BrightAccountsProduction v1.0.0 v1.0.0 2023-05-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company continued to be the manufacture and repair of trailers. 26 November 2024 13 13 NI042897 2024-04-30 NI042897 2023-04-30 NI042897 2022-04-30 NI042897 2023-05-01 2024-04-30 NI042897 2022-05-01 2023-04-30 NI042897 uk-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI042897 uk-curr:PoundSterling 2023-05-01 2024-04-30 NI042897 uk-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 NI042897 uk-bus:FullAccounts 2023-05-01 2024-04-30 NI042897 uk-bus:CompanySecretaryDirector1 2023-05-01 2024-04-30 NI042897 uk-bus:Director2 2023-05-01 2024-04-30 NI042897 uk-bus:Director3 2023-05-01 2024-04-30 NI042897 uk-bus:CompanySecretary1 2023-05-01 2024-04-30 NI042897 uk-bus:RegisteredOffice 2023-05-01 2024-04-30 NI042897 uk-bus:Agent1 2023-05-01 2024-04-30 NI042897 uk-core:ShareCapital 2024-04-30 NI042897 uk-core:ShareCapital 2023-04-30 NI042897 uk-core:RetainedEarningsAccumulatedLosses 2024-04-30 NI042897 uk-core:RetainedEarningsAccumulatedLosses 2023-04-30 NI042897 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-04-30 NI042897 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-04-30 NI042897 uk-bus:FRS102 2023-05-01 2024-04-30 NI042897 uk-core:Goodwill 2023-05-01 2024-04-30 NI042897 uk-core:VehiclesPlantMachinery 2023-05-01 2024-04-30 NI042897 uk-core:PlantMachinery 2023-05-01 2024-04-30 NI042897 uk-core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 NI042897 uk-core:MotorVehicles 2023-05-01 2024-04-30 NI042897 uk-core:Goodwill 2023-04-30 NI042897 uk-core:Goodwill 2024-04-30 NI042897 uk-core:CurrentFinancialInstruments 2024-04-30 NI042897 uk-core:CurrentFinancialInstruments 2023-04-30 NI042897 uk-core:WithinOneYear 2024-04-30 NI042897 uk-core:WithinOneYear 2023-04-30 NI042897 uk-core:WithinOneYear 2024-04-30 NI042897 uk-core:WithinOneYear 2023-04-30 NI042897 uk-core:OtherMiscellaneousReserve 2023-04-30 NI042897 uk-core:OtherMiscellaneousReserve 2023-05-01 2024-04-30 NI042897 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 NI042897 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-04-30 NI042897 uk-core:OtherDeferredTax 2024-04-30 NI042897 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-04-30 NI042897 uk-core:OtherMiscellaneousReserve 2024-04-30 NI042897 2023-05-01 2024-04-30 NI042897 uk-bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI042897
 
 
C-Tec Commercial Vehicle Engineering Limited
 
Directors' Report and Unaudited Financial Statements
 
for the financial year ended 30 April 2024
C-Tec Commercial Vehicle Engineering Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Mr. Peter Connery
Mr. Michael Connery
Mr. Eugene Connery
 
 
Company Secretary Mr. Peter Connery
 
 
Company Registration Number NI042897
 
 
Registered Office 16 Mount Charles
Belfast
BT7 1NZ
 
 
Business Address Unit 5
Station Rd Industrial Estate
Station Road
Magherafelt
BT45 5EY
 
 
Accountants Muldoon & Co
Chartered Accountants & Reporting Accountants
16 Mount Charles
Belfast
BT7 1NZ
 
 
Bankers Ulster Bank Ltd
  20 William Street
  Cookstown
  Co Tyrone
  BT80 8ND



C-Tec Commercial Vehicle Engineering Limited
DIRECTORS' REPORT
for the financial year ended 30 April 2024

 
The directors present their report and the unaudited financial statements for the financial year ended 30 April 2024.
 
Principal Activity
The principal activity of the company continued to be the manufacture and repair of trailers.
     
Results and Dividends
The (loss)/profit for the financial year after providing for depreciation and taxation amounted to £(19,756) (2023 - £402,932).
     
Directors
The directors who served during the financial year are as follows:
     
Mr. Peter Connery
Mr. Michael Connery
Mr. Eugene Connery
   
     
Statement of Directors' Responsibilities
     
The directors are responsible for preparing the Directors' Report 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) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). 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 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.
     
