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Registration number: 02079134

Carysil Surfaces Ltd

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Carysil Surfaces Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account and Statement of Retained Earnings

9

Balance Sheet

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 23

 

Carysil Surfaces Ltd

Company Information

Directors

Mr C A Parekh

Mr M J Smyth

Mr J Annison

Ms N F Stoneham

Ms S V Ambani

Registered office

Unit A Azalea Close
Clover Nook Industrial Park
Somercotes
Alfreton
Derbyshire
DE55 4QX

Auditors

Alextra Audit Limited
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Carysil Surfaces Ltd

Strategic Report for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

Principal activity

The principal activity of the company is the manufacture and distribution of solid surface worktops.

Fair review of the business

During the 12 month period to 31 March 2023 the company saw a 15% increase in pro-rated turnover when compared to the previous 15 months. These strong results in 2023 show that the company is continuing to grow successfully.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

14,198,776

15,396,033

Operating profit

£

2,023,762

2,261,307

Profit before tax

£

2,000,066

2,209,989

Profit after tax

£

1,574,779

1,946,389

Financial risk management

In common with many other companies the company has exposure to three main areas of risk - foreign exchange currency exposure, liquidity risk and customer credit exposure.

Foreign exchange currency exposure

The company is exposed to currency exchange risk due to significant proportion of its payables and stock purchases being denominated in non-Sterling currencies. The net exposure for each currency is managed by closely monitoring exchange rates with a view to forward buying foreign currencies if considered appropriate.

Liquidity risk

The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. In the event that operating cash flows would not cover all the financial obligations the company has credit facilities available.

Client credit exposure

The company offers credit terms to its customers which allow payment of the debt due after delivery of the goods. The company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is significantly mitigated by strong on-going customer relationships and, in appropriate cases, by the use of credit insurance.

Approved and authorised by the Board on 17 August 2023 and signed on its behalf by:
 

.........................................
Mr C A Parekh
Director

 

Carysil Surfaces Ltd

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Director of the company

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

Mr C A Parekh (appointed 1 April 2022)

Mr M J Smyth (appointed 1 April 2022)

Mr J Annison

Ms N F Stoneham (appointed 28 April 2022)

Ms S V Ambani (appointed 28 April 2022)

Mr Peter J R Holt (ceased 1 April 2022)

Mr A P Ruparell (appointed 1 April 2022 and ceased 7 April 2022)

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 17 August 2023 and signed on its behalf by:
 

.........................................
Mr C A Parekh
Director

 

Carysil Surfaces Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Carysil Surfaces Ltd

Independent Auditor's Report to the Members of Carysil Surfaces Ltd

Opinion

We have audited the financial statements of Carysil Surfaces Ltd (the 'company') for the year ended 31 March 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Carysil Surfaces Ltd

Independent Auditor's Report to the Members of Carysil Surfaces Ltd

Other matter

The corresponding figures relate to a 15 month period and are therefore not directly comparable.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors’ remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Carysil Surfaces Ltd

Independent Auditor's Report to the Members of Carysil Surfaces Ltd

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company's industry and its control environment, and reviewed the company's
documentation of their policies and procedures relating to fraud and compliance with laws and regulations.
We also enquired of management about their own identification and assessment of the risks and irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in, and
identified the key laws and regulations that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements.
These included UK Companies Act, tax legislation, pension legislation; and
• do not have a direct effect on the financial statements but compliance with which may be fundamental to
the company's ability to operate or to avoid a material penalty. These included GDPR, employment law, health
and safety and building regulations.

We discussed among the audit engagement team the opportunities and incentives that may exist within the
organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to
the risk of management override. In addressing the risk of fraud through management override of controls, we
tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made
in making accounting estimated are indicative of a potential bias; and evaluated the business rationale of any
significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations describes as having a direct effect on the financial statement;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks
of material misstatement due to fraud;
• enquiring of management and in-house / external legal counsel concerning actual and potential litigation and
claims, and instances of non-compliance with laws and regulations; and
• reading minutes of meetings of those charged with governance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Carysil Surfaces Ltd

Independent Auditor's Report to the Members of Carysil Surfaces Ltd

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Matthew Geoffrey Price FCCA (Senior Statutory Auditor)
For and on behalf of Alextra Audit Limited, Statutory Auditor

7-9 Macon Court
Crewe
Cheshire
CW1 6EA

21 August 2023

 

Carysil Surfaces Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

3

14,198,776

15,396,033

Other operating income

4

-

89,673

Raw materials and consumables used

 

(9,269,883)

(10,340,291)

Employee benefits expense

 

(2,273,860)

(2,116,595)

Depreciation and amortisation expense

 

(187,984)

(245,574)

Other expenses

 

(443,287)

(521,939)

Operating profit

5

2,023,762

2,261,307

Interest payable and similar charges

6

(23,696)

(51,318)

Profit before tax

 

2,000,066

2,209,989

Taxation

9

(425,287)

(263,600)

Profit for the year

 

1,574,779

1,946,389

Retained earnings brought forward

 

3,321,798

1,375,409

Dividends paid

 

(1,550,000)

-

Retained earnings carried forward

 

