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REGISTERED NUMBER: 01741863 (England and Wales)















CENTRAL TRADE LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2022






CENTRAL TRADE LIMITED (REGISTERED NUMBER: 01741863)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2022










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CENTRAL TRADE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2022







DIRECTORS: R K Lusk
C W Lusk
Mrs S D Ludvigsen-Lusk
Mrs L Lusk





REGISTERED OFFICE: 1 Addison Bridge Place
Kensington
London
W14 8XP





REGISTERED NUMBER: 01741863 (England and Wales)





ACCOUNTANTS: Joseph Kahan Associates LLP
Chartered Accountants
923 Finchley Road
London
NW11 7PE

CENTRAL TRADE LIMITED (REGISTERED NUMBER: 01741863)

STATEMENT OF FINANCIAL POSITION
30TH NOVEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 19,095 28,642
Tangible assets 6 322,090 349,868
Investments 7 126,476 126,476
467,661 504,986

CURRENT ASSETS
Stocks 8 2,755,690 1,641,450
Debtors 9 1,717,192 1,197,730
Cash at bank and in hand 723,628 1,336,867
5,196,510 4,176,047
CREDITORS
Amounts falling due within one year 10 1,423,143 1,571,982
NET CURRENT ASSETS 3,773,367 2,604,065
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,241,028

3,109,051

CREDITORS
Amounts falling due after more than one
year

11

(43,694

)

(50,000

)

PROVISIONS FOR LIABILITIES 12 (28,048 ) (31,540 )
NET ASSETS 4,169,286 3,027,511

CAPITAL AND RESERVES
Called up share capital 13 200 200
Retained earnings 14 4,169,086 3,027,311
SHAREHOLDERS' FUNDS 4,169,286 3,027,511

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CENTRAL TRADE LIMITED (REGISTERED NUMBER: 01741863)

STATEMENT OF FINANCIAL POSITION - continued
30TH NOVEMBER 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th November 2023 and were signed on its behalf by:





C W Lusk - Director


CENTRAL TRADE LIMITED (REGISTERED NUMBER: 01741863)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2022


1. STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Addison Bridge Place, Kensington, London W14 8XP.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The historical cost basis, as modified by the revaluation of certain financial assets and liabilities.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements,estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of four years.

Website Development costs are being amortised evenly over their estimated useful life of four years.

CENTRAL TRADE LIMITED (REGISTERED NUMBER: 01741863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2022


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvement to freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Motor bicycle - 25% p.a. on reducing balance
Computer equipment - 33.33% on reducing balance

Tangible assets are initially recorded at cost and subsequently stated at cost less accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of any asset as a result of the revaluation, is recognised in other comprehensive income and accumulated in equity, 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 a revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
A review for indications of fixed asset impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators of impairment exist. Where the carrying amount exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, where 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 flows that are largely independent of the cash flows from other assets or group of assets.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all costs of purchase and other costs incurred in bringing the stock to ts present location and condition.

CENTRAL TRADE LIMITED (REGISTERED NUMBER: 01741863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2022


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs
The group operates a defined contribution pension scheme for employees. The annual contributions payable are charged to the group profit and loss account.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange gains or losses are taken to the profit and loss account.

CENTRAL TRADE LIMITED (REGISTERED NUMBER: 01741863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2022


3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The group operates a defined contribution pension scheme for employees. The annual contributions payable are charged to the group profit and loss account.

Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit or loss, 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.

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 the profit or loss account.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2021 - NIL ) .

CENTRAL TRADE LIMITED (REGISTERED NUMBER: 01741863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2022


5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st December 2021
and 30th November 2022 48,190
AMORTISATION
At 1st December 2021 19,548
Charge for year 9,547
At 30th November 2022 29,095
NET BOOK VALUE
At 30th November 2022 19,095
At 30th November 2021 28,642

6. TANGIBLE FIXED ASSETS
Improvement
to Fixtures
Freehold freehold and
property property fittings
£    £    £   
COST
At 1st December 2021 294,758 79,011 20,903
Additions - - 19,166
At 30th November 2022 294,758 79,011 40,069
DEPRECIATION
At 1st December 2021 130,374 14,190 9,776
Charge for year 5,896 1,580 4,544
At 30th November 2022 136,270 15,770 14,320
NET BOOK VALUE
At 30th November 2022 158,488 63,241 25,749
At 30th November 2021 164,384 64,821 11,127

CENTRAL TRADE LIMITED (REGISTERED NUMBER: 01741863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2022


6. TANGIBLE FIXED ASSETS - continued

Motor Computer
bicycle equipment Totals
£    £    £   
COST
At 1st December 2021 5,665 1,041,269 1,441,606
Additions - 2,373 21,539
At 30th November 2022 5,665 1,043,642 1,463,145
DEPRECIATION
At 1st December 2021 5,649 931,749 1,091,738
Charge for year 4 37,293 49,317
At 30th November 2022 5,653 969,042 1,141,055
NET BOOK VALUE
At 30th November 2022 12 74,600 322,090
At 30th November 2021 16 109,520 349,868

There is a first mortgage dated 11 March 2005 over the Freehold Property.

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Computer
equipment
£   
COST
At 1st December 2021
and 30th November 2022 197,861
DEPRECIATION
At 1st December 2021 180,490
Charge for year 5,790
At 30th November 2022 186,280
NET BOOK VALUE
At 30th November 2022 11,581
At 30th November 2021 17,371

CENTRAL TRADE LIMITED (REGISTERED NUMBER: 01741863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2022


7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st December 2021
and 30th November 2022 126,476
NET BOOK VALUE
At 30th November 2022 126,476
At 30th November 2021 126,476

Subsidiary Name Country of Incorporation
Central Trade Germany GmbH Germany



The above company is wholly owned by Central Trade Ltd. The main activity of company is that of the retail and wholesale sale of specialized footwear during the period.

8. STOCKS
2022 2021
£    £   
Finished goods 2,755,690 1,641,450

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 854,339 448,508
Amounts owed by group undertakings 862,853 749,222
1,717,192 1,197,730

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 883,762 1,133,115
Social security and other taxes 21,501 17,658
VAT 496,767 401,553
Other creditors 7,686 9,278
Directors' current accounts 2,727 378
Accruals 10,700 10,000
1,423,143 1,571,982

CENTRAL TRADE LIMITED (REGISTERED NUMBER: 01741863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2022


11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans - 1-2 years 43,694 50,000

12. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 28,048 31,540

Deferred
tax
£   
Balance at 1st December 2021 31,540
Credit to Income Statement during year (3,492 )
Balance at 30th November 2022 28,048

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
200 Ordinary £1 200 200

14. RESERVES
Retained
earnings
£   

At 1st December 2021 3,027,311
Profit for the year 1,261,775
Dividends (120,000 )
At 30th November 2022 4,169,086

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

CENTRAL TRADE LIMITED (REGISTERED NUMBER: 01741863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2022


16. GUARANTEE AND INDEMNITIES

The company has given a guarantee dated 12 March 2014 in favour of HMRC amounting to £30,000.

The company has also given negotiation facility of £100,000 in favour of foreign bills.

HSBC have a fixed and floating charge over the company's assets. In addition, HSBC have a legal assignment of company's debts.