Company Registration No. 12597677 (England and Wales)
CNT Investments Limited
Unaudited accounts
for the year ended 31 May 2023
CNT Investments Limited
Unaudited accounts
Contents
CNT Investments Limited
Company Information
for the year ended 31 May 2023
Company Number
12597677 (England and Wales)
Registered Office
44 Portland Avenue
London
N16 6EA
CNT Investments Limited
Statement of financial position
as at 31 May 2023
Investment property
8,600,000
6,150,000
Cash at bank and in hand
45,485
99
Creditors: amounts falling due within one year
(5,737,879)
(4,275,821)
Net current liabilities
(4,989,141)
(3,305,687)
Total assets less current liabilities
3,616,505
2,845,181
Creditors: amounts falling due after more than one year
(904,858)
(963,296)
Provisions for liabilities
Deferred tax
(582,380)
(421,000)
Net assets
2,129,267
1,460,885
Called up share capital
100
100
Profit and loss account
2,129,167
1,460,785
Shareholders' funds
2,129,267
1,460,885
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 February 2024 and were signed on its behalf by
Mr C N Tauber
Director
Company Registration No. 12597677
CNT Investments Limited
Notes to the Accounts
for the year ended 31 May 2023
CNT Investments Limited is a private company, limited by shares, registered in England and Wales, registration number 12597677. The registered office is 44 Portland Avenue, London, N16 6EA.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Directors do not consider there are any critical judgments or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% direct line
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
CNT Investments Limited
Notes to the Accounts
for the year ended 31 May 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Tangible fixed assets
Computer equipment
Fair value at 1 June 2022
6,150,000
Net gain from fair value adjustments
671,444
The investment properties at 31 May 2022 are stated at director's estimation of open market value.
Amounts falling due within one year
Trade debtors
121,531
8,993
Other debtors
581,722
961,042
CNT Investments Limited
Notes to the Accounts
for the year ended 31 May 2023
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
29,219
29,400
Trade creditors
36,291
20,341
Taxes and social security
39,958
23,016
Other creditors
5,631,211
4,201,864
Included in other creditors are amounts aggregating £5,252,781 (2022: £4,028,013) due to companies which have a director in common with the company.
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Creditors: amounts falling due after more than one year
2023
2022
Bank loans
904,858
963,296
Aggregate of amounts that fall due for payment after five years
846,000
846,000
The bank loans are secured on the company's investment properties.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Transactions with related parties
Other debtors include amounts totaling £575,772 owed by companies with a director in common with the company.
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Average number of employees
During the year the average number of employees was 3 (2022: 3).