obtain information to confirm the brought forward figure. |
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for and on behalf of
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10. | PRIOR YEAR ADJUSTMENT |
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The prior year figures have been restated as work in progress (£293,937) had no recoverable value. The effect of this is to reduce the previously stated retained earnings of £744,456 to £450,519. |
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11. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date there were no unpaid contributions due to the fund (07.06.20: nil). |
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12. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
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Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £57,227 (07.06.20 - £100,198). |
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13. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |