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COMPANY REGISTRATION NUMBER: 09224835
Castlefield Kennels Limited
Filleted Unaudited Financial Statements
31 March 2023
Castlefield Kennels Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
585,995
517,604
Current assets
Stocks
950
800
Debtors
6
17,409
12,486
Cash at bank and in hand
5,606
27,767
--------
--------
23,965
41,053
Creditors: amounts falling due within one year
7
421,544
412,692
---------
---------
Net current liabilities
397,579
371,639
---------
---------
Total assets less current liabilities
188,416
145,965
Creditors: amounts falling due after more than one year
8
45,984
50,156
---------
---------
Net assets
142,432
95,809
---------
---------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
4,167
4,167
Profit and loss account
138,263
91,640
---------
--------
Shareholders funds
142,432
95,809
---------
--------
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 31 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 .
Castlefield Kennels Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 19 July 2023 , and are signed on behalf of the board by:
Mr A M Williams
Director
Company registration number: 09224835
Castlefield Kennels Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ, England.
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 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 and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
15% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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 9 (2022: 7 ).
5. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 April 2022
513,832
4,786
518,618
Additions
67,726
1,470
69,196
---------
-------
---------
At 31 March 2023
581,558
6,256
587,814
---------
-------
---------
Depreciation
At 1 April 2022
1,014
1,014
Charge for the year
805
805
---------
-------
---------
At 31 March 2023
1,819
1,819
---------
-------
---------
Carrying amount
At 31 March 2023
581,558
4,437
585,995
---------
-------
---------
At 31 March 2022
513,832
3,772
517,604
---------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
13,973
6,160
Other debtors
3,436
6,326
--------
--------
17,409
12,486
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,172
6,200
Trade creditors
4,020
172
Corporation tax
7,559
7,876
Social security and other taxes
3,079
4,537
Other creditors
401,714
393,907
---------
---------
421,544
412,692
---------
---------
The aggregate amount due by the company on bank loans within one year amounts to £5,172. This liability is secured by the asset to which it relates.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
45,984
50,156
--------
--------
The aggregate amount due by the company on bank loans between two and five years amounts to £20,688. This liability is secured by the asset to which it relates.
Included within creditors: amounts falling due after more than one year is an amount of £25,296 in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. The repayments are £681 per month with a fixed rate of interest of 3.5% above Bank of England Base Rate .
9. Directors' advances, credits and guarantees
At the year end the total amount owed to directors was £393,408 (2022 - £377,204). Interest is charged on directors' loans at a rate of 4% per annum. The directors' loans are repayable on demand.