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REGISTERED NUMBER:
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REPORT OF THE MEMBERS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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CID PRODUCTS LLP |
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REGISTERED NUMBER:
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REPORT OF THE MEMBERS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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CID PRODUCTS LLP |
CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Page |
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General Information | 1 |
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Report of the Members | 2 |
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Report of the Independent Auditors | 4 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Statement of Financial Position | 9 |
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Reconciliation of Members' Interests | 10 |
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Statement of Cash Flows | 12 |
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Notes to the Statement of Cash Flows | 13 |
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Notes to the Financial Statements | 15 |
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CID PRODUCTS LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DESIGNATED MEMBERS: |
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Equitable Fortitude Limited |
Greenways Trading Limited |
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Andre Carlos Limited |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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The members present their report with the financial statements of the LLP for the year ended 31 December 2021. |
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DESIGNATED MEMBERS |
The designated members during the year under review were: |
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Equitable Fortitude Limited |
Greenways Trading Limited |
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Andre Carlos Limited |
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RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £3,019,892 (2020 - £2,977,332 profit). |
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MEMBERS' INTERESTS |
The members' drawings policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
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A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par". |
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STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
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Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
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The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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AUDITORS |
The auditors, Sedulo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE MEMBERS: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CID PRODUCTS LLP |
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Opinion |
We have audited the financial statements of CID Products LLP (the 'LLP') for the year ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Reconciliation of Members' Interests, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the LLP's affairs as at 31 December 2021 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. |
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Other information |
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CID PRODUCTS LLP |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on page two, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Extent to which the audit was capable of detecting irregularities, including fraud |
The primary responsibility for the prevention and detection of fraud rests with directors and management, and we cannot be expected to detect non-compliance with all laws and regulations. |
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We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our knowledge of the business and sector, enquiries of directors and management, and review of regulatory information and correspondence. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. |
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We discussed with directors and management the policies and procedures in place to ensure compliance with laws and regulations and otherwise prevent, deter and detect fraud. |
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Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified as potentially having a material effect on the financial statements. Our procedures included review of financial statement information and testing of that information, enquiry of management and examination of relevant documentation, analytical procedures to identify unusual or unexpected relationships that may indicate fraud, and procedures to address the risk of fraud through director or management override of controls. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CID PRODUCTS LLP |
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Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
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CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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3,054,181 | 3,012,915 |
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Interest payable and similar expenses | 5 |
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PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
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PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
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Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 12 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
5,864,409 |
4,011,721 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
16 |
5,864,409 |
4,011,721 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 16 | 5,864,409 | 4,011,721 |
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The financial statements were approved by the members of the LLP and authorised for issue on
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CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 4,011,721 |
Amount due from members | - |
Balance at 1 January 2021 | - | 4,011,721 | 4,011,721 |
Profit for the financial year available
for discretionary division among members |
3,019,892 |
- |
3,019,892 |
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Members' interests after profit for the
year |
3,019,892 |
4,011,721 |
7,031,613 |
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Other divisions of profit | (3,019,892 | ) | 3,019,892 | - |
Drawings | - | (1,167,204 | ) | (1,167,204 | ) |
Amount due to members | 5,864,409 |
Amount due from members | - |
Balance at 31 December 2021 | - | 5,864,409 | 5,864,409 |
CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 1,604,371 |
Amount due from members | - |
Balance at 1 January 2020 | - | 1,604,371 | 1,604,371 |
Profit for the financial year available
for discretionary division among members |
2,977,332 |
- |
2,977,332 |
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Members' interests after profit for the
year |
2,977,332 |
1,604,371 |
4,581,703 |
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Other divisions of profit | (2,977,332 | ) | 2,977,332 | - |
Introduced by members | - | 3,603 | 3,603 |
Drawings | - | (573,585 | ) | (573,585 | ) |
Amount due to members | 4,011,721 |
Amount due from members | - |
Balance at 31 December 2020 | - | 4,011,721 | 4,011,721 |
CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
) | ( |
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Interest element of hire purchase payments
paid |
( |
) |
( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
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Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Transactions with members and former | members |
Payments to members | (1,167,204 | ) | (573,585 | ) |
Contributions by members | - | 3,603 |
(1,167,204 | ) | (569,982 | ) |
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Cash flows from other financing activities |
New loans in year |
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Loan repayments in year | ( |
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HP and finance lease repayments | ( |
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(581,723 | ) | 920,313 |
Net cash from financing activities | ( |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at beginning of
