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COMPANY REGISTRATION NUMBER: 10257623
Centree Installations Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
Centree Installations Limited
Financial Statements
Year ended 31 December 2021
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Centree Installations Limited
Officers and Professional Advisers
DIRECTOR
D Griffin
REGISTERED OFFICE
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
ACCOUNTANTS
Streets
Chartered Accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
BANKERS
Barclays Bank Plc
41 High Street
St Neots
Cambs
PE19 1AS
Centree Installations Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
46,777
42,685
Current assets
Debtors
6
90,433
68,495
Cash at bank and in hand
7,382
41,880
--------
---------
97,815
110,375
Creditors: amounts falling due within one year
7
93,767
75,979
--------
---------
Net current assets
4,048
34,396
--------
--------
Total assets less current liabilities
50,825
77,081
Creditors: amounts falling due after more than one year
8
54,129
64,899
Provisions
8,773
7,988
--------
--------
Net (liabilities)/assets
( 12,077)
4,194
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 12,177)
4,094
--------
-------
Shareholders (deficit)/funds
( 12,077)
4,194
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Centree Installations Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 12 May 2022 , and are signed on behalf of the board by:
D Griffin
Director
Company registration number: 10257623
Centree Installations Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The principal place of business is Centree House, Unit 6-8, Bicton Industrial Park, Kimbolton, Huntingdon, Cambridgeshire, PE28 0LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director assesses whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The director makes this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. During the year the UK has continued to experience a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the director remains committed to the protection of the business and the situation is being regularly reviewed. The company successfully applied for a Bounce Back Loan, supported by the UK Government, which is repayable over the next five years, along with instalments due under the company's hire purchase agreements. The director considers that the company will have adequate resources to continue in operational existence for the foreseeable future and to meet its debts as they fall due for payment. Accordingly, the financial statements have been prepared on a going concern basis.
Rental income
The company received rental income from the shared use of its leased premises. Rent received is recognised on an accruals basis.
Revenue recognition
Turnover represents commissions receivable by the company which have been accounted for on an accruals basis, net of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% or 33% Reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2020: 15 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2021
5,030
57,217
62,247
Additions
19,475
19,475
-------
--------
--------
At 31 December 2021
5,030
76,692
81,722
-------
--------
--------
Depreciation
At 1 January 2021
976
18,586
19,562
Charge for the year
1,014
14,369
15,383
-------
--------
--------
At 31 December 2021
1,990
32,955
34,945
-------
--------
--------
Carrying amount
At 31 December 2021
3,040
43,737
46,777
-------
--------
--------
At 31 December 2020
4,054
38,631
42,685
-------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2021
24,764
--------
At 31 December 2020
33,018
--------
6. Debtors
2021
2020
£
£
Trade debtors
739
2,227
Amounts owed by group undertakings and undertakings in which the company has a participating interest
75,622
49,269
Other debtors
14,072
16,999
--------
--------
90,433
68,495
--------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
10,000
5,833
Trade creditors
40,361
1,977
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,900
7,900
Social security and other taxes
14,327
45,765
Other creditors
26,179
14,504
--------
--------
93,767
75,979
--------
--------
Bank loans and overdrafts are liabilities secured by the UK Government under the coronavirus Bounce Back Loan Scheme. Included within other creditors are liabilities due under hire purchase and finance leases, totalling £18,059 (2020 £12,697), which are secured on the assets concerned.
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
34,167
44,167
Other creditors
19,962
20,732
--------
--------
54,129
64,899
--------
--------
Bank loans and overdrafts are liabilities secured by the UK Government under the coronavirus Bounce Back Loan Scheme. Included within other creditors are liabilities due under hire purchase and finance leases, totalling £19,962 (2020 £20,732), which are secured on the assets concerned.
9. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2021
2020
£
£
Recognised in other operating income:
Government grants recognised directly in income
108,875
96,983
---------
--------
10. Related party transactions
In May 2020 the company provided a loan of £50,000 to MACOI Limited, a fellow subsidiary of C.O.I. Properties Limited. No interest was charged for the first 12 months of the loan, but £696 was charged in the period May to December 2021. £5,833 was repaid during the year ended 31 December 2021, leaving a balance of £44,167 owed to Centree Installations Limited at the reporting date. The loan is repayable on demand.
11. Controlling party
The company's immediate parent undertaking is C.O.I. Properties Limited, a company incorporated in England and Wales and whose Registered Office address is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ.