Company registration number 07537759 (England and Wales)
CARTEL DIRECT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
CARTEL DIRECT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CARTEL DIRECT LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,405,776
2,557,925
Current assets
Debtors
5
1,237,424
449,129
Cash at bank and in hand
159,957
1,816
1,397,381
450,945
Creditors: amounts falling due within one year
6
(2,596,945)
(1,486,745)
Net current liabilities
(1,199,564)
(1,035,800)
Total assets less current liabilities
2,206,212
1,522,125
Creditors: amounts falling due after more than one year
7
(366,597)
(129,714)
Net assets
1,839,615
1,392,411
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,839,614
1,392,410
Total equity
1,839,615
1,392,411

For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 18 February 2026
T Gallagher
Director
Company registration number 07537759 (England and Wales)
CARTEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
1
Accounting policies
Company information

Cartel Direct Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Westport Business Park, Viscount Industrial Estate, Horton road, Colnbrook, SL3 0DF.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support from the company's parent undertaking. true

The company has received assurances from its parent undertaking that existing liabilities will not be called upon until Cartel Direct Limited is in a position to repay them. In addition, indications have been given that continued funding will be provided to support Cartel Direct Limited for the foreseeable future and to enable it to meet its day-to-day commitments from cash flows.

As a consequence, the director believes that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. In view of the above, and a t the time of approving the financial statements, t he director ha s a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continue s to adopt the going concern basis of accounting in preparing the financial statements.

If the company were unable to trade, adjustments would have to be made to reclassify fixed assets as current assets and to reclassify long term creditors as current liabilities, and to provide for further liabilities that might arise.

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue from the following major sources:

- Limousine hire services

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Limousine hire services

Turnover is recognised on the provision of the limousine hire service.

CARTEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

CARTEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of intercompany balances

Management regularly review intercompany balances for recoverability.

CARTEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
3
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2024
3,242,031
Additions
3,204,555
Disposals
(1,853,037)
At 31 May 2025
4,593,549
Depreciation and impairment
At 1 June 2024
684,106
Depreciation charged in the year
739,525
Eliminated in respect of disposals
(235,858)
At 31 May 2025
1,187,773
Carrying amount
At 31 May 2025
3,405,776
At 31 May 2024
2,557,925

Certain motor vehicles h ave been pledged to secure finance lease borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity until the liability is settled.

CARTEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
173,100
47,233
Gross amounts owed by contract customers
82,500
-
0
Corporation tax recoverable
-
0
334
Amounts owed by group undertakings
214,933
31,113
Other debtors
520,155
172,916
Prepayments and accrued income
82,936
129,785
1,073,624
381,381
Deferred tax asset (note 8)
163,800
67,748
1,237,424
449,129

Amounts owed by group undertakings are unsecured, interest-free with no fixed repayment terms.

6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,237
9,985
Trade creditors
131,874
215,445
Amounts owed to group undertakings
1,661,366
696,766
Taxation and social security
436,032
333,264
Other creditors
357,436
231,285
2,596,945
1,486,745

Amounts owed to group undertakings are unsecured, interest-free with no fixed repayment terms.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
4,564
14,952
Other creditors
362,033
114,762
366,597
129,714
CARTEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -

During 2021, the company obtained a Government backed Bounce Back Loan from its bankers. The loan is repayable over 6 years from November 2021. The loan is unsecured and interest is payable at the rate of 2.5% per annum.

Included in other creditors are obligations under finance leases falling due within and after more than one year, amounting to £609,651 (2024: £253,225), that are secured on the assets financed.

The following charges have been registered by the company's bankers:

(1) A registered charge in the form of a Mortgage Debenture dated 29 June 2020, in favour of the company's former bankers, AIB Group (UK) Plc. This comprises a fixed and floating charge over the undertaking and present and future assets of the company. The charge contains a negative pledge. There were no liabilities outstanding with AIB at 31 May 2025 and the charge was satisfied during the year.

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2025
2024
Balances:
£
£
Accelerated capital allowances
163,800
67,748
2025
Movements in the year:
£
Asset at 1 June 2024
(67,748)
Credit to profit or loss
(96,052)
Asset at 31 May 2025
(163,800)

T he deferred tax asset set out above is not expected to reverse within 1 2 months and relates to accelerated capital allowances.

9
Parent company

The ultimate parent company is Cartel Direct Holdings Limited and its registered office is Unit 1 Westport Business Park, Viscount Industrial Estate,Horton Road, Colnbrook, SL3 0DF.

The ultimate controlling party is T Gallagher who owns the entire issued share capital of Cartel Direct Holdings Limited, the ultimate parent company

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