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REGISTERED NUMBER: 03351664 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

CARLTONE LIMITED

CARLTONE LIMITED (REGISTERED NUMBER: 03351664)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CARLTONE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: M Khosravi





REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA





REGISTERED NUMBER: 03351664 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

CARLTONE LIMITED (REGISTERED NUMBER: 03351664)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 378,124 378,760

CURRENT ASSETS
Inventories 3,812,369 3,800,293
Debtors 5 2,247,765 4,738,159
Cash at bank 984,079 356,933
7,044,213 8,895,385
CREDITORS
Amounts falling due within one year 6 1,890,537 573,966
NET CURRENT ASSETS 5,153,676 8,321,419
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,531,800

8,700,179

CREDITORS
Amounts falling due after more than one
year

7

3,707,570

6,890,073
NET ASSETS 1,824,230 1,810,106

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 128,000 128,000
Retained earnings 1,696,130 1,682,006
1,824,230 1,810,106

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 14 February 2024 and were signed by:





M Khosravi - Director


CARLTONE LIMITED (REGISTERED NUMBER: 03351664)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Carltone 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
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. There are no significant judgements or estimates involved in the preparation of the financial statements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & Equipment15% Reducing Balance Method
Land and BuildingNIL.


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

Financial instruments
Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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.

CARLTONE LIMITED (REGISTERED NUMBER: 03351664)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 374,751 7,424 382,175
DEPRECIATION
At 1 April 2022 - 3,415 3,415
Charge for year - 636 636
At 31 March 2023 - 4,051 4,051
NET BOOK VALUE
At 31 March 2023 374,751 3,373 378,124
At 31 March 2022 374,751 4,009 378,760

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by connected companies 2,120,574 4,687,343
Other debtors 127,191 50,816
2,247,765 4,738,159

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 53,407 26,351
Amounts owed to connected companies 1,241,660 -
Taxation and social security 35,118 46,727
Other creditors 560,352 500,888
1,890,537 573,966

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 3,707,570 6,890,073

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,707,570 6,890,073

Bank loan are secured by way of fixed charges over the freehold property of the company and contains negative pledge.

CARLTONE LIMITED (REGISTERED NUMBER: 03351664)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. RESERVES
Revaluation
reserve
£   
At 1 April 2022
and 31 March 2023 128,000

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
A J Zadah
Balance outstanding at start of year 32,162 45,528
Amounts advanced 218,569 198,456
Amounts repaid (163,741 ) (211,822 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 86,990 32,162

An interest of £914 was charged on the overdrawn balance at the beneficial rate of 2% p.a.

11. RELATED PARTY DISCLOSURES

Included in debtors, amounts falling due within one year, is an amount £2,063,042 (£4,661,790- 2022) receivable from connected parties. The interest receivable is charged on the loan at 3.75% daily rate.

Included in debtors, amounts falling due within one year, is an amount £32,217 (£25,553 - 2021) receivable from connected parties. This loan is interest free and repayable on demand.

Included in creditors, amounts falling due within one year, is an amount £1,241,660 (Dr. £2,253,656 - 2022) payable to connected parties. The interest payable is charged on the loan at 3.75% daily rate.