Company registration number 08596898 (England and Wales)
C-TEC SOUTH WEST LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
C-TEC SOUTH WEST LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
C-TEC SOUTH WEST LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
3
135,000
-
0
Tangible assets
4
91,112
73,385
226,112
73,385
Current assets
Stocks
159,801
51,198
Debtors
5
1,093,956
842,591
Cash at bank and in hand
163,546
111,182
1,417,303
1,004,971
Creditors: amounts falling due within one year
6
(827,911)
(425,848)
Net current assets
589,392
579,123
Total assets less current liabilities
815,504
652,508
Creditors: amounts falling due after more than one year
7
(26,850)
(35,434)
Provisions for liabilities
(15,908)
(8,389)
Net assets
772,746
608,685
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
772,744
608,683
Total equity
772,746
608,685
C-TEC SOUTH WEST LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 and signed by the director and authorised for issue on 9 October 2023
Mr N Deakin
Director
Company Registration No. 08596898
C-TEC SOUTH WEST LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

C-TEC South West Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Millennium House, Brannam Crescent, Roundswell Business Park, Barnstaple, Devon, EX31 3TD.

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 amounts 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Tenants improvements
Straight line over 5 years
Plant and machinery
15% reducing balance
Motor vehicles
Straight line over 5 years

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.

C-TEC SOUTH WEST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.6
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

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
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.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

C-TEC SOUTH WEST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022
-
0
Additions
150,000
At 31 March 2023
150,000
Amortisation and impairment
At 1 April 2022
-
0
Amortisation charged for the year
15,000
At 31 March 2023
15,000
Carrying amount
At 31 March 2023
135,000
At 31 March 2022
-
0
C-TEC SOUTH WEST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
680
154,252
154,932
Additions
-
0
43,080
43,080
At 31 March 2023
680
197,332
198,012
Depreciation and impairment
At 1 April 2022
680
80,867
81,547
Depreciation charged in the year
-
0
25,353
25,353
At 31 March 2023
680
106,220
106,900
Carrying amount
At 31 March 2023
-
0
91,112
91,112
At 31 March 2022
-
0
73,385
73,385
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
698,341
494,973
Other debtors
395,615
347,618
1,093,956
842,591
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,616
10,648
Trade creditors
674,614
301,216
Corporation tax
87,496
37,969
Other taxation and social security
50,139
53,409
Other creditors
6,046
22,606
827,911
425,848
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,850
35,434
C-TEC SOUTH WEST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -

The bank loan is secured.

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary A of £1 each
1
1
1 Ordinary B of £1 each
1
1
2
2
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
9,200
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