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Registration number: 10862550

CTFR Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

CTFR Holdings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

CTFR Holdings Limited

Company Information

Directors

Mr A M Retter

Mr J D Retter

Mr S J Retter

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

CTFR Holdings Limited

(Registration number: 10862550)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

24,236

18,933

Investment property

5

378,000

370,000

 

402,236

388,933

Current assets

 

Debtors

6

3,135

1,908

Cash at bank and in hand

 

4,379

3,136

 

7,514

5,044

Creditors: Amounts falling due within one year

7

(330,603)

(318,748)

Net current liabilities

 

(323,089)

(313,704)

Total assets less current liabilities

 

79,147

75,229

Creditors: Amounts falling due after more than one year

7

(155,000)

(155,000)

Net liabilities

 

(75,853)

(79,771)

Capital and reserves

 

Called up share capital

90

90

Retained earnings

(75,943)

(79,861)

Shareholders' deficit

 

(75,853)

(79,771)

For the financial year ending 31 July 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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.

 

CTFR Holdings Limited

(Registration number: 10862550)
Balance Sheet as at 31 July 2024

Approved and authorised by the Board on 29 April 2025 and signed on its behalf by:
 

.........................................
Mr A M Retter
Director

.........................................
Mr S J Retter
Director

 

CTFR Holdings Limited

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

1

General information

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

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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.

Going concern

The directors have acknowledged the negative reserves at the balance sheet date, this is due to the development cost of the building exceeding its market value. As such the directors have had to financially support the company to date and will continue to do so, and on that basis the accounts have been prepared on a going concern basis.

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.

 

CTFR Holdings Limited

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

Tax

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Funiture, fittings and equipment

20% straight line

Plant and machinery

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined periodically by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

CTFR Holdings Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

CTFR Holdings Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2023

29,855

1,158

31,013

Additions

12,076

603

12,679

At 31 July 2024

41,931

1,761

43,692

Depreciation

At 1 August 2023

12,006

74

12,080

Charge for the year

7,084

292

7,376

At 31 July 2024

19,090

366

19,456

Carrying amount

At 31 July 2024

22,841

1,395

24,236

At 31 July 2023

17,849

1,084

18,933

5

Investment properties

2024
£

At 1 August

370,000

Fair value adjustments

8,000

At 31 July

378,000

The investment properties were revalued on (31/07/2024) by the director, on an open market basis.

6

Debtors

2024
£

2023
£

Trade debtors

2,625

1,908

Other debtors

510

-

Total current trade and other debtors

3,135

1,908

 

CTFR Holdings Limited

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

7

Creditors

2024
£

2023
£

Due within one year

Other creditors

325,659

313,919

Accrued expenses

1,260

1,280

Deferred income

3,684

3,549

330,603

318,748

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

155,000

155,000

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

155,000

155,000