Company Registration No. 02817206 (England and Wales)
CERIUM VISUAL TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
CERIUM VISUAL TECHNOLOGIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
CERIUM VISUAL TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
95,193
113,249
Tangible assets
4
-
765
95,193
114,014
Current assets
Stocks
54,681
42,053
Debtors
5
165,905
135,859
Cash at bank and in hand
56,921
1,740
277,507
179,652
Creditors: amounts falling due within one year
6
(177,244)
(119,583)
Net current assets
100,263
60,069
Total assets less current liabilities
195,456
174,083
Capital and reserves
Called up share capital
7
1,614
1,534
Share premium account
23,406
23,406
Profit and loss reserves
170,436
149,143
Total equity
195,456
174,083
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 December 2018 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.
CERIUM VISUAL TECHNOLOGIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 August 2019 and are signed on its behalf by:
Mrs K J Harrison
Director
Company Registration No. 02817206
CERIUM VISUAL TECHNOLOGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2017
1,534
23,406
157,972
182,912
Period ended 31 December 2017:
Loss and total comprehensive income for the period
-
-
(8,829)
(8,829)
Balance at 31 December 2017
1,534
23,406
149,143
174,083
Period ended 31 December 2018:
Profit and total comprehensive income for the period
-
-
21,293
21,293
Issue of share capital
7
80
-
-
80
Balance at 31 December 2018
1,614
23,406
170,436
195,456
CERIUM VISUAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
1
Accounting policies
Company information
Cerium Visual Technologies Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
66 Prescot Street, London, E1 8NN.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable with regards the distribution of optical products, net of VAT.
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.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Patents and development costs
10% and 15% straight line
1.5
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:
Plant and machinery
20% straight line
Fixtures, fittings and equipment
20% and 33% straight line
Motor vehicles
25% 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
.
CERIUM VISUAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.6
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash
held at call with banks
.
1.9
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 balance sheet 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.
CERIUM VISUAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.11
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
No deferred tax provision in the current year.
CERIUM VISUAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 7 -
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2017 - 7).
3
Intangible fixed assets
Patents and development costs
£
Cost
At 1 January 2018 and 31 December 2018
238,015
Amortisation and impairment
At 1 January 2018
124,766
Amortisation charged for the year
18,056
At 31 December 2018
142,822
Carrying amount
At 31 December 2018
95,193
At 31 December 2017
113,249
CERIUM VISUAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2018
6,586
3,070
37,747
47,403
Additions
1,000
770
-
1,770
Disposals
-
(1,555)
(15,999)
(17,554)
At 31 December 2018
7,586
2,285
21,748
31,619
Depreciation and impairment
At 1 January 2018
5,821
3,070
37,747
46,638
Depreciation charged in the year
1,765
770
-
2,535
Eliminated in respect of disposals
-
(1,555)
(15,999)
(17,554)
At 31 December 2018
7,586
2,285
21,748
31,619
Carrying amount
At 31 December 2018
-
-
-
-
At 31 December 2017
765
-
-
765
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
79,325
90,331
Corporation tax recoverable
59,501
24,773
Other debtors
27,079
20,755
165,905
135,859
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
140,538
82,818
Taxation and social security
13,809
8,451
Other creditors
22,897
28,314
177,244
119,583
Lloyds Bank has a fixed and floating charge on all company assets.
CERIUM VISUAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 9 -
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,440 A ordinary shares of £1 each
1,440
1,440
174 (2017: 94) B ordinary shares of £1 each
174
94
1,614
1,534
The A and B shares rank pari passu in respect of dividends and voting rights.
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
28,768
-
9
Related party transactions
During the
reporting period
the company
:
Sold goods
amounting to
£123 (2017: £2,650)
incurred management expenses
amounting to
£71,544 (2017: £99,050),
postage amounting to £35,
288
(201
7
: £3
5
,
824
); and purchased goods amounting to £
19,986
(201
7
: £
9,559
)
to/from a
company in which
the directors and/or shareholders are also directors and/or shareholders.
At the reporting date the
company owed £76,291
(2017: £34,785)
to the company and was owed £
2,485
(201
7
: £
863 by
)
to
the company. The amounts are interest free and repayable upon demand.
During the
reporting period t
he company sold goods to a company in which the directors and/or shareholders are also directors and/or shareholders,
amounting to
£1,176 (2017: £2,494)
.
At
the reporting date the
company was owed £Nil
(2017: £1,278) by the company.
The amount is interest free and repayable upon demand.
10
Directors' transactions
During the year, 80 Ordinary B class shares were issued to a Director of the company.
2018-12-31
2018-01-01
false
CCH Software
CCH Accounts Production 2019.200
No description of principal activity
27 August 2019
Mrs K J Harrison
Mrs M A Sangster
Ms C Millar
Mrs K J Harrison
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