3,346,577

3,321,798

 

Carysil Surfaces Ltd

(Registration number: 02079134)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

10

435,862

435,518

Investments

11

-

101

 

435,862

435,619

Current assets

 

Stocks

2,930,282

2,400,294

Debtors

12

3,906,965

3,491,118

Cash at bank and in hand

 

48,162

154,316

 

6,885,409

6,045,728

Creditors: Amounts falling due within one year

13

(3,867,262)

(3,084,809)

Net current assets

 

3,018,147

2,960,919

Total assets less current liabilities

 

3,454,009

3,396,538

Creditors: Amounts falling due after more than one year

13

(14,922)

-

Provisions for liabilities

(38,651)

(20,881)

Net assets

 

3,400,436

3,375,657

Capital and reserves

 

Called up share capital

110

110

Share premium reserve

14

53,749

53,749

Profit and loss account

14

3,346,577

3,321,798

Shareholders' funds

 

3,400,436

3,375,657

Approved and authorised by the Board on 17 August 2023 and signed on its behalf by:
 

.........................................
Mr C A Parekh
Director

.........................................
Mr M J Smyth
Director

 

Carysil Surfaces Ltd

Statement of Cash Flows for the Year Ended 31 March 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,574,779

1,946,389

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

187,984

245,574

Loss from disposals of investments

101

-

Finance costs

6

23,696

51,318

Corporation tax expense

9

425,287

263,600

 

2,211,847

2,506,881

Working capital adjustments

 

Increase in stocks

(529,988)

(748,199)

Increase in trade & other debtors

12

(415,846)

(816,077)

Increase in trade & other creditors

13

224,735

224,486

Cash generated from operations

 

1,490,748

1,167,091

Corporation taxes paid

9

(304,994)

(111,309)

Net cash flow from operating activities

 

1,185,754

1,055,782

Cash flows from investing activities

 

Acquisitions of tangible assets

(188,329)

(376,795)

Proceeds from sale of tangible assets

 

-

68,845

Net cash flows from investing activities

 

(188,329)

(307,950)

Cash flows from financing activities

 

Interest paid

6

(23,696)

(51,318)

Repayment of bank loan

 

-

(488,096)

Advance/(repayment) of other borrowing

 

444,661

(164,803)

Advance/(repayment) of finance leases

 

25,456

(184,194)

Dividends paid

(1,550,000)

-

Net cash flows from financing activities

 

(1,103,579)

(888,411)

Net decrease in cash and cash equivalents

 

(106,154)

(140,579)

Cash and cash equivalents at 1 April

 

154,316

294,895

Cash and cash equivalents at 31 March

 

48,162

154,316

 

Carysil Surfaces Ltd

Notes to the Financial Statements for the Year Ended 31 March 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 is:
Unit A Azalea Close
Clover Nook Industrial Park
Somercotes
Alfreton
Derbyshire
DE55 4QX

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Disclosure of long or short period

These accounts are for the year ending 31 March 2023. The comparative figures are for a 15 month period and so are not directly comparable. The change was made in the prior period to amend the reporting date so that it is in line with that of the other group companies.

Judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

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.

 

Carysil Surfaces Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Government grants

Government Grants are recognised using the accrual model. Grants which relate to revenue shall be
recognised in other operating income on a systematic basis over the periods in which the company recognises
the related costs for which the grant is intended to compensate.
Any amounts outstanding at the year end will be included within other debtors.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating profit.

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.

The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Furniture, fittings and equipment

at varying rates on cost

Motor vehicles

at varying rates on cost

Other property, plant and equipment

at varying rates on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Carysil Surfaces Ltd

Notes to the Financial Statements for the Year Ended 31 March 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Carysil Surfaces Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic Financial Assets
Basic financial assets which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other Financial Assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of Financial Liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


Other Financial Liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

 

Carysil Surfaces Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

3

Revenue

The analysis of the company's turnover for the year by market is as follows:

Year ended 31 March 2023
 £

1 January 2021 to 31 March 2022
 £

UK

13,871,711

14,924,214

Europe

327,065

471,819

14,198,776

15,396,033

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

Year ended 31 March 2023
 £

1 January 2021 to 31 March 2022
 £

Government grants

-

89,673

5

Operating profit

Arrived at after charging/(crediting)

Year ended 31 March 2023
 £

1 January 2021 to 31 March 2022
 £

Depreciation expense (owned)

187,984

245,574

6

Interest payable and similar expenses

Year ended 31 March 2023
 £

1 January 2021 to 31 March 2022
 £

Hire purchase interest

22,946

14,037

Bank loans and overdraft interest

750

37,281

23,696

51,318

 

Carysil Surfaces Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

Year ended 31 March 2023
 £

1 January 2021 to 31 March 2022
 £

Wages and salaries

2,014,522

1,862,082

Social security costs

191,848

185,399

Pension costs, defined contribution scheme

67,490

69,114

2,273,860

2,116,595

Pension costs comprise contributions to a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. Outstanding contributions at the balance sheet date total £2,723 (2022: £1,731).

