REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
C. T. HOLDINGS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
C. T. HOLDINGS LIMITED |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Notes to the Financial Statements | 14 |
C. T. HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors and Chartered Accountants |
5 Brooklands Place |
Brooklands Road |
Sale |
Cheshire |
M33 3SD |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The director presents his strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
This report aims to present a balanced view of the development and the performance of the company. |
PRINCIPAL ACTIVITIES |
The principal activities of the company are a holding company. |
RESULTS AND DIVIDENDS |
C T Holdings Limited remained largely dormant during the year other than the receipt and payment of dividends. |
Ordinary dividends were paid during the year of £216,222 (2022: £216,222). |
The company's results for the year are included within these financial statements. |
FUTURE DEVELOPMENTS AND INVESTMENT |
Post year end the company received the fabric trade of its subsidiary by way of dividend in specie. Going forward the company will continue to invest in the continuous improvement of those products and in the development of new innovative products to facilitate sales growth, long term sustainability and efficiency gains across a range of market sectors. This ongoing investment will ensure the company provides ever increasing levels of product quality, performance, customer service and satisfaction. |
Cyber security continues to be a focus for investment and is integrated into the organisation wide governance frameworks, including strategy, risk management processes and compliance and audit procedures. |
PRINCIPAL RISKS AND UNCERTAINTIES |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
Effective working capital management is a priority to ensure the associated risks are controlled and balanced against the challenging market environment in which we operate. |
The main financial risks facing the company are those relating to rising labour costs, foreign currency exchange and the widely publicised global supply chain issues and the subsequent rising container costs. The director's policy agreed for managing these financial risks remain unchanged. The director work to manage any foreign exchange fluctuations and working directly with fright forwarders to ensure we have secured space on vessels from China to the UK , managing pricing and delays caused by the global impact of the current wars. |
NON - FINANCIAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the company's strategy is robust and have few risks associated. The key business risks and uncertainties affecting the company are considered to relate to a certain level of dependence on the strength of our customer base and any government changes and in addition, the company's ability to maintain adequate continuity of supply chain within the context of global uncertainties on raw material availability and demand. |
NON-FINANCIAL INFORMATION STATEMENT |
The company's key non-financial indicators are those related to employee health, safety and well-being, training, development, quality, community, and customer satisfaction. The company and our employees continue to support a wide variety of community projects. |
OUR COMMITMENT TO THE ENVIRONMENT |
Corporate objectives continue to focus on doing the right thing for our community and the environment in everything we do, we have significantly reduced paper and plastic usage throughout both manufacturing and office activities and continue to find ways of 'recycling and reusing'. |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
POST BALANCE SHEET EVENTS |
Post year end the company demerged from the group. The company received the fabric trade of its subsidiary on 9 February 2024 prior to the demerger. The director of the group has separated the two trades for several reasons. The fabric and garments are imported from overseas, and the costs associated with the challenging logistics worldwide have been difficult to manage. The director would like to minimise risk and exposure from adverse trading conditions by separating the two trades as a means of protection going forward. In addition to protecting each trade from the other, the director of the company has been reflecting that each trade has its own challenges, and the separation of the trade will provide two distinct companies with differing objectives. The director and senior management team believe the separation will provide focus with objectives being met more efficiently to improve trading going forward. The separation will give clarity of the trading expenses per division. The director's expectation is that the major focus will be on growing Garments as the margin here can be stronger and ultimately very attractive for outside investment within a period of 2 to 3 years. Fabrics already has a solid margin with a slight steadier and simpler cost base. |
ON BEHALF OF THE BOARD: |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The director presents his report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a sub-holding company. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 will be £222,216 (2022: £222,216). |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTOR |
DIRECTOR'S INDEMNITY |
The company has made qualifying third party provisions for the benefit of its director which remain in force at the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The director has chosen to disclose principal activities, results for the year future developments, risks and post balance sheet events in the strategic report. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
C. T. HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of C. T. Holdings Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
The comparative figures are unaudited. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
C. T. HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
C. T. HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of our planning process: |
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. |
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law. |
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. |
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. |
The key procedures we undertook to detect irregularities including fraud during the course of the audit included: |
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. |
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. |
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular to accrued expense costs. |
