Registered number: 09171132
CGAT Limited
Unaudited
Financial statements
For the year ended 31 December 2023
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CGAT Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of CGAT Limited for the 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 CGAT Limited for the year ended 31 December 2023 which comprise the Balance sheet 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 https://www.icaew.com /regulation.
This report is made solely to the Board of directors of CGAT Limited, as a body, in accordance with the terms of our engagement letter dated 05 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of CGAT Limited and state those matters that we have agreed to state to the Board of directors of CGAT Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CGAT Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that CGAT 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 loss of CGAT Limited. You consider that CGAT Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of CGAT 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.
Kreston Reeves LLP
Chartered Accountants
2nd Floor
168 Shoreditch High Street
London
E1 6RA
23 September 2024
Page 1
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CGAT Limited
Registered number: 09171132
Balance sheet
As at 31 December 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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CGAT Limited
Notes to the financial statements
For the year ended 31 December 2023
The Company is a private limited company, incorporated and domiciled in England and Wales. The Company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA and their principal activity is that of investment holding company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Despite the company reporting a loss for the year of £102,886 (2022: £3,295), net current liabilities of £120,340 (2022: £17,454) and net liabilities of £120,290 (2022: £17,404) as at 31 December 2023, the financial statements have been prepared on a going concern basis. Included within "Creditors: amounts due within one year" is an amount of £515,000 (2022: £715,000) due to one of the company's shareholders and they have confirmed they will not call for repayment of this sum until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors, and for a period of at least twelve months from the date of approval of the financial statements.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 3
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CGAT Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, which are described in Note 2, the director is required to make judgments, estimates and assumptions which affect the reported amounts of assets, liabilities, revenues and expenses. The director bases his judgments, estimates and assumptions on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates under different judgments or assumptions.
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The average monthly number of employees, including directors, during the year was 1 (2022 - 1).
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Page 4
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CGAT Limited
Notes to the financial statements
For the year ended 31 December 2023
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Allotted, called up and fully paid
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100 (2022 - 100) Ordinary shares of £1.00 each
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Page 5
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CGAT Limited
Notes to the financial statements
For the year ended 31 December 2023
Profit and loss account
The Profit and Loss account comprises all current and prior period retained profits and losses.
Share capital
This represents the nominal value of shares that have been issued by the company.
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Related party transactions
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As at the year end, the company is owed £100 (2022: £100) by its parent undertaking. The amount is included within 'Amounts owed by group undertakings'.
During the period, a company in which CGAT Limited has a participating interest, made repayments during the period of £125,000 (2022: £65,000). The company made payments to the participating interest of £Nil (2022: £200,000). As at the year end, the company was owed £525,952 (2022: £650,952) and is included within 'Other debtors'.
During the period, the ultimate parent company made payments on behalf of the company totalling £Nil (2022: £200,000). As at the year end, the ultimate parent company, was owed £349,418 (2022: £349,418) by the company and is included within 'Amounts owed to group undertakings'.
As at the year end, the company owed a fellow subsidiary £48,670 (2022: £48,670) and is included within 'Amounts owed to group undertakings'.
As at the year end, the company owed one of its shareholders £515,000 (2022: £715,000) and is included within 'Other creditors'.
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The company's immediate parent company is Barbridge Limited and the ultimate parent company is Barbridge Investments Limited, both companies are registered in England and Wales.
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