Company Registration No. SC234534 (Scotland)
CME INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
PAGES FOR FILING WITH REGISTRAR
CME INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CME INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 JULY 2021
31 July 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
813,470
827,631
Current assets
Debtors
5
83,610
78,977
Cash at bank and in hand
81,057
126,807
164,667
205,784
Creditors: amounts falling due within one year
6
(133,455)
(164,518)
Net current assets
31,212
41,266
Net assets
844,682
868,897
Capital and reserves
Called up share capital
7
278,002
278,002
Profit and loss reserves
566,680
590,895
Total equity
844,682
868,897
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 April 2022 and are signed on its behalf by:
Mr D M MacAulay
Director
Company Registration No. SC234534
CME INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 2 -
1
Accounting policies
Company information
CME Investments Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Montgomerie Heights, Apartment 3/4, 60 Southbrae Gardens, Jordanhill, Glasgow, United Kingdom, G13 1UB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is two years.
1.4
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on Cost
Fixtures and fittings
25% reducing balace
Computers
33% on Cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
CME INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
The company contributes towards the directors pension scheme. Contributions payable are charged to the income statement in the period in which they relate.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
CME INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
65
58
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2020 and 31 July 2021
261,365
Amortisation and impairment
At 1 August 2020 and 31 July 2021
261,365
Carrying amount
At 31 July 2021
At 31 July 2020
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 August 2020
1,145,745
30,000
4,432
1,180,177
Additions
4,509
4,509
At 31 July 2021
1,145,745
30,000
8,941
1,184,686
Depreciation and impairment
At 1 August 2020
318,114
30,000
4,432
352,546
Depreciation charged in the year
17,541
1,129
18,670
At 31 July 2021
335,655
30,000
5,561
371,216
Carrying amount
At 31 July 2021
810,090
3,380
813,470
At 31 July 2020
827,631
827,631
CME INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 5 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
83,610
78,977
6
Creditors: amounts falling due within one year
2021
2020
£
£
Taxation and social security
68,731
93,267
Other creditors
64,724
71,251
133,455
164,518
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary of £1 each
278,002
278,002
278,002
278,002
There is 278,000 Ordinary shares issued at £1 which are fully paid, and there is 2 Ordinary shares issued at £1 but not fully paid.
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Key management personnel
752
Other related parties
11,416
11,416
Loans from related parties are unsecured and interest free with no fixed terms of repayment.
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£
£
Other related parties
702
-