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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 2018 |
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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 2018 |
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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 2018 |
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Company Information | 1 |
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Chartered Certified Accountants' Report | 2 |
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Abridged Balance Sheet | 3 |
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Notes to the Financial Statements | 4 |
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CVS BUSINESSES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Tax Advisers and |
Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Herts |
AL9 5BG |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CVS BUSINESSES LTD |
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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. |
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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 Businesses Ltd for the year ended 31st March 2018 which comprise the Abridged Income Statement, Abridged |
Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information |
and explanations you have given us. |
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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. |
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This report is made solely to the Board of Directors of CVS Businesses Ltd, as a body, in accordance with the terms of our engagement letter dated 12th May 2017. Our work has been undertaken solely to prepare for your approval the financial statements of CVS Businesses Ltd and state those matters that we have agreed to state to the Board of Directors of CVS Businesses 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. |
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It is your duty to ensure that CVS Businesses 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 loss of CVS Businesses Ltd. You consider that CVS Businesses Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of CVS Businesses 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. |
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Chartered Tax Advisers and |
Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Herts |
AL9 5BG |
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CVS BUSINESSES LTD (REGISTERED NUMBER: 10038358) |
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ABRIDGED BALANCE SHEET |
31ST MARCH 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 3 |
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CURRENT ASSETS |
Cash in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 4 |
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Retained earnings | 5 | ( |
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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 |
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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. |
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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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CVS BUSINESSES LTD (REGISTERED NUMBER: 10038358) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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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 can be found on the Company Information page. |
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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 2018 the Company had net current liabilities and net liabilities of £460,319 and £860 respectively. |
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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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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. |
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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 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. |
CVS BUSINESSES LTD (REGISTERED NUMBER: 10038358) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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3. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1st April 2017 |
and 31st March 2018 | 459,459 |
NET BOOK VALUE |
At 31st March 2018 | 459,459 |
At 31st March 2017 | 459,459 |
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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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4. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.18 | 31.3.17 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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5. | RESERVES |
Retained |
earnings |
£ |
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At 1st April 2017 | ( |
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Deficit for the year | ( |
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At 31st March 2018 | ( |
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6. | 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 (2017- £312,432) and |
£147,027 (2017-147,027) respectively. These loans do not carry interest and have no fixed date for repayment. |
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Transactions with group companies |
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During the period the subsidiary company, CVS Law Ltd, settled an invoice of £480 on behalf of the company. At the |
balance sheet date, the company owed £480 (2016- £nil) to the subsidiary. There is no interest due on the inter group |
balances and they are repayable on demand. |
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7. | ULTIMATE CONTROLLING PARTY |
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There is no ultimate controller of the company as there is no shareholder with a controlling interest in the company. |