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.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
     
___________________________
Mr. Peter Connery
Director
     
26 November 2024



C-Tec Commercial Vehicle Engineering Limited
Company Registration Number: NI042897
BALANCE SHEET
as at 30 April 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 5 53,937 61,163
───────── ─────────
 
Current Assets
Stocks 6 189,000 182,000
Debtors 7 304,149 338,833
Cash and cash equivalents 2,473,875 2,592,829
───────── ─────────
2,967,024 3,113,662
───────── ─────────
Creditors: amounts falling due within one year 8 (1,463,498) (1,521,712)
───────── ─────────
Net Current Assets 1,503,526 1,591,950
───────── ─────────
Total Assets less Current Liabilities 1,557,463 1,653,113
 
Provisions for liabilities 10 (3,960) (5,154)
───────── ─────────
Net Assets 1,553,503 1,647,959
═════════ ═════════
 
Capital and Reserves
Called up share capital 3 3
Retained earnings 1,553,500 1,647,956
───────── ─────────
Equity attributable to owners of the company 1,553,503 1,647,959
═════════ ═════════
 
The financial statements have been prepared 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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account.
           
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 26 November 2024 and signed on its behalf by
           
           
           
________________________________          
Mr. Peter Connery          
Director          
           



C-Tec Commercial Vehicle Engineering Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 April 2024

   
1. General Information
 
C-Tec Commercial Vehicle Engineering Limited is a company limited by shares incorporated in Northern Ireland. 16 Mount Charles, Belfast, BT7 1NZ is the registered office.The principal place of busienss is Unit 5, Station Road Industrial Estate, Magerafelt, BT45 5EY. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 April 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Revenue is recognised upon customer receipt.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Short leasehold property - 2% Straight line
  Plant and machinery - 20% Reducing Balance
  Fixtures, fittings and equipment - 20% Reducing Balance
  Motor vehicles - 25% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was:
 
  2024 2023
  Number Number
 
Employees 13 13
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 May 2023 100,000 100,000
  ───────── ─────────
 
At 30 April 2024 100,000 100,000
  ───────── ─────────
Amortisation
 
At 30 April 2024 100,000 100,000
  ───────── ─────────
Net book value
At 30 April 2024 - -
  ═════════ ═════════
             
5. Tangible assets
  Short Plant and Fixtures, Motor Total
  leasehold machinery fittings and vehicles  
  property   equipment    
  £ £ £ £ £
Cost
At 1 May 2023 37,775 149,511 31,836 32,700 251,822
  ───────── ───────── ───────── ───────── ─────────
 
At 30 April 2024 37,775 149,511 31,836 32,700 251,822
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 May 2023 6,800 133,973 25,855 24,031 190,659
Charge for the financial year 755 3,108 1,196 2,167 7,226
  ───────── ───────── ───────── ───────── ─────────
At 30 April 2024 7,555 137,081 27,051 26,198 197,885
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 30 April 2024 30,220 12,430 4,785 6,502 53,937
  ═════════ ═════════ ═════════ ═════════ ═════════
At 30 April 2023 30,975 15,538 5,981 8,669 61,163
  ═════════ ═════════ ═════════ ═════════ ═════════
       
6. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 189,000 182,000
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2024 2023
  £ £
 
Trade debtors 302,449 337,133
Prepayments and accrued income 1,700 1,700
  ───────── ─────────
  304,149 338,833
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 150,093 74,810
Bank loan 9,037 8,373
Trade creditors 535,845 620,566
Taxation and social security costs (Note 9) 48,358 133,202
Directors' current accounts 689,734 655,293
Accruals 30,431 29,468
  ───────── ─────────
  1,463,498 1,521,712
  ═════════ ═════════
       
9. Taxation and social security 2024 2023
  £ £
 
Creditors:
VAT 39,663 26,159
Corporation tax 3,538 101,936
PAYE / NI 5,157 5,107
  ───────── ─────────
  48,358 133,202
  ═════════ ═════════
         
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 5,154 5,154 6,429
Charged to profit and loss (1,194) (1,194) (1,275)
  ───────── ───────── ─────────
At financial year end 3,960 3,960 5,154
  ═════════ ═════════ ═════════
           
11. Related party transactions
 
During the year the company was charged rent of £20,400 (2023: £20,400) by C-Tec Rental Partnership, a partnership in which all 3 directors are also partners. The balance due to C-Tec Rental Partnership at the balance sheet date was £166,260 (2023: £153,000) and is included within creditors.
   
12. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.