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Registration number: 03729745

Castlet Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Castlet Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Castlet Limited

Company Information

Directors

Mr M E Field

Mr I Melton

Mrs A Glossop

Mrs W Clinton

Registered office

Unit 14 Crofton Close
Allenby Trading Estate
Lincoln
Lincolnshire
LN3 4NR

Accountants

Saul Fairholm Limited
12 Tentercroft Street
Lincoln
Lincolnshire
LN5 7DB

 

Castlet Limited

(Registration number: 03729745)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

1

Tangible assets

5

508,182

438,506

 

508,182

438,507

Current assets

 

Stocks

6

514,747

412,549

Debtors

7

975,309

782,505

Cash at bank and in hand

 

2,116,364

1,934,597

 

3,606,420

3,129,651

Creditors: Amounts falling due within one year

8

(646,132)

(835,558)

Net current assets

 

2,960,288

2,294,093

Total assets less current liabilities

 

3,468,470

2,732,600

Provisions for liabilities

(391,433)

(471,098)

Net assets

 

3,077,037

2,261,502

Capital and reserves

 

Called up share capital

242,869

242,869

Share premium reserve

570

570

Retained earnings

2,833,598

2,018,063

Shareholders' funds

 

3,077,037

2,261,502

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 October 2023 and signed on its behalf by:
 

 

Castlet Limited

(Registration number: 03729745)
Balance Sheet as at 30 April 2023

.........................................
Mr M E Field
Director

.........................................
Mr I Melton
Director

.........................................
Mrs A Glossop
Director

.........................................
Mrs W Clinton
Director

 

Castlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
Unit 14 Crofton Close
Allenby Trading Estate
Lincoln
Lincolnshire
LN3 4NR

These financial statements were authorised for issue by the Board on 18 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Castlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold land and buildings

2% on cost

Plant and machinery

15% Reducing Balance

Computer equipment

3 years Staight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Castlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors with contracts of employment) during the year was 29 (2022 - 28).

 

Castlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

1

1

Disposals

(1)

(1)

At 30 April 2023

-

-

Amortisation

Carrying amount

At 30 April 2023

-

-

At 30 April 2022

1

1

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

634,895

21,287

61,314

717,496

Additions

-

2,663

94,060

96,723

At 30 April 2023

634,895

23,950

155,374

814,219

Depreciation

At 1 May 2022

236,914

6,626

35,450

278,990

Charge for the year

1,937

7,230

17,880

27,047

At 30 April 2023

238,851

13,856

53,330

306,037

Carrying amount

At 30 April 2023

396,044

10,094

102,044

508,182

At 30 April 2022

397,981

14,661

25,864

438,506

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £396,044 (2022 - £397,981) in respect of long leasehold land and buildings.
 

 

Castlet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Stocks

2023
£

2022
£

Work in progress

-

205,609

Finished goods and goods for resale

232,368

29,841

Parts and consumables

282,379

177,099

514,747

412,549

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

553,006

514,995

Amounts owed by related parties

186,658

155,021

Prepayments

 

48,457

84,152

Other debtors

 

187,188

28,337

 

422,303

267,510

   

975,309

782,505

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

374,080

369,846

Taxation and social security

 

219,672

399,578

Other creditors

 

52,380

66,134

 

646,132

835,558

9

Amounts not provided for in the balance sheet

Operating leases

The total amount of financial commitments not included in the balance sheet is £726,240 and is in relation to ground rent at two properties to which the company do not own the freehold. There is an obligation at one property of £6,160 per annum for 54 years totalling £332,640. The obligation at the second property is £8,200 per annum for 48 years totalling £393,600.