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Registered number: 12048833
CFT FINANCE LTD
Financial Statements
For the Period 1 July 2023 to 31 March 2024
The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Financial Statements
Contents
Page
Company Information 1
Accountant's Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—8
Page 1
Company Information
Directors Mr Jonathon Dufton
Mrs Rebecca Dufton
Company Number 12048833
Registered Office 1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Accountants The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Page 1
Page 2
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of CFT FINANCE LTD for the period 1 July 2023 to 31 March 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of CFT FINANCE LTD which comprise the Income Statement, 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 of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of CFT FINANCE LTD , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of CFT FINANCE LTD and state those matters that we have agreed to state to the directors of CFT FINANCE LTD , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CFT FINANCE LTD and its directors as a body for our work or for this report.
It is your duty to ensure that CFT FINANCE LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of CFT FINANCE LTD . You consider that CFT FINANCE LTD is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of CFT FINANCE LTD . 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 financial statements.
Signed
6th July 2024
The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Page 2
Page 3
Statement of Financial Position
Registered number: 12048833
31 March 2024 30 June 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 71,525 5,452
71,525 5,452
CURRENT ASSETS
Debtors 5 25,376 200,894
Cash at bank and in hand 94,348 42,928
119,724 243,822
Creditors: Amounts Falling Due Within One Year 6 (36,699 ) (129,730 )
NET CURRENT ASSETS (LIABILITIES) 83,025 114,092
TOTAL ASSETS LESS CURRENT LIABILITIES 154,550 119,544
Creditors: Amounts Falling Due After More Than One Year 7 (18,055 ) (9,400 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (13,590 ) (1,036 )
NET ASSETS 122,905 109,108
CAPITAL AND RESERVES
Called up share capital 11 26 26
Income Statement 122,879 109,082
SHAREHOLDERS' FUNDS 122,905 109,108
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Page 4
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Jonathon Dufton
Director
Mrs Rebecca Dufton
Director
6th July 2024
The notes on pages 5 to 8 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
CFT FINANCE LTD is a private company, limited by shares, incorporated in England & Wales, registered number 12048833 . The registered office is 1 Tape Street, Cheadle, Stoke On Trent, Staffordshire, ST10 1BB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance basis
Motor Vehicles 25% reducing balance basis
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 3 (2023: 4)
3 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 July 2023 12,791 - 12,791
Additions 7,332 82,599 89,931
As at 31 March 2024 20,123 82,599 102,722
Depreciation
As at 1 July 2023 7,339 - 7,339
Provided during the period 3,208 20,650 23,858
As at 31 March 2024 10,547 20,650 31,197
Net Book Value
As at 31 March 2024 9,576 61,949 71,525
As at 1 July 2023 5,452 - 5,452
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5. Debtors
31 March 2024 30 June 2023
£ £
Due within one year
Trade debtors 150 -
Prepayments and accrued income 20,729 99,117
Other debtors - 101,777
Corporation tax recoverable assets 1,090 -
Other taxes and social security 762 -
Directors' loan accounts 2,645 -
25,376 200,894
6. Creditors: Amounts Falling Due Within One Year
31 March 2024 30 June 2023
£ £
Net obligations under finance lease and hire purchase contracts 26,419 -
Trade creditors 1,460 390
Bank loans and overdrafts 4,700 4,700
Corporation tax - 37,310
Other taxes and social security - 1,170
Other creditors 500 470
Accruals and deferred income 3,620 20,557
Directors' loan accounts - 65,133
36,699 129,730
7. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 30 June 2023
£ £
Net obligations under finance lease and hire purchase contracts 12,180 -
Bank loans 5,875 9,400
18,055 9,400
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8. Obligations Under Finance Leases and Hire Purchase
31 March 2024 30 June 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 26,419 -
Later than one year and not later than five years 12,180 -
38,599 -
38,599 -
9. Deferred Taxation
The provision for deferred tax is made up as follows:
31 March 2024 30 June 2023
£ £
Other timing differences 13,590 1,036
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 1,036 1,036
Deferred taxation 12,554 12,554
Balance at 31 March 2024 13,590 13,590
11. Share Capital
31 March 2024 30 June 2023
£ £
Allotted, Called up and fully paid 26 26
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Jonathon Dufton - 2,645 - - 2,645
The above loan is unsecured, interest free and repayable on demand.
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