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COMPANY REGISTRATION NUMBER: 10257623
Centree Installations Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Centree Installations Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Centree Installations Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
32,034
49,811
Current assets
Debtors
6
45,117
76,413
Cash at bank and in hand
1,316
903
--------
--------
46,433
77,316
Creditors: amounts falling due within one year
7
105,174
127,918
---------
---------
Net current liabilities
58,741
50,602
--------
--------
Total assets less current liabilities
( 26,707)
( 791)
Creditors: amounts falling due after more than one year
8
21,053
42,172
Provisions
9
5,951
9,522
--------
--------
Net liabilities
( 53,711)
( 52,485)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 53,811)
( 52,585)
--------
--------
Shareholders deficit
( 53,711)
( 52,485)
--------
--------
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 .
Centree Installations Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
D Griffin
Director
Company registration number: 10257623
Centree Installations Limited
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 Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The principal place of business is Centree House, Unit 6-8, Bicton Industrial Park, Kimbolton, Huntingdon, Cambs, PE28 0LQ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director assesses whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The director makes this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. The company has a Bounce Back Loan, supported by the UK Government, and instalments due under the company's hire purchase agreements. The director considers that the company will have adequate resources to continue in operational existence for the foreseeable future and to meet its debts as they fall due for payment. Accordingly, the financial statements have been prepared on a going concern basis.
Rental income
The company received rental income from the shared use of its leased premises. Rent received is recognised on an accruals basis.
Management charges
Income from management charges is recognised in the accounts on an accruals basis.
Revenue recognition
Turnover represents commissions receivable by the company which have been accounted for on an accruals basis, net of value added tax.
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 Income and Retained Earnings, 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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
Plant and machinery
-
25% Reducing balance & 33% Straight line
Motor vehicles
-
25% reducing balance
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.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 15 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
5,030
88,188
93,218
Additions
573
573
Disposals
( 6,500)
( 6,500)
-------
--------
--------
At 31 December 2023
5,030
82,261
87,291
-------
--------
--------
Depreciation
At 1 January 2023
2,750
40,657
43,407
Charge for the year
570
14,877
15,447
Disposals
( 3,597)
( 3,597)
-------
--------
--------
At 31 December 2023
3,320
51,937
55,257
-------
--------
--------
Carrying amount
At 31 December 2023
1,710
30,324
32,034
-------
--------
--------
At 31 December 2022
2,280
47,531
49,811
-------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023
17,830
--------
At 31 December 2022
30,416
--------
6. Debtors
2023
2022
£
£
Trade debtors
501
Amounts owed by group undertakings and undertakings in which the company has a participating interest
21,045
56,737
Other debtors
24,072
19,175
--------
--------
45,117
76,413
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
4,403
39,308
Amounts owed to group undertakings and undertakings in which the company has a participating interest
45,173
10,254
Social security and other taxes
31,586
49,555
Other creditors
14,012
18,801
---------
---------
105,174
127,918
---------
---------
Bank loans and overdrafts are liabilities secured by the UK Government under the coronavirus Bounce Back Loan Scheme. Included within other creditors are liabilities due under hire purchase and finance leases, totalling £11,119 (2022 £14,440), which are secured on the assets concerned.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,167
24,167
Other creditors
6,886
18,005
--------
--------
21,053
42,172
--------
--------
Bank loans and overdrafts are liabilities secured by the UK Government under the coronavirus Bounce Back Loan Scheme. Included within other creditors are liabilities due under hire purchase and finance leases, totalling £6,886 (2022 £18,005), which are secured on the assets concerned.
9. Provisions
Deferred tax
£
At 1 January 2023
9,522
Additions
( 3,571)
-------
At 31 December 2023
5,951
-------
10. Controlling party
The company's immediate parent undertaking is C.O.I. Properties Limited, a company incorporated in England and Wales and whose registered office address is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ.