IRIS Accounts Production v24.3.0.553 03488777 Board of Directors 1.3.23 29.2.24 29.2.24 Medium entities the provision of shopfitting services. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh034887772023-02-28034887772024-02-29034887772023-03-012024-02-29034887772022-02-28034887772022-03-012023-02-28034887772023-02-2803488777ns15:EnglandWales2023-03-012024-02-2903488777ns14:PoundSterling2023-03-012024-02-2903488777ns10:Director12023-03-012024-02-2903488777ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2903488777ns10:MediumEntities2023-03-012024-02-2903488777ns10:Audited2023-03-012024-02-2903488777ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-03-012024-02-2903488777ns10:Medium-sizedCompaniesRegimeForAccounts2023-03-012024-02-2903488777ns10:FullAccounts2023-03-012024-02-2903488777ns10:OrdinaryShareClass12023-03-012024-02-2903488777ns10:Director22023-03-012024-02-2903488777ns10:Director32023-03-012024-02-2903488777ns10:Director42023-03-012024-02-2903488777ns10:CompanySecretary12023-03-012024-02-2903488777ns10:RegisteredOffice2023-03-012024-02-2903488777ns5:CurrentFinancialInstruments2024-02-2903488777ns5:CurrentFinancialInstruments2023-02-2803488777ns5:ShareCapital2024-02-2903488777ns5:ShareCapital2023-02-2803488777ns5:RetainedEarningsAccumulatedLosses2024-02-2903488777ns5:RetainedEarningsAccumulatedLosses2023-02-2803488777ns5:ShareCapital2022-02-2803488777ns5:RetainedEarningsAccumulatedLosses2022-02-2803488777ns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-2803488777ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-2903488777ns5:PlantMachinery2023-03-012024-02-2903488777ns5:FurnitureFittings2023-03-012024-02-2903488777ns5:MotorVehicles2023-03-012024-02-2903488777ns5:ComputerEquipment2023-03-012024-02-2903488777ns10:HighestPaidDirector2023-03-012024-02-2903488777ns10:HighestPaidDirector2022-03-012023-02-2803488777ns5:OwnedAssets2023-03-012024-02-2903488777ns5:OwnedAssets2022-03-012023-02-2803488777ns10:OrdinaryShareClass12022-03-012023-02-2803488777ns5:PlantMachinery2023-02-2803488777ns5:FurnitureFittings2023-02-2803488777ns5:MotorVehicles2023-02-2803488777ns5:ComputerEquipment2023-02-2803488777ns5:PlantMachinery2024-02-2903488777ns5:FurnitureFittings2024-02-2903488777ns5:MotorVehicles2024-02-2903488777ns5:ComputerEquipment2024-02-2903488777ns5:PlantMachinery2023-02-2803488777ns5:FurnitureFittings2023-02-2803488777ns5:MotorVehicles2023-02-2803488777ns5:ComputerEquipment2023-02-2803488777ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-2903488777ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-2803488777ns5:WithinOneYear2024-02-2903488777ns5:WithinOneYear2023-02-2803488777ns5:BetweenOneFiveYears2024-02-2903488777ns5:BetweenOneFiveYears2023-02-2803488777ns5:AllPeriods2024-02-2903488777ns5:AllPeriods2023-02-2803488777ns5:DeferredTaxation2023-02-2803488777ns5:DeferredTaxation2023-03-012024-02-2903488777ns5:DeferredTaxation2024-02-2903488777ns10:OrdinaryShareClass12024-02-29
REGISTERED NUMBER: 03488777 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 29th February 2024

for

CTS (Shopfitting) Limited

CTS (Shopfitting) Limited (Registered number: 03488777)






Contents of the Financial Statements
for the year ended 29th February 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


CTS (Shopfitting) Limited

Company Information
for the year ended 29th February 2024







DIRECTORS: R F Middleton
W Flanagan
N Nicklin
M Clark



SECRETARY: W Flanagan



REGISTERED OFFICE: Princes House
Wright Street
Hull
HU2 8HX



REGISTERED NUMBER: 03488777 (England and Wales)



AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



SOLICITORS: Hamers
5 Earls Court
Priory Park East
Hull
HU4 7DY

CTS (Shopfitting) Limited (Registered number: 03488777)

Strategic Report
for the year ended 29th February 2024

The directors present their strategic report for the year ended 29th February 2024.

REVIEW OF BUSINESS
The key performance indicators of turnover, turnover growth and net profit before taxation communicate the financial performance of the company as a whole.

The key performance indicators for the last three years are as follows:

2024 2023 2022
£ £ £
Turnover 58,150,519 50,003,489 44,095,722
Turnover growth /(decline) 16.29% 13.39% 58.69%
Gross profit margin 7.78% 8.61% 9.87%
Profit before tax 1,413,555 1,435,925 1,834,812
Profit before tax margin 2.43% 2.87% 4.16%


Turnover increased again as a result of our blue-chip clients increasing their developments and awarding CTS with more high value projects due to our continued strong performance. More high value projects meant increased use of nominated sub-contractors and this along with increased plant hire costs has resulted in a slightly reduced gross margin.

