Company Registration No. 00909536 (England and Wales)
Cecil Instruments Limited
Unaudited financial statements
for the year ended 31 July 2021
Pages for filing with the Registrar
Cecil Instruments Limited
Company information
Director
Grenville Chamberlain
Secretary
Grenville Chamberlain
Company number
00909536
Registered office
Suite 12
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Accountants
Saffery Champness LLP
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Bankers
Lloyds Bank plc
95 - 97 Regent Street
Cambridge
CB2 1BQ
Cecil Instruments Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Cecil Instruments Limited
Statement of financial position
As at 31 July 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
4,000,000
3,750,000
Current assets
Debtors
4
118,898
121,096
Cash at bank and in hand
22,556
13,750
141,454
134,846
Creditors: amounts falling due within one year
5
(1,412,275)
(1,545,895)
Net current liabilities
(1,270,821)
(1,411,049)
Total assets less current liabilities
2,729,179
2,338,951
Provisions for liabilities - Deferred Tax
6
(461,129)
(413,629)
Net assets
2,268,050
1,925,322
Capital and reserves
Called up share capital
7
15,300
15,300
Share premium account
25,200
25,200
Profit and loss reserves
- Investment property fair value reserve
3,287,130
3,287,130
- Other profit & loss reserve
(1,059,580)
(1,402,308)
2,227,550
1,884,822
Total equity
2,268,050
1,925,322
Cecil Instruments Limited
Statement of financial position (continued)
As at 31 July 2021
Page 2
The director of the company has elected not to include a copy of the income statement 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 director acknowledges his 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 and signed by the director and authorised for issue on 14 February 2022
Grenville Chamberlain
Director
Company Registration No. 00909536
Cecil Instruments Limited
Statement of changes in equity
For the year ended 31 July 2021
Page 3
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 August 2019
15,300
25,200
2,059,651
(1,104,929)
995,222
Year ended 31 July 2020:
Profit and total comprehensive income for the year
-
-
-
930,100
930,100
Transfers
-
-
1,227,479
(1,227,479)
-
Balance at 31 July 2020
15,300
25,200
3,287,130
(1,402,308)
1,925,322
Year ended 31 July 2021:
Profit and total comprehensive income for the year
-
-
-
342,728
342,728
Balance at 31 July 2021
15,300
25,200
3,287,130
(1,059,580)
2,268,050
Cecil Instruments Limited
Notes to the financial statements
For the year ended 31 July 2021
Page 4
1
Accounting policies
Company information
Cecil Instruments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Suite 12, Westpoint, Peterborough Business Park, Lynch Wood, Peterborough, PE2 6FZ.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is financed through a shareholder loan of £696k, held by the CSC Tarbet Will Trust. The loan is repayable on demand and has been included within current liabilities. The trustees have confirmed that they will not demand repayment for a period of at least 12 months from the date of signing of the accounts. In addition to the loan there is an unpaid balance of accrued interest of £547k (2020: £517k) which is included in current liabilities. Accordingly the financial statements have been prepared on a going concern basis.
true
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue arising from sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, this is in accordance with the contract and delivery conditions. Revenue from services is recognised at the point at which the service is performed.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from
service contracts is recognised on a straight line basis over the period of the contract.
Rental turnover represents rental receipts and recharges excluding VAT. Rental turnover is recognised on an accruals basis over the term of the lease.
Cecil Instruments Limited
Notes to the financial statements (continued)
For the year ended 31 July 2021
1
Accounting policies (continued)
Page 5
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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% straight line
Plant and machinery
10% straight line
Fixtures, fittings & equipment
20% straight line
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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Cecil Instruments Limited
Notes to the financial statements (continued)
For the year ended 31 July 2021
1
Accounting policies (continued)
Page 6
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
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.
1.9
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
income statement
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
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 taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the director, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
Cecil Instruments Limited
Notes to the financial statements (continued)
For the year ended 31 July 2021
1
Accounting policies (continued)
Page 7
1.10
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.
1.11
Government grants
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
3
Investment property
2021
£
Fair value
At 1 August 2020
3,750,000
Revaluations
250,000
At 31 July 2021
4,000,000
The fair value of the investment property at 31 July 2021 has been determined by the director
based on a valuation given by an independent valuer
at 31 May 2017
by reference to market
evidence of expected rental yields for similar proper
ties. The director has updated the valuation this year using local market knowledge.
Cecil Instruments Limited
Notes to the financial statements (continued)
For the year ended 31 July 2021
Page 8
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
54,352
26,149
Other debtors
64,546
94,947
118,898
121,096
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
49,342
47,405
Corporation tax
35,311
Other taxation and social security
13,642
7,494
Other creditors
214,072
415,577
Debenture loans
500,000
500,000
Accruals and deferred income
599,908
575,419
1,412,275
1,545,895
The debenture loan is secured by a charge on the freehold property and other assets of the company.
Included in other creditors is a loan with a fixed and floating charge over the assets of the company amounting to £195,520 (2020: £397,025).
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Investment property
461,129
413,629
Cecil Instruments Limited
Notes to the financial statements (continued)
For the year ended 31 July 2021
6
Deferred taxation (continued)
Page 9
2021
Movements in the year:
£
Liability at 1 August 2020
413,629
Charge to profit or loss
47,500
Liability at 31 July 2021
461,129
The deferred tax liability set out above is not expected to reverse within 12 months and relates to the revaluation of investment properties that are not expected to be sold within 12 months.
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
30,400 Ordinary 'A' shares of 50p each
15,200
15,200
100 Ordinary 'B' shares of £1 each
100
100
15,300
15,300
Each share of both classes is entitled to one vote and to rank pari passu as regards dividends irrespective of the nominal value of the shares but on winding up each issued fully paid up share shall be repaid at its nominal value.
2021-07-31
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false
16 February 2022
CCH Software
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