REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
CELTIC SMR LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
CELTIC SMR LIMITED |
CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
CELTIC SMR LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 August 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
15 Colmore Row |
Birmingham |
West Midlands |
B3 2BH |
CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571) |
STATEMENT OF FINANCIAL POSITION |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stock | 5 |
Debtors | 6 |
Cash at bank | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Celtic SMR Limited is a company incorporated in England and Wales under the Companies Act. The company is a private company limited by shares. The address of the company's registered office is shown on the company information page. The principal activities of the company and the nature of it's operations are set out in the Directors' report. |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). |
The following principal accounting policies have been applied: |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" |
-the requirements of Section 7 Statement of Cash Flows; |
-the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); |
-the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
-the requirements of section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; |
-the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
-the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
This information is included in the consolidated financial statements of Oehm und Rehbein GmbH as at 31st August 2023 and these financial statements may be obtained from Neptunallee 7C, 18057 Rostock. |
CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
-the company has transferred the significant risks and rewards of ownership to the buyer; |
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
-the amount of revenue can be measured reliably; |
-it is probable that the company will receive the consideration due under the transaction; and |
-the cost incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with stage of completion of the contract when all of the following conditions are satisfied: |
-the amount of revenue can be measured reliably; |
-it is probable that the company will receive the consideration due under the contract; |
-the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
-the costs incurred and the cost to complete the contract can be measured reliably. |
Tangible fixed assets |
Tangible assets under the costs 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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Plant and machinery | 25% on cost |
Motor vehicles | 25% on cost |
Property improvements | 2% on cost |
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 Statement of income and retained earnings. |
CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Stock |
Stock are stated at the lower of cost and net realisable value, being the estimated selling price less stock to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of income and retained earnings. |
Debtors |
Short-term debtors are measured at the transaction price, less and impairment. Loans receivable are measured initially at a fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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. |
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. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to Statement of income and retained earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance sheet. |
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 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. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation 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 |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date, except that: |
-The recognition of deferred tax asset is limited to the extent that is it 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. |
Foreign currency translation |
Functional and presentation currency |
The company's functional and presentational currency is GBP. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in Statement of income and retained earnings. |
Operating leases: the company as lessee |
Rentals paid under operating leases are charged to 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. |
Leased assets: the company as a 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 the 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 under creditors net of finance charge allocated to future periods. The finance elements of the rental payment is charged to the statement of Income and retained earnings. |
CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution plan for it's 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. |
Going concern |
After reviewing the latest management information and making enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements. As such, they have concluded that it is reasonable to continue to prepare the financial statements on a going concern basis. |
Finance costs |
Finance costs are charged to profit and loss 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. |
Borrowing costs |
All borrowing costs are recognised in the Statement of income and retained earnings in the period which they are incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Improvements |
to | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
5. | STOCK |
2023 | 2022 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors | 689 | - |
Prepayments |
7. | CASH AT BANK |
2023 | 2022 |
£ | £ |
Bank account no. 1 | 680,411 | 74,362 |
Bank account no. 2 | 51 | 38 |
CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Group undertakings | 197,912 | 223,926 |
Corporation tax |
Social security and other taxes |
VAT | 258,449 | 176,207 |
Other creditors |
Accrued expenses |
Net obligations under hire purchase contracts are secured on the assets they relate to. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings | - | 151,732 |
Hire purchase contracts |
Net obligations under hire purchase contracts are secured on the assets they relate to. |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 113,929 | 99,197 |
Deferred |
tax |
£ |
Balance at 1 September 2022 |
Accelerated capital allowances | 14,732 |
Balance at 31 August 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
12. | HIRE PURCHASE AND FINANCE LEASES |
Minimum lease payments under hire purchase fall due as follows: |
31 August 2023 | 31 August 2022 |
£ | £ |
Within one yer | 13,633 | 18,222 |
Between 1-5 years | 13,256 | 26,889 |
26,889 | 45,111 |
13. | COMMITMENTS UNDER OPERATING LEASES |
At 31 August 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods: |
31 August 2023 | 31 August 2022 |
£ | £ |
Not later than 1 year | 47,000 | 46,000 |
Later than 1 year and not later than 5 years | 12,000 | 59,000 |
59,000 | 105,000 |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the year ended 31 August 2023 and the period ended 31 August 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
15. | ULTIMATE CONTROLLING PARTY |
At 31st August 2023, the immediate parent undertaking is Oehm und Rehbein Gmbh, a company incorporated in Germany. Copies of the financial statements for Oehm und Rehbein Gmbh can be obtained from its registered office, Neptunallee 7c,18057 Rostock. |
At 31st August 2023, the ultimate parent undertaking is OR Invest Gmbh, a company incorporated in Germany. |
The parent undertaking of the smallest group to consolidate their financial statements is Oehm und Rehbein GmbH, a company incorporated in Germany. Copies of these financial statements can be obtained from Neptunallee 7c, 18057 Rostock. |
The parent undertaking of the largest group to consolidate their financial statements is Oehm und Rehbein GmbH, a company incorporated in Germany. Copies of these financial statements can be obtained from Neptunallee 7c, 18057 Rostock. |
At 31st August 2023, the directors considered the ultimate controlling party to be OR Invest Gmbh. |