Registration number:
Cintra Corporation UK Limited
for the Year Ended 31 March 2025
Cintra Corporation UK Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Cintra Corporation UK Limited
Company Information
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Directors |
A R Sheikh B McNamee |
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Registered office |
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Auditors |
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Cintra Corporation UK Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is information technology consultancy.
Fair review of the business
The company's turnover in the year has increased by 13%. The high level of turnover is due to the increased market share in all the company's core markets and services provision.
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2025 |
2024 |
|
|
Turnover |
£ |
15,690,192 |
13,883,058 |
|
Gross profit |
£ |
672,167 |
1,083,862 |
|
Gross profit margin |
% |
4 |
8 |
|
Turnover per employee |
£ |
214,934 |
177,988 |
Principal risks and uncertainties
Competitive market
The company operates in a competitive market that could result in losing sales to competitors. The company manages this risk by providing value added service to its customers based on quality, integrity and innovative product solutions backed by competitive finance packages and longstanding experience in the market.
Research and development
During the year the company undertook research and development activity relating to future software development.
Outlook
The directors do not foresee any material changes in the principal activities and performance of the company. By managing costs in line with revenue, the directors are confident the company can continue to trade for the foreseeable future.
Approved and authorised by the
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......................................... |
Cintra Corporation UK Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
The Directors have chosen to present the following information required under schedule 7 of the 'Large and Medium-sized Companies Regulations 2008' within the strategic report:
• Principal Activities
• Future developments
Dividends
During the year, the company declared dividends of £nil (2023: £nil).
Objectives and policies
Financial instruments
The company has procedures to identify risk and protect and manage the company from events that may hinder its financial performance objectives. The objectives aim to limit counterparty exposure, ensure sufficient working capital exists and monitor risk and manage it. The company does not consider it necessary to employ derivatives such as forward currency contracts to manage risk based on the company's current activities.
Objectives and policies
The company is exposed to price risk, credit risk, liquidity and cashflow risk. Appropriate policies have been developed and implemented to identify, evaluate and manage key risks and the directors review risk management strategies regularly.
The company is constantly looking for ways to expand its market offering and for different ways to market and strives to ensure that its outlets provide the highest levels of customer service which will put the company well placed to take advantage of any opportunities that may arise.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk - the company's exposure to price risk is mitigated by all prices being reviewed and set by management.
Credit risk - the company is exposed to credit risk and management ensure credit checks are completed on all new customers and chase debts on a regular basis once they become overdue.
Liquidity and cash flow risk - the company's exposure to liquidity risk is minimal and the company has adequate working capital. The company is exposed to cash flow risk as a result of the timing between paying suppliers and the receipt of money from customers and management manage this through the use of customer credit checks and daily cash flow management.
Cintra Corporation UK Limited
Directors' Report for the Year Ended 31 March 2025
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
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Cintra Corporation UK Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Cintra Corporation UK Limited
Independent Auditor's Report to the Members of Cintra Corporation UK Limited
Opinion
We have audited the financial statements of Cintra Corporation UK Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Cintra Corporation UK Limited
Independent Auditor's Report to the Members of Cintra Corporation UK Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
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inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
Cintra Corporation UK Limited
Independent Auditor's Report to the Members of Cintra Corporation UK Limited
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discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Freshford House
Redcliffe Way
BS1 6NL
Cintra Corporation UK Limited
Profit and Loss Account for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating loss |
(900,186) |
(88,131) |
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Other interest receivable and similar income |
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|
|
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Interest payable and similar expenses |
( |
- |
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(97,532) |
9,543 |
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Loss before tax |
( |
( |
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Tax on loss |
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( |
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Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for this or the preceeding year other than the results above. Accordingly, a separate Statement of Other Comprehensive Income is not presented.
Cintra Corporation UK Limited
(Registration number: 03997988)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
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Cintra Corporation UK Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Retained earnings |
Total |
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At 1 April 2024 |
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Loss for the year |
- |
( |
( |
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At 31 March 2025 |
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Share capital |
Retained earnings |
Total |
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At 1 April 2023 |
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Loss for the year |
- |
( |
( |
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At 31 March 2024 |
260,784 |
2,453,349 |
2,714,133 |
Cintra Corporation UK Limited
Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Loss for the year |
( |
( |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance income |
( |
( |
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Income tax expense |
( |
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( |
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Working capital adjustments |
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Decrease/(increase) in trade debtors |
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( |
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(Decrease)/increase in trade creditors |
( |
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Cash generated from operations |
( |
( |
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Income taxes received |
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- |
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Net cash flow from operating activities |
( |
( |
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Cash flows from investing activities |
|||
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Net cash flows from investing activities |
( |
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Net decrease in cash and cash equivalents |
( |
( |
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Cash and cash equivalents at 1 April |
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Cash and cash equivalents at 31 March |
520,245 |
1,417,705 |
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Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Suite 1.2, 106 Hope St
Glasgow
G2 6PH
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
The financial statements are presented in pound sterling, which is the functional currency of the company and are rounded to the nearest pound.
Going concern
The company made a loss before tax of £935,737 (2024 - loss before tax £78,588) and had cash at bank of £520,245 (2024 - £1,417,705) at the year end.