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation. |
- Testing key revenue lines, in particular cut-off, for evidence of management bias. |
- Documenting and verifying all significant related party balances and transactions. |
- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
C. T. HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors and Chartered Accountants |
5 Brooklands Place |
Brooklands Road |
Sale |
Cheshire |
M33 3SD |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING LOSS | ( |
) |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Share premium transfer |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Retained earnings | 11 | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 | ( |
) |
Changes in equity |
Issue of share capital | - | ( |
) | ( |
) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
C T Holdings Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 05669045 and the registered office is 92 George Richards Way, Broadheath, Altrincham, Cheshire, WA14 5ZR. The company is a sub-holding company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements represent the company as a single entity. The presentation and operational currency is £ sterling. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirements of paragraphs 29.28(b) and 29.29; |
• | the requirement of paragraph 33.7; |
• | the requirements of paragraph 24(b) of IFRS 6. |
Preparation of consolidated financial statements |
The financial statements contain information about C. T. Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Team Edge Limited, 92 George Richards Way, Broadheath, Altrincham, Cheshire, WA14 5ZR. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The directors have made no material judgements but have made estimates in preparing these financial statements. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. |
Accrued costs |
Accrued expenditure is estimated by the directors at each year end, to ensure that all known liabilities are accounted for in the financial statements. |
Investments in subsidiaries |
Investments are stated at cost less provision for permanent impairment. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets, which include trade debtors, other debtors, amounts due from group undertakings, amounts owed by related parties, directors' current accounts and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised. |
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 company after deducting all of its liabilities. |
Basic financial liabilities, including bank loans and overdrafts, trade creditors, other creditors, amounts owed to related parties and accrued expenses that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of any transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
Going concern |
At the balance sheet date of 31 December 2023, the company made a profit for the year of £218,602 (2022: £222,216), and had net assets at that date of £1 (2022: £3,615). The company operates as an intermediate holding company. The directors consider that the company has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for at least the next twelve months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2023. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The average number of employees during the year was as follows: |
2023 | 2022 |
(Unaudited) |
Director |
2023 | 2022 |
(Unaudited) |
£ | £ |
Director's remuneration |
4. | EXCEPTIONAL ITEMS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Exceptional items | (3,615 | ) | - |
Exceptional items relate to the write off of inter company debt due from the parent company. This was carried out in advance of the post year end demerger of the company from the group. |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
(Unaudited) |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Total tax charge | - | - |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Share premium transfer | - | 13,482 |
6. | DIVIDENDS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Ordinary shares of £0.1 each |
Interim |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 92 George Richards Way, Broadheath, Altrincham, Cheshire, WA14 5ZR |
Nature of business: |
% |
Class of shares: | holding |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
(Unaudited) |
£ | £ |
Amounts owed by group undertakings |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
(Unaudited) |
£ | £ |
Trade creditors |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.1 | 1 | 1 |
Ordinary shares have full voting rights. |
11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | ( |
) | 3,614 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Transfer | 13,482 | (13,482 | ) | - |
At 31 December 2023 | - |
On 31 December 2023 the directors issued a solvency statement before transferring the share premium balance to reserves. This was carried out in advance of the subsequent de-merger from the group on 10 February 2024. |
C. T. HOLDINGS LIMITED (REGISTERED NUMBER: 05669045) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | ULTIMATE PARENT COMPANY |
Team Edge Limited is regarded by the director as being the company's ultimate parent company. |
Team Edge Limited is registered in England and its registered office is 92 George Richards Way, Broadheath, Altrincham, Cheshire, WA14 5ZR. Group financial statements are available from Companies House. |
13. | CONTINGENT LIABILITIES |
On 14 November 2022 the company along with its parent company, Team Edge Limited, entered into an unlimited cross guarantee in favour of HSBC Bank plc to secure the borrowings of its subsidiary company, Chadwick Textiles Limited. At 31 December 2023 the amounts outstanding in respect of this liability was £ 235,309 (2022: £1,270,390). The security for this guarantee is a fixed and floating charge over the company's assets. |
14. | RELATED PARTY DISCLOSURES |
At 31 December 2023 the company wrote off the amount of £3,615 due from its parent company.The amount has been included in the company's profit and loss account for the year. |
Key management personnel are the director J D Chadwick and the directors of the company's subsidiary, T E Roberts and J Wilmott. Payments to key management personnel are disclosed in the financial statements of the company's subsidiary. |
15. | POST BALANCE SHEET EVENTS |
On 9 February 2024 the company acquired the fabrics trade from Chadwick Textiles Limited, its subsidiary. On 10 February 2024 the company demerged from the group into a new group headed up by CT Team Fabrics Limited. |
16. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Team Edge Limited and the ultimate controlling related party is J D Chadwick. |