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Registration number: 4502621

C T P Systems Limited

Director's Report and Unaudited Financial Statements

for the Year Ended 31 March 2013
 

John Sudworth ACA
Chartered Accountant
The Ground Floor Offices, The Mill House
The Mill Business Park
Maidstone Road
Ashford
Kent
TN26 1AE

 

C T P Systems Limited
Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Financial Statements

6 to 10

The following pages do not form part of the statutory financial statements:

Detailed Profit and Loss Account

11 to 13

 

C T P Systems Limited
Company Information

Director

Mr Christopher Thorpe

Company secretary

Mr George Victor Thorpe

Registered office

Unit 14 Clinton Business Centre
Lodge Road
Staplehurst
Kent
TN12 0QF

Accountants

John Sudworth ACA
Chartered Accountant
The Ground Floor Offices, The Mill House
The Mill Business Park
Maidstone Road
Ashford
Kent
TN26 1AE

 

C T P Systems Limited
Director's Report for the Year Ended 31 March 2013

The director presents his report and the unaudited financial statements for the year ended 31 March 2013.

Directors of the company

The directors who held office during the year were as follows:

Mrs Andrea Thorpe (Resignation due to ill heath 15 May 2012)

Mr Christopher Thorpe

Principal activity

The principal activity of the company is production of electronic systems..

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 10 May 2013 and signed on its behalf by:

.........................................
Mr Christopher Thorpe
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
C T P Systems Limited
for the Year Ended 31 March 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of C T P Systems Limited for the year ended 31 March 2013 set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of C T P Systems Limited, as a body, in accordance with the terms of our engagement letter dated 6 March 2009. Our work has been undertaken solely to prepare for your approval the accounts of C T P Systems Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C T P Systems Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that C T P Systems Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of C T P Systems Limited. You consider that C T P Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of C T P Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

John Sudworth ACA
Chartered Accountant
The Ground Floor Offices, The Mill House
The Mill Business Park
Maidstone Road
Ashford
Kent
TN26 1AE

10 May 2013

 

C T P Systems Limited
Profit and Loss Account for the Year Ended 31 March 2013

 

Note

   

2013
£

   

2012
£

 

Turnover

 

   

565,133

   

469,641

 

Cost of sales

 

   

(253,199)

   

(229,828)

 

Gross profit

 

   

311,934

   

239,813

 

Distribution costs

 

   

-

   

3,057

 

Administrative expenses

 

   

(91,788)

   

(90,921)

 

Operating profit

 

2

   

220,146

   

151,949

 

Other interest receivable and similar income

 

   

302

   

1,268

 

Interest payable and similar charges

 

   

(999)

   

(750)

 

Profit on ordinary activities before taxation

 

   

219,449

   

152,467

 

Tax on profit on ordinary activities

 

4

   

(47,700)

   

(28,072)

 

Profit for the financial year

 

10

   

171,749

   

124,395

 

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 4

 

C T P Systems Limited
(Registration number: 4502621)
Balance Sheet at 31 March 2013

 

Note

   

2013
£

   

2012
£

 

Fixed assets

 

   

   

 

Tangible fixed assets

 

5

   

38,572

   

49,167

 

Current assets

 

   

   

 

Stocks

 

   

2,000

   

2,000

 

Debtors

 

6

   

112,200

   

112,197

 

Cash at bank and in hand

 

   

70,546

   

37,554

 

 

   

184,746

   

151,751

 

Creditors: Amounts falling due within one year

 

7

   

(166,703)

   

(140,052)

 

Net current assets

 

   

18,043

   

11,699

 

Net assets

 

   

56,615

   

60,866

 

Capital and reserves

 

   

   

 

Called up share capital

 

8

   

100

   

100

 

Profit and loss account

 

10

   

56,515

   

60,766

 

Shareholders' funds

 

   

56,615

   

60,866

 

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 31 March 2013 the company was entitled to exemption 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved by the director on 10 May 2013

.........................................
Mr Christopher Thorpe
Director

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 5

 

C T P Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2013
......... continued

1

Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Leasehold property

over the period of the lease

Fixtures & fittings

25% net book value

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

C T P Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2013
......... continued

2

Operating profit

Operating profit is stated after charging:

 

2013
£

   

2012
£

 

 

   

 

Profit on sale of intangible fixed assets

 

-

   

(3,057)

 

Depreciation of tangible fixed assets

 

12,857

   

18,125

 

3

Director's remuneration

The directors' remuneration for the year was as follows:

 

2013
£

   

2012
£

 

 

   

 

Remuneration (including money purchase pension scheme contributions)

 

18,110

   

25,499

 

4

Taxation

Tax on profit on ordinary activities

 

2013
£

   

2012
£

 

Current tax

 

   

 

Corporation tax charge

 

46,297

   

28,072

 

Adjustments in respect of previous years

 

1,403

   

-

 

UK Corporation tax

 

47,700

   

28,072

 
 

C T P Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2013
......... continued

5

Tangible fixed assets

 

Freehold land and buildings
£

   

Fixtures and fittings
£

   

Total
£

 

Cost or valuation

 

   

   

 

At 1 April 2012

 

27,461

   

147,898

   

175,359

 

Additions

 

-

   

2,262

   

2,262

 

At 31 March 2013

 

27,461

   

150,160

   

177,621

 

Depreciation

 

   

   

 

At 1 April 2012

 

27,461

   

98,731

   

126,192

 

Charge for the year

 

-

   

12,857

   

12,857

 

At 31 March 2013

 

27,461

   

111,588

   

139,049

 

Net book value

 

   

   

 

At 31 March 2013

 

-

   

38,572

   

38,572

 

At 31 March 2012

 

-

   

49,167

   

49,167

 

Leased assets

Included within the net book value of tangible fixed assets is £16,847 (2012 - £22,463) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £5,616 (2012 - £7,487).

