12 31/07/2023 2023-07-31 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2022-08-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03820803 2022-08-01 2023-07-31 03820803 2023-07-31 03820803 2022-07-31 03820803 2021-08-01 2022-07-31 03820803 2022-07-31 03820803 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 03820803 core:MotorVehicles 2022-08-01 2023-07-31 03820803 bus:RegisteredOffice 2022-08-01 2023-07-31 03820803 bus:LeadAgentIfApplicable 2022-08-01 2023-07-31 03820803 bus:Director1 2022-08-01 2023-07-31 03820803 bus:Director3 2022-08-01 2023-07-31 03820803 bus:Director4 2022-08-01 2023-07-31 03820803 bus:Director5 2022-08-01 2023-07-31 03820803 bus:CompanySecretary1 2022-08-01 2023-07-31 03820803 core:FurnitureFittingsToolsEquipment 2022-07-31 03820803 core:MotorVehicles 2022-07-31 03820803 core:FurnitureFittingsToolsEquipment 2023-07-31 03820803 core:MotorVehicles 2023-07-31 03820803 core:WithinOneYear 2023-07-31 03820803 core:WithinOneYear 2022-07-31 03820803 core:ShareCapital 2023-07-31 03820803 core:ShareCapital 2022-07-31 03820803 core:CapitalRedemptionReserve 2023-07-31 03820803 core:CapitalRedemptionReserve 2022-07-31 03820803 core:RetainedEarningsAccumulatedLosses 2023-07-31 03820803 core:RetainedEarningsAccumulatedLosses 2022-07-31 03820803 core:BetweenOneFiveYears 2023-07-31 03820803 core:FurnitureFittingsToolsEquipment 2022-07-31 03820803 core:MotorVehicles 2022-07-31 03820803 bus:SmallEntities 2022-08-01 2023-07-31 03820803 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03820803 bus:FullAccounts 2022-08-01 2023-07-31 03820803 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03820803 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31
Company registration number: 03820803
(England and Wales)
CURTIS ASSEMBLE AND TEST LIMITED
Unaudited filleted financial statements
for the year ended
31 July 2023
CURTIS ASSEMBLE AND TEST LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
CURTIS ASSEMBLE AND TEST LIMITED
Directors and other information
Directors Mr R J Baker
Mr R M Curtis
Mr A I R Mackay
Mr S D Whittle
Secretary R J Baker
Company number 03820803
Registered office 4 & 5 The Cedars
Apex 12, Old Ipswich Road
Colchester
Essex
CO7 7QR
Business address Heckworth Close
Colchester Business Park
Colchester
CO4 9TB
Accountants Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
CURTIS ASSEMBLE AND TEST LIMITED
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of CURTIS ASSEMBLE AND TEST LIMITED
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CURTIS ASSEMBLE AND TEST LIMITED for the year ended 31 July 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of CURTIS ASSEMBLE AND TEST LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of CURTIS ASSEMBLE AND TEST LIMITED and state those matters that we have agreed to state to the board of directors of CURTIS ASSEMBLE AND TEST LIMITED as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CURTIS ASSEMBLE AND TEST LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that CURTIS ASSEMBLE AND TEST LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CURTIS ASSEMBLE AND TEST LIMITED. You consider that CURTIS ASSEMBLE AND TEST LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of CURTIS ASSEMBLE AND TEST LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
11 October 2023
CURTIS ASSEMBLE AND TEST LIMITED
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 83,480 104,624
_______ _______
83,480 104,624
Current assets
Stocks 240,198 362,281
Debtors 6 783,225 610,427
Cash at bank and in hand 888,041 712,213
_______ _______
1,911,464 1,684,921
Creditors: amounts falling due
within one year 7 ( 452,108) ( 314,887)
_______ _______
Net current assets 1,459,356 1,370,034
_______ _______
Total assets less current liabilities 1,542,836 1,474,658
_______ _______
Net assets 1,542,836 1,474,658
_______ _______
Capital and reserves
Called up share capital 1,960 1,960
Capital redemption reserve 2,040 2,040
Profit and loss account 1,538,836 1,470,658
_______ _______
Shareholders funds 1,542,836 1,474,658
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 11 October 2023 , and are signed on behalf of the board by:
Mr R J Baker
Director
Company registration number: 03820803
CURTIS ASSEMBLE AND TEST LIMITED
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.
The principal activity of the company continues to be that of machine tool engineering.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 August 2022 145,776 17,600 163,376
Additions 7,625 - 7,625
_______ _______ _______
At 31 July 2023 153,401 17,600 171,001
_______ _______ _______
Depreciation
At 1 August 2022 44,356 14,396 58,752
Charge for the year 27,967 802 28,769
_______ _______ _______
At 31 July 2023 72,323 15,198 87,521
_______ _______ _______
Carrying amount
At 31 July 2023 81,078 2,402 83,480
_______ _______ _______
At 31 July 2022 101,420 3,204 104,624
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 304,741 426,805
Other debtors 478,484 183,622
_______ _______
783,225 610,427
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 107,155 101,392
Taxation and social security 23,969 17,017
Other creditors 320,984 196,478
_______ _______
452,108 314,887
_______ _______
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 60,000 21,333
Later than 1 year and not later than 5 years 100,000 -
_______ _______
160,000 21,333
_______ _______
9. Controlling party
The company is controlled by Mr R J Baker .