22
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,806
21,907
23,713
23,202
23,202
511
1,806
xbrli:pure
xbrli:shares
iso4217:GBP
06585066
2023-01-01
2023-12-31
06585066
2023-12-31
06585066
2022-12-31
06585066
2022-01-01
2022-12-31
06585066
2022-12-31
06585066
2021-12-31
06585066
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-01
2023-12-31
06585066
core:PlantMachinery
2023-01-01
2023-12-31
06585066
core:FurnitureFittings
2023-01-01
2023-12-31
06585066
core:MotorVehicles
2023-01-01
2023-12-31
06585066
bus:RegisteredOffice
2023-01-01
2023-12-31
06585066
bus:LeadAgentIfApplicable
2023-01-01
2023-12-31
06585066
bus:Director1
2023-01-01
2023-12-31
06585066
bus:Director2
2023-01-01
2023-12-31
06585066
bus:Director3
2023-01-01
2023-12-31
06585066
core:WithinOneYear
2023-12-31
06585066
core:WithinOneYear
2022-12-31
06585066
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
06585066
core:PlantMachinery
2022-12-31
06585066
core:FurnitureFittings
2022-12-31
06585066
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
06585066
core:PlantMachinery
2023-12-31
06585066
core:FurnitureFittings
2023-12-31
06585066
core:MotorVehicles
2023-12-31
06585066
core:AfterOneYear
2023-12-31
06585066
core:AfterOneYear
2022-12-31
06585066
core:ShareCapital
2023-12-31
06585066
core:ShareCapital
2022-12-31
06585066
core:RetainedEarningsAccumulatedLosses
2023-12-31
06585066
core:RetainedEarningsAccumulatedLosses
2022-12-31
06585066
core:CostValuation
core:Non-currentFinancialInstruments
2022-12-31
06585066
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2023-12-31
06585066
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
06585066
core:ImpairmentLossProvisionsForImpairmentInvestments
core:Non-currentFinancialInstruments
2023-12-31
06585066
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2023-12-31
06585066
core:Non-currentFinancialInstruments
2023-12-31
06585066
core:Non-currentFinancialInstruments
2022-12-31
06585066
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
06585066
core:PlantMachinery
2022-12-31
06585066
core:FurnitureFittings
2022-12-31
06585066
bus:SmallEntities
2023-01-01
2023-12-31
06585066
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
06585066
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
06585066
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
06585066
bus:FullAccounts
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
06585066
Filleted Unaudited Financial Statements |
|
Year ended 31 December 2023
Officers and professional advisers |
1 |
|
|
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Dr R Filik |
|
Y Chen |
|
L Branchetti (Resigned 11 October 2023) |
|
|
Registered office |
56 Causeway Road |
|
Earlstrees Industrial Estate |
|
Corby |
|
Northants |
|
NN17 4DU |
|
|
Accountants |
A Plus Accountants Limited |
|
Accountants |
|
10 Canberra House |
|
Corbygate Business Park |
|
Corby |
|
Northants |
|
NN17 5JG |
|
|
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Cartell UK Limited |
|
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cartell UK Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Cartell UK Limited, as a body, in accordance with the terms of our engagement letter dated 4 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Cartell UK Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cartell UK Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Cartell UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cartell UK Limited. You consider that Cartell UK Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Cartell UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
2 September 2024
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
466,868 |
421,054 |
Investments |
7 |
511 |
1,806 |
|
--------- |
--------- |
|
467,379 |
422,860 |
|
|
|
|
Current assets
Stocks |
1,553,908 |
1,847,688 |
Debtors |
8 |
1,588,403 |
1,182,515 |
Cash at bank and in hand |
363,648 |
53,161 |
|
------------ |
------------ |
|
3,505,959 |
3,083,364 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
1,627,247 |
1,427,466 |
|
------------ |
------------ |
Net current assets |
1,878,712 |
1,655,898 |
|
------------ |
------------ |
Total assets less current liabilities |
2,346,091 |
2,078,758 |
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
1,337,904 |
1,536,148 |
|
|
|
|
Provisions |
106,103 |
– |
|
------------ |
------------ |
Net assets |
902,084 |
542,610 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
363,299 |
363,299 |
Profit and loss account |
538,785 |
179,311 |
|
--------- |
--------- |
Shareholders funds |
902,084 |
542,610 |
|
--------- |
--------- |
|
|
|
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.
For the year ending 31 December 2023 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
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
2 September 2024
, and are signed on behalf of the board by:
Company registration number:
06585066
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 56 Causeway Road, Earlstrees Industrial Estate, Corby, Northants, NN17 4DU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
|
Freehold property |
- |
20% straight line |
|
Plant and machinery |
- |
10% straight line |
|
Fixtures and fittings |
- |
20% straight line |
|
Motor vehicles |
- |
20% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
22
(2022:
20
).
