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Registration number: 06513870

Cristile Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Cristile Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

Cristile Limited

Company Information

Director

Mr Cristian Garofalo

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd
Chartered Accountants
590 Green Lanes
Palmers Green
London
N13 5RY

 

Cristile Limited

Director's Report for the Year Ended 29 February 2024

The director presents his report and the financial statements for the year ended 29 February 2024.

Director of the company

The director who held office during the year was as follows:

Mr Cristian Garofalo

Principal activity

The principal activity of the company is selling ceramic products

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 17 September 2024 and signed on its behalf by:

.........................................
Mr Cristian Garofalo
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cristile Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cristile Limited for the year ended 29 February 2024 as set out on pages 4 to 13 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cristile Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cristile Limited and state those matters that we have agreed to state to the Board of Directors of Cristile Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cristile Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cristile Limited 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 of Cristile Limited. You consider that Cristile 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 accounts of Cristile 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 accounts.

......................................

Thomas Alexander & Co Ltd
Chartered Accountants
590 Green Lanes
Palmers Green
London
N13 5RY

17 September 2024

 

Cristile Limited

Profit and Loss Account for the Year Ended 29 February 2024

Note

2024

2023

Turnover

 

446,896

489,975

Cost of sales

 

(187,986)

(219,926)

Gross profit

 

258,910

270,049

Administrative expenses

 

(40,613)

(40,683)

Operating profit

 

218,297

229,366

Interest payable and similar expenses

 

23,436

(16,875)

Profit before tax

4

241,733

212,491

Tax on profit

 

(60,004)

(42,021)

Profit for the financial year

 

181,729

170,470

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Cristile Limited

Statement of Comprehensive Income for the Year Ended 29 February 2024

2024

2023

Profit for the year

181,729

170,470

Total comprehensive income for the year

181,729

170,470

 

Cristile Limited

(Registration number: 06513870)
Balance Sheet as at 29 February 2024

Note

2024

2023

Tangible assets

5

23,075

28,844

Current assets

 

Debtors

6

15,299

18,590

Cash at bank and in hand

 

1,398,688

1,184,375

 

1,413,987

1,202,965

Creditors: Amounts falling due within one year

7

(236,630)

(213,106)

Net current assets

 

1,177,357

989,859

Net assets

 

1,200,432

1,018,703

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

1,200,431

1,018,702

Shareholders' funds

 

1,200,432

1,018,703

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 17 September 2024
 

.........................................
Mr Cristian Garofalo
Director

 

Cristile Limited

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital

Profit and loss account

Total

At 1 March 2023

1

1,018,702

1,018,703

Profit for the year

-

181,729

181,729

Total comprehensive income

-

181,729

181,729

At 29 February 2024

1

1,200,431

1,200,432

Share capital

Retained earnings

Total

At 1 March 2022

1

848,232

848,233

Profit for the year

-

170,470

170,470

At 28 February 2023

1

1,018,702

1,018,703

 

Cristile Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
Puttocks Farm
Philpot End
Great Dunmow
CM6 1JQ

These financial statements were authorised for issue by the director on 17 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Cristile Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance basis

Motor vehicles

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Cristile Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Cristile Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024

2023

Depreciation expense

5,769

7,211

 

Cristile Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Motor vehicles
 €

Other tangible assets

Total

Cost or valuation

At 1 March 2023

41,543

17,256

58,799

At 29 February 2024

41,543

17,256

58,799

Depreciation

At 1 March 2023

14,956

14,999

29,955

Charge for the year

5,318

451

5,769

At 29 February 2024

20,274

15,450

35,724

Carrying amount

At 29 February 2024

21,269

1,806

23,075

At 28 February 2023

26,587

2,257

28,844

6

Debtors

2024

2023

Trade debtors

15,299

18,590

15,299

18,590

 

Cristile Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024

2023

Due within one year

 

Loans and borrowings

170,841

164,098

Taxation and social security

 

60,189

43,608

Accruals and deferred income

 

5,600

5,400

 

236,630

213,106

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

No.

Ordinary Shares of €1 each

1

1

1

1

       

9

Related party transactions

Key management personnel

At the year end and included in loans and borrowings is the amount of €170,841 (2023: €164,098) owed to the director of the company.