Company Registration No. 4221690 (England and Wales)
CTS (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
PAGES FOR FILING WITH REGISTRAR
CTS (LONDON) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CTS (LONDON) LIMITED
BALANCE SHEET
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,228
3,357
Current assets
Stocks
16,796
20,893
Debtors
5
22,120
8,177
Cash at bank and in hand
22,416
13,397
61,332
42,467
Creditors: amounts falling due within one year
6
(33,055)
(29,441)
Net current assets
28,277
13,026
Total assets less current liabilities
31,505
16,383
Provisions for liabilities
(588)
(607)
Net assets
30,917
15,776
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
30,817
15,676
Total equity
30,917
15,776
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 16 August 2021
Thomas Michael Pearce
Director
Company Registration No. 4221690
CTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
- 2 -
1
Accounting policies
Company information
CTS (LONDON) LIMITED is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Queens Parade, Brownlow Road, London, N11 2DN.
1.1
Accounting convention
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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.
1.3
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:
Plant and machinery
10% Straight line
Fixtures, fittings & equipment
10% Straight line
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
.
1.4
Stocks
Stocks
and work in progress
are stated at the lower of cost and
net realisable value
. Cost comprises direct materials and
,
where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
CTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
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
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
Potential sources of uncertainty noted by the directors include the impact of the COVID-19 pandemic. However, at the date of this report it is not possible to reliably determine the effects that this will have on the company. No adjustment has been made in this regard in the accounts.
CTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 4 -
3
Employees
The average monthly number of person (including director) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2020
5,486
Additions
420
At 31 May 2021
5,906
Depreciation and impairment
At 1 June 2020
2,129
Depreciation charged in the year
549
At 31 May 2021
2,678
Carrying amount
At 31 May 2021
3,228
At 31 May 2020
3,357
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
21,521
6,496
Other debtors
599
1,681
22,120
8,177
CTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 5 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
679
284
Trade creditors
10,873
2,221
Corporation tax
11,545
10,788
Other taxation and social security
6,414
8,641
Director's current account
114
4,872
Other creditors
3,430
2,635
33,055
29,441
7
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
588
607
8
Called up share capital
2021
2020
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
9
Related party transactions
Interim dividends totalling £34,000 (2020 : £42,000) were paid to the director during the year.
10
Controlling party
The company was controlled throughout the current
and previous
year by the director by virtue
of
him owning the entire issued share capital of the company
.