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Registration number: 08092664

Carter May Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Carter May Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Carter May Limited

Company Information

Directors

Mr C P Lee

Mr J S Wildman

Company secretary

Mr J S Wildman

Registered office

Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

Accountants

Numeric Accounting
Chartered Certified AccountantsSuite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Carter May Limited

(Registration number: 08092664)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

104,578

119,342

Tangible assets

5

7,307

4,347

 

111,885

123,689

Current assets

 

Debtors

6

51,047

112,601

Investments

7

306,000

-

Cash at bank and in hand

 

858,697

1,095,348

 

1,215,744

1,207,949

Creditors: Amounts falling due within one year

8

(176,429)

(190,300)

Net current assets

 

1,039,315

1,017,649

Total assets less current liabilities

 

1,151,200

1,141,338

Provisions for liabilities

(1,827)

(1,087)

Net assets

 

1,149,373

1,140,251

Capital and reserves

 

Called up share capital

9

140

130

Retained earnings

1,149,233

1,140,121

Shareholders' funds

 

1,149,373

1,140,251

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Carter May Limited

(Registration number: 08092664)
Balance Sheet as at 31 August 2024 (continued)

Approved and authorised by the Board on 11 February 2025 and signed on its behalf by:
 

.........................................
Mr J S Wildman
Company secretary and director

 

Carter May Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

These financial statements were authorised for issue by the Board on 11 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Carter May Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Computer Equipment

20% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Carter May Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Asset class

Amortisation method and rate

Goodwill

10 years

Current Asset Investments

Current Asset Investments relates to a joint venture with an unconnected Company and is measured at cost. The Directors confirm there is no impairment in value at the balance sheet date. Full repayment of this loan is expected within 12 months of the balance sheet date.

Leases

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 10).

 

Carter May Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

147,640

147,640

At 31 August 2024

147,640

147,640

Amortisation

At 1 September 2023

28,298

28,298

Amortisation charge

14,764

14,764

At 31 August 2024

43,062

43,062

Carrying amount

At 31 August 2024

104,578

104,578

At 31 August 2023

119,342

119,342

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

15,788

15,788

Additions

5,087

5,087

At 31 August 2024

20,875

20,875

Depreciation

At 1 September 2023

11,441

11,441

Charge for the year

2,127

2,127

At 31 August 2024

13,568

13,568

Carrying amount

At 31 August 2024

7,307

7,307

At 31 August 2023

4,347

4,347

 

Carter May Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

6

Debtors

Current

2024
£

2023
£

Trade debtors

39,373

43,436

Prepayments

3,654

5,529

Other debtors

8,020

63,636

 

51,047

112,601

7

Current asset investments

2024
£

2023
£

Other investments

306,000

-

 

Carter May Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

7,581

6,737

Taxation and social security

139,767

176,405

Accruals and deferred income

2,520

4,303

Other creditors

26,561

2,855

176,429

190,300

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

10

10

10

10

Ordinary C of £1 each

10

10

10

10

Ordinary D of £1 each

10

10

10

10

Ordinary E of £1 (2023 - £0) each

10

10

-

-

140

140

130

130

10

Dividends

2024

2023

£

£

Interim dividends of £1,798.18 (2023 - £993.23) per ordinary share

251,745

129,120

 

 
 

Carter May Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

11

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr C P Lee

The loans are interest free with no fixed date of repayment.

47,411

70,132

(142,812)

(25,270)

Mr J S Wildman

The loans are interest free with no fixed date of repayment.

9,753

14,928

(16,662)

8,019

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

36,000

36,000

Contributions paid to money purchase schemes

100,000

-

136,000

36,000

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

6,469

6,469

Advanced

426

426

Repaid

(6,895)

(6,895)

At end of period

-

-

 

Carter May Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

11

Related party transactions (continued)

2023

Other related parties
£

Total
£

At start of period

186

186

Advanced

15,403

15,403

Repaid

(9,120)

(9,120)

At end of period

6,469

6,469

Terms of loans to related parties

Loan to Mrs Gemma Wildman is repaid during the year.