REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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CSI ELECTRONIC MANUFACTURING SERVICES |
LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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CSI ELECTRONIC MANUFACTURING SERVICES |
LIMITED |
CSI ELECTRONIC MANUFACTURING SERVICES |
LIMITED (REGISTERED NUMBER: 07052003) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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CSI ELECTRONIC MANUFACTURING SERVICES |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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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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108 High Street |
Stevenage |
Hertfordshire |
SG1 3DW |
CSI ELECTRONIC MANUFACTURING SERVICES |
LIMITED (REGISTERED NUMBER: 07052003) |
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BALANCE SHEET |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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 |
(b) |
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. |
CSI ELECTRONIC MANUFACTURING SERVICES |
LIMITED (REGISTERED NUMBER: 07052003) |
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BALANCE SHEET - continued |
31 MARCH 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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CSI ELECTRONIC MANUFACTURING SERVICES |
LIMITED (REGISTERED NUMBER: 07052003) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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CSI Electronic Manufacturing Services Limited is a
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and Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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As at the balance sheet date, the emergence of the COVID-19 pandemic had begun to have a major impact on the |
economies of the UK and the World. Accordingly, the directors have assessed the carrying values of all assets |
and liabilities and any estimates contained therein as at the balance sheet date so as to reflect the then known |
economic conditions and any impact of the virus so far as they could have been reasonably known or anticipated |
as at the balance sheet date. Additionally, the directors have assessed various factors and risks affecting the |
company and its ability in these difficult social and economic times to continue to trade as a going concern. |
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The directors recognise that there will inevitably be an impact on the UK and World economies due to the social |
and economic consequences of COVID-19 but in line with some political and economic commentators' views the |
directors are hopeful that trading conditions will eventually improve. |
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The company is availing itself of COVID-19-related Government initiatives and in that regard some staff have |
been furloughed, whereby the Government will reimburse a limited amount of individuals' salaries and the |
employer's national insurance and auto-enrolment pension contributions on the salary amounts reimbursed. |
Certain VAT liabilities are able to be deferred until 31st March 2021 and the directors have taken up this option. |
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On the basis of all of the foregoing, the financial statements for the year ended 31st March 2020 have been |
prepared using the going concern basis of accounting. |
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Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates |
and assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from those estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimate is revised if the revision affects only that period, or in the |
period of the revision and future periods if the revision affects both current and future periods. |
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Turnover |
Turnover from the sale of goods and services is recognised when, goods and services are delivered and legal title |
transfers to the customer, the significant risks and rewards of ownership are transferred to the customer, the |
amount of revenue can be reliably measured, it is probable that economic benefits associated with the |
transactions will flow to the company and the costs incurred in respect of the transaction can be reliably |
measured. |
CSI ELECTRONIC MANUFACTURING SERVICES |
LIMITED (REGISTERED NUMBER: 07052003) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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At each balance sheet date, the company reviews the carrying amount of tangible fixed assets to determine |
whether there is any indication that the carrying value of tangible fixed assets has suffered any impairment loss. |
If any such indication exists, the recoverable amount of tangible fixed assets is estimated in order to determine |
the extent of the impairment loss, if any. |
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Grants |
Capital based grants received are recognised in the Profit and Loss account over the useful economic life of the |
asset to which the grant relates. |
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Stocks |
Stocks have been valued at the lower of cost and estimated selling price less costs to sell. |
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In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to |
the stage of manufacture and completion. |
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Stocks are valued on a first in first out valuation basis and allowance is made for obsolete and slow moving |
items. |
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Financial instruments |
All basic financial instruments including trade and other debtors, cash and cash equivalents, trade and other |
creditors, and hire purchase liabilities, are initially recognised at transaction price and thereafter stated at |
amortised cost using the effective interest rate method. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet 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. |
CSI ELECTRONIC MANUFACTURING SERVICES |
LIMITED (REGISTERED NUMBER: 07052003) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated in line with |
the accounting policy for tangible fixed assets. |
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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 company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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CSI ELECTRONIC MANUFACTURING SERVICES |
LIMITED (REGISTERED NUMBER: 07052003) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 April 2019 |
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Transfer to ownership | (144,695 | ) |
At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Transfer to ownership | (98,875 | ) |
At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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Deferred grants |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Deferred grants |
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CSI ELECTRONIC MANUFACTURING SERVICES |
LIMITED (REGISTERED NUMBER: 07052003) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Hire purchase contracts | - | 20,493 |
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Hire purchase contract amounts are secured on certain fixed assets held by the company. |
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9. | OTHER FINANCIAL COMMITMENTS |
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The company had total other financial commitments at the balance sheet date of £388,846 (2018 £366,726). |