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REGISTERED NUMBER: 07495433 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

CMTL Limited

CMTL Limited (Registered number: 07495433)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CMTL Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P Barry
S Abbs
B Fardaghaie
R L Rostas





SECRETARY: T Gray





REGISTERED OFFICE: Bruton House
Stadium Way
Harlow
CM19 5FT





REGISTERED NUMBER: 07495433 (England and Wales)

CMTL Limited (Registered number: 07495433)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 1,625,391 1,569,082
1,625,391 1,569,082

CURRENT ASSETS
Debtors 5 3,523,910 2,332,551
Cash at bank 236,683 249,897
3,760,593 2,582,448
CREDITORS
Amounts falling due within one year 6 6,355,153 4,803,919
NET CURRENT LIABILITIES (2,594,560 ) (2,221,471 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(969,169

)

(652,389

)

CREDITORS
Amounts falling due after more than one
year

7

-

(2,471

)

PROVISIONS FOR LIABILITIES (88,827 ) (143,234 )
NET LIABILITIES (1,057,996 ) (798,094 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (1,058,096 ) (798,194 )
(1,057,996 ) (798,094 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





B Fardaghaie - Director


CMTL Limited (Registered number: 07495433)

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

1. 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.

The financial statements have been prepared using a basis other than going concern.

The accounts are presented in Sterling and all monetary amounts are rounded to the nearest £.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods
and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over
the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual
value, over their useful life as follows:

Asset classAmortisation method and rate
Goodwill37.5% straight line basis
Other intangible assets50% straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


CMTL Limited (Registered number: 07495433)

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

1. ACCOUNTING POLICIES - continued
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.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 155 (2022 - 78 ) .

3. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023 40,000 20,000 60,000
Disposals (40,000 ) (20,000 ) (60,000 )
At 31 December 2023 - - -
AMORTISATION
At 1 January 2023 40,000 20,000 60,000
Eliminated on disposal (40,000 ) (20,000 ) (60,000 )
At 31 December 2023 - - -
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

CMTL Limited (Registered number: 07495433)

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

4. TANGIBLE FIXED ASSETS
Furniture,
Improvements fittings
to Plant and and Motor
property machinery equipm nt vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 139,433 1,360,575 264,384 1,191,373 2,955,765
Additions 34,905 112,374 87,910 243,578 478,767
Disposals - - - (18,807 ) (18,807 )
At 31 December 2023 174,338 1,472,949 352,294 1,416,144 3,415,725
DEPRECIATION
At 1 January 2023 127,433 876,709 144,989 237,552 1,386,683
Charge for year 7,349 127,249 37,560 239,941 412,099
Eliminated on disposal - - - (8,448 ) (8,448 )
At 31 December 2023 134,782 1,003,958 182,549 469,045 1,790,334
NET BOOK VALUE
At 31 December 2023 39,556 468,991 169,745 947,099 1,625,391
At 31 December 2022 12,000 483,866 119,395 953,821 1,569,082

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,236,980 1,471,845
Amounts owed by group undertakings 654,453 455,893
Other debtors 632,477 404,813
3,523,910 2,332,551

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 2,471 19,626
Trade creditors 495,655 368,837
Amounts owed to group undertakings 5,502,889 4,004,561
Taxation and social security 207,670 237,199
Other creditors 146,468 173,696
6,355,153 4,803,919

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) - 2,471

CMTL Limited (Registered number: 07495433)

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

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 2,471 19,626
Between one and five years - 2,471
2,471 22,097

Non-cancellable operating leases
2023 2022
£    £   
Within one year 16,103 24,847
Between one and five years 28,026 44,129
44,129 68,976

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Botham (Senior Statutory Auditor)
for and on behalf of Botham Accounting Limited

10. CONTINGENT LIABILITIES

As at 31 December 2023, the total liabilities of other group members secured by a fixed and floating charge over the assets of the company was £686,315,118 (2022 - £509,807,481).

11. RELATED PARTY DISCLOSURES

The outstanding balance due to group undertakings for short term loans at 31 December 2023 was £5,502,889 (2022 - £4,004,561).

Outstanding balances are interest free and repayable on demand. Details of the security are shown in note 10 to these financial statements.

12. POST BALANCE SHEET EVENTS

The company is planning to merge the trade and assets into another group company post the year end. The company will cease to trade and as such the accounts have been prepared on a basis other than going concern.

CMTL Limited (Registered number: 07495433)

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

13. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Mattest Bidco Limited, a company incorporated in the England and Wales. Copies of the parent company's financial statements can be obtained from Companies House.

The ultimate parent undertaking and controlling party is TIC Holdco Limited, a company registered in England and Wales. The consolidated accounts of TIC Holdco Limited, in which the company is included, are available to the public and may be obtained from Companies House. The directors are of the opinion that Peter Dubens is qualified as the ultimate controlling party of TIC Holdco Limited exercising his control through voting rights with a controlling percentage of >50%.