5.
Tangible assets
|
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 January 2023 |
118,701 |
902,559 |
129,219 |
– |
1,150,479 |
Additions |
13,251 |
19,290 |
10,943 |
103,330 |
146,814 |
|
--------- |
--------- |
--------- |
--------- |
------------ |
At 31 December 2023 |
131,952 |
921,849 |
140,162 |
103,330 |
1,297,293 |
|
--------- |
--------- |
--------- |
--------- |
------------ |
Depreciation |
|
|
|
|
|
At 1 January 2023 |
84,590 |
542,533 |
102,302 |
– |
729,425 |
Charge for the year |
4,906 |
77,615 |
7,192 |
11,287 |
101,000 |
|
--------- |
--------- |
--------- |
--------- |
------------ |
At 31 December 2023 |
89,496 |
620,148 |
109,494 |
11,287 |
830,425 |
|
--------- |
--------- |
--------- |
--------- |
------------ |
Carrying amount |
|
|
|
|
|
At 31 December 2023 |
42,456 |
301,701 |
30,668 |
92,043 |
466,868 |
|
--------- |
--------- |
--------- |
--------- |
------------ |
At 31 December 2022 |
34,111 |
360,026 |
26,917 |
– |
421,054 |
|
--------- |
--------- |
--------- |
--------- |
------------ |
|
|
|
|
|
|
6.
Hire purchase secured liability
The following secured debts are included within creditors:
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Hire Purchase agreements not later than 1 year |
38,948 |
20,569 |
|
Hire Purchase agreements later than 1 year and not later than 5 years |
98,253 |
76,538 |
|
|
--------- |
-------- |
|
|
137,201 |
97,107 |
|
|
--------- |
-------- |
|
|
|
|
Hire purchase and lease agreements are secured on the assets to which they relate.
7.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 |
1,806 |
Additions |
21,907 |
|
-------- |
At 31 December 2023 |
23,713 |
|
-------- |
Impairment |
|
At 1 January 2023 |
– |
Impairment losses |
23,202 |
|
-------- |
At 31 December 2023 |
23,202 |
|
-------- |
|
|
Carrying amount |
|
At 31 December 2023 |
511 |
|
-------- |
At 31 December 2022 |
1,806 |
|
-------- |
|
|
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
942,517 |
861,953 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
432,634 |
153,338 |
Other debtors |
213,252 |
167,224 |
|
------------ |
------------ |
|
1,588,403 |
1,182,515 |
|
------------ |
------------ |
|
|
|
The Company has an invoice financing agreement in place with HSBC Invoice Finance (UK) Limited. The facility limit is £1,500,000 and the terms are non-recourse with 90% being prepaid and the remaining balance being paid on settlement of the trade debtor.
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
10,000 |
10,000 |
Trade creditors |
533,758 |
786,194 |
Accruals and deferred income |
96,196 |
7,342 |
Corporation tax |
105,572 |
– |
Social security and other taxes |
76,300 |
14,270 |
Obligations under finance leases and hire purchase contracts |
38,948 |
20,568 |
Director loan accounts |
64,318 |
5,479 |
Other creditors |
702,155 |
583,613 |
|
------------ |
------------ |
|
1,627,247 |
1,427,466 |
|
------------ |
------------ |
|
|
|
10.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
15,833 |
25,833 |
Obligations under finance leases and hire purchase contracts |
98,254 |
76,538 |
Other creditors |
1,223,817 |
1,433,777 |
|
------------ |
------------ |
|
1,337,904 |
1,536,148 |
|
------------ |
------------ |
|
|
|
Included within other creditors is an amount owed to Cartell Taiwan amounting to £1,223,817 (2022: £1,433,777). This amount is interest free and is deemed to be repayable after 1 year.
11.
Contingencies
There is currently an ongoing legal case with a customer based in Turkey which dates back to 2018. The Company is currently pursuing a contract that has not been fulfilled. The stock specifically produced for the client is valued at £249,244 (2022: £249,244) and is included within the stock value of £1,553,908 (2022: £1,847,688). The estimated value of the final claim is currently unknown.
12.
Directors' advances, credits and guarantees
During the year the directors were advanced £411,544 (2022: £205,371). Repayments were made totalling £470,383 (2022: £284,570). The balance owing to the directors at the year end was £64,318 (2022: Owed by the directors £5,479). This amount is interest free and repayable on demand.