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Management

3

2

Warehouse and production

44

41

Administration and support

17

16

64

59

8

Directors' remuneration

The directors' remuneration for the year was as follows:

Year ended 31 March 2023
 £

1 January 2021 to 31 March 2022
 £

Emoluments

156,250

129,288

Other pension costs

1,321

6,496

157,571

135,784

 

Carysil Surfaces Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

9

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

407,517

264,886

Deferred taxation

Arising from origination and reversal of timing differences

17,770

(1,286)

Tax expense in the income statement

425,287

263,600

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

2,000,066

2,209,989

Corporation tax at standard rate

380,013

419,898

Effect of fixed asset timing differences

42,417

(9,402)

Tax decrease arising from group relief

-

(128,310)

Tax decrease from effect of adjustment in research and development tax credit

-

(22,202)

Effect of expenses not deductible for tax purposes

2,857

3,616

Total tax charge

425,287

263,600

 

Carysil Surfaces Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

10

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 April 2022

461,432

415,736

1,101,694

1,978,862

Additions

59,468

105,495

23,366

188,329

Disposals

-

(51,210)

-

(51,210)

At 31 March 2023

520,900

470,021

1,125,060

2,115,981

Depreciation

At 1 April 2022

404,506

305,748

833,090

1,543,344

Charge for the year

31,660

77,191

79,134

187,985

Eliminated on disposal

-

(51,210)

-

(51,210)

At 31 March 2023

436,166

331,729

912,224

1,680,119

Carrying amount

At 31 March 2023

84,734

138,292

212,836

435,862

At 31 March 2022

56,926

109,988

268,604

435,518

Motor vehicles with a carrying value of £30,810 (2022: nil) are held under finance leases.


 

 

Carysil Surfaces Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

11

Investments in subsidiaries, joint ventures and associates

31 March 2023
 £

31 March 2022
 £

Investments in subsidiaries

-

101

Subsidiaries

£

Cost or valuation

At 1 April 2022

101

Disposals

(101)

At 31 March 2023

-

Carrying amount

At 31 March 2023

-

At 31 March 2022

101

Investment in subsidiary has been wound down in the year and expensed to the profit and loss account.

12

Debtors

Note

31 March 2023
 £

31 March 2022
 £

Trade debtors

 

3,190,331

2,544,642

Amounts owed by related parties

18

484,469

681,292

Other debtors

 

232,165

265,184

Total current trade and other debtors

 

3,906,965

3,491,118

13

Creditors

Note

31 March 2023
 £

31 March 2022
 £

Due within one year

 

Loans and borrowings

15

1,281,728

826,533

Trade creditors

 

1,676,815

1,540,236

Social security and other taxes

 

486,377

438,681

Other payables

 

54,933

14,473

Corporation tax liability

9

367,409

264,886

 

3,867,262

3,084,809

Due after one year

 

Loans and borrowings

15

14,922

-

 

Carysil Surfaces Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

14

Reserves

Called-up share capital represents the nominal vale of shares that have been issued.
Profit and loss account includes all current and prior period retained profits and losses.
The share premium reserve represents the difference between the par value of the shares issued and the subscription or issue price.
 

15

Loans and borrowings

31 March 2023
 £

31 March 2022
 £

Non-current loans and borrowings

HP and finance lease liabilities

14,922

-

31 March 2023
 £

31 March 2022
 £

Current loans and borrowings

HP and finance lease liabilities

10,533

-

Other borrowings

1,271,195

826,533

1,281,728

826,533

Included within other borrowings is £1,271,195 (2022: £826,533) in relation to an invoice discounting facility which is secured by a fixed and floating charge 05 May 2021 which covers all the property or undertaking of the subsidiary company.

Hire purchase and finance lease liabilities are secured against the assets to which they relate, the carrying value of these assets has been detailed within the note to tangible assets.

 

Carysil Surfaces Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

16

Obligations under leases and hire purchase contracts

Finance leases

Certain fixed assets are held under finance lease arrangements and are secured on the assets to which they relate.

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

11,818

-

Later than one year and not later than five years

16,742

-

28,560

-

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

220,744

240,487

Later than one year and not later than five years

804,000

823,744

Later than five years

335,000

536,000

1,359,744

1,600,231

The amount of non-cancellable operating lease payments recognised as an expense during the year was £240,487 (2022 - £240,487).

17

Parent and ultimate parent undertaking

The company's immediate parent is Carysil UK Limited, incorporated in England and Wales.

The ultimate parent is Carysil Limited, incorporated in India.

The most senior parent entity producing publicly available financial statements is Carysil Limited. The ultimate controlling party is Carysil Limited.

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Carysil Limited, incorporated in India.

The address of Carysil Limited is:
B307, Citi Point, JB Nagar, Andheri (East), Mumbai, Maharashtra, 400059.

 

Carysil Surfaces Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

18

Related party transactions

Summary of transactions with parent

The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A.

The company has provided a cross guarantee with Carysil UK Limited secured by way of fixed and floating charge over all the property or undertakings of the company dated 6 April 2022 and over the leasehold property known as units A & B Azalea Close, Cotes Park Industrial Estate, Alfreton dated 21 October 2022 in respect of a loan in favour of Export-Import Bank of India.