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COMPANY REGISTRATION NUMBER: 3139374
CASES FOR INDUSTRY LIMITED
Filleted Unaudited Financial Statements
31 March 2023
CASES FOR INDUSTRY LIMITED
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
225,890
256,502
Current assets
Stocks
280,164
144,976
Debtors
6
1,367,885
1,543,753
Cash at bank and in hand
826,815
413,852
------------
------------
2,474,864
2,102,581
Creditors: amounts falling due within one year
7
842,516
962,496
------------
------------
Net current assets
1,632,348
1,140,085
------------
------------
Total assets less current liabilities
1,858,238
1,396,587
Provisions
Taxation including deferred tax
44,560
38,676
------------
------------
Net assets
1,813,678
1,357,911
------------
------------
Capital and reserves
Called up share capital
200
200
Profit and loss account
1,813,478
1,357,711
------------
------------
Shareholders funds
1,813,678
1,357,911
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CASES FOR INDUSTRY LIMITED
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Mr.S.G. Cunniffe
Mr.S.A. Higson
Director
Director
Company registration number: 3139374
CASES FOR INDUSTRY LIMITED
Notes to the Financial Statements
Year ended 31st March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Abbey Way, South Vista Road, Haydock, St. Helens, Merseyside, WA11 0RW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2022: 45 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st April 2022 and 31st March 2023
451,455
92,054
11,345
554,854
---------
--------
--------
---------
Depreciation
At 1st April 2022
227,951
59,210
11,191
298,352
Charge for the year
22,350
8,211
51
30,612
---------
--------
--------
---------
At 31st March 2023
250,301
67,421
11,242
328,964
---------
--------
--------
---------
Carrying amount
At 31st March 2023
201,154
24,633
103
225,890
---------
--------
--------
---------
At 31st March 2022
223,504
32,844
154
256,502
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
1,083,989
1,087,306
Other debtors
283,896
456,447
------------
------------
1,367,885
1,543,753
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
521,119
551,130
Social security and other taxes
208,212
320,752
Other creditors
113,185
90,614
---------
---------
842,516
962,496
---------
---------
8. Related party transactions
The company was under the control of Fibre Drums Limited throughout the current and previous year. At 31 March 2023 the company was due £226,263 (2022: due £409,988) from companies related by common ownership and control.
9. Controlling party
The company is a wholly owned subsidiary of Fibre Drums Limited, a company incorporated in England and Wales.