Company registration number 01365448 (England and Wales)
C.T.M. ELECTRICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
C.T.M. ELECTRICAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
C.T.M. ELECTRICAL LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
136,084
46,296
Current assets
Stocks
5
145,020
42,398
Debtors
6
232,728
183,260
Cash at bank and in hand
370,088
285,222
747,836
510,880
Creditors: amounts falling due within one year
7
(591,079)
(284,216)
Net current assets
156,757
226,664
Total assets less current liabilities
292,841
272,960
Creditors: amounts falling due after more than one year
8
(23,361)
Net assets
269,480
272,960
Capital and reserves
Called up share capital
90
90
Capital redemption reserve
10
10
Profit and loss reserves
269,380
272,860
Total equity
269,480
272,960
In accordance with section 444 of the Companies Act 2006, advantage has been taken of the option to not deliver the director's report and the profit and loss account.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
C.T.M. ELECTRICAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
S Corrigan
Director
Company Registration No. 01365448
C.T.M. ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
C.T.M. Electrical Limited is a private company limited by shares incorporated in England and Wales. The registered office is New River House, Missouri Avenue, Weaste, Salford, Manchester, United Kingdom, M50 2NP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have assessed the expected performance of the company, which indicate that sufficient funds will be available to enable the company to continue to meet its liabilities as they fall due for at least the next 12 months.true
Accordingly, the financial statements have been prepared on a going concern basis, and do not reflect adjustments which would be necessary should this not be appropriate.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery, etc
15% to 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate or there is an indication of significant change since the last reporting period.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
C.T.M. ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
C.T.M. ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
53,142
47,091
C.T.M. ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Taxation
2024
2023
£
£
(Continued)
- 6 -
Deferred tax
Origination and reversal of timing differences
8,860
(3,901)
Total tax charge
62,002
43,190
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
306,577
Additions
124,274
Disposals
(69,863)
At 30 April 2024
360,988
Depreciation and impairment
At 1 May 2023
260,281
Depreciation charged in the year
21,710
Eliminated in respect of disposals
(57,087)
At 30 April 2024
224,904
Carrying amount
At 30 April 2024
136,084
At 30 April 2023
46,296
5
Stocks
2024
2023
£
£
Raw materials and consumables
37,788
42,398
Work in progress
107,232
-
145,020
42,398
C.T.M. ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
146,006
137,794
Corporation tax recoverable
12
Amounts owed by undertakings in which the company has a participating interest
38
38
Other debtors
25,476
16,593
Prepayments and accrued income
62,831
21,586
234,351
176,023
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 9)
(1,623)
7,237
Total debtors
232,728
183,260
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
11,812
2,856
Trade creditors
211,030
125,603
Amounts owed to group undertakings
290,834
88,706
Corporation tax
53,142
47,091
Other taxation and social security
14,983
9,675
Accruals and deferred income
9,278
10,285
591,079
284,216
Obligations under finance leases are secured against the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
23,361
Obligations under finance leases are secured against the assets to which they relate.
C.T.M. ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
(1,623)
7,237
2024
Movements in the year:
£
Asset at 1 May 2023
(7,237)
Charge to profit or loss
8,860
Liability at 30 April 2024
1,623
10
Related party transactions
As at 30 April 2024 the company owed £290,834 (2023: £88,706) to a group undertaking. The balance is unsecured, interest free, and repayable on demand.
11
Parent company
The parent company is CTM Building Services Limited, a company incorporated in England and Wales.