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Company Registration No. 11838742 (England and Wales)
CT (IOW) Ltd Unaudited accounts for the year ended 29 February 2024
CT (IOW) Ltd Unaudited accounts Contents
Page
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CT (IOW) Ltd Company Information for the year ended 29 February 2024
Directors
Nicholas Roger Clemens Benjamin John David Tanner
Company Number
11838742 (England and Wales)
Registered Office
First Floor 129 High Street Guildford Surrey GU1 3AA United Kingdom
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CT (IOW) Ltd Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Current assets
Inventories
3,419,339 
2,421,214 
Debtors
29,610 
21,563 
Cash at bank and in hand
42,243 
30,990 
3,491,192 
2,473,767 
Creditors: amounts falling due within one year
(2,815,881)
(1,947,254)
Net current assets
675,311 
526,513 
Net assets
675,311 
526,513 
Capital and reserves
Called up share capital
129 
129 
Profit and loss account
675,182 
526,384 
Shareholders' funds
675,311 
526,513 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by
Nicholas Roger Clemens Director Company Registration No. 11838742
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CT (IOW) Ltd Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
CT (IOW) Ltd is a private company, limited by shares, registered in England and Wales, registration number 11838742. The registered office is First Floor, 129 High Street, Guildford, Surrey, GU1 3AA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 29 February 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 March 2022. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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CT (IOW) Ltd Notes to the Accounts for the year ended 29 February 2024
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements: Determine whether there are indicators of impairment of the company's inventories. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
4
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
29,610 
21,563 
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
103,313 
208,512 
Taxes and social security
48,205 
- 
Other creditors
2,664,363 
1,738,742 
2,815,881 
1,947,254 
6
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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