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REGISTERED NUMBER: 02830190 (England and Wales)











Centro Systems Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023






Centro Systems Limited (Registered number: 02830190)

Contents of the Financial Statements
for the Year Ended 31 July 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Centro Systems Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: S Carter
S Garner





SECRETARY: S Garner





REGISTERED OFFICE: 17 Union Street
Bridgtown
Cannock
Staffordshire
WS11 0BY





REGISTERED NUMBER: 02830190 (England and Wales)





ACCOUNTANTS: Haines Watts Tamworth Limited
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Centro Systems Limited (Registered number: 02830190)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 297 397

CURRENT ASSETS
Stocks 1,700 1,700
Debtors 5 48,850 65,023
Cash at bank and in hand 362 359
50,912 67,082
CREDITORS
Amounts falling due within one year 6 98,023 102,334
NET CURRENT LIABILITIES (47,111 ) (35,252 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(46,814

)

(34,855

)

CREDITORS
Amounts falling due after more than one year 7 6,417 9,917
NET LIABILITIES (53,231 ) (44,772 )

CAPITAL AND RESERVES
Called up share capital 10 300 300
Retained earnings (53,531 ) (45,072 )
SHAREHOLDERS' FUNDS (53,231 ) (44,772 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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.

Centro Systems Limited (Registered number: 02830190)

Balance Sheet - continued
31 July 2023


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 22 February 2024 and were signed on its behalf by:





S Carter - Director


Centro Systems Limited (Registered number: 02830190)

Notes to the Financial Statements
for the Year Ended 31 July 2023


1. STATUTORY INFORMATION

Centro Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

These accounts have been prepared on the going concern basis that the creditors, in particular the directors, continue to financially support the company.

Dividends were voted on interim figures and the directors confirmed no other dividends will be taken until there are sufficient reserves to do so.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

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

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Centro Systems Limited (Registered number: 02830190)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 August 2022
and 31 July 2023 44,715
DEPRECIATION
At 1 August 2022 44,318
Charge for year 100
At 31 July 2023 44,418
NET BOOK VALUE
At 31 July 2023 297
At 31 July 2022 397

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 44,945 61,076
Other debtors 3,905 3,947
48,850 65,023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 36,665 35,955
Trade creditors 18,252 13,054
Taxation and social security 31,744 41,203
Other creditors 11,362 12,122
98,023 102,334

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 8) 6,417 9,917

Centro Systems Limited (Registered number: 02830190)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 33,165 32,455
Bank loans 3,500 3,500
36,665 35,955

Amounts falling due between two and five years:
Bank loans - 2-5 years 6,417 9,917

The bank overdraft is secured by way of a fixed and floating charge over the assets of the company.

The loan has been taken under the government backed Bounce Back Loan Scheme. The government guarantees 100% of the finance to the lender and pays interest for the first 12 months after which the fixed rate of interest of 2.5% will be applied for the duration of the agreed repayment term of the loan.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 33,165 32,455

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300 Ordinary shares £1 300 300

11. RELATED PARTY DISCLOSURES

During the year the company received loans from SG & SC Properties, a company owned by the directors. At the year end there was an amount owed by the company to SG & SC Properties of £(390) (2022 - £(944)). The amount is interest free and repayable on demand.

At the year end the company was owed £785.04 (2022- £840) by businesses relating to the directors S Carter and S Garner.

During the year the company invoiced Centro Webnet Limited £63,000 (2022- £60,000) for management charges. The directors of the company also own Centro Webnet Limited. At the year end the company owed Centro Webnet Limited £1,762 (2022 - £4,230).