Company registration number 03218976 (England and Wales)
CARTEL LIMOUSINES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
CARTEL LIMOUSINES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CARTEL LIMOUSINES LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
160,951
186,244
Current assets
Debtors
5
564,988
564,897
Cash at bank and in hand
5,573
8,773
570,561
573,670
Creditors: amounts falling due within one year
6
(264,330)
(259,450)
Net current assets
306,231
314,220
Total assets less current liabilities
467,182
500,464
Creditors: amounts falling due after more than one year
7
(25,989)
(36,753)
Provisions for liabilities
(27,018)
(34,591)
Net assets
414,175
429,120
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
414,075
429,020
Total equity
414,175
429,120
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 May 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.
CARTEL LIMOUSINES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 February 2024
T Gallagher
Director
Company registration number 03218976 (England and Wales)
CARTEL LIMOUSINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
Cartel Limousines Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Westport Business Park, Viscount Industrial Estate, Horton road, Colnbrook, SL3 0DF.
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. Turnover is recognised on the provision of the limousine hire service.
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:
Plant and machinery
33% Reducing Balance
Fixtures, fittings & equipment
15% Reducing balance
Motor vehicles
25% Reducing balance
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
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
CARTEL LIMOUSINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
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.
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 profit and loss account, 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.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
CARTEL LIMOUSINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Recoverability of intercompany balances
Management regularly review intercompany balances for recoverability.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022
19,240
37,842
627,560
684,642
Additions
91,240
91,240
Disposals
(249,350)
(249,350)
At 31 May 2023
19,240
37,842
469,450
526,532
Depreciation and impairment
At 1 June 2022
19,158
34,286
444,954
498,398
Depreciation charged in the year
27
533
26,689
27,249
Eliminated in respect of disposals
(160,066)
(160,066)
At 31 May 2023
19,185
34,819
311,577
365,581
Carrying amount
At 31 May 2023
55
3,023
157,873
160,951
At 31 May 2022
82
3,556
182,606
186,244
CARTEL LIMOUSINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
4
Tangible fixed assets
(Continued)
- 6 -
Motor vehicles have been pledged to secure finance lease borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity until the liability is settled.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
902
899
Amounts owed by group undertakings
558,225
558,225
Other debtors
5,861
5,773
564,988
564,897
The amounts owed by group undertakings are unsecured, interest-free and repayable on demand with no fixed repayment terms.
Amounts owed by group undertakings are unsecured, interest-free with no fixed repayment terms.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,701
8,333
Trade creditors
9,438
4,120
Amounts owed to group undertakings
23,696
30,445
Taxation and social security
87,617
81,701
Other creditors
133,878
134,851
264,330
259,450
Amounts owed to group undertakings are unsecured, interest-free with no fixed repayment terms.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,989
36,753
CARTEL LIMOUSINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
During 2021, the company obtained a Government backed Bounce Back Loan from its bankers. The loan is repayable over 6 years from December 2021. The loan is unsecured and interest is payable at the rate of 2.5% per annum.
Included in other creditors are obligations under finance leases falling due within and after more than one year, amounting to £0 (2022: £5,785), that are secured on the assets financed.
The following charges have been registered by the company's bankers:
(1) A registered charge in the form of a Mortgage Debenture dated 22 November 1999, in favour of the company's bankers, AIB Group (UK) Plc. This comprises a fixed and floating charge over the undertaking and present and future assets of the company.
8
Financial commitments, guarantees and contingent liabilities
The company has provided guarantees in respect of bank facilities of a related company as part of a cross-company guarantee in favour of the company's bankers, AIB (UK) Plc. At 31 May 2023, the outstanding bank loan liability in the company controlled by the sole director, which is not included in the company's balance sheet, amounted to £454,321 (2022: £485,244).
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
£
£
2,599
7,020
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Fellow subsidiaries
23,696
30,445
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
558,225
558,225
The amounts outstanding are unsecured, interest-free, repayable on demand and will be settled in cash.
CARTEL LIMOUSINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
11
Parent company
The ultimate parent company is Cartel Direct Holdings Limited and its registered office is Unit 1 Westport Business Park, Viscount Industrial Estate,Horton Road, Colnbrook, SL3 0DF.
The ultimate controlling party is T Gallagher who owns the entire issued share capital of Cartel Direct Holdings Limited, the ultimate parent company