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Registration number: 08847273

Cartref Financial Services Limited

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Cartref Financial Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Cartref Financial Services Limited

Company Information

Director

Mr Neil Davies

Registered office

4a First Floor Heol Bryngwilli
Cross Hands
Llanelli
Carmarthenshire
SA14 6LR
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Cartref Financial Services Limited

(Registration number: 08847273)
Balance Sheet as at 31 January 2024

Note

31 January
2024
£

31 January
2023
£

Fixed assets

 

Tangible assets

5

3,554

2,050

Current assets

 

Debtors

6

52,466

67,434

Cash at bank and in hand

 

20,948

30,593

 

73,414

98,027

Creditors: Amounts falling due within one year

7

(21,156)

(25,033)

Net current assets

 

52,258

72,994

Total assets less current liabilities

 

55,812

75,044

Creditors: Amounts falling due after more than one year

7

(9,333)

(16,333)

Net assets

 

46,479

58,711

Capital and reserves

 

Called up share capital

8

101

101

Retained earnings

46,378

58,610

Shareholders' funds

 

46,479

58,711

For the financial year ending 31 January 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Cartref Financial Services Limited

(Registration number: 08847273)
Balance Sheet as at 31 January 2024

Approved and authorised by the director on 1 October 2024
 

.........................................
Mr Neil Davies
Director

 

Cartref Financial Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
4a First Floor Heol Bryngwilli
Cross Hands
Llanelli
Carmarthenshire
SA14 6LR

These financial statements were authorised for issue by the director on 1 October 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.

 

Cartref Financial Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

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

Computer Equipment

33.3% On Cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% On Cost

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.

 

Cartref Financial Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Cartref Financial Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 5).

 

Cartref Financial Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

9,100

9,100

At 31 January 2024

9,100

9,100

Amortisation

At 1 February 2023

9,100

9,100

At 31 January 2024

9,100

9,100

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Computer Equipment
 £

Total
£

Cost or valuation

At 1 February 2023

20,499

20,499

Additions

2,919

2,919

At 31 January 2024

23,418

23,418

Depreciation

At 1 February 2023

18,449

18,449

Charge for the year

1,415

1,415

At 31 January 2024

19,864

19,864

Carrying amount

At 31 January 2024

3,554

3,554

At 31 January 2023

2,050

2,050

 

Cartref Financial Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

6

Debtors

Current

31 January
2024
£

31 January
2023
£

Trade debtors

27,466

29,564

Other debtors

25,000

25,000

Director current account

-

12,870

 

52,466

67,434

7

Creditors

Creditors: amounts falling due within one year

Note

31 January
2024
£

31 January
2023
£

Due within one year

 

Bank loans and overdrafts

7,000

7,000

Trade creditors

 

1,189

-

Taxation and social security

 

2,222

1,264

Accruals and deferred income

 

2,840

2,213

Other creditors

 

7,905

14,556

 

21,156

25,033

8

Share capital

Allotted, called up and fully paid shares

 

31 January
2024

31 January
2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary A of £1 each

1

1

1

1

 

101

101

101

101

 

Cartref Financial Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

9

Dividends

Interim dividends paid

31 January
2024
£

31 January
2023
£

Interim dividend of £420.00 (2023 - £604.00) per each Ordinary

42,000

60,400

Interim dividend of £Nil per each Ordinary A

-

-

42,000

60,400

10

Related party transactions

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Directors Loan Account

12,870

-

12,864

-

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Directors Loan Account

33,176

96,077

(116,384)

12,870

 

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

11,908

9,057