Company Registration No. 05867388 (England and Wales)
C&T UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
C&T UK LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
C&T UK LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
65,936
74,642
Current assets
Debtors
4
617,300
17,188
Cash at bank and in hand
317,796
698,485
935,096
715,673
Creditors: amounts falling due within one year
5
(837,147)
(606,639)
Net current assets
97,949
109,034
Total assets less current liabilities
163,885
183,676
Creditors: amounts falling due after more than one year
6
(23,333)
(33,333)
Net assets
140,552
150,343
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
140,550
150,341
Total equity
140,552
150,343
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 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 member has 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.
C&T UK LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 11 October 2023
Mr J Anwar
Director
Company Registration No. 05867388
C&T UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
C&T UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Nightingale House, 1-3 Brighton Road, Crawley, West Sussex, RH10 6AE.
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 £.
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.
1.3
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:
Leasehold improvements
Straight-line basis over 10 year
Fixtures and fittings
25% - Straight line method
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
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.
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.
C&T UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
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 income statement 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:4 (2022 - 5 )
2023
2022
Number
Number
Total
4
5
C&T UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2022
79,092
59,063
138,155
Additions
708
708
At 31 January 2023
79,092
59,771
138,863
Depreciation and impairment
At 1 February 2022
7,909
55,604
63,513
Depreciation charged in the year
7,909
1,505
9,414
At 31 January 2023
15,818
57,109
72,927
Carrying amount
At 31 January 2023
63,274
2,662
65,936
At 31 January 2022
71,183
3,459
74,642
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
617,300
17,188
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
167,701
4,185
Amounts owed to group undertakings
318,018
269,261
Corporation tax
2,375
482
Other taxation and social security
21,237
4,134
Other creditors
317,816
318,577
837,147
606,639
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,333
33,333
C&T UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Other information
The company was under the control of Mr Anwar throughout the year. Mr Anwar is the managing director and sole shareholder. Mr Anwar is also the managing director and 50% shareholder in The Car Hire Specialists (Crawley) Ltd. At the year end a loan amounting to £ 318,018.30 (2022 - £ 269,261 ) was due to The Car Hire Specialists (Crawley) Ltd.
Mr Anwar is also the managing director and 50% shareholder in Springfield Rental Holdings Limited. At the year end a loan amounting to £600,000 (2022 - £nil) was due to C&T UK Ltd
Included within other creditors is a loan of £35,000 (2022 - £35,000) from CS UK Solutions Ltd of which Mr Anwar is a director and shareholder.
8
Directors' transactions
Dividends totalling £8,500 (2022 - £2,000) were paid in the year in respect of shares held by the company's directors.
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr J Anwar -
(2,965)
9,697
(8,500)
(1,768)
(2,965)
9,697
(8,500)
(1,768)