Controls Testing Equipment Limited - Accounts to registrar - small 17.2

Financial Statements for the Year Ended 31 December 2016

for

Controls Testing Equipment Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr R Cattaneo

Mr A Morotti

SECRETARY:

Mr D Rolfe

REGISTERED OFFICE:

Controls House

Icknield Way

Tring

Hertfordshire

HP23 4JX

REGISTERED NUMBER:

01753477 (England and Wales)

AUDITORS:

BeyondProfit

Statutory Auditors

Queens Chambers

Eleanors Cross

Dunstable

Bedfordshire

LU6 1SU

FIXED ASSETS

Tangible assets

4

12,296

16,437

Investments

5

-

-

12,296

16,437

CURRENT ASSETS

Stocks

6

371,033

302,494

Debtors

7

680,954

831,959

Cash at bank and in hand

1,570,582

1,325,845

2,622,569

2,460,298

CREDITORS

Amounts falling due within one year

8

1,840,153

1,745,550

NET CURRENT ASSETS

782,416

714,748

TOTAL ASSETS LESS CURRENT LIABILITIES

794,712

731,185

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

694,712

631,185

SHAREHOLDERS' FUNDS

794,712

731,185

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 May 2017 and were signed on its behalf by:

Mr R Cattaneo - Director

1.	STATUTORY INFORMATION

Controls Testing Equipment Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Preparation of consolidated financial statements

The financial statements contain information about Controls Testing Equipment Limited as an

individual company and do not contain consolidated financial information as the parent of a group. The

company has taken the option under Section 398 of the Companies Act 2006 not to prepare

consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Cost is measured using the weighted average cost method. Net realisable value is the estimated

proceeds from the sale of stock items less costs incurred in marketing, selling and distributing directly

related to the items in question.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2015 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2016

151,817

Additions

1,266

At 31 December 2016

153,083

DEPRECIATION

At 1 January 2016

135,380

Charge for year

5,407

At 31 December 2016

140,787

NET BOOK VALUE

At 31 December 2016

12,296

At 31 December 2015

16,437

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2016

and 31 December 2016

60,001

PROVISIONS

At 1 January 2016

and 31 December 2016

60,001

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

The company owns 100% of the 110,000 ordinary £1 shares of Wykeham Farrance Limited, a

company registered in England and Wales. The company was dormant throughout the year. The

aggregate of the company's share capital and reserves as at 31 December 2016 was £(103,490) and

its results for the year then ended were £nil.

6.

STOCKS

31.12.16

31.12.15

£

£

Stocks

371,033

302,494

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

611,127

721,455

Amounts owed by group undertakings

-

108

Other debtors

41,508

63,193

Prepayments and accrued income

28,319

47,203

680,954

831,959

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Payments on account

306,176

159,295

Trade creditors

124,067

127,927

Amounts owed to group undertakings

835,201

924,364

Social security and other taxes

106,710

135,208

Accruals and deferred income

467,999

398,756

1,840,153

1,745,550

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

C R Martin (Senior Statutory Auditor)

for and on behalf of BeyondProfit

10.	GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the year end of £34,993 (2015: £86,330).

11.	RELATED PARTY DISCLOSURES

The company is the wholly owned subsidiary of Controls S.p.A, a company incorporated in Italy. Its

registered office address is: Via Salvo D'Acquisto 2, 20060 Liscate, Milan, Italy.

12.	FIRST YEAR ADOPTION

The company's financial statements were previously prepared in accordance with the Financial

Reporting Standards for Smaller Entities (effective January 2015). These financial statements are the

first that comply with FRS 102 Section 1A. The date of transition is 1 January 2015.