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REGISTERED NUMBER: 04396167 (England and Wales)






CTE UK Limited

Financial Statements

for the Year Ended 31 December 2024






CTE UK Limited (Registered number: 04396167)

Contents of the Financial Statements
for the year ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CTE UK Limited

Company Information
for the year ended 31 December 2024







DIRECTORS: Mr L Cipriani
Mr M Govoni
Mr M Franceschi





REGISTERED OFFICE: Unit L Feldspar Close
Warren Park
Enderby
Leicestershire
LE19 4SD





REGISTERED NUMBER: 04396167 (England and Wales)





AUDITORS: SMH Jolliffe Cork Audit Ltd
Accountants & Statutory Auditors
33 George Street
Wakefield
West Yorkshire
WF1 1LX

CTE UK Limited (Registered number: 04396167)

Balance Sheet
31 December 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Tangible assets 4 22,344 26,482

CURRENT ASSETS
Stocks 1,689,450 2,052,175
Debtors 5 330,291 899,504
Cash at bank and in hand 409,319 657,023
2,429,060 3,608,702
CREDITORS
Amounts falling due within one year 6 1,881,372 2,804,117
NET CURRENT ASSETS 547,688 804,585
TOTAL ASSETS LESS CURRENT
LIABILITIES

570,032

831,067

PROVISIONS FOR LIABILITIES 1,958 2,761
NET ASSETS 568,074 828,306

CAPITAL AND RESERVES
Called up share capital 8 500,080 500,080
Capital redemption reserve 20 20
Retained earnings 67,974 328,206
SHAREHOLDERS' FUNDS 568,074 828,306

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:





Mr M Franceschi - Director


CTE UK Limited (Registered number: 04396167)

Notes to the Financial Statements
for the year ended 31 December 2024


1. STATUTORY INFORMATION

CTE UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income received in respect of the sale of equipment is recognised at the point at which the sale has been agreed. Income received from the rental of equipment is charged to the profit and loss account on a straight line basis over the period of the rental.

Fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on reducing balance
Fixtures and fittings - 33% on reducing balance
Motor vehicles - 25% on cost
Equipment - 33% on reducing balance

Fixed assets are initially recorded at cost.

Stock and work in progress
Stocks have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, costs include a relevant proportion of overheads according to the stage of completion.

CTE UK Limited (Registered number: 04396167)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

The company has no 'Other financial assets'.

Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and hire purchase contracts, 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 receipts discounted at a market rate of interest.

The company has no 'Other financial liabilities'.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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.

CTE UK Limited (Registered number: 04396167)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates an auto-enrolment pension scheme on behalf of its employees and makes defined contributions into the scheme. During the financial year the company also made employer contributions into a director's personal pension scheme. Contributions payable to these pension schemes are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Equipment Totals
£ £ £ £ £
COST
At 1 January 2024 38,386 33,221 10,000 32,018 113,625
Additions 413 935 - 3,028 4,376
At 31 December 2024 38,799 34,156 10,000 35,046 118,001
DEPRECIATION
At 1 January 2024 29,042 20,554 10,000 27,547 87,143
Charge for year 2,814 4,106 - 1,594 8,514
At 31 December 2024 31,856 24,660 10,000 29,141 95,657
NET BOOK VALUE
At 31 December 2024 6,943 9,496 - 5,905 22,344
At 31 December 2023 9,344 12,667 - 4,471 26,482

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 274,573 820,730
Other debtors 23,387 20,745
Tax - 17,730
Prepayments and accrued income 32,331 40,299
330,291 899,504

CTE UK Limited (Registered number: 04396167)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 68,073 511,923
Amounts owed to group undertakings 1,342,122 2,027,062
Tax 17,632 -
Social security and other taxes 17,599 23,394
VAT 267,711 207,863
Accruals and deferred income 168,235 33,875
1,881,372 2,804,117

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 75,531 49,995
Between one and five years 191,631 69,395
267,162 119,390

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
80 Ordinary £1 80 80
500,000 Redeemable Preference £1 500,000 500,000
500,080 500,080

The redeemable preference shares were issued on 31 December 2009 and the company has the right to redeem some or all on giving three months notice to the shareholder. The shares carry a fixed dividend of 4.5% per annum payable half yearly.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jane Crossley FCA CTA (Senior Statutory Auditor)
for and on behalf of SMH Jolliffe Cork Audit Ltd

10. 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 of CTE SpA, CTE UK Limited's parent company.

CTE UK Limited (Registered number: 04396167)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


11. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr L Cipriani.