Cable Tapes (UK) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06561221 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023

FOR

CABLE TAPES (UK) LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Van Der Zwan

Mr P V Haines

Mr J Moia

REGISTERED OFFICE:

100 Barbirolli Square

Manchester

M2 3BD

REGISTERED NUMBER:

06561221 (England and Wales)

ACCOUNTANTS:

KJG

100 Barbirolli Square

Manchester

M2 3BD

FIXED ASSETS

Tangible assets

4

740,047

759,264

Investments

5

325,000

325,000

1,065,047

1,084,264

CURRENT ASSETS

Stocks

229,441

301,389

Debtors

6

638,421

636,089

Cash at bank and in hand

294,237

491,544

1,162,099

1,429,022

CREDITORS

Amounts falling due within one year

7

(522,119

)

(982,136

)

NET CURRENT ASSETS

639,980

446,886

TOTAL ASSETS LESS CURRENT LIABILITIES

1,705,027

1,531,150

CREDITORS

Amounts falling due after more than one year

8

(342,353

)

(374,925

)

PROVISIONS FOR LIABILITIES

(32,495

)

(37,266

)

NET ASSETS

1,330,179

1,118,959

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

1,330,177

1,118,957

SHAREHOLDERS' FUNDS

1,330,179

1,118,959

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7th March 2024 and were signed on its behalf by:

Mr J Moia - Director

1.	STATUTORY INFORMATION

Cable Tapes (UK) Limited is a private company limited by share capital, incorporated in England and Wales, registration number 06561221. The address of the registered office is 100 Barbirolli Square, Manchester, United Kingdom, M2 3BD. The address of the principal place of business is New St Marks Works, St Marks Lane, Manchester, M7 4FE.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales. Revenue is recognised when goods are shipped to the customer.

Turnover principally consists of the sale of cable materials.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Plant and machinery

20% on cost

Fixtures and fittings

15% on cost

Motor vehicles

25% on reducing balance

Computer equipment

33% on cost

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents are represented by cash at bank and in hand.

Hire purchase and leasing commitments

Assets that are held by the company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statements of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability, finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the company's policy on borrowing costs .

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st July 2022

607,899

420,232

59,662

Additions

-

-

6,233

Disposals

-

-

-

At 30th June 2023

607,899

420,232

65,895

DEPRECIATION

At 1st July 2022

-

399,119

50,260

Charge for year

-

15,362

4,322

Eliminated on disposal

-

-

-

At 30th June 2023

-

414,481

54,582

NET BOOK VALUE

At 30th June 2023

607,899

5,751

11,313

At 30th June 2022

607,899

21,113

9,402

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st July 2022

270,640

48,843

1,407,276

Additions

29,995

-

36,228

Disposals

(10,450

)

-

(10,450

)

At 30th June 2023

290,185

48,843

1,433,054

DEPRECIATION

At 1st July 2022

160,731

37,902

648,012

Charge for year

27,758

4,144

51,586

Eliminated on disposal

(6,591

)

-

(6,591

)

At 30th June 2023

181,898

42,046

693,007

NET BOOK VALUE

At 30th June 2023

108,287

6,797

740,047

At 30th June 2022

109,909

10,941

759,264

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st July 2022

and 30th June 2023

325,000

NET BOOK VALUE

At 30th June 2023

325,000

At 30th June 2022

325,000

The fixed asset investment relates to the purchase of Performance Materials Ltd, which is wholly owned by Cable Tapes (UK) Ltd.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

564,796

451,841

Amounts owed by group undertakings

7,264

111,917

Directors' loan accounts

23,616

22,500

VAT

243

6,858

Prepayments and accrued income

42,502

42,973

638,421

636,089

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

46,307

46,307

Hire purchase contracts

23,602

22,714

Trade creditors

295,555

482,507

Tax

59,142

56,277

Social security and other taxes

-

1,758

Other creditors

1,949

5,587

Directors' current accounts

10,069

283,748

Accrued expenses

85,495

83,238

522,119

982,136

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 2-5 years

323,368

355,919

Hire purchase contracts

18,985

19,006

342,353

374,925

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

42,587

41,720

A bank loans is secured by way of a fixed and floating charge dated 31 January 2019, over the leasehold building in the accounts.

Bank overdrafts and loans are secured by way of various fixed and floating charges, over the property or undertaking of the company. Advances against book debts are secured by a fixed and floating charge over the assets of the company.

Amounts due under hire purchase liabilities are secured on the assets concerned.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

95

Ordinary A

£0.01

1

1

95

Ordinary B

£0.01

1

1

10

Ordinary C

£0.01

-

-

2

2