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COMPANY REGISTRATION NUMBER: 07132869
CEAD LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2023
CEAD LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31st JANUARY 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
CEAD LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
6,529
4,601
CURRENT ASSETS
Debtors
6
42,851
21,661
Cash at bank and in hand
11,315
22,430
---------
---------
54,166
44,091
CREDITORS: amounts falling due within one year
7
32,979
22,351
---------
---------
NET CURRENT ASSETS
21,187
21,740
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
27,716
26,341
CREDITORS: amounts falling due after more than one year
8
15,833
25,000
PROVISIONS
Taxation including deferred tax
1,240
874
---------
---------
NET ASSETS
10,643
467
---------
---------
CAPITAL AND RESERVES
Called up share capital
10
100
100
Profit and loss account
10,543
367
---------
----
SHAREHOLDERS FUNDS
10,643
467
---------
----
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 31st January 2023 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 .
CEAD LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
R. Maier
Director
Company registration number: 07132869
CEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st JANUARY 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 Toffee Factory, Lower Steenbergs Yard, Newcastle upon Tyne, Tyne and Wear, NE1 2DF.
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. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The director considers that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's director, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and 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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. 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 subsequently stated at cost less any accumulated depreciation and 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:
Motor vehicle
-
25% reducing balance
Equipment
-
25% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. TANGIBLE ASSETS
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1st February 2022
5,446
5,446
Additions
3,000
904
3,904
Disposals
( 64)
( 64)
-------
-------
-------
At 31st January 2023
3,000
6,286
9,286
-------
-------
-------
Depreciation
At 1st February 2022
845
845
Charge for the year
312
1,664
1,976
Disposals
( 64)
( 64)
-------
-------
-------
At 31st January 2023
312
2,445
2,757
-------
-------
-------
Carrying amount
At 31st January 2023
2,688
3,841
6,529
-------
-------
-------
At 31st January 2022
4,601
4,601
-------
-------
-------
6. DEBTORS
2023
2022
£
£
Trade debtors
27,421
19,006
Prepayments
1,417
1,401
Corporation tax repayable
1,254
Other debtors
14,013
---------
---------
42,851
21,661
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loan
5,000
Accruals
2,018
1,163
Corporation tax
4,004
Social security and other taxes
16,027
16,567
Director loan accounts
5,930
4,621
---------
---------
32,979
22,351
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loan
15,833
25,000
---------
---------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
1,240
874
-------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,240
874
-------
----
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. RELATED PARTY TRANSACTIONS
Spark Developments Ltd is a company in which R. Maier is a director and 50% shareholder. During the year CEAD Limited loaned Spark Developments Ltd £14,013. At the year end £14,013 remained outstanding and is included within debtors. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.