REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
CPT Global Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
CPT Global Ltd |
CPT Global Ltd (Registered number: 03581148) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
CPT Global Ltd |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
9 St Clare Street |
London |
EC3N 1LQ |
CPT Global Ltd (Registered number: 03581148) |
Statement of Financial Position |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the director and authorised for issue on |
CPT Global Ltd (Registered number: 03581148) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
CPT Global Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company had net current liabilities of £1.5 million at the balance sheet date, which is mainly owed to the related parties, no short-term demand on the repayment of the funds is expected to be instructed. The director has received a letter of support from ultimate parent undertaking confirming they agree to provide unconditional continued financial support to enable the company to meet its obligations as and when they fall due for a minimum period of 18 months from the date of these financial statements. For this reason, the director believes that the company has adequate resources to continue in operational existence for the foreseeable future and therefore it is appropriate that the company continues to adopt the going concern basis in preparing its financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about CPT Global Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover consists of income earned from services performed using the percentage of completion method of accounting. The percentage is determined by site manager estimations of work completed. Provisions for estimated losses on contracts are made during the period in which the losses become probable and can be readily estimated. |
Accrued income represents turnover recognised in excess of payments on accounts. |
Investments in subsidiaries |
Investment in subsidiary undertaking is recognised at cost less amounts written off on impairment. |
CPT Global Ltd (Registered number: 03581148) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised 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 trade and other receivables 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 unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
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 trade and other payables, and loans from group undertakings, 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest method. |
Share capital |
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. |
The company's ordinary shares are classified as equity instruments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
CPT Global Ltd (Registered number: 03581148) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Provision for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
Impairments | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
CPT Global Ltd (Registered number: 03581148) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | FIXED ASSET INVESTMENTS - continued |
On 16 June 2015, the company incorporated a subsidiary in Italy. The company owns 100% of the share capital of CPT Global S.r.l. The activity of the company is to provide information technology consulting services to customers in Italy. |
At the balance sheet date, the investment in the subsidiary remained fully impaired. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.06.24 | 30.06.23 |
£ | £ |
Amounts owed by group undertakings | 2,732,999 | 2,886,499 |
Less: Provision for doubtful debts | (254,743 | ) | 0 |
Other debtors | 16,112 | 16,739 |
2,494,368 | 2,903,238 |
Amount due from parent company and fellow subsidiaries are unsecured, repayable on demand and bear interest at market rates of 8.27%, interest income of £257K (2023: £148K) was recongised in the profit and loss accounts for the year. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Amount due to parent company and fellow subsidiaries are unsecured, repayable on demand and bear interest at market rates of 8.27%, interest expense of £315K (2023: 187K) was recognised in the profit and loss accounts for the year. |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
CPT Global Ltd (Registered number: 03581148) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | CONTROLLING PARTY |
The immediate parent company is CPT Global International Pty Ltd., a company incorporated in Australia. The ultimate parent company is CPT Global Limited, a company incorporated in Australia. The consolidated financial statements are available to the public and may be obtained from CPT Global Limited, Level 3, 818 Bourke Street, Docklands, VIC 3008, Australia. |
There is no one ultimate controlling party. |