year |
2 |
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(443,393 |
) |
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Cash and cash equivalents at end of year | 2 | 723,334 | 1,929,530 |
CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. |
RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
31.12.21 | 31.12.20 |
£ | £ |
Profit for the financial year before members' remuneration and profit shares
available for discretionary division among members |
3,019,892 |
2,977,332 |
Depreciation charges |
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Loss on disposal of fixed assets |
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Finance costs | 34,289 | 35,583 |
Finance income | (47 | ) | (104 | ) |
3,174,332 | 3,103,049 |
Increase in stocks | ( |
) | ( |
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Increase in trade and other debtors | ( |
) | ( |
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Increase/(decrease) in trade and other creditors |
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( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
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Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 723,334 | 1,929,530 |
Year ended 31 December 2020 |
31.12.20 | 1.1.20 |
£ | £ |
Cash and cash equivalents | 1,929,530 | 49,662 |
Bank overdrafts |
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( |
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1,929,530 | (443,393 | ) |
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CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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3. | ANALYSIS OF CHANGES IN NET DEBT |
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Other |
non-cash |
At 1.1.21 | Cash flow | changes | At 31.12.21 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,929,530 | (1,206,196 | ) | 723,334 |
1,929,530 | ( |
) | 723,334 |
Debt |
Finance leases | (137,356 | ) | 98,844 | - | (221,957 | ) |
Debts falling due |
within 1 year | (482,879 | ) | 260,657 | - | (222,222 | ) |
Debts falling due |
after 1 year | (777,778 | ) | 222,222 | - | (555,556 | ) |
(1,398,013 | ) | 581,723 | - | (999,735 | ) |
Net funds/(debt) (b efore |
members' debt) | 531,517 | (624,473 | ) | - | (276,401 | ) |
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Loans and other debts |
due to members |
Other amounts |
due to members | (4,011,721 | ) | 1,167,204 | (3,019,892 | ) | (5,864,409 | ) |
Net debt | (3,480,204 | ) | 542,731 | (3,019,892 | ) | (6,140,810 | ) |
CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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CID Products LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
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The principal activity of the company is the retail of civil, safety and construction products. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The business leases its premises on a rolling one year lease that expires each March. A new rolling lease is expected to be agreed with the landlord in March 2022 and is expected to continue for the foreseeable future. |
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The business has continued to trade and expand throughout the current Covid pandemic. The management have prepared projections for the next 12 months and are satisfied that the business will meet its liabilities as and when they fall due and continue to be profitable. |
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Accordingly, at the time of signing these accounts the members are of the opinion that the business will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the going concern basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable for sales of goods, 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 machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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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. |
CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEE INFORMATION |
31.12.21 | 31.12.20 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.12.21 | 31.12.20 |
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Warehouse and administrative |
|
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CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.12.21 | 31.12.20 |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Loss on disposal of fixed assets |
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Patents and licences amortisation |
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Computer software amortisation |
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Auditors' remuneration |
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Foreign exchange differences |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.21 | 31.12.20 |
£ | £ |
Bank interest |
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Hire purchase |
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6. | INFORMATION IN RELATION TO MEMBERS |
31.12.21 | 31.12.20 |
£ | £ |
The amount of profit attributable to the member with the largest entitlement was | 603,979 | 595,468 |
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31.12.21 | 31.12.20 |
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The average number of members during the year was | 5 | 5 |
CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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7. | INTANGIBLE FIXED ASSETS |
Patents |
and | Computer |
licences | software | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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AMORTISATION |
At 1 January 2021 |
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Amortisation for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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8. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2021 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
( |
) |
|
( |
) | ( |
) |
At 31 December 2021 |
|
|
|
|
|
DEPRECIATION |
At 1 January 2021 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
|
|
( |
) | ( |
) |
At 31 December 2021 |
|
|
|
|
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
|
|
|
At 31 December 2020 |
|
|
|
|
|
CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
|
8. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
( |
) | ( |
) |
Transfer to ownership | (6,599 | ) | (67,494 | ) | 25,416 | (48,677 | ) |
At 31 December 2021 |
|
|
|
|
DEPRECIATION |
At 1 January 2021 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
( |
) | ( |
) |
Transfer to ownership | (1,891 | ) | (48,672 | ) | 3,706 | (46,857 | ) |
At 31 December 2021 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
|
|
At 31 December 2020 |
|
|
|
|
|
9. | STOCKS |
31.12.21 | 31.12.20 |
£ | £ |
Stocks |
|
|
|
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
|
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans and overdrafts (see note 13) |
|
|
Hire purchase contracts (see note 14) |
|
|
Trade creditors |
|
|
Social security and other taxes |
|
|
VAT | 185,867 | 237,035 |
Other creditors |
|
|
Wages control | 144,421 | 105,300 |
Accruals and deferred income |
|
|
|
|
|
12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans (see note 13) |
|
|
Hire purchase contracts (see note 14) |
|
|
|
|
|
13. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.12.21 | 31.12.20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans - less than 1 yr |
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
14. | LEASING AGREEMENTS |
|
The business has property lease commitments of £150,000 per annum due to expire in March 2022. |
CID PRODUCTS LLP (REGISTERED NUMBER: OC370578) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
|
15. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.12.21 | 31.12.20 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts | 221,957 | 137,356 |
|
|
|
Hire purchase contracts are secured on the assets to which they relate. Bank loans and overdrafts are secured on certain assets of the business, and in respect of some loans by personal guarantees of certain directors of member companies. |
|
16. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.12.21 | 31.12.20 |
£ | £ |
Amounts owed to members in respect of profits | 5,864,409 | 4,011,721 |
|
Falling due within one year | 5,864,409 | 4,011,721 |
|
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. |
|
17. | RELATED PARTY DISCLOSURES |
|
Included in other debtors is a balance of £231,538 (2020: £231,538) due from Mr & Mrs E Soulsby, directors and controlling parties of Tenacity Global Limited, a designated member.There is no due date for repayment. |