Registered number
13725795
Carma Europe Limited
Filleted Accounts
31 December 2023
Carma Europe Limited
Registered number: 13725795
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 3,090,025 1,231,873
Cash at bank and in hand 21,291 23,934
3,111,316 1,255,807
Creditors: amounts falling due within one year 4 (2,015,030) (462,178)
Net current assets 1,096,286 793,629
Total assets less current liabilities 1,096,286 793,629
Creditors: amounts falling due after more than one year 5 (924,508) (751,750)
Net assets 171,778 41,879
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 170,778 40,879
Shareholder's funds 171,778 41,879
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 member has 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.
F H McDermott
Director
Approved by the board on 25 July 2024
Carma Europe Limited
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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 0
3 Debtors 2023 2022
£ £
Trade debtors 295,383 465,755
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,790,960 765,491
Other debtors 3,682 627
3,090,025 1,231,873
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 25,591 13,444
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,624,711 226,731
Taxation and social security costs 42,237 9,589
Other creditors 322,491 212,414
2,015,030 462,178
5 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 924,508 751,750
6 Controlling party
The directors regard Carma, Inc to be the immediate and ultimate parent undertaking by virtue of holding 100% of the issued shares and the largest group for which consolidated accounts are available. A copy of the consolidated financial statements can be obtained from Carma, Inc., 1550 Wewatta St, 2nd Floor, Denver, CO 80202, USA.
7 Other information
Carma Europe Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Studley Court
Guildford Road
Chobham
Woking
GU24 8EB
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