Controls Testing Equipment Limited - Accounts to registrar (filleted) - small 18.1

Controls Testing Equipment Limited - Accounts to registrar (filleted) - small 18.1

CONTROLS TESTING EQUIPMENT LIMITED - Company Information

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Financial Statements for the Year Ended 31 December 2017

for

Controls Testing Equipment Limited
BeyondProfit
Statutory Auditors
Queens Chambers
Eleanors Cross
Dunstable
Bedfordshire
LU6 1SU








Controls Testing Equipment Limited (Registered number: 01753477)






Contents of the Financial Statements
for the Year Ended 31 December 2017




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Controls Testing Equipment Limited

Company Information
for the Year Ended 31 December 2017







DIRECTORS: Dr I Riva
Mr T Ferrario





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
Page 1
Controls Testing Equipment Limited (Registered number: 01753477)

Statement of Financial Position
31 December 2017

31.12.17 31.12.16
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,198 12,296
Investments 5 38 -
26,236 12,296

CURRENT ASSETS
Stocks 294,688 371,033
Debtors 6 1,042,180 680,954
Cash at bank and in hand 1,083,826 1,570,582
2,420,694 2,622,569
CREDITORS
Amounts falling due within one year 7 1,595,809 1,840,153
NET CURRENT ASSETS 824,885 782,416
TOTAL ASSETS LESS CURRENT
LIABILITIES
851,121
794,712

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 751,121 694,712
SHAREHOLDERS' FUNDS 851,121 794,712

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 7 May 2018 and were signed on its
behalf by:





Dr I Riva - Director


The notes form part of these financial statements

Page 2
Controls Testing Equipment Limited (Registered number: 01753477)

Notes to the Financial Statements
for the Year Ended 31 December 2017

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.

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.
Plant and machinery etc - 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.

Page 3 continued...
Controls Testing Equipment Limited (Registered number: 01753477)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2017

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2016 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2017 153,083
Additions 20,986
At 31 December 2017 174,069
DEPRECIATION
At 1 January 2017 140,787
Charge for year 7,084
At 31 December 2017 147,871
NET BOOK VALUE
At 31 December 2017 26,198
At 31 December 2016 12,296

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2017 60,001
Additions 38
At 31 December 2017 60,039
PROVISIONS
At 1 January 2017
and 31 December 2017 60,001
NET BOOK VALUE
At 31 December 2017 38
At 31 December 2016 -

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 2017 was £(103,490) and
its results for the year then ended were £nil.

Page 4 continued...
Controls Testing Equipment Limited (Registered number: 01753477)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2017

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.17 31.12.16
£    £   
Trade debtors 838,918 611,127
Amounts owed by group undertakings 114 -
Other debtors 203,148 69,827
1,042,180 680,954

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.17 31.12.16
£    £   
Payments on account 227,624 306,176
Trade creditors 200,821 124,067
Amounts owed to group undertakings 823,725 835,201
Taxation and social security 95,141 106,710
Other creditors 248,498 467,999
1,595,809 1,840,153

8. 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

9. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the year end of £11,492 (2016: £34,993).

in return for one of the company's banks providing certain facilities to the company, the company has
granted the bank a fixed and floating charge over all of its property.

10. 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.

Page 5