|
Registered number: OC379696
________________________________________________________________________________________
CMT HOLDINGS (EUROPE) LLP
________________________________________________________________________________________
ANNUAL REPORT
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED
31 DECEMBER 2024
|
|
|
|
|
CMT HOLDINGS (EUROPE) LLP
|
CONTENTS
|
|
|
|
|
|
Reconciliation of Members' Interests
|
|
Notes to the Financial Statements
|
|
|
|
|
|
|
CMT HOLDINGS (EUROPE) LLP
REGISTERED NUMBER:OC379696
|
BALANCE SHEET
AS AT 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts Falling Due Within One Year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements on pages 1 to 7 were approved and authorised for issue by the members and were signed on their behalf on 30 September 2025.
J. Poliner
for and on behalf of Creative Mobile Technologies LLC
|
|
|
|
|
|
|
|
CMT HOLDINGS (EUROPE) LLP
|
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
EQUITY
Members' other interests
|
DEBT
Loans and other debts due to members less any amounts due from members in debtors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2023
|
|
|
|
|
|
Members' remuneration charged as an expense
|
|
|
|
|
|
Loss for the year available for discretionary division among members
|
|
|
|
|
|
Members' interests after profit for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2023
|
|
|
|
|
|
Loss for the year available for discretionary division among members
|
|
|
|
|
|
Members' interests after profit for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2024
|
|
|
|
|
|
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
|
|
|
|
|
|
CMT HOLDINGS (EUROPE) LLP
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies
The LLP's principal activity is to act as a holding vehicle for its subsidiaries. The principal activities of the LLP's subsidiary companies are to act as an intermediate holding company, and the provision of payment processing and passenger information technologies for the transportation industry.
CMT Holdings (Europe) LLP is a limited liability partnership and is incorporated and domiciled in England and Wales. The address of the registered office is Salisbury House, London Wall, London, EC2M 5PS.
The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Section 1A 'Small Entities' of Financial Reporting Standard 102, ‘the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (“FRS 102”), the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' and the Companies Act 2006 (as applied to LLPs). The financial statements have been prepared under the historical cost convention.
The LLP is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the LLP as an individual undertaking and not about its group.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the LLP's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.
The LLP is reliant on funding from its subsidiary, Creative Mobile Technologies (UK) Limited, to meet its liabilities as they fall due. In addition, as noted in note 6, the members have given an undertaking not to seek repayment of their members' interest prior to 31 December 2026 unless sufficient funding is received from Creative Mobile Technologies (UK) Limited.
|
|
|
Members' remuneration charged as an expense
|
The profits of the LLP, to the extent that they exceed accumulated losses, are divided between the members. Since the LLP does not have an unconditional right to withhold profits from members at the period end profits less accumulated losses are treated as members' remuneration charged as an expense in the Profit and Loss Account.
Members' remuneration charged as an expense includes accrued interest on loans due to members.
Investments in subsidiaries are measured at cost less accumulated impairment.
|
|
|
|
|
CMT HOLDINGS (EUROPE) LLP
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
|
|
|
Foreign currency translation
|
Functional and presentation currency
The LLP's functional and presentation currency is the pound sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.
All foreign exchange gains and losses are presented in the Profit and Loss Account under the heading 'administrative expenses'.
The LLP has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Profit and Loss Account in ‘administrative expenses’.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Loans
Loans (receivable and payable) which are basic financial instruments are initially recorded at the present value of future payments discounted at a market rate of interest for a similar loan. Subsequently, they are measured at amortised cost using the effective interest method. Loans that are receivable and payable within one year are not discounted.
Offsetting
Financial assets and liabilities are offset and 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.
|
|
|
|
|
CMT HOLDINGS (EUROPE) LLP
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
|
|
|
Related party transactions
|
The LLP discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the members separate disclosure is necessary to understand the effect of the transactions on the LLP’s financial statements.
The LLP reviews its assets annually for any indicators of impairment in the assets’ carrying values. Any resulting impairment losses are recognised in the Profit and Loss Account.
Interest income is recognised in profit or loss using the effective interest method.
As any tax arising on the LLP's profits is a liability of the members no taxation is provided in the financial statements.
|
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. The resultant judgements and estimates will, by definition, not necessarily equal the related actual results and may require adjustment in subsequent accounting periods. The estimates and assumptions that may cause a material adjustment to the carrying amount of assets and liabilities in the next financial year are:
Impairment of assets
Management review the carrying values of the assets of the LLP annually for any indications of impairment. In conducting this review management take into account both the past trading performance and the projected future trading performance of the LLP's subsidiaries. Based on this review management have concluded that no impairment is required.
|
|
|
|
|
The LLP has no employees.
|
|
|
|
|
|
CMT HOLDINGS (EUROPE) LLP
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The LLP owns 1 (2023: 1) ordinary share, representing 100% of the ordinary shares, in Creative Mobile Technologies (Europe) Limited which in turn owns 500,000 (2023: 500,000) ordinary shares, representing 100% of the ordinary shares, in Creative Mobile Technologies (UK) Limited. The principal activity of the former company is that of a holding company and the latter company is the provison of payment processing and passenger information technologies for the transportation industry. The registered office address of both companies is Salisbury House, London Wall, London, EC2M 5PS.
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other amounts due to members
|
|
|
|
|
The members have given an undertaking not to seek repayment of their members' interest prior to 31 December 2026 unless sufficient funding is received from Creative Mobile Technologies (UK) Limited.
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
|
|
|
|
|
CMT HOLDINGS (EUROPE) LLP
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The ultimate controlling member of the LLP is Creative Mobile Technologies LLC, a company registered in the United States of America.
As the profit and loss account has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 30 September 2025 by Daniel D. E. Crawford (Senior Statutory Auditor) on behalf of F. W. Smith, Riches & Co.
|