CTS continued to strengthen the management team to cope with the larger projects now being awarded. The directors are satisfied with the net profit returned for the financial year.


CTS (Shopfitting) Limited (Registered number: 03488777)

Strategic Report
for the year ended 29th February 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations.

Price risk
The company provides shopfitting and industrial decorating services. The prices of such work tend to reduce on account of pricing pressure and competition. This risk is managed by ensuring that the jobs are accurately costed at the tendering phase to reduce cost overruns.

Foreign exchange risk
The company rarely buys from foreign suppliers or provides services to foreign customers, therefore the foreign exchange risk is low.

Credit risk
Credit checks are carried out on all customers. Amounts outstanding for both time and credit limits are regularly monitored. The company has little experience of material bad debts in general.

Liquidity risk
Liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due. The company does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk
The company had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.

ON BEHALF OF THE BOARD:





R F Middleton - Director


25th November 2024

CTS (Shopfitting) Limited (Registered number: 03488777)

Report of the Directors
for the year ended 29th February 2024

The directors present their report with the financial statements of the company for the year ended 29th February 2024.

DIVIDENDS
An interim dividend of £10192 per share was paid on 29th February 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 29th February 2024 will be £ 1,019,200 .

FUTURE DEVELOPMENTS
Our clients continue to award projects of all sizes to CTS across their many workstreams. The market appears stable with the promise of continued enquiries from existing and new clients.

The bolstering and restructuring of the management team across the company is proving to be working well. The company is operating efficiently and the directors are looking to stabilize turnover and improve profitability going forward.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1st March 2023 to the date of this report.

The beneficial interests of the directors holding office at 29th February 2024 in the shares of the company, according to the register of directors' interests, were as follows:

29.2.24 1.3.23
Ordinary shares of £1 each
R F Middleton 50 50
W Flanagan 50 50
N Nicklin - -
M Clark - -

These directors did not hold any non-beneficial interests in the shares of the company.

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The company's principal financial instruments and risk management are disclosed in the strategic report which forms part of these financial statements.

REVENUE MAINTENANCE
The company actively markets and manages its portfolio of products to focus on the revenue building and maintenance which, over the life cycle of the products can contribute to the future profits of the business.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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.


CTS (Shopfitting) Limited (Registered number: 03488777)

Report of the Directors
for the year ended 29th February 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are 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 each director 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.

AUDITORS
The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R F Middleton - Director


25th November 2024

Report of the Independent Auditors to the Members of
CTS (Shopfitting) Limited

Opinion
We have audited the financial statements of CTS (Shopfitting) Limited (the 'company') for the year ended 29th February 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 29th February 2024 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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.

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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
CTS (Shopfitting) 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 Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
CTS (Shopfitting) 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience shopfitting services industry;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
CTS (Shopfitting) 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.




Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

25th November 2024

CTS (Shopfitting) Limited (Registered number: 03488777)

Statement of Comprehensive
Income
for the year ended 29th February 2024

2024 2023
Notes £    £   

TURNOVER 58,150,519 50,003,489

Cost of sales 53,625,229 45,696,210
GROSS PROFIT 4,525,290 4,307,279

Administrative expenses 3,140,296 2,890,445
1,384,994 1,416,834

Other operating income 19,389 18,242
OPERATING PROFIT 4 1,404,383 1,435,076

Interest receivable and similar income 9,313 908
1,413,696 1,435,984

Interest payable and similar expenses 5 141 59
PROFIT BEFORE TAXATION 1,413,555 1,435,925

Tax on profit 6 360,764 285,042
PROFIT FOR THE FINANCIAL YEAR 1,052,791 1,150,883

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,052,791

1,150,883

CTS (Shopfitting) Limited (Registered number: 03488777)

Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 157,721 166,500

CURRENT ASSETS
Debtors 9 14,236,932 8,781,831
Cash at bank and in hand 1,976,767 2,498,539
16,213,699 11,280,370
CREDITORS
Amounts falling due within one year 10 14,029,500 9,137,143
NET CURRENT ASSETS 2,184,199 2,143,227
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,341,920

2,309,727

PROVISIONS FOR LIABILITIES 12 26,546 27,944
NET ASSETS 2,315,374 2,281,783

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 2,315,274 2,281,683
SHAREHOLDERS' FUNDS 2,315,374 2,281,783

The financial statements were approved by the Board of Directors and authorised for issue on 25th November 2024 and were signed on its behalf by:





R F Middleton - Director


CTS (Shopfitting) Limited (Registered number: 03488777)

Statement of Changes in Equity
for the year ended 29th February 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st March 2022 100 2,210,000 2,210,100

Changes in equity
Dividends - (1,079,200 ) (1,079,200 )
Total comprehensive income - 1,150,883 1,150,883
Balance at 28th February 2023 100 2,281,683 2,281,783

Changes in equity
Dividends - (1,019,200 ) (1,019,200 )
Total comprehensive income - 1,052,791 1,052,791
Balance at 29th February 2024 100 2,315,274 2,315,374

