REGISTERED NUMBER:
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CVS BUSINESSES LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2020 |
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REGISTERED NUMBER:
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CVS BUSINESSES LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2020 |
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CVS BUSINESSES LTD (REGISTERED NUMBER: 10038358) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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CVS BUSINESSES LTD (REGISTERED NUMBER: 10038358) |
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BALANCE SHEET |
31ST MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Cash in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
its behalf by: |
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CVS BUSINESSES LTD (REGISTERED NUMBER: 10038358) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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1. | STATUTORY INFORMATION |
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CVS Businesses Ltd is a
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number and registered office address are as below: |
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Registered number: | 10038358 |
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Registered office: | Broad House |
1 The Broadway |
Hatfield |
AL9 5BG |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
At 31st March 2020 the Company had net current liabilities of £459,359. |
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The directors are of the opinion that the current situation is temporary and the Company is able to meet its obligations for the |
foreseeable future as and when they fall due having regard to the following: |
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i) the Company will receive a continued financial support from the shareholders and the directors and they have agreed that |
the loans from the directors will not be repaid until the company is in a position to repay them. |
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ii) the directors have carried out a review of the cash flow forecasts of the Company for the twelve months following the date |
of signing of these financial statements and based on such forecast consider that the Company is a going concern. |
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Accordingly, the Company continues to adopt the going concern basis of accounting in preparing theses financial statements. |
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Preparation of consolidated financial statements |
The financial statements contain information about CVS Businesses 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. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect |
the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses |
during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the |
Director's opinion, there are no significant judgements or key sources of estimation uncertainty. |
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Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like |
trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in |
non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective |
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss |
Account. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right |
to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability |
simultaneously. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account , 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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CVS BUSINESSES LTD (REGISTERED NUMBER: 10038358) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
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 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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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st April 2019 |
and 31st March 2020 |
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NET BOOK VALUE |
At 31st March 2020 |
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At 31st March 2019 |
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During the year ending 31st March 2017 the reporting entity bought all the shares in CVS Law Limited. |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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7. | RELATED PARTY DISCLOSURES |
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Transactions with directors |
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At the balance sheet date the company owed to the directors Anup Shah and Sunil Radia £312,432 (2019- £312,432) and |
£147,027 (2019-147,027) respectively. These loans do not carry interest and have no fixed date for repayment. |