Company registration number SC468194 (Scotland)
CACTUS INDUSTRIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CACTUS INDUSTRIAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CACTUS INDUSTRIAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,010
11,580
Current assets
Stocks
353,585
315,452
Debtors
4
288,503
472,886
Cash at bank and in hand
1,006,688
628,675
1,648,776
1,417,013
Creditors: amounts falling due within one year
5
(441,515)
(309,527)
Net current assets
1,207,261
1,107,486
Total assets less current liabilities
1,222,271
1,119,066
Provisions for liabilities
(1,282)
(192)
Net assets
1,220,989
1,118,874
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,220,889
1,118,774
Total equity
1,220,989
1,118,874
CACTUS INDUSTRIAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 March 2024 and are signed on its behalf by:
G M CAIRNS
J J GALLAGHER
Mr G M Cairns
Mr J J Gallagher
Director
Director
Company Registration No. SC468194
CACTUS INDUSTRIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Cactus Industrial Limited is a private company limited by shares incorporated in Scotland. The registered office is c/o AAB, 133 Finnieston Street, Glasgow, G3 8HG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Turnover is recognised when the goods and services are invoiced to the customer.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computer equipment
33% straight line
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include funds held in the bank.
1.7
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
CACTUS INDUSTRIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
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 the Statement of comprehensive income 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.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
6
CACTUS INDUSTRIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2022
14,365
25,981
12,707
53,053
Additions
12,208
12,208
At 31 March 2023
26,573
25,981
12,707
65,261
Depreciation and impairment
At 1 April 2022
8,619
23,071
9,783
41,473
Depreciation charged in the year
4,874
2,380
1,524
8,778
At 31 March 2023
13,493
25,451
11,307
50,251
Carrying amount
At 31 March 2023
13,080
530
1,400
15,010
At 31 March 2022
5,746
2,910
2,924
11,580
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
282,870
467,776
Other debtors
5,633
5,110
288,503
472,886
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
139,556
74,801
Corporation tax
201,961
110,060
Other taxation and social security
87,046
107,918
Other creditors
12,952
16,748
441,515
309,527
6
Operating lease commitments
At 31 March 2023 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of Nil (2022: £10,918).
CACTUS INDUSTRIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Related party transactions
Included within other debtors is a balance of £538 (2022: £nil) owed to the company by the directors. Included within other creditors is a balance of £890 owed to the directors by the company (2022: £4,721). This represents a net balance of £352 owed to the directors by the company (2022: £4,721).