6

Debtors

 

2013
£

   

2012
£

 

 

   

 

Trade debtors

 

112,200

   

53,067

 

Other debtors

 

-

   

59,130

 

 

112,200

   

112,197

 
 

C T P Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2013
......... continued

7

Creditors: Amounts falling due within one year

 

2013
£

   

2012
£

 

 

   

 

Trade creditors

 

21,471

   

23,638

 

Bank loans and overdrafts

 

44,839

   

34,895

 

Obligations under finance lease and hire purchase contracts

 

15,162

   

21,901

 

Corporation tax

 

46,297

   

26,880

 

Other taxes and social security

 

30,877

   

26,731

 

Other creditors

 

8,057

   

6,007

 

 

166,703

   

140,052

 

8

Share capital

Allotted, called up and fully paid shares

 

2013

2012

   

No.

   

£

   

No.

   

£

 

Ordinary of £1 each

 

100

   

100

   

100

   

100

 
                         

9

Dividends

 

2013
£

   

2012
£

 

Dividends paid

 

   

 

Current year interim dividend paid

 

176,000

   

177,000

 

10

Reserves

 

Profit and loss account
£

   

Total
£

 

 

   

 

At 1 April 2012

 

60,766

   

60,766

 

 

   

 

Profit for the year

 

171,749

   

171,749

 

Dividends

 

(176,000)

   

(176,000)

 

At 31 March 2013

 

56,515

   

56,515

 
 

C T P Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2013
......... continued

11

Pension schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £10,442 (2012 - £11,339).

12

Control

The company is controlled by the director who owns 100% of the called up share capital.

 

C T P Systems Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2013

 

2013

   

2012

 
 

£

   

£

   

£

   

£

 

Turnover (analysed below)

 

   

565,133

   

   

469,641

 

Cost of sales (analysed below)

 

   

(253,199)

   

   

(229,828)

 

Gross profit

 

   

311,934

   

   

239,813

 

Distribution costs (analysed below)

 

   

-

   

   

3,057

 

Administrative expenses

 

   

   

   

 

Employment costs (analysed below)

 

(7,668)

   

   

(14,160)

   

 

Establishment costs (analysed below)

 

(23,822)

   

   

(25,113)

   

 

General administrative expenses (analysed below)

 

(45,066)

   

   

(30,394)

   

 

Finance charges (analysed below)

 

(2,375)

   

   

(3,129)

   

 

Depreciation costs (analysed below)

 

(12,857)

   

   

(18,125)

   

 

 

   

(91,788)

   

   

(90,921)

 

Other interest receivable and similar income (analysed below)

 

   

302

   

   

1,268

 

Interest payable and similar charges (analysed below)

 

   

(999)

   

   

(750)

 

Profit on ordinary activities before taxation

 

   

219,449

   

   

152,467

 
 

C T P Systems Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2013

 

2013
£

2012
£

 

   

 

Turnover

 

   

 

Sales, UK

 

565,133

   

469,641

 

 

565,133

   

469,641

 

 

   

 

Cost of sales

 

   

 

Opening stock

 

2,000

   

2,000

 

Purchases

 

165,954

   

146,333

 

Closing stock

 

(2,000)

   

(2,000)

 

Wages and salaries

 

60,179

   

61,291

 

Directors pensions (Defined contribution)

 

10,442

   

11,339

 

Subcontract cost

 

16,624

   

10,865

 

 

253,199

   

229,828

 

 

   

 

Distribution costs

 

   

 

(Profit)/loss on disposal of intangible fixed assets

 

-

   

(3,057)

 

 

-

   

(3,057)

 

 

   

 

Employment costs

 

   

 

Directors remuneration

 

7,668

   

14,160

 

 

   

 

Establishment costs

 

   

 

Rent and rates

 

15,224

   

15,265

 

Light, heat and power

 

2,786

   

3,322

 

Insurance

 

1,745

   

1,771

 

Repairs and maintenance

 

4,067

   

4,755

 

 

23,822

   

25,113

 
 

C T P Systems Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2013......... continued

 

2013
£

2012
£

 

   

 

General administrative expenses

 

   

 

Telephone and fax

 

3,062

   

3,416

 

Printing, postage and stationery

 

493

   

437

 

Trade subscriptions

 

1,739

   

1,731

 

Hire of plant and machinery

 

584

   

-

 

Sundry expenses

 

6,210

   

5,493

 

Cleaning

 

3,330

   

1,989

 

Accountancy fees

 

3,304

   

3,095

 

Motor expenses

 

4,656

   

4,781

 

Advertising

 

7,014

   

659

 

Travel and subsistence

 

11,501

   

6,523

 

Customer entertaining (disallowable for tax)

 

3,173

   

2,270

 

 

45,066

   

30,394

 

 

   

 

Finance charges

 

   

 

Bank charges

 

2,375

   

3,129

 

 

   

 

Depreciation costs

 

   

 

Depreciation of short leasehold property

 

-

   

1,735

 

Depreciation of fixtures and fittings

 

12,857

   

16,390

 

 

12,857

   

18,125

 

 

   

 

Other interest receivable and similar income

 

   

 

Bank interest receivable

 

302

   

83

 

Other interest receivable

 

-

   

1,185

 

 

302

   

1,268

 

 

   

 

Interest payable and similar charges

 

   

 

Hire purchase interest

 

999

   

750

 

 

999

   

750