Company Registration No. 03421358 (England and Wales)
Centric Solutions (UK) Limited
Unaudited accounts
for the year ended 31 August 2023
Centric Solutions (UK) Limited
Unaudited accounts
Contents
Centric Solutions (UK) Limited
Company Information
for the year ended 31 August 2023
Directors
Mr P D Witney
Mrs K L Clark
Mr A C Clark
Company Number
03421358 (England and Wales)
Registered Office
Unit E
13 Holder Road
Aldershot
England
GU12 4RH
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Centric Solutions (UK) Limited
Statement of financial position
as at 31 August 2023
Cash at bank and in hand
36,223
63,758
Creditors: amounts falling due within one year
(132,792)
(130,869)
Net current assets
93,639
106,775
Total assets less current liabilities
94,481
108,669
Creditors: amounts falling due after more than one year
(19,912)
(29,924)
Called up share capital
67
67
Capital redemption reserve
27
27
Profit and loss account
73,881
78,057
Shareholders' funds
74,569
78,745
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2024 and were signed on its behalf by
Mr P D Witney
Director
Company Registration No. 03421358
Centric Solutions (UK) Limited
Notes to the Accounts
for the year ended 31 August 2023
Centric Solutions (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 03421358. The registered office is Unit E, 13 Holder Road, Aldershot, England, GU12 4RH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
These financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
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.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Centric Solutions (UK) Limited
Notes to the Accounts
for the year ended 31 August 2023
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Fixtures and fittings - 25%
Computer equipment - 25%
Plant and machinery - 25%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Centric Solutions (UK) Limited
Notes to the Accounts
for the year ended 31 August 2023
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2022
1,224
9,704
2,139
13,067
At 31 August 2023
1,224
9,704
1,405
12,333
At 1 September 2022
128
9,702
1,343
11,173
Charge for the year
306
2
291
599
On disposals
-
-
(281)
(281)
At 31 August 2023
434
9,704
1,353
11,491
At 31 August 2023
790
-
52
842
At 31 August 2022
1,096
2
796
1,894
Amounts falling due within one year
Trade debtors
172,244
164,404
Accrued income and prepayments
2,780
3,963
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,014
9,769
Trade creditors
45,524
75,599
Taxes and social security
23,248
19,253
Loans from directors
-
738
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 9 (2022: 10).
