Corps Monitoring Limited
Financial Statements
For Filing with Registrar
For the year ended 31 March 2018
Company Registration No. SC201997 (Scotland)
Corps Monitoring Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Corps Monitoring Limited
Balance Sheet
As at 31 March 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,792
7,148
Tangible fixed assets
4
1,400,203
1,397,255
1,403,995
1,404,403
Debtors
5
384,119
-
Creditors: amounts falling due within one year
(538,360)
(132,966)
Net current liabilities
(154,241)
(132,966)
Total assets less current liabilities
1,249,754
1,271,437
Capital and reserves
Called up share capital
7
700,000
700,000
Revaluation reserve
345,819
335,328
Profit and loss reserves
203,935
236,109
Total equity
1,249,754
1,271,437
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 6 December 2018
Signed on its behalf by:
R. P. Craggs
Director
Company Registration No. SC201997
Corps Monitoring Limited
Notes to the Financial Statements
For the year ended 31 March 2018
Page 2
1
Accounting policies
Company information
Corps Monitoring Limited is a limited company domiciled and incorporated in Scotland under the registration number SC201997. The registered office is
8 Marchburn Drive, Glasgow Airport, Paisley, PA3 2SJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 pound.
The financial statements have been prepared on the historical cost convention{If (#cd99978)<>f0 Then . Else , modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis. At the balance sheet date the company had received assurances that it would continue to receive support from its parent undertaking Corps of Commissionaires Management Limited. Based on the assurances received that this support will continue for the foreseeable future, the directors consider that the going concern basis is therefore appropriate.
1.3
Turnover
Turnover represents the invoiced value of remote monitoring services provided net of value added tax.
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. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
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:
Software
33% 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:
Freehold Land and buildings
Nil for land, 2% for buildings
Fixtures, fittings & equipment
10-33% 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
.
Corps Monitoring Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
1
Accounting policies
(Continued)
Page 3
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.
1.7
Financial instruments
Basic financial
instruments are measured at amortised cost. The company has no other financial instruments or basic financial instrument measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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 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.
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
The company participates in the group holding company's defined benefit and defined contribution pension schemes. The defined benefit scheme is now closed for the accrual of future benefits. The scheme continues to be funded at rates recommended by independent actuaries in the light of triennial valuations. Such contributions are held in trustee administered funds independently of the group's finances. In accordance with
Section 28 of
FRS 1
02
the scheme is accounted for as a defined benefit scheme in the financial statements of the parent company.
For the defined contribution scheme the amount charged to the profit & loss account in respect of pension costs is the contributions payable in the year.
Corps Monitoring Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
1
Accounting policies
(Continued)
Page 4
1.12
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 19 (2017: 18).
3
Intangible fixed assets
Software
£
Cost
At 1 April 2017
133,327
Additions
4,024
Disposals
(18,101)
At 31 March 2018
119,250
Amortisation
At 1 April 2017
126,179
Amortisation charged for the year
7,380
Disposals
(18,101)
At 31 March 2018
115,458
Carrying amount
At 31 March 2018
3,792
At 31 March 2017
7,148
Corps Monitoring Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 5
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2017
1,301,630
487,680
1,789,310
Additions
-
43,481
43,481
Disposals
(1,630)
(13,483)
(15,113)
At 31 March 2018
1,300,000
517,678
1,817,678
Depreciation and impairment
At 1 April 2017
12,088
379,967
392,055
Depreciation charged in the year
11,309
39,709
51,018
Eliminated in respect of disposals
(1,630)
(13,483)
(15,113)
Revaluation
(10,485)
-
(10,485)
At 31 March 2018
11,282
406,193
417,475
Carrying amount
At 31 March 2018
1,288,718
111,485
1,400,203
At 31 March 2017
1,289,542
107,713
1,397,255
The company's Remote Monitoring Centre freehold property was revalued at 27 September 2017 by the directors. This was based on independent advice on its replacement cost, given that there is no readily ascertainable market value for such a bespoke operating facility.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2018
2017
£
£
Cost
1,217,000
1,218,630
Accumulated depreciation
(274,101)
(264,416)
Carrying value
942,899
954,214
The revaluation surplus is disclosed in note the Statement of Changes in Equity on page 8.
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts due from group undertakings
384,119
-
Corps Monitoring Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 6
6
Creditors: amounts falling due within one year
2018
2017
£
£
Amounts due to group undertakings
538,360
132,966
7
Share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
700,000 Ordinary shares of £1 each
700,000
700,000
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Jonathan Sutcliffe.
The auditor was Kingston Smith LLP.
9
Contingent Liabilities
There is a fixed and floating charge over the company's assets in favour of Leumi ABL Limited, the company's bankers.
10
Controlling party
The company is a 100% subsidiary of Corps of Commissionaires Management Limited, a company registered in England and Wales.
Consolidated accounts for the parent undertaking Corps of Commissionaires Management Limited and it's subsidiaries are publically available from Companies House, Crown Way, Cardiff, CF14 3UZ.