Based on the above and information available to the Directors at the date of approval, the company continues to adopt the going concern basis in preparing these financial statements and has adequate resources to continue to trade for the foreseeable future being twelve months from approval of these financial statements.
Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Key sources of estimation uncertainty
In the application of the company's accounting policies. the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods..
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue from the provision of services in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the entity;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 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.
Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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:
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Asset class |
Depreciation method and rate |
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Leasehold property improvements |
25% straight line |
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Furniture, fittings and equipment |
25% reducing balance |
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Motor vehicles |
33% straight line |
Intangible assets
Separately acquired software have a finite useful life and are recognised at cost less any subsequent accumulated amortisation and any accumulated impairment losses.
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:
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Asset class |
Amortisation method and rate |
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Computer software |
25% straight line |
Development costs
Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.
Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit. During the period of development the asset is tested for impairment annually.
Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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.
Debtors
Trade debtors are amounts due from customers for 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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Share based payments
The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. The cost and fair value of the liability incurred in respect of cash-settled transactions is measured using an appropriate option pricing model with changes in fair value recognised in profit or loss for the period.
Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Financial instruments
Classification
Financial instruments are recognised in the company's balance sheet 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.
Recognition and measurement
Basic financial assets, which include debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The company recognises deferred income on the basis of income billed in advance for future periods. The estimation and judgement that directors make in recognising deferred income are based on contracted amounts and any other factors that are considered to be relevant.
Share options
There are share options in existence in the year, however these options will only vest in the event of Cintra Corporation UK Limited being sold. No such event is proposed in the near future.
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.
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
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2025 |
2024 |
|
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Sale of goods |
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Rendering of services |
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The analysis of the company's turnover for the year by market is as follows:
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2025 |
2024 |
|
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UK |
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Europe |
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Rest of world |
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Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Operating loss |
Arrived at after charging/(crediting):
|
2025 |
2024 |
|
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Depreciation expense |
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Amortisation expense |
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Operating lease expense - property |
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Operating lease expense - plant and machinery |
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Other interest receivable and similar income |
|
2025 |
2024 |
|
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Other finance income |
|
|
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Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Foreign exchange gains |
|
- |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
|
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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Other employee expense |
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The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
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2025 |
2024 |
|
|
Administration and support |
|
|
|
|
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Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
26,250 |
174,740 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
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2025 |
2024 |
|
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Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
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2025 |
2024 |
|
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Remuneration |
|
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Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other compliance services |
|
|
Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Taxation |
Tax charged/(credited) in the income statement:
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
- |
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
(4,804) |
37,389 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
(Decrease)/increase in UK and foreign current tax from adjustment for prior periods |
( |
|
|
Tax increase from effect of capital allowances and depreciation |
- |
|
|
Tax decrease from other short-term timing differences |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase from effect of unrelieved tax losses carried forward |
|
- |
|
Tax increase from changes in pension fund prepayment |
- |
|
|
Total tax (credit)/charge |
( |
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Other short term timing differences |
- |
( |
|
- |
|
There are £866,442 of unused tax losses (2024 - £Nil) for which no deferred tax asset is recognised in the balance sheet.
Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Intangible assets |
|
Computer software |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2024 |
|
|
|
At 31 March 2025 |
|
|
|
Amortisation |
||
|
At 1 April 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 March 2025 |
|
|
|
Carrying amount |
||
|
At 31 March 2025 |
|
|
|
At 31 March 2024 |
|
|
Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Short leasehold land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
At 31 March 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
- |
|
|
|
|
At 31 March 2024 |
- |
|
|
|
|
Debtors |
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
Income tax asset |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 April 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 March 2025 |
- |
- |
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
260,784 |
|
260,784 |
Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Related party transactions |
The company has taken advantage of the exemptions available in Financial Reporting Standard 102 and has not disclosed transactions between wholly owned companies within the same group.
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
Summary of transactions with other related parties
Expenditure with and payables to related parties
|
2025 |
Other related parties |
|
Rendering of services |
|
|
|
|
|
2024 |
Other related parties |
|
Rendering of services |
|
|
|
|
Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Loans to related parties
|
2025 |
Other related parties |
Total |
|
At start of period |
|
|
|
Advanced |
( |
( |
|
Repaid |
|
|
|
At end of period |
|
|
|
|
||
|
2024 |
Other related parties |
Total |
|
At start of period |
|
|
|
Advanced |
|
|
|
At end of period |
|
|
|
|
||
Terms of loans to related parties
Loans from related parties
|
2025 |
Key management |
Other related parties |
Total |
|
At start of period |
|
|
|
|
Advanced |
- |
|
|
|
Repaid |
( |
( |
( |
|
At end of period |
|
|
|
|
|
|||
|
2024 |
Key management |
Other related parties |
Total |
|
At start of period |
|
|
|
|
Repaid |
( |
( |
( |
|
At end of period |
|
|
|
|
|
|||
Terms of loans from related parties
Cintra Corporation UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Financial instruments |
Categorisation of financial instruments
|
2025 |
2024 |
|
|
Financial assets measured at cost through profit or loss |
|
|
|
Financial liabilities measured at cost through profit or loss |
( |
( |
|
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from 3 Park Avenue, 32nd Floor, New York, NY 10016, United States