REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2021 |
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CORPS MONITORING LIMITED |
REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2021 |
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FOR |
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CORPS MONITORING LIMITED |
CORPS MONITORING LIMITED (REGISTERED NUMBER: SC201997) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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CORPS MONITORING LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditors |
Devonshire House |
60 Goswell Road |
London |
EC1M 7AD |
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BANKERS: |
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126 Dyke Road |
Brighton |
West Sussex |
BN1 3TE |
CORPS MONITORING LIMITED (REGISTERED NUMBER: SC201997) |
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BALANCE SHEET |
31 MARCH 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 8 |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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CORPS MONITORING LIMITED (REGISTERED NUMBER: SC201997) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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1. | STATUTORY INFORMATION |
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Corps Monitoring Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The company made a profit of £29,100 during the year and, at the year end, had net current liabilities of £37,459. The impact of the Covid 19 pandemic on the company’s results and financial position has been limited. Government measures, being the Coronavirus Job Retention Scheme and VAT payment deferrals, have assisted the directors in managing the impact and ensuring that our colleagues are looked after. The directors continue to consider the impact of the pandemic as the situation develops. |
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The company is provided with financial support by its parent company, Corps of Commissionaires |
Management Limited. As a result, the directors consider it appropriate to prepare the financial |
statements on a going concern basis. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover represents the invoiced value of remote monitoring services provided net of value added tax. |
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Intangible fixed assets other than goodwill |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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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. |
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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: |
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Software 20-33% straight line |
CORPS MONITORING LIMITED (REGISTERED NUMBER: SC201997) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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: |
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- Freehold Land and buildings Nil for land, 2% for buildings |
- Fixtures, fittings & equipment 10-33% straight line |
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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. |
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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. |
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Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired. |
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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. |
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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. |
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Financial instruments |
Basic financial instruments are measured at amortised cost. The company has no other financial |
instruments or basic financial instruments measured at fair value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
CORPS MONITORING LIMITED (REGISTERED NUMBER: SC201997) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
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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. |
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Pension costs |
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 FRS 17, the scheme is accounted for as a defined benefit scheme in the financial statements of the parent company. |
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For the defined contribution scheme the amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year. |
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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. |
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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. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
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AMORTISATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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CORPS MONITORING LIMITED (REGISTERED NUMBER: SC201997) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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5. | TANGIBLE FIXED ASSETS |
Freehold |
land and | Plant and |
buildings | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2020 |
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Additions |
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Revaluations | ( |
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( |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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Revaluation adjustments | ( |
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( |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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The company's Remote Monitoring Centre freehold property value was reassessed by the directors at 31 March 2021. |
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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: |
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2021 | 2020 |
£ | £ |
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Cost | 1,217,000 | 1,217,000 |
Accumulated depreciation | (357,943 | ) | (335,523 | ) |
859,057 | 881,477 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
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8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2020 |
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Revaluation movement | (25,231 | ) |
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At 31 March 2021 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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CORPS MONITORING LIMITED (REGISTERED NUMBER: SC201997) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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10. | CONTINGENT LIABILITIES |
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There is a fixed and floating charge over the company's assets in favour of Leumi ABL Limited, the |
company's bankers. |
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11. | ULTIMATE CONTROLLING PARTY |
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The company is a 100% subsidiary of Corps of Commissionaires Management Limited, a company |
registered in England and Wales. |
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Consolidated accounts for the parent undertaking, Corps of Commissionaires Management Limited and its subsidiaries are publicly available from Companies House, Crown Way, Cardiff, CF14 3UZ. |