Cartwright Finance Sales Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02059476 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2018

FOR

CARTWRIGHT FINANCE SALES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

P S Cartwright

M R Cartwright

Mrs L Lee

J Egerton

R Ward

SECRETARY:

P S Cartwright

REGISTERED OFFICE:

Atlantic Street

Broadheath

Altrincham

Cheshire

WA14 5EW

REGISTERED NUMBER:

02059476 (England and Wales)

AUDITORS:

KAY JOHNSON GEE LLP

CHARTERED ACCOUNTANTS AND STATUTORY AUDITORS

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

1,449,597

110,920

CURRENT ASSETS

Debtors

5

6,919,754

1,774,194

Cash at bank

68,841

271,231

6,988,595

2,045,425

CREDITORS

Amounts falling due within one year

6

7,147,646

1,915,762

NET CURRENT (LIABILITIES)/ASSETS

(159,051

)

129,663

TOTAL ASSETS LESS CURRENT LIABILITIES

1,290,546

240,583

CREDITORS

Amounts falling due after more than one year

7

(1,249,489

)

-

PROVISIONS FOR LIABILITIES

(33,368

)

(14,150

)

NET ASSETS

7,689

226,433

CAPITAL AND RESERVES

Called up share capital

9

200

2

Retained earnings

7,489

226,431

SHAREHOLDERS' FUNDS

7,689

226,433

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 Profit and loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 18th December 2018 and were signed on its behalf by:

P S Cartwright - Director

1.	STATUTORY INFORMATION

Cartwright Finance Sales Limited is a private company limited by share capital, incorporated in England and

Wales, registration number 02059476. The address of the registered office and principal place of business is

Atlantic Street, Broadheath, Altrincham, Cheshire, WA14 5EW.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for

estimated customer returns, rebates and other similar allowances.

Turnover from the sale of goods and services is recognised when all the following conditions are satisfied:

-

the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of turnover can be measured reliably;

-

it is probable that the economic benefits associated with the transaction will flow to the company; and

-

the costs incurred or too be incurred in respect of the transaction can be measured reliably.

Specifically, turnover from the sale of goods is recognised when goods are delivered and legal title is passed.

Turnover from the hire of trailers is recognised in the period in which the services are provided and when the

following conditions are satisfied:

- the amount of revenue can be measured reliably; and

- it is probable that the company will receive the consideration due under the contract.

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 or loss so as to write off their value, over their

estimated useful lives, using the following methods:

Plant and machinery

-

straight line to write down cost to 15% after 12 years then remaining amount written down to zero over next 8 years

At each reporting date, the Company reviews the carrying amounts of its tangible 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.

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.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in

the statement of comprehensive income because of items of income or expense that are taxable or deductible

in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the

financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax

liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally

recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be

available against which those deductible timing differences can be utilised. The carrying amount of deferred tax

assets is reviewed at the end of each reporting period and reduced to the extent that is no longer probable that

insufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in

which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or

substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets

reflects the tax consequences that would follow from the manner in which the Company expects, at the end of

the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in the profit and loss, except where they relate to items that

are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax

is also recognised in other comprehensive income or directly in equity respectively.

Hire purchase

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 . Contingent rentals are recognised as expenses in

the periods in which they are incurred.

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of

the financial instrument. The company holds basic financial instruments, which comprise cash at bank and in

hand, trade and other debtors, borrowings, and trade and other creditors. The company has chosen to apply

the measurement and recognition provisions of Section 11 Basic Financial Instruments.

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade

and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent

to initial recognition they are measured at amortised cost using the effective interest method, less any

impairment losses in the case of trade debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2017

256,000

Additions

1,520,185

Disposals

(153,600

)

At 31st March 2018

1,622,585

DEPRECIATION

At 1st April 2017

145,080

Charge for year

114,956

Eliminated on disposal

(87,048

)

At 31st March 2018

172,988

NET BOOK VALUE

At 31st March 2018

1,449,597

At 31st March 2017

110,920

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

946,135

590,394

Amounts owed by group undertakings

5,706,701

831,075

Other debtors

266,918

352,725

6,919,754

1,774,194

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

384,645

-

Trade creditors

522,885

307,239

Amounts owed to group undertakings

5,891,372

1,515,271

Taxation and social security

28,865

31,568

Other creditors

319,879

61,684

7,147,646

1,915,762

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

1,249,489

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

1,634,134

-

Secured on the assets to which they relate to.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

200

Ordinary

£1

200

2

198 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

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

The Report of the Auditors was unqualified.

Julian Beressi (Senior Statutory Auditor)

for and on behalf of KAY JOHNSON GEE LLP

11.	CONTINGENT LIABILITIES

The company guarantees the bank loan and overdrafts of all members of the Cartwright group of companies.

The total outstanding at the date of the balance sheet was £16,635,054 (2017: £15,000,000). The bank loan and

overdrafts of members of the Cartwright group are secured by a charge on the freehold and long leasehold land

and buildings of the company.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the directors of the ultimate parent company by virtue of their controlling

interest in the ultimate parent, Cartwright Holdings Limited.

The parent company of the largest and smallest group that includes the company and for which group financial

statements are prepared is Cartwright Holdings Limited. Copies of Cartwright Holdings Limited financial

statements can be obtained from the registered office at 1 City Road East, Manchester, M15 4PN.