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Registration number: 05011235

Carysil Products Ltd

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Carysil Products Ltd

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 10

 

Carysil Products Ltd

(Registration number: 05011235)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

89,894

60,049

Current assets

 

Stocks

5

1,274,160

1,331,772

Debtors

6

4,551,131

4,450,609

Cash at bank and in hand

 

139,212

340,317

 

5,964,503

6,122,698

Creditors: Amounts falling due within one year

7

(2,241,556)

(2,356,305)

Net current assets

 

3,722,947

3,766,393

Total assets less current liabilities

 

3,812,841

3,826,442

Provisions for liabilities

(22,473)

(11,409)

Net assets

 

3,790,368

3,815,033

Capital and reserves

 

Called up share capital

110

110

Other reserves

-

50,156

Profit and loss account

3,790,258

3,764,767

Shareholders' funds

 

3,790,368

3,815,033

 

Carysil Products Ltd

(Registration number: 05011235)
Balance Sheet as at 31 March 2023

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 and the option not to file the Profit and Loss Account and Directors' Report has been taken.

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 Products Ltd

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 April 2022

110

50,156

3,764,767

3,815,033

Profit for the year

-

-

1,325,491

1,325,491

Other reserves movement

-

(50,156)

-

(50,156)

Total comprehensive income

-

(50,156)

1,325,491

1,275,335

Dividends

-

-

(1,300,000)

(1,300,000)

At 31 March 2023

110

-

3,790,258

3,790,368

Share capital
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 April 2021

110

-

3,708,000

3,708,110

Profit for the year

-

-

1,456,767

1,456,767

Other comprehensive income

-

50,156

-

50,156

Total comprehensive income

-

50,156

1,456,767

1,506,923

Dividends

-

-

(1,400,000)

(1,400,000)

At 31 March 2022

110

50,156

3,764,767

3,815,033

 

Carysil Products 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:
Ground Floor
Lower Washford Mill
Mill Street
Congleton
Cheshire
CW12 2AD

These financial statements were authorised for issue by the Board on 17 August 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 £.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 21 August 2023 was Matthew Geoffrey Price FCCA, who signed for and on behalf of Alextra Audit Limited.

.........................................

 

Carysil Products Ltd

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

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.

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 the 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.

 

Carysil Products Ltd

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

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

Plant and machinery

25% on reducing balance

Furniture, fittings and equipment

25% on reducing balance

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.

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.

Share based payments

During the year, the company has operated an 'Employee Stock Option Plan' to motivate employees who have been consistently performing well. The fair market value of the shares has been determined using the Black Scholes Model and are to be vested in line with the employee stock option plan.

 

Carysil Products Ltd

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

Financial instruments

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.

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.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 13).

 

Carysil Products Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

98,115

83,966

182,081

Additions

33,735

16,300

50,035

At 31 March 2023

131,850

100,266

232,116

Depreciation

At 1 April 2022

66,832

55,200

122,032

Charge for the year

11,308

8,882

20,190

At 31 March 2023

78,140

64,082

142,222

Carrying amount

At 31 March 2023

53,710

36,184

89,894

At 31 March 2022

31,283

28,766

60,049

5

Stocks

2023
£

2022
£

Stocks

1,274,160

1,331,772

6

Debtors

2023
£

2022
£

Trade debtors

1,564,752

1,632,406

Amounts owed by group undertakings

2,905,398

2,456,574

Other debtors

80,981

361,629

4,551,131

4,450,609

Included within other debtors is an amount of £Nil (2022: £279,115) in relation to an invoice discount facility which is secured by a debenture dated 05 October 2020 over all assets of the company. This was satisfied on 11 April 2022.

 

Carysil Products Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Trade creditors

386,402

338,256

Amounts due to related parties

828,772

1,189,690

Social security and other taxes

267,398

354,245

Other creditors

758,984

474,114

2,241,556

2,356,305

Included within other creditors is an amount of £469,964 (2022: £Nil) in relation to an invoice discount facility which is secured by a debenture dated 6 April 2022 over all assets of the company.

8

Leasing commitments

The company's minimum future operating lease payments are as follows:

Land and Buildings

Other

2023

2022

2023

2022

£

£

£

£

Within one year

81,575

70,355

24,826

20,845

Between two and five years

29,888

23,888

17,775

18,341

Over 5 years

-

-

-

-

111,463

94,243

42,601

39,186

9

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 Products Ltd

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

10

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 in respect of a loan in favour of Export-Import Bank of India.