REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
CSA FINANCIAL (UK) LTD |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
CSA FINANCIAL (UK) LTD |
CSA FINANCIAL (UK) LTD (REGISTERED NUMBER: 03728695) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
CSA FINANCIAL (UK) LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
7 St John's Road |
Harrow |
Middlesex |
HA1 2EY |
CSA FINANCIAL (UK) LTD (REGISTERED NUMBER: 03728695) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
CSA FINANCIAL (UK) LTD (REGISTERED NUMBER: 03728695) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
CSA Financial (UK) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
Where total liabilities exceed current assets the directors consider the ability of the company to meet its liabilities from liquid assets when they fall due. The directors also consider the support given to the company by its parent company. |
If the directors are of the opinion that the company can meet its liabilities as they fall due, and has sufficient support from its parent company, the financial statements are prepared on a going concern basis. |
Turnover and revenue recognition |
Turnover represents the earnings under finance leases, rentals from operating leases and sale proceeds of leased assets at the end of the lease. |
Revenue from finance leases and operating leases is recognised in accordance with the Company's policies on leases (see below). |
Finance lease income is allocated to accounting periods so as to give a constant periodic rate of return. |
Rental income from operating leases is recognised on a straight line basis over the lease term. |
Revenue from the sale of rental assets is recognised on transfer of ownership. |
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 operating lease, over the lease term, whichever is the shorter. |
Operating Lease Assets - Straight line over the term of the lease. |
Furniture, fixture and fittings - 20% and 33.33% on cost. |
Computer equipment- 33% reducing balance method. |
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. |
CSA FINANCIAL (UK) LTD (REGISTERED NUMBER: 03728695) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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 differences are taken into account in arriving at the operating result. |
Leases |
Contracts to lease assets are classified as finance leases if they transfer substantially all the risks and rewards of ownership of the asset to the customer; all other contracts with customers to lease assets are classified as operating leases. |
Operating Lease |
Assets held under operating leases are recorded as fixed assets and depreciated over the useful life. Rental income from operating leases has been recognised on a straight line basis over the period of the lease. Where the right to future rentals has been assigned but all other lessor obligations retained, the consideration received is recognised over the period of the lease. |
Finance Lease |
Amounts due from lessees under finance leases have been recorded on the balance sheet as receivables at the amount of net investment in the lease. |
Derecognition |
A financial asset is derecognised when the contractual right to receive cash flows from the asset has expired or when it has been transferred and the transfer qualifies for derecognition. |
A financial liability is removed from the Balance Sheet when the obligation is discharged, cancelled, or expires. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Furniture, |
Plant and | fixtures | Computer |
machinery | & fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
CSA FINANCIAL (UK) LTD (REGISTERED NUMBER: 03728695) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Wages Payable | (334 | ) | - |
VAT | 427,547 | 211,460 |
Other creditors |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
During the year under review the company paid £475,277 (2021: £475,277) towards management charges to CSA Financial Corporation, the parent company. |
Included in the creditors as at the balance sheet date is £11,671,634 (2021: £10,934,794), an amount owed to CSA Financial Corporation. Interest of £424,739 (2021: £266,960) was charged during the year in respect of this loan. |
10. | ULTIMATE PARENT AND CONTROLLING PARTY |
The company is a subsidiary of CSA Financial Corporation, a company registered in the United States of America. The director considers CSA Financial Corporation to be the ultimate controlling party. |
CSA FINANCIAL (UK) LTD (REGISTERED NUMBER: 03728695) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | GOING CONCERN |
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company had net current liabilities of £7,322,471 at 31 December 2022 (2021: £6,346,344). |
Within creditors is a loan from the parent company of £11,671,634 (2021: £10,934,794). Whilst the loan is repayable on demand, the parent company has provided the company with an undertaking that it will continue to support the company financially for the foreseeable future and that it will not seek repayment of the amount currently owing to it in the twelve months from the date of signing the financial statements. |
The company also held cash balances of £4,246,317 at 31 December 2022 (2021: £4,111,597). |
Accordingly, the director considers that there is no material uncertainty in relation to going concern, and that it is appropriate to prepare the financial statements on a going concern basis. |