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COMPANY REGISTRATION NUMBER: 14510559
CTL Commercials Ltd
Filleted Unaudited Financial Statements
31 May 2023
CTL Commercials Ltd
Financial Statements
Period from 28 November 2022 to 31 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
CTL Commercials Ltd
Statement of Financial Position
31 May 2023
31 May 23
Note
£
Fixed assets
Tangible assets
5
7,623
Current assets
Debtors
6
8,251
Cash at bank and in hand
5,495
--------
13,746
Creditors: amounts falling due within one year
7
15,613
--------
Net current liabilities
1,867
-------
Total assets less current liabilities
5,756
-------
Net assets
5,756
-------
Capital and reserves
Called up share capital
1
Profit and loss account
5,755
-------
Shareholders funds
5,756
-------
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 comprehensive income has not been delivered.
For the period ending 31 May 2023 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CTL Commercials Ltd
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
Mr M C Carter
Director
Company registration number: 14510559
CTL Commercials Ltd
Notes to the Financial Statements
Period from 28 November 2022 to 31 May 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 The Garage Ackholt Road, Aylesham, Canterbury, Kent, CT3 3AW, United Kingdom.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 .
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 28 November 2022
Additions
6,837
1,187
8,024
-------
-------
-------
At 31 May 2023
6,837
1,187
8,024
-------
-------
-------
Depreciation
At 28 November 2022
Charge for the period
318
83
401
-------
-------
-------
At 31 May 2023
318
83
401
-------
-------
-------
Carrying amount
At 31 May 2023
6,519
1,104
7,623
-------
-------
-------
6. Debtors
31 May 23
£
Trade debtors
7,117
Other debtors
1,134
-------
8,251
-------
7. Creditors: amounts falling due within one year
31 May 23
£
Trade creditors
2,649
Social security and other taxes
25
Other creditors
12,939
--------
15,613
--------
8. Related party transactions
At the period end the director was owed £1,164 by the company. At the period end, the company was owed £1,134 by a company associated by common control.