General Information
CENTRO SOURCING UK LTD is a private company, limited by shares, registered in England and Wales, registration number 09213451, registration address Unit 4 Quadrum Park, Industrial Estate, Old Portsmouth Road, Guildford, England, GU3 1LU. The presentation currency is £ sterling.
Please note that the previous accounts covered a period of fifteen months, from 1 October 2023 to 31 December 2024.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors acknowledge that the company has experienced a reduction in sales and profitabilitycompared with the previous year. However, the directors believe that the company remains well placedto manage its business risks successfully and continue its operations for the foreseeable future. Basedon the directors assessment of the companys financial position, cash flow forecasts and availableresources, they consider it appropriate to prepare the financial statements on a going concern basis
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognized in the statement of income, except to the extent that it relates to items recognized in other comprehensive income or directly in capital and reserves. The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and buildings |
0% Reducing Balance |
| Motor Vehicles |
20% Reducing Balance
|
| Fixtures and Fittings |
15% Reducing Balance
|
| Computer Equipment |
15% Reducing Balance
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
|
| 2. |
Average number of employees
Average number of employees during the year was 39 (2024 : 29).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Land and buildings |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 January 2025 |
1,590,596 |
|
113,279 |
|
132,353 |
|
130,353 |
|
1,966,581 |
| Additions |
340 |
|
- |
|
22,413 |
|
24,013 |
|
46,766 |
| Disposals |
- |
|
(113,279) |
|
- |
|
- |
|
(113,279) |
| At 31 December 2025 |
1,590,936 |
|
- |
|
154,766 |
|
154,366 |
|
1,900,068 |
| Depreciation |
| At 01 January 2025 |
- |
|
65,928 |
|
8,080 |
|
50,382 |
|
124,390 |
| Charge for year |
- |
|
- |
|
22,003 |
|
15,598 |
|
37,601 |
| On disposals |
- |
|
(65,928) |
|
- |
|
- |
|
(65,928) |
| At 31 December 2025 |
- |
|
- |
|
30,083 |
|
65,980 |
|
96,063 |
| Net book values |
| Closing balance as at 31 December 2025 |
1,590,936 |
|
- |
|
124,683 |
|
88,386 |
|
1,804,005 |
| Opening balance as at 01 January 2025 |
1,590,596 |
|
49,843 |
|
124,272 |
|
79,971 |
|
1,844,682 |
|
| 4. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
1,191,301 |
|
579,864 |
| Debtors -Centro International HK Ltd (design charge) |
1,028,856 |
|
1,102,686 |
| Advance Receivable from factory |
0 |
|
42,689 |
| Wages control account |
0 |
|
2,646 |
| VAT |
15,173 |
|
9,566 |
|
2,235,330 |
|
1,737,451 |
|
| 5. |
Investments
|
2025
£ |
|
2024
£ |
| Investments (Morethan Capital Fund) |
212,227 |
|
212,227 |
|
212,227 |
|
212,227 |
|
| 6. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
816,394 |
|
509,576 |
| Corporation Tax |
218,864 |
|
496,151 |
| PAYE & Social Security |
147,226 |
|
139,466 |
| Other Creditors |
8,884 |
|
1,743 |
| Wages & Salaries Control Account |
920 |
|
0 |
| S S H Accountancy ltd |
11,600 |
|
14,700 |
| VWFS UK LTD ( Porsche Finance) |
0 |
|
19,734 |
| Pension Liability |
8,817 |
|
7,241 |
| Privission for Claim & Demurrage Charge |
3,967 |
|
64,031 |
| Agent Commission Payable |
7,279 |
|
0 |
| Advance from the Buyer |
12 |
|
0 |
|
1,223,963 |
|
1,252,642 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| VWFS UK LTD ( Porsche Finance) |
0 |
|
28,713 |
|
0 |
|
28,713 |
|
2
|