Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truetrue2022-04-01false9No description of principal activity6The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05904668 2022-04-01 2023-03-31 05904668 2021-04-01 2022-03-31 05904668 2023-03-31 05904668 2022-03-31 05904668 2021-04-01 05904668 c:Director3 2022-04-01 2023-03-31 05904668 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 05904668 d:Buildings d:LongLeaseholdAssets 2023-03-31 05904668 d:Buildings d:LongLeaseholdAssets 2022-03-31 05904668 d:PlantMachinery 2022-04-01 2023-03-31 05904668 d:PlantMachinery 2023-03-31 05904668 d:PlantMachinery 2022-03-31 05904668 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05904668 d:MotorVehicles 2022-04-01 2023-03-31 05904668 d:MotorVehicles 2023-03-31 05904668 d:MotorVehicles 2022-03-31 05904668 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05904668 d:OfficeEquipment 2022-04-01 2023-03-31 05904668 d:OfficeEquipment 2023-03-31 05904668 d:OfficeEquipment 2022-03-31 05904668 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05904668 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05904668 d:CurrentFinancialInstruments 2023-03-31 05904668 d:CurrentFinancialInstruments 2022-03-31 05904668 d:Non-currentFinancialInstruments 2023-03-31 05904668 d:Non-currentFinancialInstruments 2022-03-31 05904668 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05904668 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05904668 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05904668 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 05904668 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 05904668 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 05904668 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 05904668 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 05904668 d:ShareCapital 2023-03-31 05904668 d:ShareCapital 2022-03-31 05904668 d:RetainedEarningsAccumulatedLosses 2023-03-31 05904668 d:RetainedEarningsAccumulatedLosses 2022-03-31 05904668 c:FRS102 2022-04-01 2023-03-31 05904668 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05904668 c:FullAccounts 2022-04-01 2023-03-31 05904668 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05904668 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05904668 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 05904668









CORINTHIAN CERAMICS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
CORINTHIAN CERAMICS LIMITED
REGISTERED NUMBER: 05904668

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,437
12,811

Current assets
  

Stocks
 5 
1,800
1,800

Debtors: amounts falling due within one year
 6 
312,597
162,259

Cash at bank and in hand
  
50,151
96,158

  
364,548
260,217

Creditors: amounts falling due within one year
 7 
(232,606)
(112,875)

Net current assets
  
 
 
131,942
 
 
147,342

Total assets less current liabilities
  
140,379
160,153

Creditors: amounts falling due after more than one year
 8 
(23,205)
(32,890)

Provisions for liabilities
  

Deferred tax
  
(2,109)
(2,434)

Net assets
  
115,065
124,829


Capital and reserves
  

Called up share capital 
  
150
150

Profit and loss account
  
114,915
124,679

  
115,065
124,829


Page 1

 
CORINTHIAN CERAMICS LIMITED
REGISTERED NUMBER: 05904668
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2023.




S Matton
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CORINTHIAN CERAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Corinthian Ceramics Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is Unit 1, Hill House Farm, Church Lane, Ford End, Chelmsford, Essex, CM3 1LH . 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

 
2.3

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following annual bases:

Leasehold improvements
-
10%
straight line
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting
date. 
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in the Statement of income and retained earnings.

 
2.5

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 

Page 3

 
CORINTHIAN CERAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.11

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
CORINTHIAN CERAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.13

Operating leases

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
CORINTHIAN CERAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.16

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
2.17

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 9).


4.


Tangible fixed assets





Leasehold Improvements
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost 


At 1 April 2022
9,564
19,643
18,749
25,290
73,246



At 31 March 2023

9,564
19,643
18,749
25,290
73,246



Depreciation


At 1 April 2022
9,564
19,643
5,938
25,290
60,435


Charge for the year on owned assets
-
-
4,374
-
4,374



At 31 March 2023

9,564
19,643
10,312
25,290
64,809



Net book value



At 31 March 2023
-
-
8,437
-
8,437



At 31 March 2022
-
-
12,811
-
12,811

Page 6

 
CORINTHIAN CERAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:





5.


Stocks

2023
2022
£
£

Raw materials
1,800
1,800


Page 7

 
CORINTHIAN CERAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
83,922
104,044

Other debtors
20,435
8,607

Prepayments
-
3,000

Amounts recoverable on long term contracts
208,240
46,608

312,597
162,259



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
93,304
52,796

Amounts owed to group undertakings
25,000
-

Corporation tax
16,167
-

Other taxation and social security
11,727
12,599

Other creditors
60,527
-

Accruals and deferred income
15,881
37,480

232,606
112,875



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
23,205
32,890


Page 8

 
CORINTHIAN CERAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
13,205
22,890


33,205
42,890



10.


Deferred taxation




2023
2022


£

£






At beginning of year
(2,434)
(914)


(Charged)/ credited to the Statement of income and retained earnings
325
(1,520)



At end of year
(2,109)
(2,434)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(2,109)
(2,434)


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £7,104 (2022 - £56,055). Contributions totalling £595 (2022 - £842) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9