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Company registration number: 03461836
Companies House
CTS (GB) Limited
Unaudited filleted financial statements
31 March 2024
CTS (GB) Limited
Contents
Statement of financial position
Notes to the financial statements
CTS (GB) Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,064,332 796,949
_________ _______
1,064,332 796,949
Current assets
Debtors 6 992,641 1,271,887
Cash at bank and in hand 1,841,234 1,443,988
_________ _________
2,833,875 2,715,875
Creditors: amounts falling due
within one year 7 ( 1,181,027) ( 943,879)
_________ _________
Net current assets 1,652,848 1,771,996
_________ _________
Total assets less current liabilities 2,717,180 2,568,945
Creditors: amounts falling due
after more than one year 8 ( 387,090) ( 409,258)
Provisions for liabilities ( 218,000) ( 177,000)
_________ _________
Net assets 2,112,090 1,982,687
_________ _________
Capital and reserves
Called up share capital 9 20,000 20,000
Profit and loss account 2,092,090 1,962,687
_________ _________
Shareholders funds 2,112,090 1,982,687
_________ _________
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 July 2024 , and are signed on behalf of the board by:
Mr N M Collins
Director
Company registration number: 03461836
CTS (GB) Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 43 Easter Park, Benyon Road, Silchester, Reading, Berkshire, RG7 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold land and buildings - 5 years straight line
Plant and equipment - 5 years straight line
Fixtures and fittings - 5 years straight line
Motor vehicles - 3, 4, 7 and 8 years straight line
Computers - 3 and 5 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 75 (2023: 77 ).
5. Tangible assets
Leasehold land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 1 April 2023 263,297 2,420,920 2,684,217
Additions 122,135 478,874 601,009
Disposals - ( 177,477) ( 177,477)
_______ _________ _________
At 31 March 2024 385,432 2,722,317 3,107,749
_______ _________ _________
Depreciation
At 1 April 2023 252,400 1,634,868 1,887,268
Charge for the year 13,051 320,575 333,626
Disposals - ( 177,477) ( 177,477)
_______ _________ _________
At 31 March 2024 265,451 1,777,966 2,043,417
_______ _________ _________
Carrying amount
At 31 March 2024 119,981 944,351 1,064,332
_______ _______ _________
At 31 March 2023 10,897 786,052 796,949
_______ _______ _________
6. Debtors
2024 2023
£ £
Trade debtors 641,824 886,230
Prepayments and accrued income 328,825 251,152
Other debtors 21,992 134,505
_______ _________
992,641 1,271,887
_______ _________
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 344,662 226,115
Accruals and deferred income 259,711 253,229
Corporation tax 142,519 76,000
Social security and other taxes 190,779 225,385
Obligations under finance leases 209,771 147,283
Director loan accounts 17,868 -
Other creditors 15,717 15,867
_________ _______
1,181,027 943,879
_________ _______
Obligations under finance leases of £209,771 (2023 - £147,283) are secured on the assets concerned.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Obligations under finance leases 387,090 409,258
_______ _______
Obligations under finance leases of £387,090 (2023 - £409,258) are secured on the assets concerned.
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 20,000 20,000 20,000 20,000
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr N M Collins 35,675 1,257 ( 54,800) ( 17,868)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr N M Collins 26,313 9,362 - 35,675
_______ _______ _______ _______