Company registration number 04723598 (England and Wales)
CTS TRAFFIC & TRANSPORTATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
CTS TRAFFIC & TRANSPORTATION LIMITED
COMPANY INFORMATION
Director
Mr J S Rowlands
Company number
04723598
Registered office
Unit 14
Aqueduct Mill
Aqueduct Street
Preston
Lancashire
PR1 7JN
Accountants
Bishops
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
CTS TRAFFIC & TRANSPORTATION LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8
CTS TRAFFIC & TRANSPORTATION LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CTS TRAFFIC & TRANSPORTATION LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CTS Traffic & Transportation Limited for the year ended 30 April 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of CTS Traffic & Transportation Limited, as a body, in accordance with the terms of our engagement letter dated 9 December 2016. Our work has been undertaken solely to prepare for your approval the financial statements of CTS Traffic & Transportation Limited and state those matters that we have agreed to state to the board of directors of CTS Traffic & Transportation Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CTS Traffic & Transportation Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that CTS Traffic & Transportation Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CTS Traffic & Transportation Limited. You consider that CTS Traffic & Transportation Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of CTS Traffic & Transportation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Bishops
31 January 2025
Chartered Accountants
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
CTS TRAFFIC & TRANSPORTATION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
20,721
9,620
Investments
6
350,000
350,000
370,721
359,620
Current assets
Stocks
83,919
72,223
Debtors
8
327,683
259,860
Cash at bank and in hand
953
1,754
412,555
333,837
Creditors: amounts falling due within one year
9
(420,410)
(339,484)
Net current liabilities
(7,855)
(5,647)
Total assets less current liabilities
362,866
353,973
Creditors: amounts falling due after more than one year
10
(98,410)
(101,692)
Net assets
264,456
252,281
Capital and reserves
Called up share capital
2
2
Share premium account
62,000
62,000
Profit and loss reserves
202,454
190,279
Total equity
264,456
252,281
The director of the company has elected not to include a copy of the income statement within the financial statements.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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
CTS TRAFFIC & TRANSPORTATION LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 31 January 2025
Mr J S Rowlands
Director
Company Registration No. 04723598
CTS TRAFFIC & TRANSPORTATION LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 4 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
CTS Traffic & Transportation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14, Aqueduct Mill, Aqueduct Street, Preston, Lancashire, PR1 7JN.
2.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
2.2
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.
2.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
2.4
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 equipment
25% reducing balance
Motor vehicles
25% reducing balance
CTS TRAFFIC & TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2
Accounting policies
(Continued)
- 5 -
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.
2.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
2.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.
2.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CTS TRAFFIC & TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Accounting policies
(Continued)
- 6 -
2.8
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
12
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
240,000
Amortisation and impairment
At 1 May 2023 and 30 April 2024
240,000
Carrying amount
At 30 April 2024
At 30 April 2023
CTS TRAFFIC & TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
171,748
25,855
197,603
Additions
1,858
18,899
20,757
Disposals
(25,855)
(25,855)
At 30 April 2024
173,606
18,899
192,505
Depreciation and impairment
At 1 May 2023
164,878
23,105
187,983
Depreciation charged in the year
2,181
4,725
6,906
Eliminated in respect of disposals
(23,105)
(23,105)
At 30 April 2024
167,059
4,725
171,784
Carrying amount
At 30 April 2024
6,547
14,174
20,721
At 30 April 2023
6,870
2,750
9,620
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
350,000
350,000
7
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Plau (Preston) Ltd
United Kingdom
Ordinary
100.00
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,632
31,727
Other debtors
298,051
228,133
327,683
259,860
CTS TRAFFIC & TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
102,831
49,587
Corporation tax
8,006
18,332
Other taxation and social security
194,789
151,897
Other creditors
114,784
119,668
420,410
339,484
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
98,410
101,692