Registered number
09895829
CTE Services Ltd
Filleted Accounts
31 December 2023
CTE Services Ltd
Registered number: 09895829
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 573,672 477,131
Current assets
Stocks 176,746 208,943
Debtors 4 247,280 388,949
Cash at bank and in hand 320,142 58,583
744,168 656,475
Creditors: amounts falling due within one year 5 (380,296) (307,564)
Net current assets 363,872 348,911
Total assets less current liabilities 937,544 826,042
Creditors: amounts falling due after more than one year 6 (339,064) (307,926)
Provisions for liabilities (33,805) (13,861)
Net assets 564,675 504,255
Capital and reserves
Called up share capital 10 10
Profit and loss account 564,665 504,245
Shareholders' funds 564,675 504,255
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Chambers and Mr D Toms
Director
Approved by the board on 15 April 2024
CTE Services Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery 25% reducing balance
Fixtures and fittings 10% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 17
3 Tangible fixed assets
Land and buildings Plant and machinery etc Fixtures & fittings Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 404,646 32,007 - 128,190 564,843
Additions - 21,567 15,561 100,774 137,902
At 31 December 2023 404,646 53,574 15,561 228,964 298,099
Depreciation
At 1 January 2023 1,686 15,584 - 70,442 87,712
Charge for the year 8,093 9,497 1,556 22,215 41,361
At 31 December 2023 9,779 25,081 1,556 92,657 119,294
Net book value
At 31 December 2023 394,867 28,493 14,005 136,307 573,672
At 31 December 2022 402,960 16,423 - 57,748 74,171
4 Debtors 2023 2022
£ £
Trade debtors 167,895 231,011
Other debtors 79,385 157,938
247,280 388,949
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 93,514 8,049
Obligations under finance lease & hire purchase contracts 29,769 20,365
Trade creditors 136,606 130,850
Taxation and social security costs 51,754 63,713
Other creditors 68,653 84,587
380,296 307,564
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 271,608 277,938
Obligations under finance lease & hire purchase contracts 67,456 29,988
339,064 307,926
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 241,327 244,255
Secured bank loans 277,938 283,784
The bank loan is secured on the Company's land and buildings.
8 Other information
CTE Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 10 Condor Court
Harrier Way
Yaxley
Peterborough
PE7 3WL
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