CTS (Shopfitting) Limited (Registered number: 03488777)

Cash Flow Statement
for the year ended 29th February 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 858,648 694,189
Interest paid (141 ) (59 )
Tax paid (284,750 ) (365,625 )
Net cash from operating activities 573,757 328,505

Cash flows from investing activities
Purchase of tangible fixed assets (38,142 ) (55,937 )
Sale of tangible fixed assets 12,500 7,500
Interest received 9,313 908
Net cash from investing activities (16,329 ) (47,529 )

Cash flows from financing activities
Amount withdrawn by directors - (100,000 )
Equity dividends paid (1,079,200 ) (1,079,200 )
Net cash from financing activities (1,079,200 ) (1,179,200 )

Decrease in cash and cash equivalents (521,772 ) (898,224 )
Cash and cash equivalents at beginning of
year

2

2,498,539

3,396,763

Cash and cash equivalents at end of year 2 1,976,767 2,498,539

CTS (Shopfitting) Limited (Registered number: 03488777)

Notes to the Cash Flow Statement
for the year ended 29th February 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,413,555 1,435,925
Depreciation charges 40,383 40,964
Profit on disposal of fixed assets (5,962 ) (3,730 )
Finance costs 141 59
Finance income (9,313 ) (908 )
1,438,804 1,472,310
(Increase)/decrease in trade and other debtors (5,455,101 ) 652,581
Increase/(decrease) in trade and other creditors 4,874,945 (1,430,702 )
Cash generated from operations 858,648 694,189

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29th February 2024
29/2/24 1/3/23
£    £   
Cash and cash equivalents 1,976,767 2,498,539
Year ended 28th February 2023
28/2/23 1/3/22
£    £   
Cash and cash equivalents 2,498,539 3,396,763


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/3/23 Cash flow At 29/2/24
£    £    £   
Net cash
Cash at bank and in hand 2,498,539 (521,772 ) 1,976,767
2,498,539 (521,772 ) 1,976,767
Total 2,498,539 (521,772 ) 1,976,767

CTS (Shopfitting) Limited (Registered number: 03488777)

Notes to the Financial Statements
for the year ended 29th February 2024

1. STATUTORY INFORMATION

CTS (Shopfitting) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced work done, excluding value added tax.

In respect of long term contracts, turnover represents the sales value of work done in the year, including estimates in respect of amounts not invoiced.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

CTS (Shopfitting) Limited (Registered number: 03488777)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,662,925 4,491,267
Social security costs 512,357 552,283
Other pension costs 114,521 121,243
5,289,803 5,164,793

The average number of employees during the year was as follows:
2024 2023

Administration 39 36
Production 69 68
108 104

2024 2023
£    £   
Directors' remuneration 284,678 258,850

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 110,000 79,583

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 40,383 40,964
Profit on disposal of fixed assets (5,962 ) (3,730 )
Auditors' remuneration 9,600 9,150

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 141 59

CTS (Shopfitting) Limited (Registered number: 03488777)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 362,162 284,750

Deferred taxation (1,398 ) 292
Tax on profit 360,764 285,042

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,413,555 1,435,925
Profit multiplied by the standard rate of corporation tax in the UK of
24.490% (2023 - 19%)

346,180

272,826

Effects of:
Expenses not deductible for tax purposes 14,584 14,130
Capital allowances in excess of depreciation - (1,984 )
Effect of change in tax provision rate - 70
Total tax charge 360,764 285,042

7. DIVIDENDS
2024 2023
£    £   
Interim 1,019,200 1,079,200

CTS (Shopfitting) Limited (Registered number: 03488777)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st March 2023 103,298 317,235 75,147 127,710 623,390
Additions 2,651 4,252 8,000 23,239 38,142
Disposals - - (15,498 ) - (15,498 )
At 29th February 2024 105,949 321,487 67,649 150,949 646,034
DEPRECIATION
At 1st March 2023 73,781 269,127 35,046 78,936 456,890
Charge for year 6,246 9,795 12,025 12,317 40,383
Eliminated on disposal - - (8,960 ) - (8,960 )
At 29th February 2024 80,027 278,922 38,111 91,253 488,313
NET BOOK VALUE
At 29th February 2024 25,922 42,565 29,538 59,696 157,721
At 28th February 2023 29,517 48,108 40,101 48,774 166,500

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 13,848,912 7,134,527
Amounts recoverable on
contracts 368,833 1,629,170
Prepayments 19,187 18,134
14,236,932 8,781,831

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 9,509,581 6,309,211
Taxation 362,162 284,750
Social security and other taxes 2,164,569 817,146
Interim payments 1,364,234 992,846
Directors' current accounts 440,000 500,000
Accrued expenses 188,954 233,190
14,029,500 9,137,143

CTS (Shopfitting) Limited (Registered number: 03488777)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 126,596 97,802
Between one and five years 106,037 61,743
232,633 159,545

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred taxation 26,546 27,944

Deferred
tax
£   
Balance at 1st March 2023 27,944
Provided during year (1,398 )
Balance at 29th February 2024 26,546

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100