|
Registered number: 08726776
CTG FINE FOODS LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
CTG FINE FOODS LTD
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ecovis Wingrave Yeats UK Limited
|
|
|
3rd Floor, Waverley House
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CTG FINE FOODS LTD
CONTENTS
|
|
|
|
|
|
Notes to the Financial Statements
|
|
|
|
CTG FINE FOODS LTD
REGISTERED NUMBER: 08726776
BALANCE SHEET
AS AT 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CTG FINE FOODS LTD
REGISTERED NUMBER: 08726776
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
17 June 2026
................................................
Michael D Cornish
|
|
|
The notes on pages 3 to 6 form part of these financial statements.
|
|
CTG FINE FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CTG Fine Foods Ltd. is a private company, limited by shares, incorporated in England and Wales, registration number 08726776. The registered office is 52 Grosvenor Gardens, London, SW1W 0AU.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The directors are committed to ensuring that the Company can meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements. As a result, the directors consider it appropriate that these financial statements are prepared on the going concern basis.
|
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
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 and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
|
|
CTG FINE FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
|
CTG FINE FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
The Company has no employees other than the directors, who did not receive any remuneration (2024 - £Nil).
|
|
|
The average monthly number of employees, including directors, during the year was 0 (2024 - 0).
|
|
|
Included in Other debtors are receivables totalling £491,685 (2024 - £1,050,792) due from companies under common ownership.
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in Other creditors are amounts payable totalling £1,829,285 (2024 - £2,037,973) due to companies under common ownership.
|
|
|
CTG FINE FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
On 3 February 2021, the company obtained a secured invoice factoring facility provided by Bibby Financial Services Ltd. As part of this agreement, the lender holds a charge over all assets of the company, including but not limited to property, plant, equipment, inventory, and receivables. This charge provides the lender with security for the repayment of the loan.
The maximum amount of the facility is £500,000 unless other amounts are agreed in writing. The indicative interest rate is 3.50% above the greater of LIBOR, the base rate quoted from time to time by Barclays Bank PLC (or its successors), and 0%.
The carrying amount of the assets subject to the charge as at the balance sheet date is £1,828,528 . The company is in compliance with all covenants and conditions stipulated in the loan agreement.
The directors believe that the security provided is adequate to cover the loan amount and that the company has sufficient resources to meet its repayment obligations.
A prior year adjustment has been made in respect of the trade creditors balance and foreign exchange
differences on the Bibby UK account.
The adjustment has been made to correct the accounts payable balance, where duplicate entries had been previously recognised in error. In the prior year, these entries were made between the trade creditors account and the Bibby UK Credit Facility account. When reconciling the Bibby UK Credit Facility account in the prior year, these differences were recognised as foreign exchange differences.
Therefore, to rectify this error, the impact of the adjustment is as follows. The trade creditors balance has been credited by £224,928 and the foreign exchange difference for the year has been debited by £224,928. The change has resulted in a loss of £224,928 for the year ended 31 December 2024, from a profit for the year of £130,192 to a loss for the year of £94,736.
|
|
Related party transactions
|
|
|
During the year, £208,688 (2024 - £282,563 loaned from) was loaned to a company under common ownership. At the balance sheet date, £1,829,285 remained outstanding (2024 - £2,037,973). Also during the year, £559,107 (2024 - £99,793) was loaned from a company under common ownership. £491,685 remained due from a company under common ownership (2024 - £1,050,792). All amounts above are unsecured, interest-free and payable on demand.
|
|